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:1042 At an adjourned meeting oT the Federal reserve Board held in the office of the Board at 3:00 P. M. on Thursday, October 12, 1916, PRESENT: Governor Harding, presiding, .. 14r. Hamlin, Mr. rtrburg, Mr. Miller, Mr. Williams, 1:;r. Delano. Ur. Willis, Secretary. . . . On motion it was voted that the expense of the recent trip made by Mr. Delano from Chicago to St. Louis and return on Board business should be defrayed by the Board. The status of the directors of the rational Bank of Commerce and the Central Trust Company of rew York having been presented it was on motion voted that Mr. James 1. jarvie be permitted to serve as director of the National Bank of Commerce and the Central Trust Company. The vote stood as follows:1,1r. Harding, Mr. Delano, Yr. Miller. VEGATIVE: Mr. Williams, Mr. Hm1in. NOT VOTING: Yr. 7:arburg. The Secretary of the Board read the minutes of the meeting of the Committee of the Board on the Clayton Act held on October 14, 1916 and after discussion the minutes were adopted and the action of the Committee ratified, the vote standing as follows:AFFIRMATIVE: Mr. Harding, Mr. Hamlin, Mr. Delano, Mr. Warburg, 11r. Miller. NOT VOTING: Mr. - illiams. It was understood that in the case of all the directors acted upon in connection with these minutes wherever there was any possibility of a given director being a private banker that due notification should be sent that the action of the Board in approving his application to continue a director was based upon the assumption that he was not a private banker and so, not subject to the prohibition of the law. The report of the Committee relating to the appeal of certain Wisconsin banks for transfer to the Chicago District having been presented it was on motion voted to adopt the report, the same to be effective on January 1 1917, the parties in interest to be notified by wire rind the facts in the case to be given to the press on Friday morning. The Secretary of the Board presented certain discount rate notices for the week, no change being asked for. A letter from Mr. George M. Reynolds, regarding the case of Li.. B. A. Eckart, of Chicago, a director in the Continental and Commercial rational Bank and the Harris Trust & Savings Bank, was taken up and after discussion referred to Counsel for an opinion. On motion the action of the Board of Directors of the Federal Reserve Bank of Cleveland in raising the salarY ? 2,0W per annum of Governor D. T. Fancher in the amount of T' was approved. On motion the action of the Executive Committee during the past week in authorizing and sending out Federal Reserve notes in response to applications from various Federal Reserve banks was approved as follows:ATLANT4., - $1,000,000 in 10's. CT. LOUIS, - $1,000,000 in 10's and 960,000 in 20's RICHMOND, - t1,000,000 in 5's On motion, applications for stock in Federal .7eservo banks, duly recommended by the Committee on ::.ember and Stato 7anks, were approved as follows:Shares. DISTRICT NO. 2. Chase rational Bank, First rational Bank, rew York, ‘:.Y. 7oleott, 7 . 6,000 3 DIJTRICT NO. 2 continued. Shares. 4 r;estwood, Y. J. First National Bank, 3 Millburn, N. J. First National Bank, Metuchen, N. J. Metuchen National Bank, Athens, N. Y. Athens National Bank, Ballston Spa. N.Y. 3 First National Bank, Bridgehampton National Bank,Bridgehampton,N.Y. 1 3 Cazonovia, N.Y. Cazenovia National Bank, Deposit, N.Y. Farmers National Bank, 15 Geneva IT. Y First National Bank, -• Heuvelton, N.Y. 2 First National Bank, Manufacturers National Bank,Mechanicville,Y.Y. 6 1 Morristown, N.Y. Frontier National Bank, 5 Plattsburgh, N.Y. City National Bank, Richfield 7,prings,N.Y. 3 First National Bank, Otselic Valley Nat'l Bank, South Otselic, N.Y. 9 1 Unadilla, N. Y. Unadilla National Bank, Total. ---- 6,069 DISTRICT NO. 7. First National Bank, First National Bank, First National Bank, Bloomington National Bank, First National Bank, Harlan National Bank, First National Bank, Live Stock National Bank, First National Bank, Iowa National Bank, Commercial rational Bank, 1 Nauvoo, Ill. 30 Galesburg, Ill. 6 rappanee, Ind. 1 Bloomington, Ind. 9 Monterey, Ind. 1 Harlan, Iowa. 3 7oodbine, Iowa. Sioux City, Iowa. 24 Strawberry Point,Iowa. 1 3 Ottumwa,'Iowa. 1 Madison, is. ---- 73 DISTRICT NO. 9 United States rational Bk. Deer Lodge, Mont. Bridgewater, S.D. First National. Bank, Henry, S. D. First National Bank, Huron, S. D. City National Bank, Veblen, S. D. First National Bank, Lake Norden, S. D. First National Bank, Sentinel Butte,Y.D. First National Bank, Minot, IT. D. Union National Bank, Milnor, N. D. Milnor National Bank, Hunter, N. D. First National Bank, 1 3 2 2 1 5 3 1 1 104(3 • DISTRICT NO. 9 continued. Shares. 6 Grafton, r.D. Grafton National Bank, 1 N.D. Egeland, First National Bank, 1 !ann. Chaska, First National Bank, Deerwood, Linn. 1 First National Bank, 6 Adams, Minn. *First National Bank, 2 Cloud,,Linn. St. MorChants National Bank, 1 Blue Earth Valley National Bank,";innebago, Minu. 3 Waseca, Linn. Farmers National Bank, gAnn.48 St. Cloud, _First National Bank, Nashwank, Linn. 1 First National. Bank, 1 Eveleth,•Linn. First National Bank, 1 Alden, Linn. First National Bank, 1 Baldwin, ';;is. First National Bank, 1 Ronan, IJont. First National Bank, 1 Libby, Mont. First National Bank, 96 ---Total, DISTRICT NO. 11. First National State National First National First National First National GroosTational Frost National First National First National First rational First National Elgin National Bank, Bank, Bank, Bank, Bank, Bank, Bank, Bank, Bank, Bank, Bank, Bank, 3 Elida, F. flex. Albuquerque, N. Lc:x.30 Winfield, Texas. 9 Tdhoka, Texas. 9 Sonora, Texas. 6 Can Antonio, Tex. 30 San Antonio, Tex. 21 Rotan, Texas. 15 Paducah, Texas. 1 Baird, Texas. 5 Olney, Texas. 9 Elgin, Texas. 132 Total, ---- The minutes of the Committee on Member and State Banks, covering action taken in reference to applications for power to exercise fiduciary functions, were read to the Board and on motion approved, action thereby being ratified as follows:- The application of the Victoria National Bank, of 7ictoria, Texas, for permission to act as trustee, executor, etc., was approved to enable the bank to take care of certain specific trusts, permanent approval being withheld pending the receipt of report of another examination of the bank. The application of the First National Bunk of Thrland, Wyomin, for permission to act as trustee, executor, etc., Was approved, on condition that the cashier and bookkeepers furnish bonds. The following applications for permission to act as trustee, executor, administrator and registrar of stocks and bonds, were approved:Peoples National Bank, Barnett National Bank, Merchants National Bank, First ::tional Bank, First I'LLtional Bank, First 1.ational Bank, National Bank of New Jersey, Boone County National Bank, First National Bank, Zelienople, Pa. Jacksonville, Fla. Savannah, Ga. Batesville, Ind. Cranbury, N. J. Logansport, Ind. New Brunswick, N.J. Columbia, Lie. Brazil, Ind. ate following application for permission to act as a trustee only, was approved:- First National Bank, Elizabet y, N.C. U)48 The following applications for permission to act as registrar of stocks and bonds were approved:San Francisco, Cal. American rational Bank, New York. Bank,Auburn, County National Cay,iga The following application for permission to act as trustee, executor, and registrar, was refused: First National Rank of Findlay, Findlay, Ill. The following applications to act as trustee, executor, administrator and registrar of stocks and bonds, were held, pending the receipt of report of subsequent examinations:National xchange Bank, First National Bank, First National Bank, First National Bank, Citizens National Bank, Anderson, Intl. 1.nglewood, Chicago, Ill. gif;i Cambridge City, Ind.-(untl-, -4y (equal61.1) Birmingham, flich. (capitaa nartinsville, Ind. The following application for permission to act as trustee, executor and administrator Was held, pending receipt of another report of - examinationsAmerican National Bank, Austin, Texas. A letter from Federal leserve Agent Perrin, with reference to the organization of the Farmers & Llerch%nts National Bank of Yampa, Idaho, was read and on motion referred to the Comptroller of the Curre.ncy. "11I A letter from 11r. J. E. Gardin, with reference to drafts drawn to furnish dollar exchange, and the Governor's reply thereto, were read and the Governor's reply adopted as action of the Board. A telegram from Federal Reserve Agent jay, with reference to long credits on hides, was read, as well as the reply of the Governor relating thereto, the matter being likewise approved. The form of statement submitted by Ladenberg, . was approved, Thalman & Company having been !)resented, the Governor being requested to call attention to one or two points of possible criticism. A letter from the Federal Reserve Bank of Kansas City with reference to the acceptance of short weight gold in reserves was read and it was agreed that the matter be left to the judgment of the Kansas City Bank. A letter from Federal Reserve Adent Rich, with reference to the First :National Bank of Hinsdale, was read and the contents noted. 1. letter from J. F. Curtis, Counsel of the Federal Reserve Bank of Yew York, with reference to bills of ex.change drawn in good faith, was referred to the Law Committee with power to act. 1050 A letter from Federal Reserve Agent Austin, with reference to spacial permission for Joseph Moore, Jr., to serve on certain directorates, uas read and contents noted. A program in connection with the examination of member and State banks, prepared by Chief of Division Broderick and favorably reported by the Committee on Member and State Banks, was, on motion, approved by the Board. The Governor of the Board Presented a letter from Federal Reserve Agent Wills with reference to the collection of warrants of the city of Toledo. A letter from Federal Reserve Agent Martin as to the desire of Louisville bankers for the establishment of a branch of the Federar-eserve Bank of Jt. Louis, was read and on motion referred to the Committee on the operation of the jt Louis District. A letter from Federal Reserve Agent Jay, relative to the service of Mr. J. D. Fairchild on the National City Bank and the Kings County Trust Company was presented. motion it was voted to permit :Ir. Fairchild to serve on these two directorates. On The .73-1-3, v.as informed of slight changes made bz the Comptroller of the Currency in the form of weekly note reports. On motion the status of directors of the Merchants & Mechanics National Bank of New York wz...s referred to Counsel for report. On motion a memorandum prepared by Counsel and stating the position of the Board with reference to preferential voting for directors, was approved. On motion at 5:40 P. M. the Board adjourned. Acretary. tuP:11107z.D:
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