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At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:15 a. in., on Monday, April 10, PRESENT: Mr. Hamlin, presiding Mr. Williams (for part of meeting) Mr. Delano Mr. Harding Mr. Miller Mr. Allen, Secretary. The minutes of the meeting of April 7 were read and approved. Upon recommendation of the Commdtteo on Issue and Redemption the Board approved the preparation of 02,400,000 of notes for the Federal Reserve Bank of Dallas in the following denominations: 05 denomination480,000 10 960,000 20 960,000 The request of the Federal Reserve Bank of Cleveland for permission to take 00040, the entire issue of warrants of Cleve- land Heights, Ohio, a suburb of Cleveland, with a population of less than 10,000, was upon recommendation of Mr. Harding, approved. A letter from the Federal Reserve Bank of Dallas asking how it should be governed in selling rediscounted paper to other Federal reserve banks was, upon the suggestion of Mr. Harding, referred to Counsel. Upon the suggestion of Mr. Delano the election of a Class "C" director for the Federal Reserve Bank of Dallas was made a special order for Wednesday, April 12, and the Secretary directed to notify Mr. Williams who was not then present. There was general discussion of the forms now in proof for reports by national bank examiners, the main portion so drawn that copies of it could be given to Federal reserve agents and the supplemental portion containing confidential information for the Comptroller of the Currency. Mr. Delano stated his dis- appointment that the information to be shown in the main portion of the report was not more liberal. He also thought that directors of national banks should be furnished with copies of these reports and that this would conduce to improve banking methods. After consider - able discussion Mr. Harding moved as the sense of'the Board that the form of the main report, copies of which were to go to the Federal reserve agents, should prove adequate and satisfactory. This was voted unanimously, Mr. Delano stating that he simply desired to be recorded as believing that the general remarks and opinions of the examiners contained in the supplemental portion of the report of the examiners should also be given to Federal reserve banks for their information. Mr. Williams read a circular No. 52, dated February 14, 1916, sent out by Mr. J. D. it !; Rising, Chief Examiner of the Kansas City Federal Reserve District. This circular quoted a letter received from Governor J. Z. Miller of the Kansas City Bank from a member bank and urged that national bank examiners in that District assist the Federal Reserve Bank in determining the paper which can be rediscounted at the Federal Reserve Bank of Kansas City, and expressed the opinion that the examiners should report to the Federal reserve banks. A letter from the Federal Reserve Agent at Minneapolis relative to reports of business conditions for the Federal Reserve Bulletin was read and there was a discussion of the desirability of making these reports public prior to their publication in the Bulletin. The letter and the suggestions were referred to Mr. Miller to consider and report upon. A letter prepared by Counsel to the National Newark Banking Company as to the min- imum amount of bonds securing circulation which must be left by banks with the Treasury Department was read and referred back to the Governor with power to act after again taking the matter up with Counsel. Upon the request of Mr. Miller a letter from the Federal Reserve Agent at Minneapolis giving a resolution stating the decision of that bank not to sell its new 3% United States bonds at less than 102i-, was read and noted. Letters received by the Federal Reserve Agent at Minneapolis and his replies thereto, relative to the more general use of acceptances and the letter forwarding this correspondence to the Board, were read in part and the correspondence ordered to be copied for circulation. The report of Mr. Harding on the examiner's report of condition of the Fed- oral Reserve Bank of Richmond, was read. This report recommended the early decision of the petition that Baltimore be made the Federal Reserve City for the Fifth District instead of Richmond. The matter was referred to Governor Hamlin with the request that hd consult the Attorney General as to the date when an opinion on the power of the Board to change Federal Reserve Cities in the manner indicated might be expected. Mr. Harding reported the replies of nine of the ten member banks in the panhandle district of Texas as to their desire to remain in District No. 11 or bo transferred to District No. 10. This report showed that five banks desired to remain in the Dallas District, four desired to be transferred and one had not replied. The recommendation that no transfers be made was approved. An opinion of Counsel as to the re- quest of the Atlantic City National Bank for an amendment to Section 5200 of the Revised Statutes, recommending against such an amendment, was ordered to be circulated. Governor Hamlin stated that he had been invited to attend the meeting of the Virginia Banking Association, June 23 to June 25, at Old Point Comfort, Virginia, and was authorized to make the trip at the expense of the Board. .4 Upon recommendation of Mr. Harding the following applications for additional stock amounting in all to 253 shares, were approved: DISTRICT No. 2. First National Bank First National Bank Irvington Nat'l Bank First National Bank Ocean Grove Nat'l First National Bank Second National Bank First National Bank First National Bank Shares. 9 Butler, N. J. Highbridge, N. J.3 Irvington, N..J. 3 3 Milford, N. J. Ocean Grove, N.J.6 Woodbridge, N. J.6 Paterson, N. J. 30 Pompton Lakes 3 N. J. Sea Bright, N.J. 1 Burrows Nat'l Bank First National Bank 'Somerset Nat'l Bank Callicoon Nat'l Bank Cornwall Nat'l Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Swedish American Nat' Lake Placid Nat'l First National Bank Mariner Harbor Nat'l First National Bank First National Bank State National Bank Oneida National Bank Peoples National Bank Peoples National Bank Peoples National Bank Red Creek Nat'l Bank Suffolk County Nat'l Silver Creek Nat'l First National Bank First National Bank First National Bank Unadilla National First National Bank First National Bank 3 Andover, N. Y. Argyle, N. Y. Barker, N. Y. 3 Callicoon, N. Y. 3 Cornwall, N. Y. E. Rochester, N.Y. 1 Farmingdale, N.Y. 1 Genoa, N. Y. Grand Gorge, N.Y. 1 Harrisville, N.Y. 7 2 Heuvelton, N. Y. 30 Hudson, N. Y. 6 Jamestown, N. Y. Lake Placid, N. Y. 2 1 Marcellus, N. Y. Mariner Harbor,N.Y.1 2 Mineola, N. Y. North Rose, N. Y. 1 North Tonawanda, 60 N.Y. 16 Oneida, N. Y. 2 Pulaski, N. Y. 2 Pulaski, N. Y. 5 Pulaski, N. Y. 4 Red Creek, N. Y. 7 Riverhead, N. Y. Silver Creek, N.Y. 6 3. Sodus, N. Y. Southampton, N.Y. 11 Trumansburg, N.Y. 1 3 Unadilla, N. Y. Whitesville, N.Y. 1 Whitney Point, N.Y.3 Upon favorable recommendation of Er. Harding, the applications of the following banks to reduce their capital stock, were approved: First National Bank, Rockport, Texas, from 050,000 to '25,000. First National Bank, Noblesville, Indiana, from CA25,000 to 062,500. Upon Favorable recommondation of Mr. Harding the following applications for surrender of capital stock, amounting to 751 shares, were approved: Shares. DISTRICT No. 1. Lelrose Nat'l Bank Casco National Bank Melrose, Mass. Portland, Me. 120 360 Oxford, N. Y. Roselle, N. J. 60 3 DISTRICT No. 2. First National Bank First National Bank DISTRICT No. 10. Custer National Bank State National Bank First National Bank Broken Bow, Nebr. 18 15 Hollis, Okla. Brunswick, Nebr. 18 DISTRICT No. 11. First National Bank Caddo National Bank Farmers & Merchants New Boston, Texas.21 6 Caddo, Okla. Comanche, Texas. 11 DISTRICT No. 10. First National Bank Callaway.Nebr. es- DISTRICT No. 12. Marine National Bank First National Bank Shares. San Diego, Gal. Sumpter, Oregon 78 16 At 1:00 p. m., the Board adjourned to meet at 11:00 a. m., on Tuesday, April 11. APPROVED: Chairman.
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