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At a regular meeting of the Federal Reserve Board hold in the office of the Board at 11:05 a. m., on Monday, May 8 PRESENT: Mr. Hwnlin, presiding LLr. Harding Mr. Viarburg :Ir. Miller Mr. Allan, Secretary. The meeting proposed for Friday, May 5, at 11:00 a. m., was postponed by order of Lae Governor of the Board. The minutes of the meeting of May 4 were read and approved. Letters were presented from Governor Strong asking the Board to approve placing the the names of the following firms upon the list of those whose bills are elThiblo for purchase by Federal reserve banks: Messrs. Heidelbaeh, lckelheimer & Co., Messrs. E. Naumberg & Company, J. P. Morgan & Company. The letters stated the information as to con- dit ion furnished the Federal Reserve Bank of New York, and, after discussion, the Board approved placing the names upon the list as requested, and authorized the sending of the following telegram to Governor Strong: "Replying requests contained your three letters dated May fifth, Board deems the information to be secured in statement from firms concerned to be satisfactory, and is, therefore, approved." The request of the Federal Reserve Bank of Minneapolis to increase its rate for commodity paper from 35 to W, was laid on the table until the next meeting. The Secretary presented reports of the examination of the Federal Reserve Banks of Kansas City and St. Louis, and of the accounts of the agents at each of these cities, which were ordered to be referred to the Committee on Operation. Formal approval was given to the re- quest of the Federal Reserve Agent at San Francisco for the release of 0.00,000 in Federal reserve notes of the $20 denomination. Attention was called to a letter from the Governor of the Federal Reserve Bank of Boston, asking to be heard by the Board prior to a decision as to the transfer of additional Connecticut banks. Governor Hamlin stated: that he had already written Governor Aiken that a hearing would be given. It was agreed that a letter from Governor Strang urging early action upon the amendment to Section 16, which had been circulated, should be taken up when Mr.. Warburg had completed his examination of the amendment. The request of Doubled , Page & Company that the Federal Reserve Bulletin review Mr. Willis' book, "The Federal Reserve," was ordered to be answered in the negative. Attention was called to three let- 537 ters on the action of the Board as to clearing, and they were referred to the Committee on Clearing. The Secretary was ordered to circulate a report from the L3tate Department stating that it was proposed to establish a branch of the Bank of Uruguay in Tashingto n, J. C. A letter from the Federal Reserve Agent at l'inneapolis on the consolidation of banks at Barron, Wisconsin, was ordered to be referred to the Comptroller of the Currency for the expression of his opinion. A letter from the Federal Reserve ;..gent at Cleveland forwarding copies of the program for the meeting of Federal reserve agents on May 29, was presented, and it was directed that the matter be referred to the committee on the program. The letter from Honorable V.. L. • 1.2/eS *, ' Douglas of Brockton, Massachusetts, was discussed, ordered referred to Counsel, and made a special order of the Board When Counsel's opinion should have been completed. Request of the Comptroller of the Currency for approval of the appointment of Mr. Sidney B. Congdon as private secretary to the Comptroller in place of Mr. H. L. Milispaugh, favorably reported by Mr. Harding, received affirmative action. Approval was given to requests for additional stock in Federal reserve banks, amounting to 1039 shares, as follows: DISTRICT No. 1. Shares. Plymouth, Mass. 4 Plymouth Nat'l Bank 12 Orange, Mass. Orange Nat'l Bank 3 Berlin, N. H. Berlin Nat'l Bank 6 Gardiner, Me. Natioral Bank of 1 Conway, N. H. Conway Nat'l Bank North Berwick,Me.6 North Berwick Nat'l 12 Bethol, Vt. Nat'l White River Bristol, Conn. 18 Bristol Nat'l Bank Norwood, Mass. 15 Norwood Nat'l Bank Merchants Nat'l Bank Burlington, Vt. 30 Meriden, Conn. 18 Home National Bank Somersworth,N.H. 1 First National Bank DISTRICT No. 2. Shares. Second National Bank Paterson, N. J. 1k.0 DISTRICT No. 3. Peoples Nat'l Bank Collingswood Nat'l First National Bank Merchants National First National Bank First National Bank First National Bank Lemasters National First National Bark Union National Bark May town Nat'l Bank Central Nat'l Bank New Cumberland Nat'l Grange Nat'l Bank of McKean County National Bank of Grange Nat'l Bank of Bradford Co. National Bank of 3 Middletown, Del. Collingswood,N.J. 1 1 Minotola, N. J. 15 Allentown, Pa. 1 Everett, Pa. 1 Auburn, Pa. 3 Jessup, Pa. 1 Lemasters, Pa. 1 McAdoo, Pa. Mahanoy City, Pa. 15 Maytown, Pa. 1 1 Mount Union, Pa. New Cumberland,Pa.12 Smethport, Pa. Spring City, Pa. 3 Troy, Pa. Wyalusing, Pa. 1 3 DISTRICT No. 4. First National Bank Madison Nat'l Bank First National Bank First National Bank First National Bank First National Bank Union National Bank Montpelier National First National Bank First National Bank First National Bank Barbourville, Ky. 2 6 Richmond, Ky. Nicholasville, Ky. 6 1 Wilmore, Ky. 2 Bethel, Ohio 2 Bremen, Ohio Cleveland, Ohio 360 9 Montpelier, Ohio Mt. Washington, O. 1 New Holland, Ohio 2 30 Norwood, Ohio /1$ Second Nat'l Bank First National Bank Clarion County Nat'l Bank of Edenburg First National Bark Central Nat'l Bank Peoples Nat'l Bark Warren, Ohio Black Lick, Pa. 12 1 Knox, Pa. 9 Parkers Laading, Pa. 10 Wilkinsburg, Pa. 3 West Alexander,Pa.2 DISTRICT No. 8. First National Bank Berryville, Ark. 1 First National Bank Corning, Ark. First National Bank Forrest City, Ark.5 First National Bank Green Forest, Ark.1 Citizens Nat'l Bank Hope, Ark. 3 Hope National Bank 3 Hope, Ark. First National Bank Horatio, Ark. First National Bank Huntsville, Ark. 2 First National Bank 1 Judsonia, Ark. Nat'l Bank of Arkansas at Pine Bluff, Ark. 13 First National Bark 3 Stuttgart, Ark. First National Bank Van Buren, Ark. 2 First National Bank 1 Allendale, Ill. First National Bank 1 Altamont, Ill. First National Bank Bridgeport, Ill. 2 First National Bank Brownstown, Ill. 1 Old National Bank 1 Centralia, Ill. Gillespie National Gillespie, Ill. 1 National Bark of Jerseyville, Ill. 1 First National Bank MeLeansboro, Ill. 1 First National Bank Mound City, Ill. 1 Ham National Bank Mt. Vernon, Ill. 3 First National Bark Norris City, Ill. 1 First National Bank 1 Omaha, Ill. 4 Ramsey National Bank Ramsey, Ill. First National Bark 1 Roodhouse, Ill. 1 First National Bank Sandoval, 111. 11 First National Bank Sorento National First National Bank First National Bank First National Bank First National Bank First National Bank Witt National Bank First National Bank Birdseye Nat'l Bank City National Bask First National Bank First National Bank First National Bank First National Bank Bozeman-Waters Nat'l Peoples American National Bank Seymour National Citizens Nat'l Bank First National Bank American National Farmers Nat'l Bank National-Branch Bank of Kentucky Henderson Nat'l Bank American Southern National Bank City National Bank National Deposit Bank Union National Bank National Bank of Commerce First National Bank First National Bank First National Bank First National Bank 1 St. Elmo, Ill. 1 Sorento, Ill. 1 Ullin, Ill. 3 Waterloo, Ill. 7 Waverly, Ill. West Frankfort, Ina White Hall, Ill. 1 1 Witt, Ill. 2 Bicknell, Ind. 1 Birdseye, Ind. Boonville, Ind. 4 2 Carlisle, Ind. 3 Linton, Ind. New Harmony, Ind.1 1 Odon, Indiana Poseyville, Ind. 4 Princeton, Ind. 6 3 Seymour, Ind. Tell City, Ind. 2 2 Bardwell, Ky. Bowling Green,Ry.1 1 Clay, Ky. Frankfort, Ky. Henderson, Ky. 6 3 Louisville, Ky. 6 6 Mayfield, Ky. 2 Owensboro, Ky. Providence, Ky. 2 Columbus, Miss. 7 1 Corinth, Miss. 1 Oxford, Miss. 9 Braymer, Mo. ElDorado Springs, Mo.1 City National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Second Nat'l Bank Green City, Mo. Holden, Mo. Ridgeway, Mo. Stealville, Mo. Washington, Mo. Windsor, Mo. Paris, Tenn. Jackson, Tenn. 1 3 1 2 1 3 1 3 Cut Bank, Mont. Ambrose, N. Dak. 1 1 DISTRICT No. 9. First National Bank First National Bank DISTRICT No. 12. First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bark Selma National Bank Sonora National Bank Empire National Bank Reno National Bank First National Bark American National First National Bank First National Bank First National Bank of Coos Bay United States Nat'l United States Nat'l First National Bank Northwestern Nat'l First Nationa) Bank National Bank of 4 Gardena, Cal. 9 Hemet, Cal. Huntington Beach, 2 Cal. 1 Monterey, Cal. 4 Newman, Cal. 60 Redlands, Cal. Santa Maria, Cal. 3 1 Selma, Cal. 1 Sonora, Cal. 2 Lewiston, Idaho Reno, Nev. 1 Canby, Oregon Hillsboro, Oreg. 1 Joseph, Oreg. Klamath Fa 11s,Ore.1 Marshfield, Oreg. Newberg, Oregon Vale, Oregon Auburn, Wash. Bellingham, Wash. Camas, Wash. Oakesdale, Wash. 4 3 1 1 1 1 1 Upon reconuendation of Mr. Warburg favorable action was taken upon the request of the Federal Reserve Bank of Chicago, to purchase warrants as follows: 10/4/16 Total issue v80,000 100,000 Brookline, Mass. 11/4/16 200,000 300,000 Cambridge, Mass. 10/10/16 and 10/20/16 750,000 Due 11.0,000 Biddeford, Maine Similar action was taken upon the request of the Federal Reserve Bank of Philadelphia to increase the limitation upon warrants to be purchased by that bank to 500,000, of which'.;3,500,000 may be in obligations of the City of New York. The following applications for trustee powers were upon recommendation of the Committee approved: Cedar Rapids National Bank, Cedar Rapids Iowa4 National Bank of Sabetha, Sabetha, Kansas Exchange National Bank, Colorado Springs, Colorado. The application of the Merchants National Bank of Omaha, Nebraska, for trustee powers, was upon recommendation of the Committee ordered to be held. It was directed that the office of Counsel be requested to prepare a synopsis of the Rural Credits Bill as it passed the Senate. Letters from Director E. T. Meredith, relative to his candidacy for Governor of Iowa, were ordered to be referred to Counsel for his opinion. Mr. Harding was empowered to obtain a ruling from Counsel as to the 10% limitation upon endorsed paper and its effect upon rediscounts at the Federal Reserve Bank of Dallas. Mr. Miller read a letter from the Comptroller of the Currency in connection with a request for information addressed to Mr. Miller by Professor Goodhue of Colgate University. Ur Warburg was authorized to attend the meeting of the New York Bankers' Association at Atlantic City on June 9th at the expense of the Board. Upon report of Er. Warburg and Er. Miller, a request forwarded by the Federal Reserve Agent at San Francisco that there be prepared for publication a statement as to acceptances, was referred to the Committee on Program for the conference of Federal Reserve Agents. Mr. Warburg presented a letter from the Federal Reserve Agent at New York, asking what steps had been taken in connection with bond sales and conversions at the end of the quarter and this 54C was referred to the Committee on Bonding. At 12:35 p. in. the Board adjourned to meet at 11:00 a. in., on Tuesday, May 9. APPROVED: Chairman.
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