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2it a regular meeting of the 7ederal Jeserv.e Board held in the office of the Governor on ?riday, October 12, at 3 p. m., Mr. Harding, presiding, r.,iarburg, Mr. Delano, i.r. .illiams, Mr. lAller, :Ir. ;fills, Secretary. The minutes of the meeting of the Board held on October 9 were read and, on motion, approved. The minutes of the meetings of the Executive Jommittee held on October 9, 10 and 11, were presented and, on motion, approved, and the action therein set forth ratified. Discount rate sheets for the week transmitted by various banks (no changes being recommended), were presented and ordered passed to file. -n opinion of Jounsel with reference to remittances to alien enemies, was read and, on motion, referred to the Governor with power to act. 4,n opinion of Jouncel relating to non interest bearing certificates, was read and noted. 4, letter from the Union National Bank of Houston, Texas, in.juiring as to the attitude of the Board with reference to the issue of bond-securel bank note cir,lalation, was referred to Messrs. ,,arburg and Liller as a special committee to report back to the Board a letter embodyins. the Board's policy. Notice was given that at 3 p.m. October 18, a meeting of persons interested in trade acceptances, woald be held. It was informally agreed that the Board aoom in the Metropolitan Bank Banding mictit be used for the parposes of the meeting. 4. memorandum of the Division of Statistics with reference to the method of reporting pledged paper employed by the Federal deserve Bank of San Francisco, was referred to the Jommittee on •eports and Statistics. overnor Harding reported a letter sent to the President, and referred to the Board, from Mr. Oswald Stoll of London, England, relative to the conservation of reserves. The letter and accompanying document were ordered circulated. thanges In stock, daly recommended by the Jommittee on Membership, were approved as follows: .ipplications for Original 1,tock. District Lo. 2. First :,ational ..bank .'eedsport, L'hares 15 .ipplications for Original Stoc District No. 12. First National Bank Blaine County National Lank (Jon.) Buhl, Idaho. Halley, Idaho. Total 30 32 62 77 Ixpplications for f3urrender of Stock. District No. 2. County National Bank Canandaigua, N.1% District No. 6. First National Bank ..;oultrie, District No. 12. First National Lank Union National Lank First National. Bank First National Bank First National Bank. First National Bank First National ank a. 76 76 12 12 1 ,trtesia, Cal. 2 Obispo,Jal Can.uuis Can Jacinto, Cal. 30 15 Hood Aver, Ore. 6 Oregon, Ledford, 3 .ash. .;enatchee, 60 Togn5end,13.sh.._3_ Port 150 Total Upon recommendation of the Committee on ilembership, the following institutions were ordered admitted to the A:deral reserve system upon conditions named by the Committee. Central Trust Company, New York. Ydners Deposit Bank, Lykens, Pa. Upon recommendation of the Committee on Investments,it was, on motion, voted to authorize the .i'..lbany National "Bank of .idbuny, Llabama, to accept up to 100:, of its capital and surplus. Upon recommendation of the Committee on Staff, a re- port recommending the reinstatement of drafted employees, when capable of resuminc: duty, if honorably discharged from the Lrmy or Navy, was adopted and ordered transmitted to the Bureau of Lfficiency, which had made the in4uiry. Upon recommendation of the JOmmittee on Staff, an advance in the salary of Lxaminer R. J. C. Jersey from „;3,000 to 43300, effective October 16, was approved. telegram from the Cedar Aapids Clearing House v,it'a reference to current Government financing and the discounting of non member notes secured by Government obligations, was read and, on motion, it was ordered that a reply be sent stating that the existing regulations with reference to the rediscounting of such notes are still in effect, as at the time of the first Loan. The Comptroller of the Currency presented certain letters from banks expressing anxiety with regard to the financial situation as related to Government financing. These were read and the situation was generally discussed, the Comptroller of the Currency reading to the Board a statement which he had prepared for the press relative to the policy to be pursued by ais office respecting the valuation of national bank investments. inform.L.1 discussion of the conditions of admission of trust comnanies, especially in Pennsylvania, to the Federal Aeserve ystem, ensued. On motion, the question of the eligibility of trust companies in Pennsylvania which are %at-a rized by their chrterz to transact business not strictly included under the head of bunking, was referred to the Jomr:ittee on ::embershir. on motion, the .lovernor of the Board azthorized to visit B - altimore on October lj and New York on October 17, at the expense of the Board, relative to Federal reserve matters. The 4uestion of the form to be taken by the next annual report of the Board was discussed, and the draft of a letter to Aderal reserve agents relative to the contents of their respective reports was read. memorandum from Jounsel with reference to the status of Jr. Ierrn ,,aldeck,nm; director and vice president of the Jontinental 3a0, Jomnerciul I:ational Bank of Jhi- who desire: also to act te-porarily as president of the Peoples ?rust Javins :a111;, was considered, and on recoendtion of Jouncel it ;;as a7reed to autaorie hum to retain both relation snips. On motion, t 4.45 p. m. the Board adjourned to meet ut.3 p. m. on ilonday, October 15. 4PPROVED: Seoretary. Chairman.
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