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W. P. G. HARDING, GoVERNOR
EX-OFFICIO MEMBERS
ALBERT STRAUSS. VICE GOVERNOR
ADOLPH C. MILLER
CHARLES S. HAMLIN
CARTER GLASS
SECRE1ARY OF THE TREASURY
CHAIRMAN
JOHN SKELTON WILLIAMS
J. A. BRODERICK, SECRETARY
FEDERAL RESERVE BOARD
CoMPTROLLER OF THE CURRENCY
W. T. CHAPMAN. ASSISTANT SECRETARY
W. M. IMLAY, FISCAL AGENT
ADDRESS REPLY TO
WASHINGTON
FEDERAL RESERVE BOARD
June
Subject:
26,1919 ..
X-1594
State :Bank Membership Applications held by
Federal Reserve Banks.
Dear Sir:
Section 9, of the Federal Reserve Act, provides that any bank
by or organized under any law of any State or of the United
states, desiring to beco;r;e a n:ember of the Federal Reserve System, rray
make application to the Federal Reserve Board. It is further stated that
"in acting upon such applications the Federal Reserve Board shall consider
the financial condition of the applying bank, the general character of its
management, and whether or not the corporate powers exercised are consistent
•
with the purposes of this actw 8
incor~orated
It is the custom of the Federal Reserve Banks to forward to the
Federal Reserve Board, with the recorr~endation of the Reserve Bank comrrdtte~s,
applications of those state banks which are considered to be in a condition
sU!ficiently satisfactory to warrant their admission to the Federal Reserve
System~ The cowrni ttees inaa.ribly suggest conditions of rr.embership. The Board
has been informed that, in a nurr~er of districts where the Reserve Bank
committees are not satisfied with the conditions of the applying banks, such
banks have been given an opportunity to withdraw their applications, with the
understanding that when the criticized conditions have been im.t?roved the
Reserve Bank comrrdttee will again be willing to consider the applications.
The Board is desirous of having in its files a complete report of
all applications made by State banks for membership in the System, and you are,
therefore, recauested to send, at your earliest convenience, a list of applications on which definite action by you has been deferred, giving the reason;
why action has not been taken by your committee. It is also suggested that
in future, in case an application is withdrawn, the Boar~ be so advised.
very truly
yours~
Governor.
Letter
to
Chairmen of all Federal Reserve Banks ..
@FedFRASER