The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
371 At a re,7a1ar meeting of the Federal Reserve Board :Ield in the office of the Board at 11.00 a. m., Monday, May 3, 1915 PRE33NT: Li.. Hamlin, presiding, Mr. ,Villiams Mr. Delano Mr. Harding Warburg Li% Mr. 7illis, 3ecretary. On motion an issue of Federal reserve notes for the Federal Reserv,.: Bank of Minneapolis aggregating A,000,000 duly recommended by the Committee on Issue and Redemption, was approved as follows: .)5 denomination tt 10 tt 20 •20,000 per package...,X00,000 ti 40,000 " 240,000 tt 80,000 " 160 000 ::?*1,000,,00 On motion an issue of Federal reserve notes to the amount of400,000 for the Federal Reserve Bank of Richmond, duly recommended by the committee on Issue and Redemption, was approved as follows: .,5 denomination t 10 •20,000 per package...:)200,000 11 40,000 " 200,000 /100,000 On motion an issue of Federal reserve notes for the Federal Reserve Bank of Mew York in the anoint of '2,000,000 duly approved by the Committee on Issue and Redemption, was approved as 37p follows: :.i5 denominations t1 10 20,000 per package. 41,000,000 It 1,000,000 40,000 " c2,000,000 The applications of the Merchants Exchange National Bank of New York and the Bank of New York, duly recommended by the 'Committee on Acceptance Powers, upon resolution adopted by the Board of Directors of the Federal Reserve Bank of New York • for power to accept up to 100 of capital and surplus, were approved. In accordance with previous orders, reports of the committee on appeals from the decisions of the Reserve Bank Organization Committee, were taken up for consideration, and Mt. Miller offered the following resolution: WHEREAS, The Board has received and considered the reports of its committee on appeals from the action of the Reserve Bank Organization' Committee affecting the boundaries of certain districts, BE IT RECOLVEDi That the recommendations of the said committees be adopted and approved, and that the petitions of the banks of southern Oklahoma, northern rew Jersey, Tyler and Wetzel Counties, West Virginia, be granted; and, BE IT ALSO RSOLVED, That the petition of the bankS of Wyoming and Nebraska be denied; and BE IT FURTTIL1 ROSOLVIO, That action on other pending petitions be deferred until further experience in the Actual operation of the several districts, especially in the light of the new clearing system which is State about to go into effect, and of the extent -to which 373 banks take membership in the Federal Reserve System, shall have provided the Board with the nocessary i data for a conclusion, it being the opinion of the Board that action on petitions relating to changes in cities designated as the location of Federal Reserve Banks should be deferred until the Board shall have reached conclusion from experience as to any further readjustments in the boundaries of the several districts, or in the number of districts which may be desirable in the operation and development of the Federal Reserve System. On motion the reports and resolution for the same were received, and, after discussion, it was voted that the subject be laid on the table until the next meeting, at which time the appeals from the decision of the Reserve Bank Organization Committee could be voted on individually, and the Secretary of the Board was directed to prepare a decree and accompanying map relating to each case. The Committee on Staff presented a special report relating to the Division of Issue and Redemption in the office of the Comptroller of the Currency, which was read to the Board, and, after discussion, the subject was, on motion, laid on the table until the next meeting of the Board it being agreed that at the time Lr. Delano should report further regarding the legal status of the situation, whereupon a vote would be taken. /Jr. Delano, for the Executive Committee, reported that, In accordance with the instructions of the Board, the Committee 374 had investigated the question of securing the assistance of additional or advisory counsel, and that the Committee had held a conversation with Joseph P. Cotton of 2ew York with a view to obtaining his services. Lr. Cotton was will- ing to undertake the employment on any financial basis acceptable to the Board. La.. Miller moved that the 11;::ecutive Connittee be authorized to arrange with Mr. Cotton to undertake the duties of s cial counsel on the conditions indicated in the con- versation of the Executive Committee with him, at a rate of compensation not to exceed ,,500 per month. On motion the question was laid on the table until the next meeting. On motion the following named banks were authorized to exercise the functions of trustee, executor, etc.: Quitman, Ga. First National Bank Denver, Colo. Colorado National Bank Kansas City, no. New ngland Nat'l Bank Mechanics National Bank New Bedford, Mass. Charleston, S. C. Peoples National Bank lUorganfield National Bank llorganfield, Ky. Anniston, Ala. First National Bank --bid Lowell National Bank Lowell, Mass. National Tradesmans Bank New Haven, Conn. Huntington National Bank Columbus, Ohio. Bonham, Texas. First National Bank Poultney, Vt. Citizens National Bank Charlottesville, Va. National Bank of Merchants National Bank New Haven, Conn. Massasoit-Pooasset Nat'l.Fall River, Mass. rat'l Newark Banking Jo. Newark, N. J. La Grange, Ga. La Grange Nat'l Bank 375 The followin named banks were authorized to exercise the functions of registrar of stocks and bonds: Nassau National Bank First National Bank Bank of New York Brooklyn, N. Y. Saratoga Springs, N.Y. New York City On motion the applications of the following named banks were suspended for the the being: First National Bank Colquitt National Bank Seymour National Bank First National Bank Boston National Bank Freeport National Bank First National Bank Albany, N. Y. Golquitt, Ga. Seymour, Ind. Corydon, Ind. South Boston, Va. Freeport, Texas Mexia, Texas . Discussion of the present method of passing on the applications of banks for power to exercise the functions of trusto, executor, etc., ensued. After discussion as to the best method of regulating the business of the Board during the summer season, on motion, at 1.30 p. m. the Board adjourned to meet at 11.00 a, m. on Tuesday, Nay 4. Secretary. APPROVED: Chairman.
@FedFRASER