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381 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.00 a. m. on Wednesday, Lay 5, hr. Hamlin, presiding) 7:1r. Harding Li'. Delano 1.:r. Liner hr. Warburg Mr. Willis, Secretary. The minutes of the meeting of Tuesday, May 4th were read and approved. The Secretary presented applications for 631 shares of additional stock in Federal reserve bank- duly recommended by Hr. Harding, and on motion the same were approved, as follows: DISTRICT Mo. 1. First National Bank Shares. Haverhill, Hass. 30 Westwood, H. J. 4 Marietta, Ohio. Kenton, Ohio. 45 1 DIST= No. 3. First National Bank DISTIMT No. 4. German National Bank First National Bank DI:TRIT No. 5. National xchance Bank Baltimore, Lid. 450 DI3TRI3T No. 7. First National Bank Bay city, nioh. 60 Q82 DISC= Shares. o. 8. Berryville, Ark. First :ational Bank DISTRICT No. 9. Farmers .:ational Bank MinarsTational Bank, First National Bank . First National Bank First National Bilk First National Bank National-Bank- of German American 1,Tat'1. Bank Waseca, lann. 7.veleth, =Din. Minnesota Lake, Mimi. Redwood Falls, Mimi. Sleepy 7.ye, Minn. • Crosby, N. Dak. De Pere, Wis. Shawano,:Wis. 3 1 1 1 12 1 3 DISTRICT No. 10. 3toch7rwers National Bank Ashland, Kans. 9 Colbert, Okla. Gibsland, La. LiDan, Tex. Cleveland, To;:. Baird, Tex. 1 1 1 1 DI67.;_;T :To. 11. First First First First First -_ - tional Bank. ::ational Bank Bank ::ational 3ank ::ational Bank Lr. Harding reported that the application of the Citizens ::ational Bank of Tell City, Indiana, for power to exercise executor and trustee powers had been recommended bY the Com ittoe in charge. On motion the Board approved the application. The application of the rallikin National Bank of Decatur,Illinois for executor and trustee powers was reported a to the Board by :Ir. Harding, with the recoLimendation that it be tabled pending the ne',7t report of the National Bank Elxaminer of the district. On motion this report was approved. 383 Attention having been called to the date and conditions under which the last call for condition of iTational banks had been sent out by the Office of the Comtroller of the Currency, Lr. Harding was,. on motion, appointed a comittee of one to draft a letter addressed to the Comptroller conveying certain suggestions with reference to the methods of making these calls. On motion it was voted to r efer the question of a new method of procedure in regard to the issue, custody and delivery of Federal reserve notes, to the Committee on Issue and Redemption, with power to arrange with the Comptroller of the Currency a date, reciprocally convenient to him and to the Board, for putting into effect the practical Operation of the new plan. Discussion of the question of engaging lir. Joseph P. Cotton of i;ew York as Special or Advisory Counsel to the Board ensued, and on motion it was voted to retain Er. Cotton on the basis outlined in the motion of L:r. Liller at the meeting of ',ay 4. On motion the proposed circular relating to the admission of Jtate banks into the Federal reserve system was taken up for discussion, read and amended. was ta":en. • No final action 384 The Secretary of the Board presented the minutes of the recent joint meeting of the Board with the Federal Advisory Council, duly approved by la'. Delano, to whom the same had been referred. On motion the minutes were approved. The Secretary of the Board read a letter from Messrs. Mlliams and'Sinkler, Attorneys of the Federal Reserve Bank of Philadelphia, asking for a ,oi)zr of the Board's opinion in regard to the Nev Jersey redistricting case. It was directed that a copy of the Board's formal statement to the public be transmitted in reply. A memorandum from Chief of Division Broderick recommending the acceptance of examinations made by the Commissioner ,3tate of Insurance and Banking of Texas in t;le case of the First Texas, Bank of Wolfe City and the First State Bank of Bremond, was presented to the Board and on motion approved. On motion at 1.05 p. m. the Board adjourned to meet at 11.00 a. n. Thursday, Lay 6th. Secretary. APPROVED: Chairman.
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