The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
271 At a regular meet in of the Federal Reserve,, Board held in the office of the Board at 11.10 a. m. Tuesday, March 30th. PRSENT: Mr. Delano, presiding, Mr. Warburg Mr. Williams M . Harding Mr. Willis, Secretary. The minutes of the meeting of 11.15 a. m. MondAy, March 29th were read and approved. Applications for 737 shares of stock in Federal Reserve banks, duly recommended, were approved by the Board, as follows: For Additional Stock. DISTRICT No. 1. Windham County Nat'l Bank shares. Danielson, Conn. 9 Morris, N. Y. Heuvelton, N. Y. North Creek, N. Y. Deposit, N. Y. Barker, N. Y. Liberty, N. Y. 1 DISTRICT No. 2. First National Bank First National Bank North Creek Nat'l. Bank Farmers National Bank Somerset National Bank National Bank DISTRICT No. 3. First NaA.onal Bank Cresson, DISTRICT No. 4. First National Bank Clay City National Bank Harlem, Ky. Clay City, Ky. 3 • 2 3 5 272 Shares. DISTRICT No. 4 (Cont'd.) Pikeville National Bank First National Bank National Bank Sligo National Bank Home National Bank Bank of Athens, N. B. Assn. First National Bank First National Bank First National Bank Warren National Bank Citizens National Bank Malta National Bank Citizens National Bank Somerville National Bank Pikeville, Ky. Conneaut Lake, Pa. Girard, Pa. Sligo, Pa. Union City, Pa. Athens, Ohio Bradford, Ohio Bowerston, Ohio Baltimore, Ohio Franklin, Ohio Ironton, Ohio Malta, Ohio Middleport, Ohio Somerville, Ohio 6 1 3 2 2 12 1 1 3 1 1 2 1 3. DISTRICT No. 5. The National Bank National Exchange Bank First National Bank Union National Bank First National Bank Charlottesville, Va. 72 , 240 Roanoke, V,). 2 Olendenin, W. Va.. Clarksburg, W. Va. 171 9 Florence, S. O. DISTRICT No. 6. First National Bank De Sota National Bank First National Bank First National Bank First National Bank First National Bank . Prattville, Ala. Arcadia, Fla. Valdosta, Ga. Pikeville, Tenn. Dickson, Tenn, Russellville, Tenn. 3 3 3 1 9 1 DISTRICT No. 7. Citizens National Bank Merchants National Bank Citizens National Bank Farmors & Merchants Nat'l. Bk. First National Bank Albion National Bank First National Bank Peoples National Bank Winamac, .Ind. La Fayette, Ind. Mulberry, Ind. Wabash, Ind. Dillsboro, Ind. Albion, Ind. Cambridge, Iowa Waukon, Iowa 1 12 1 3 1 1 1 2 273 Shares. DISTRICT No. 9. First National Bank Einnehaha National Bank First National Bank Lake County National Bank First National Bank Hallock, Minn. Sioux Falls, S. Dak. Parkston, S. Dak. Madison, S. Dak. Alma, Ms. 3 15 2 1 1 Canon City, Colo. Mankato, Kans. Plainville, Nebr. Tulsa, Okla. Oklahoma City, Okla. 1 3 1 GO 3 Clifton, Ariz. Douglas, Ariz. DeRidder, La. Alex, Okla. Bokchita, Okla. Valliant, Okla. Ballinger, Tex. Crawford, Tex. Edna, Tex, Electra, Tex. La Coste, Tex. Sealy, Tex. Sonora, Tex. Avery, Tex. 1 18 1 3 2 4 DISTRICT No. 10. First National Bank Mankato National Bank First National Bank Central National Bank American National Bank DISTRICT No. 11. First National Bank First National Bank First National Bank First National Bank First National Bank First National Batik First National Bank - First National Bank Allen National Bank First National Bank La Costa National Bank Farmers National Bank First National Bank First National Bank 1 z 3 1 6 3 DISTRICT No. 12. Selma National Bank First National Bank The Redding National Bank Northern California Nat'l. First National Bank First National Bank First National Bank First National Bank Selma, Cal. Santa Maria, Cal. Redding, Cal. Redding, Cal. Palo Alto, Cal. Oakdale, Cal. Huntington,Beach, Cal. Holtville, Cal. 2 1 2 1 6 1 274 Shares DISTRIOT No. 12. (Cont'd.) Farmers & Merchants Nat'l. Bank Fullerton, Cal. Montpelier, Idaho First National Bank Reno, Nevada Nixon National Bank Hillsboro, Ore. Hillsboro National Bank Joseph, Ore. First National Bank Hood River, Ore.First National Bank Logan, Utah First National Bank Bellingham, Wash. Northwestern National Bank 2 6 2 2 2 1 1 1 A draft of the proposed revision of the acceptance regulations of the Board was presented to the Board by Mr. Warburg and changes from the old provisions were explained. After copies had been distributed to the several members present the subject was laid on the table until tho meeting of Wednesday, March 31. The question of an answer to Governor McDougal's inquiry relative to a method of settlement between Federal reserve banks, presented to the Board at the meeting of March 29th, recurring, Er. Warburg reported the result of an interview with Assistant Secretary of the Treasury Valburn. Mr. Malburn, he stated, would present his views to the Board in writing at an early date. Mr. Harding submitted to the Board a memorandum embodying his views regarding the report of Chief of Division Broderick resulting from the recent examination of the Federal Reserve Bank of Atlanta. It was agreed that Mr. Harding should invite Federal Reserve Agent Wellborn and Director 275 Kettig, of the Atlanta Bank, to Washington, for consultation. A communication from Mr. Charles C. Huff, representing the Federal Reserve Bank of Dallas in the Oklahoma redistricting case, in which 12'. Huff asked permission to substitute a revised draft of his argument for that taken down by the official stenographer, having been received, the Secretary was instructed to say that the Board prefers to allow the revised draft to be filed as an additional document rather than to be presented as a substitute for the official report. A letter from Mr. J. B. Forgan, giving notice of a meeting of the Advisory Council on Tuesday, April 13th, was presented to the Board and it was informally agreed that suggestions should be made by the several members with reference to subjects to be suggested to the Advisory Council for consideration at its approaching meeting, a list of such subjects to be aP2reed upon at the meeting of Wednesday, larch 31. Notice from the Comptroller of the Currency, stating that Federal reserve bank notes can now be supplied to applying Federal reserve banks which are prepared to make the necessary deposit of bonds and otherwise to comply with the law, was read to the Board. 276 In answer to a letter from the Commercial and Financial Chronicle asking for definite information as to the Board's policy rezarding the issue of Federal reserve notes, the Secretary was instructed to say that current reports on that subject have no official basis, as the subject is still under advisement, but that it is hoped within a few days to be able to supply a definite statement on the subject. On motion it was voted that the Counsel be requested to prepare a draft of a letter to all Federal reserve agents, stating that the Board now authorizes the issue of Federal reserve bank notes, and giving notice that the Comptroller of the Currency is ready to supply such notes on application, the letter further to state the conditions under which 2% securities may be converted into threes. The Secretary of the Board presented a resolution of the Federal Reserve Bank of Philadelphia, expressive of its sympathy with efforts to secure legislation in the several states authorizing the exercise of the powers of trustee, executor, etc., by rational banks. The Secretary distributed to the members present copies of a memorandum relative to the issue of a proposed AL41 r04 •Qt" offiaial bulletin. It was informally agreed that the subject be laid on the table until the meeting of Wednesday, Larch 31. On motion, at 12.30 p. in. the Board adjourned to meet at 11.00 a. in. Wednesday, Larch 31. APPROVED:
@FedFRASER