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• At a regular meeting of the edcra1 Reserve Board held in the office of the Board on Tuesday, June 22, at 11.15 a. m. ER333NT: :arburc Lr. .)elano, -2residl/v;, .11r. Harding rr. Williams Willis, Secretary. The following minutes were read and approved: azocutive Committee meeting, June 17; :::eeting of the Board, Juno 17 and 3::ecutive Committee meeting, June 18. It was understood that a_proval of the minutes of the :xecutive Committee meetings as above, carried with it ratification of the action taken as described in the minutes -Lforeqaid. • On motion applications for stock in Federal Reserve Banks totaling 157 shares duly recommended by r. Harding, wore approved as follows: Shares. DISTRICT :To. 5. Peoples National Bank Bennettsville, S. 5. 32 Lakeville, Ninn. Hebron, N. Dak. 24 20 Arkansas City, Kans. Yale, Okla. 66 15 DISTRICT ro. 9. First rational Bank First National Bank S13:aiT :To. 10. Security LAional Bank ?ar:.ors National Bank 51.6 On :zlotion applications for the surrender of stock in Federal reserve banks, totaling 154 shares, duly recommended by Hr. Harding, were approved as follows: Shares. DISTRICT No. 4. Citizens National Bank 6 LIansfield, O. DISTRICT No. C. First National Bank Thrren :rational Bank DISTRICT Tuckorman, Ark. Bowling Green, Ky. 17 62 ro. 10. Garden City National Bank Farmers National Bank First National Bank American National Bank Garden City, Kans. Ault, Colo. Central City, Colo. Alamosa, Colo. 6 15 33 On motion an application of the Federal Reserve 000 r,00 ' Bank of Dallas for Federal Reserve Notes amounting to duly recommended by the Committee on Issue and Redemption, 155 approved as follows: '5 denomination ft 10 20 :800,000 400,000 400,000 It was understood that shipment should be made in accordance with a memorandum showing the relative cost 0nd mail shipments, submitted by the jecretary. P°65 a Vol) A plan for the establishment of a branch of up for eral Reserve Bank of Atlanta at New Orleans, was taken I discussion, read and revised. On motion it was voted that a meeting be held at 3.00 D. m. this day, to pass finally upon the question of the establishment of a branch at ::ew Orleans. The Jecretary of the Board read a letter reHarding from Federal Reserve Agent :Aller ceived by at Eansas City, relative to the admission of the Fidelity Trust Company of that place as a mombor of the Federal reserve system. On motion it was ordered that the application be sent to Counsel for infor:.,ation with resi)ect to the points raised in the letter of Discussion ensued concerning the transmission of an extra copy of the forthcoming dividend reports to each nation.il bank, with a request that it fill out the same and transmit it to the Federal reserve bank of its own district. The question was laid on the table without action. Delano -resented correspondence with Governor J. B. 1:cDougal of Chicano relative to the action of the recent conference of Governors at Chicago, in respect to the question of withholding balances from the Gold Jettlement Fund. On motion the following resolution, passed by the Governors at tho aforesaid Conference, was approved as the basis of action until further notice: 518 VOTED, that the Conference recommend to the Federal Reserve Board that. the Federal Aeserve banks be permitted to withhold for certain exchange purposes balances from the Gold Settlement Fund - whenever such balances are withheld, both banks to advise the Federal Reserve Board of the amounts to be withheld. A report prepared by /it*. Harding relative to the admission of building and loan associations to• the Federal reserve system, was read to the Board and approved, the Secretary being ordered to transmit a letter in accordance therewith to the 1.1anheim Building and Loan Association. A report prepared by a special committee with reference to the conversion of 25 bonds . into 3;:, bonds, set- ting forth the proposed form of the bonds, etc., was road to the Board, and after discussion further was recommitted for study. Mr. Harding presented a report with reference to the admission of State banks with capitalization less than that of national banks in the same city, indicating that such admission could not be permitted under the law. On motion the report was approved and the Secretary ordered" transmit a letter in accordance therewith to enquirers. attontiaa The Secretary of the Board called to its gecl certain correspondence received by him relative to the n- 519 robbery of the Federal Reserve Bank of Richmond,denying that any such event had occurred. On motion at 1.20 p. m. the Board adjourned to meet at 3400 p. m, this day. Jecretary. . APPROVED: Chairman.
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