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FEDERAL RESERVE BOARD WASHINGTON J u n e ?, 1 9 2 2 . St.2823. SUBJECT: S e n a t e B i l l 3531. Dear Sir: P l e a s e f u r n i s h t h e B o a r d w i t h a s t a t e m e n t , "by m a i l o r t e l e g r a p h , t o r e a c h W a s h i n g t o n n o t later t h a n J u n e 15, s h o w i n g the f o l l o w i n g d a t a f o r e a c h s t a t e or p o r t i o n of state i n y o u r d i s t r i c t 1. N u m b e r a n d p a i d - i n capital of n o n m e m b e r b a n k s i n c i t i e s of p o p u l a t i o n of over 50,000 which have a p a i d - i n capital stock of $ 1 2 0 , 0 0 0 or over but less than $200,000. 2* N u m b e r a n d p a i d - i n c a p i t a l of n o n m e m b e r b a n k s in cities of p o p u l a t i o n o f f r o m 6 , 0 0 1 to 5 0 , 0 0 0 i n c l u s i v e , w h i c h h a v e a p a i d - i n capital stock of $60,000 or over but less than $100,000. 3. N u m b e r and p a i d - i n capital of n o n m e m b e r b a n k s i n cities of p o p u l a t i o n of from 3,001 to 6,000 inclusive, w h i c h h a v e a p a i d - i n capital stock of $30,000 or over but less t h a n $50,000. 4, N u m b e r arid p a i d - i n c a p i t a l o f n o m e m b e r b a n k s i n c i t i e s o f p o p u l a t i o n of 3,000 or u n d e r w h i c h have a p a i d - i n capital stock of $15,000 or over but less than $25,000. T h e a b o v e i n f o r m a t i o n i s d e s i r e d i n o r d e r to m a k e a v a i l a b l e t h e n u m b e r a n d p a i d - i n c a p i t a l s t o c k o f t h e f o u r g r o u p s of b a n k s i n e a c h s t a t e which, on the basis of capital requirements, would be made eligible for membership in the Federal Reserve System should Senate bill 3531, which is quoted below, become a law. SENATE BILL 3531 To amend s e c t i o n 9 o f the F e d e r a l R e s e r v e A c t . B E XT ENACTED BY THE SENATE AND HOUSE O F REPRESENTATIVES O F THE UNITED STATES OF AMERICA IN CONGRESS ASSEMBLED, That paragraph 9 of sect i o n 9 o f t h e F e d e r a l R e s e r v e A c t a s a m e n d e d i s a m e n d e d to r e a d a s f o l l o w s : " N o a p p l y i n g b a n k s h a l l b e a d m i t t e d to m e m b e r s h i p i n a F e d e r a l r e s e r v e b a n k u n l e s s (a) i t p o s s e s s e s a p a i d - u p , u n i m p a i r e d c a p i t a l s u f f i c i e n t to e n t i t l e it to b e c o m e a n a t i o n a l b a n k i n g a s s o c i a t i o n i n t h e p l a c e w h e r e it i s s i t u a t e d u n d e r the p r o v i s i o n s o f t h e N a t i o n a l B a n k A c t , o r ( b ) it p o s s e s s e s a p a i d - u p , u n i m p a i r e d c a p i t a l of at least 6 0 p e r c e n t u m of the a m o u n t s u f f i c i e n t to e n t i t l e i t t o b e c o m e a n a t i o n a l b a n k i n g a s s o c i a t i o n i n the p l a c e w h e r e it is s i t u a t e d u n d e r the p r o v i s i o n s of the N a t i o n a l 2 - B a n k A c t a n d , u h d e r s u c h r u l e s a n d r e g u l a t i o n s a s the F e d e r a l R e s e r v e B o a r d m a y p r e s c r i b e , it sets aside a n n u a l l y in a fund an a m o u n t not less t h a n 2 0 p e r c e n t u m o f i t s n e t i n c o m e f o r t h e p r e c e d i n g y e a r a n d it i n c r e a s e s its c a p i t a l f r o m such f u n d f r o m time to time u n t i l it p o s s e s s e s a p a i d - u p and u n i m p a i r e d c a p i t a l n o t l e s s t h a n the c a p i t a l w h i c h w o u l d h a v e b e e n r e q u i r e d if s u c h b a n k h a d b e e n a d m i t t e d t o m e m b e r s h i p u n d e r t h e p r o v i s i o n s of s u b d i v i s i o n (a) of this p a r a g r a p h . " Very truly yours, Secretary. L e t t e r s e n t to a l l F . B . A g e n t s e x c e p t M i n n e a p o l i s , K a n s a s C i t y , D a l l a s and San Francisco.
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