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DISTRICT NO. 12-FEDERAL RESERVE BANK OF SAN FRANCISCO.

[John Perrin, chairman and Federal Reserve agent; Walton N. Moore, deputy chairman: James K. Lynch,

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DISTRICT NO. 12-PORTLAND BRANCH OF THE FEDERAL RESERVE BANK OF SAN

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DISTRICT NO. 12-SEATTLE BRANCH OF THE FEDERAL RESERVE BANK OF SAN

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DISTRICT NO. 12-SPOKANE BRANCH OF THE FEDERAL RESERVE BANK OF SAN

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DISTRICT NO. 12-SALT LAKE CITY BRANCH OF THE FEDERAL RESERVE BANK OF

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Exhibit P.-FEDERAL ADVISORY COUNCIL.

District No. 1.—Daniel G. Wing, president First National Bank, Boston, Mass. District No. 2.-A. B. Hepburn, chairman advisory board, Chase National Bank,

District No.
District No.
District No.
District No.

New York City.

3.-L. L. Rue, president Philadelphia National Bank, Philadelphia, Pa. 4.-W. S. Rowe, president First National Bank, Cincinnati, Ohio; director Federal Reserve Bank of Cleveland.

5.-Joseph G. Brown, president City National Bank, Raleigh, N. C.
6.-Charles A. Lyerly, president First National Bank, Chattanooga,
Tenn.

District No. 7.-James B. Forgan, president First National Bank, Chicago, Ill.; director Federal Reserve Bank of Chicago.

District No. 8.-F. O. Watts, president Third National Bank, St. Louis, Mo.; director Federal Reserve Bank of St. Louis.

District No. 9.-C. T. Jaffray, president First and Security National Bank, Minneapolis, Minn.

District No. 10.-E. F. Swinney, president First National Bank, Kansas City, Mo.
District No. 11.-T. J. Record, president City National Bank, Paris, Tex.
District No. 12.-A. L. Mills, president First National Bank Portland. Oreg.

Exhibit Q.-EXPORTS OF COIN, BULLION, AND CURRENCY.

Amounts of licenses granted by the Federal Reserve Board during the period Sept. 7, 1917, to Dec. 31, 1918, covering exports from the United States of coin, bullion and

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Total...

284,773. 72 5,420,443. 63 13,300.00 1,400.00 4, 150.00 7,533, 148. 27 16,859, 866. 22 324, 161. 00 2, 230, 500. 00 478, 940. 69 48, 211, 192. 52 36,000.00 1,316, 000. 00 3,727.00 728,985. 00

531,074.56 55,612, 647.92

250.00 14,642,50 10,815. 88 50, 110. 83 51,445. 81 68, 672, 190. 42 237,819. 10 2,806,663. 45 148,751. 00 48,900, 343. 82 1, 353, 473.78 1,025,022. 00 1,759, 104.00

countries...... 75,525, 903. 20 13,811, 120. 59 71, 650, 760. 59 16, 176, 219.99 2,005, 178. 35 179,169,182.72 128,688,514.22 351, 315, 999. 78 76,092, 752. 59 17,648, 005. 75 11, 315, 809. 83,585,061,082,17

1,310, 550. 00 2,300, 066. 85 15,

96, 173. 15 184, 613. 32 617.50 33, 724.95 941, 873. 66 11,075.00 4, 165. 56

70,620.00 43,081, 657.92

150.00

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Exhibit R.-AMENDMENTS TO THE FEDERAL RESERVE ACT. [PUBLIC-No. 218-65TH CONGRESS.]

[H. R. 11283.]

AN ACT To amend and reenact sections four, eleven, sixteen, nineteen, and twenty-two of the act approved December twenty-third, nineteen hundred and thirteen, and known as the Federal reserve act, and sections fifty-two hundred and eight and fifty-two hundred and nine, Revised Statutes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section four of the act approved December twenty-third, nineteen hundred and thirteen, known as the Federal reserve act, be amended and reenacted by striking out that part of such section which reads as follows:

"Directors of Class A and Class B shall be chosen in the following manner: "The chairman of the board of directors of the Federal reserve bank of the district in which the bank is situated or, pending the appointment of such chairman, the organization committee shall classify the member banks of the district into three general groups or divisions. Each group shall contain as nearly as may be one-third of the aggregate number of the member banks of the district, and shall consist, as nearly as may be, of banks of similar capitalization. The groups shall be designated by number by the chairman.

"At a regularly called meeting of the board of directors of each member bank in the district it shall elect by ballot a district reserve elector and shall certify his name to the chairman of the board of directors of the Federal reserve bank of the district. The chairman shall make lists of the district reserve electors thus named by banks in each of the aforesaid three groups and shall transmit one list to each elector in each group.

"Each member bank shall be permitted to nominate to the chairman one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shail be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each elector.

"Every director shall, within fifteen days after the receipt of the said list, certify to the chairman his first, second, and other choices of a director of Class A and Class B, respectively, upon a preferential ballot, on a form furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each elector shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, but shall not vote more than one choice for any one candidate," and by substituting therefor the following:

"Directors of Class A and Class B shall be chosen in the following manner: "The Federal Reserve Board shall classify the member banks of the district into three general groups or divisions, designating each group by number. Each group shall consist as nearly as may be of banks of similar capitalization. Each member bank shall be permitted to nominate to the chairman of the board of directors of the Federal reserve bank of the district one candidate for director of Class A and one candidate for director of Class B. The candidates so nominated shall be listed by the chairman, indicating by whom nominated, and a copy of said list shall, within fifteen days after its completion, be furnished by the chairman to each member bank. Each member bank by a resolution of the board or by an amendment to its by-laws shall authorize its president, cashier, or some other officer to cast the vote of the member bank in the elections of Class A and Class B directors.

"Within fifteen days after receipt of the list of candidates the duly authorized officer of a member bank shall certify to the chairman his first, second, and other choices for director of Class A and Class B, respectively, upon a preferential ballot upon a form

furnished by the chairman of the board of directors of the Federal reserve bank of the district. Each such officer shall make a cross opposite the name of the first, second, and other choices for a director of Class A and for a director of Class B, but shall not vote more than one choice for any one candidate. No officer or director of a member bank shall be eligible to serve as a Class A director unless nominated and elected by banks which are members of the same group as the member bank of which he is an officer or director.

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"Any person who is an officer or director of more than one member bank shall not be eligible for nomination as a Class A director except by banks in the same group as the bank having the largest aggregate resources of any of those of which such person is an officer or director."

SEC. 2. That section eleven (k) of the Federal reserve act be amended and reenacted to read as follows:

"(k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. "Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this act.

"National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank and shall keep a separate set of books and records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to inspection by the State authorities to the same extent as the books and records of corporations organized under State law which exercise fiduciary powers, but nothing in this act shall be construed as authorizing the State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection.

"No national bank shall receive in its trust department deposits of current funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting investment shall be carried in a separate account and shall not be used by the bank in the conduct of its business unless it shall first set aside in the trust department United States bonds or other securities approved by the Federal Reserve Board.

"In the event of the failure of such bank the owners of the funds held in trust for investment shall have a lien on the bonds or other securities so set apart in addition to their claim against the estate of the bank.

"Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts, national banks so acting shall be required to make similar deposits, and se curities so deposited shall be held for the protection of private or court trusts as provided by the State law.

"National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar circumstances are exempt from this requirement.

"National banks shall have power to execute such bond when so required by the laws of the State.

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