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181 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.15 a. in. Friday, March 5, PRESENT: Mr. Delano, presiding, Llr. Harding Mr. Warburg Mr. Miller Mr. Willis, Secretary. The minutes of the meeting of the Board held at 5.15 p. In. March 21; 10.15 a. in. March 3d and 3.00 p. in. March 3d, and 11.15 a. in. March 4th, were read and approved. Mr. Delano presented a committee report regarding the election of directors of Federal reserve banks, and on motion the report was tentatively adopted, the Secretary being instructed to transmit the substance of it to Federal reserve agents with a request for such comment as they might choose to submit. A recommendation by Mr. Warburg to the effect that credit forms to be used by member banks in presenting commercial paper for rediscount, be shaped by Federal reserve banks and not by the Board, for the time being at least, • was presented to the Board and approved. The Secretary was ordered to inform inquirers of the facts in the case. A draft of a letter addressed to IA% J. B. Forgan as President of the Advisory Council, asking for his sug- 182 gestions with reference to the rate of rediscount to be applied betweenFederal reserve banks, was presented to the Board, and after discussion and modification was ordered transmitted as an official communication over the Governor's signature. Er. Warburg reported with reference to the proposed establishment of branches by the National City Bank in the West Indies, stating that, as directed by the Board, he had discussed the subject with Counsel and had asked the latter to prepare suitable papers in accordance with the conclusions arrived at. Li% 7/arburg reported that, in accordance with the instructions of the Board, at a recent meeting, he had prepared and sent to Senator R. L. Owen, a letter stating the point of view of the Board regarding the bill dealing with member banks' acceptances. The time, however, had proved so short that there was a feeling on the part of Senator Owen that the matter should not be pushed, and the pending bill had therefore been left in its original condition. nt The Secretary of the Board presented a complai , from Mr. E. W. Zutz of the Norfolk National Bank of Norfolk instructed Nebraska, regarding the clearance situation and was to inform Mr. Zutz of the action recently taken by the Board. A letter from Deputy Federal Reserve Agent flcOaleb was read to the Board and on motion it was voted to inform him of the attitude taken by the Board with reference to the question of executorships and trusteeships by National banks. In answer to a letter from Governor 21cCord of the Federal Reserve Bank of Atlanta regarding the rediscounting of notes of cities and towns, the Secretary was instructed to say that the notes already on hand might be reported as they now are, it being understood that no further discount's of the kind are to be taken, such being the statement of Governor LcCord in his letter. In answer'to a letter from the First National Bank of Corning, Arkansas, regarding the clearance question, the Secretary was instructed to refer the matter to Federal Reserve Agent Martin, and so inform the Corning Bank. sundry applications of National banks for stock in Federal reserve banks, recommended by flr. Harding, were approved as follows: DISTRICT No. 4. Brawn County National Orab, Ohio. 184 DISTRICT No. 5. Germania National Charleston, 3..C. DISTRICT No. 7. First National of Saint Ansgar, Iowa DISTRICT No. 11. Farmers National First National of First National First National Central National Holdenville, Okla. Bardwell, Texas Newsome, Texas Nixon, Texas San Angelo, Texas The following applications for additional stock were approved: DISTRICT No. 2. Lackawanna National Bank , State of New York Nat'l Bank Swedish American Nat'l Bank Citizens National Bank of Canajoharie National Bank Farmers National Bank Farmers National Bank Unadilla National Bank Tottenville National Bank The First National dank First National Bank Citizens National Bank Ilanafacturers National Bank State National Bank 4— Lackawanna, N. Y. Kingston, N. Y. Jamestown, N. Y. Hammond, N. Y. Canajoharie, N. Y. Grandville, N. Y. Union, N. Y. Unadilla, N. Y. Tottenville, N. Y. Richfield Springs, N. Y. Ravena, N. Y. Potsdam, N. Y. flechanicsville, N. Y. North Tonawanda, N.Y. DISTRICT No. 3. Strausstown National Bank Clayton National Bank First National Bank Berlin National Bank Strausstown, Pa. Clayton, N. J. Hope, N. J. Berlin, N. J. 185 Citizens National Bank First National Bank First National Bank First National Bank First National Bank Valley National Bank Ephrata National Bank National Bank First National Bank Weissport National Bank Farmers National Bank First National Bank Dickson City National Bank First National Bank First National Bank Glenside National Bank First National Bank Fist National Bank Telford National Bank First National Bank First National Bank Littlestoan National Bank First National Bank First National Bank First National Bank National Bank of Topton Wernersville National Bank Mahaffey National Bank First National Bank Catawissa National Bank First National Bank of First National Bank Farmers & Merchants Nat. Bank First National Bank Farmers & Merchants Nat. Bank First National Bank First National Bank . American National Bank United States National Bank Market Street National Bank First National Bank First National Bank First National Bank Caldwell, N. J. Lodi, N. J. Guttenburg, N. J. Belleville, N. J. Belmar, N. J. Chambersburg, Pa. Ephrata, Pa. Spring City, Pa. Claysburg, Pa. Weissport, Pa. Belleville, Pa. 3ast Smithfield, Pa. Dickson City, Pa. Genesee, Pa. Coaldale, Pa. Glenside, Pa. Leesport, Pa. Fawn Grove, Pa. Telford, Pa. Fairfield, Pa. Howard, Pa. Littlestown, Pa. Coopersburg, Pa. New Albany, Pa. Palmerton, Pa. Topton, Pa. Wernersville, Pa. Mahaffey, Pa. State College, Pa. Catawissa, Pa. Portage, Pa. Conemaugh, Pa. Red Lion, Pa. Spring Grove, Pa. Tyrone, Pa. Mt. Union, Pa. Everett, Pa. Erensburg, Pa. Johnstown, Pa. Shamokin, Pa. Schuylkill Haven, Pa. Philipsburg, Pa. Catawissa, Pa. DISTRICT No. 4. The First National Bank of Peoples National Bank Fryburg, Pa. Ellwood City, Pa. 186 Slippery Rock, Pa. First National Bank Windber, Pa. Citizens National Bank Sheffield, Pa. Sheffield National Bank Pa. West Alexander National Bank West Alexander, Ohio. ing, Mt. Sterl The First National Bank Pitcairn, Pa. First National Bank Big Run, Pa. Citizens National Bank Point Marion, Pa. Peoples National Bank Kingston, Ohio. First National Bank Springfield, Ohio. Farmers National Bank ia, Ohio Anson Bank nal Natio First k, Ohio Newar Bank nal Park Natio ing, Ohio Sterl Mt. Bank nal Natio Citizens , Ohio ville Lewis Bank nal Natio First nnati, O. Cinci L., Sta. ot Chevi of nal Natio First Ohio Sabina, First National Bank Healthy, Ohio Mt. Bank nal Natio First Mt. Vernon, Ohio. New Knox National Bank Hamilton County National Bank Cleves, Ohio. Piketon, Ohio. Piketon National Bank Paulding, Ohio. Bank nal Natio ing Pauld Clarington, Ohio First National Bank Mantua, Ohio. First National Bank Montelier, Ohio. First National Bank Marietta, Ohio. German .National Bank Canfield, Ohio. Bank nal Natio Farmers y, Ohio. Riple Bank nal Ripley Natio stown, Ohio. Young Bank nal Natio Commercial lle, Ohio Orrvi Bank nal Natio Orrville aa, Ohio Raven Bank nal Second Natio DIST:1'3T No. 5 The First National -Bank Purcellville National Bank First Nitional Bank National Union Bank First National Bank First National Bank Marion National Bank Farmers & Merchants Nat. Bank First National Bank of First National Bank Second National Bank Peoples National Bank Salisbury National Bank St. Matthews National Bank Spencer, W. Va. Purcellville, Va. Newburg, W. Va. Rock Hills, S. O. St. Albans, 7. Va. Keystone, W. Va.' Marion, Va. Onley, Va. Luray, Va. Lexington, N. C. Bel Air, Lid. Hagerstown, Md. Salisbury, Md. St. Matthews, S. C. DISTRICT No. , First National Bank First National Bank City National Bank First National Bank Farmers National Bank Farmers National Bank Farmers & Mercnants Nat'l Gainesville National Bank First National Bank First National Bank Coweta National Bank First National Bank Peoples National Bank First National Bank First National Bank First National Bank :aury National Bank Citizens National Bank Ocala Nation_l Bank National City Bank Slocomb, Ala. Alexander City Ala. Decatur, Ala. Piedmont, Ala. Opelika, Ala. Geneva, Ala. Enterorise, Ala. Gainesville, Fla. Cuthtrt, Ga. Statesboro, Ga. Newnan, Ga. Hampton, Ga. Snelbyville, Tenn. Jonesboro, Tenn. Erwin, Tenn. Doyle, Tenn. Columbia, Tenn. Centerville, Tenn. Ocala, Fla. Rome, Ga. DISTRICT No. 7. German American Nat'l Bank 'Iowa National Bank Marion Co. National Bank Monroe National Bank First National Bank First National Bank Co...morcial National Bank First National Bank First National Bank First National Bank First National Bank Can-ercial National Bank Jt. Johns National Bank The Old National Bank First National Bank First National Bank German American Nat'l Bank First National Bank Rosedale National Bank Whiteland National Bank Arlington, Ia. Ottumwa, Ia. Knoxville, Iowa. Monroe, Iowa. Sheldon, Iowa. Story City, Iowa. Madison, Wis. Port Washington, Wis. Cuba,City, Wis. Rio, Wis. Richland Center, Wis. St. Joseph, 1.:ich. St. Johns, Llich. Fort Wayne, Ind. Fowler, Ind. Whiting, Ind. Fort Wayne, Inc.. Hagerstown, Ind. Rosedale, Ind. Whiteland, Ind. 1.88 First National Bank First National Bank American Nationa.i. Bank First National Bank First National Bank Martinsville, Ind. Ridgefarm, Ill. Woodstock, Ill. Lincoln, Ill. Maquon, Ill. DISTRICT NO. 8. First National Bank Anna National Bank American National Bank First National Bank Citizens National Bank German National Bank Brownsville, Tenn. Anna, Ill. Green City, Mo. Oakland City, Ind. Evansville, Ind. Little Rock, Ark. DISTRICT No. 9. Nat'l German American Bank First National Bank Worthington National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Scandinavian American Nat'l First National Bank Wausau, Wis. Alden, Minn. Worthington, Minn. Sidney, Mont. Adams, Mimi. Braham, Minn. Elmore, Minn. Wells, Minn. Minneapolis, Minn. Staples, Minn. DISTRICT No. 10. First National Bank Minneapolis National Bank Olathe, ILns. Minneapolis, Minn. DISTRICT No. 11. Lake Providence, La. First National Bank N. M. Tuoumcari, American National Bank Texas. Lt. Pleasant, Bank National State San Antonio, Texas. National Bank of Commerce San Antonio, Texas. City National Bank Whitesboro, Texas. pity National Bank Campbell Nat'l Exchange Bank Campbell, Texas. Cleburne, Texas. Home National Bank Malakoff, Texas. National Bank First Calm, Texas. Mt. First National Bank 189 First Na:tional Bank Trinity National Bank First National Bank First National Bank First National Bank Hutton National Bank First National Bank First National Bank of Peoples National Bank Citizens National Bank First National Bank Atlanta National Bank First National Bank City National Bank of Peoples National Bank Commercial National Bank City National Bank Citizens National Bank Morris County National Bank 2armers National Bank Burnet National Bank First National Bank Van Zandt County National Farmers & Merchants Nat'l. First National Bank First National Bank American National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank of First National Bank Aransas Pass, Texas Trinity, Texas Texas City, Texas Mertzon, Texas Fort Jtockton, Texas Hutto, Texas Valley Mills, Texas Hemphill, Texas Belton, Texas Brownwood, Texas Santa Anna, Texas Atlanta, Texas Sanger, Texas Corpus Christi, Texas Lampasas, Texas Greenville, Texas Texarkana, Texas Ennis, Texas Naples, Texas Manor, Texas Burnet, Texas Groveton, Texas Mils Point, Texas Plano, Texas Winnsboro, Texas Hubbard, Texas Terrell, Texas Atlanta, Texas Husk, Texas Terrell, Texas Comanche, Texas Baird, Texas Temple, Texas Greenville, Texas DI3T1IICT No. 12. Commercial National Bank First National Bank Ogden, Utah Milton, Oreg. The Secretary was instructed to write to Federal Reserve Agent Perrin regarding the question of builders not raised by Mr. J. B. CoulstOn and to add that it was ) left to him how much information on the *subject he, Vr. Perrin, might choose to give Mr. Coulston. An application of the Federal Reserve Bank of Kansas City for Federal reserve bank notes was referred to the Committee on Issue and Redemption. It was directed that the recommendations made in the recent report of the Governors of Federal reserve banks be divided among the appropriate committees and transmitted to them by the 3ecretary of the Board. On motion, at 1.05 p. m. the Board adjourned to meet on Monday, /larch 6 at 11.00 a. m. APPROVE , / _ Chairman.
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