The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
12%— Reserve Organization Committee
(1913 — 1954)1
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Form F. R. 567
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END
SHEET
KIND OF MATERIAL OR NUMBER
120
NAME OR SUBJECT
Reserve Organization Committee
DATES (Inclusive)
1913 —
PART NUMBER
1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1954
-
411
b0
FEDERAL RESERVE BANK OF ST. LOUIS
ST. Louis 2. M ISSOUR I
November 8,
IN FILES SECTION
1954
NOV 15 1954
•••••••••
Mr. Kenneth A. Kenyon
Assistant Secretary
Board of Governors of the
Federal Reserve System
Washington 25, D. C.
Dear Kenneth:
Thank you for your kind remarks about my
recent article in the Monthly Review. I want you to
know haw much I appreciate the assistance which you folks
at the Board so kindly gave me while I was preparing it.
I assure you that the material which you sent
me from the Board's files is being safely- kept. Since I
an still working in that historical area, I should appreciate keeping these documents for the next few weeks.
Just as soon as I have finished with them, I shall return
them to you by registered mail.
As always, I send my-best personal regards.
Yours sincerely,
Ross M. Robertson
Financial Economist
BUY
HOLD
UNITED
STATES
SAVINGS
BONDS
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
..--,•.4%, 4
t.N FILES SECTION 1
L
,
NOV 1 5 1954
Mr. Ross M. Robertson,
Financial Economist,
Federal Reserve Bank of St. Louis,
St. Louis 2, Missouri.
OCT 2 8 1954
Dear Ross:
At the luncheon table recently one of the members
of the staff here was commenting in a very nice way on
your recent article in the Monthly Review on the subject
of St. Louis as a central reserve city. Later I obtained
a copy of the Review and read through the article with a
great deal of interest.
This brought to my rind the material which we
forwarded to you from the Board's files at the time you
were preparing the paper. There is no pressing need for
those documents here at this time, and I am sending you
this note merely against the possibility that they might
have gone astray in the nail or perhaps have been put aside
with some of the other material which you were studying.
With best regards,
Sincerely,
‘o14;ned) Kenneth A. Kenyon
Kenneth A. Kenyon,
Assistant Secretary.
;A:r:dd
0/27/51:
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C :3)Y
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I
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
,
FEDERAL RESERVE BANK OF ST. L01.11').:
'
i
ST. Louis 2, Miss°tr Ri
SEP 8
I
1954'
/.c.20 ,
July 23, l495
Mr. Kenneth A. Kenyon
Assistant Secretary
Board of Governors of the
Federal Reserve System
Washington 25, D. C.
Dear Mr. Kenyon:
I do wish to thank you for your kindness
in sending me by registered mail the material which
I requested. It all arrived safely and in good
order. Just as soon as I have finished with it,
I shall return it to you, properly wrapped by
registered mail.
Yours sincerely,
Ross M. Robertson
Financial Economist
BUY
AND
HOLD
UNITED
STATES
SAVINGS
BONDS
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
FILES SECTION
SV.P
8 1954
8811
Rev.1-4-40
RETURN RECEIPT'
s-EcTim\fi
Received from the Postmaster the Registered or Insured Article, the original
number of which appears on the face of this Card.
7
;
1
ryg F:40,
LliLii144
b
(Signature or name of addressee)
,. I...,
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2
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-
(Signature of addressee's agent—Agent should enter addressee's name on line ONE above)
Date of delivery
-
O. E. GOVERNMENT PRINTING OFFICE
16-12421
REp'D IN FILES SECTION
JUL 21 1954 "1
JUL 20 19P•
Mr. Ross Y. Robertson,
Economist, Research Department,
E'ederal Reserve Bank of St. Louis,
St. Louie 2, Missouri.
Dear Mr. Robertson:
's
pursuant to your request when you visited the Board
you the following material
offices on July 16, we are glad to send
by registered nail:
1. Stenographer's minutes of hearings before
the Reserve Bank Organization Committee
held at St. Louis, Missouri, on January
21 and 22, 1914.
2. Certain exhibits, includin maps, submitted to the Committee by witnesses
3t. Louis hearirrs.
during
3.
Index of witnesses appearing before the
Committee and exhibits submitted to the
Committee.
in the best of
As you will note, these documents are not
packaged for mailing
condition, but we have requested that they be
reach you satisfacwith special care and we trust that they will
ents have served your purpose, it is retorily. When the docum
by registered mail.
quested that they be returned to the Board
possiWhen you were here last Friday you mentioned the
the forthcomirr
with
bility of using one of the maps in connection
article on the subject of St. Louis as a central
Monthly Review
such use of the nap
reserve city. If you should desire to make
ng us know before a
or other exhibits, we would appreciate your letti
final decision is made.
be helpful
I hope that the material being forwarded will
in your project.
KA.K:dd
http://fraser.stlouisfed.org
7/20/54
Federal Reserve Bank of St. Louis
,
4,,Lajfe.0.C,
.4
2,f7 47; 4/:27
Sincerely,
(eigned) Kenneth A. Kenyon
c•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 11-,r<D IN FILES
m
SECTION
JUL 2 7 19E4
Material Being Sent By Registered Mail
1. Cloth-bound volume labeled Stenographer's lanutes -The Reserve Bank Organization Conmittee, "Federal
Reserve District Divisions and Location of Federal
'
Reserve Banks and Head Offices", at St. Louis.
2. Cardboard-covered volume narked #33 and labeled
U. S. Federal eserve Bank Organization Committee,
Exhibits and letters submitted at hearings ...
(St. Louis). Also marked with library classification HG+2562.D7U5S2 v.3
3. Cardboard-covered volume narked #34 and labeled
U. S. Federal Reserve Bank Organization Committee,
Exhibits and letters submitted at hearings ... L
(St. Louis). Also marked with library classification HG+2562.D7u552 v.4
4.
Envelope containing three maps of the United
States.
Envelope has library classification HG+2562.D7U5
S2
5. Paper-bound booklet labeled Stenographer's
Minutes
The Reserve Bank Organization Committee, "Feder
al
Reserve District Divisions and Location of Federa
l
Reserve Banks and Head Offices", Index of Witnes
ses
and Exhibits.
(Original of this list enclosed with letter
to Mr. Ross M. Robertson)
C
ItEC'D IN FILES SECTION
JUL 2 0 79F4
Files
Mrs. Pilger & 71rs. Cook
-er;erve Ben2,7 Organization
Committee Collection from Research Library
On July 13, 1954 Miss Sutherland of the Research Library called
Miss Poeppel about a collection of Reserve Bank Organization Committee
records, consisting of letters, telegrams, maps, exhibits, stenographers
minutes of the committee, etc. These records were accepted by Miss
Rackstraw in 1937 from Mr. Bartz who considered them archives. Miss
Helen Dyer arranged and labeled and placed the materiel in document
binders or boxes. Miss Sutherland felt these records might better
serve the Board if they were incorporated with the other papers of
the Organization Committee in the Subject File, and Miss Poeppel agreed.
Mrs. Pilger and Mrs. Cook accepted the collection on July 14, 1954,
and the attached list is a preliminary inventory. No attempt has been
made to study each piece of correspondence or record, the following
arrangement having been made by using the titles of the labels on the
covers as designated by the Research Library. The collection consisted
of 10 lineal feet.
Mv4P:PBC:hc
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Time
Mrs.
Mrs.
.$rs.
Y
spent:
Cook 23 hrs
Pilger 16 hrs
Brow 30 min
xhibits .nd 7_ett.'7.rs
1117,-littoe
At
Tircariro7s
1;oston
,
sew York
(Various cities in varlous st-tes)
#3
Philadelphia
(Held in Washington)
i4
Cincinnati
#5
Cleveland
#6
Columbus
i7
Pittsburgh
.9
4ashington, D. C.
9
Baltimore
10
Vol 1 - 2
and 'isc stntes
Vol 1 - 2
Vol 1 - 2
Charlotte
.11
Columbia
42
Richmond
(Misc states submitted by Committee
representing Rich-nond)
413
North Carolina
#14
South Carolina
Vol A - Greenwood
Greenville
'
H -
415
Virginia
Vol A - C
D -0
P - Richmond
W
Riv
416
Birmingham
r17
Montgomr,ry
1.8
Atlanta
Atlanta - Georgia
420
Atlanta - Misc states
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vol 1
— 3
-2:xhibits and Letters Submitted at Hearings (Contld)
•21
Atlpnta
P.tinnta Clearing House Association
and Chamber of Commerce
Orleans
22
:xhibit A •
Vol 1 - 2
New Orleans - Louisiana and Misc states
Savannah
#25
Chattanooga
#26
Nashville
#27
Chicago - Illinois
#28
Chicago
#29
Chicago - Illinois - Forms distributed by -t iouis Clearing
House Association
100
Chicago - Illinois - Forms distribuid by Chicago Clearing
House Association
#31
Indianapolis
#32
"ioux City
i33
',cant Louis
#34
Saint Louis - !Ise states
ib35
Saint Louis - Arkansas
+36
Saint Louis - Illinois - Forms distributed by Chicazo C1c3aring
House Association
197
Saint Louis - Illinois - Forms distributed by St Louis Clearing
House Association
#38
LouisvIlle
39
Misc states
701 1 - 2
Louisville - '4isc states
Memphis - Misc states
,
P41
?linneapolis
'r42
Minneapolis - Miso states
e43
Minneapolis - Minneapolis Financisl Center and (lateway
of the Northwest
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vol A - /
J -P
- 3.
-7 Th1blts rnd 7,ettc,ru 3ubm1Lttld
444
Vinnenpolis - North Dekot"
445
t .crne'r (contid)
7o1
- H
I -
Dakota
Sint Pvul
,4.7
1
49
09
tu1 - 71inc stntos
3 int
.7aint Paul or anneapolis - Tlisc states
ctnver
050
X".anens City, Kansas
#51
E.P.neas City, lAiosouri
i52
';.7antlas City -iion 4m G liedools copy - 1/23/14
'
7 53
1/23/14
tanms City - Hon John Skelton Aaliamel copy -
i?.5h
ntness City - Brief supplementing hearing -1/23/14
Ynneas City - Misc stntes
56
#57
Lincoln nnd Ommhn
.tustin
Vol A - I
J
7ftl1as
T59
Dallas - !leo ctritne
16o
,
Dallas
#61
*A. Paso
f62
Fort tiorth
463
Houston
#64
Houston - ?acts about Houston Feb 9 & 10, 3.914
#65
Houston - Toxse Almanac - 1914
f66
Los Anceles
ifi7
!t68
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TCYPr. rtnd tivl Southwest 7,00k of Facts
n 'Francisco - California and Min etntes
Francisco
2 copies
-4id)
71cht1,Lts and Letters Submitted at Hearinas (ront
11c69
of
San Francisco - Fifty-ninth Annual Report
of _egriculture
California State) Board
#70
Portland, Oregon
1.
g-72
Portland - 6th Annual
eport 'Banking Department - 1913
n 1911
Portland - Laws relating to Bmnking - Orego
+73
.';a1t Lake City
474
Seattle - ::adhington
#75
Seattle - ic states
476
Spokane
'r77
Miscellaneous Cities
478
71sc states in the Pacific Northwest
:!aps nnd Charts
e79
Ileserve Bank Organization Committee
Birningham
r31Chnttanooga
it02
Chicago
#83
Cincinnati
484
Dallas
#85
Denver
f86
'77ansas City
i87
Memphis
588
New Jersey
489
New Orleans
#90
Pittsburgh
'M91
Richmond
i92
Saint Louis
#93
'7;eattlo
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Vol 1
-5
-s
11,q,nnivItion cArtitlente
#94
OrnnIzation CertlficAte
etitione and nriefs
#95
Batltimoro, !4aryland
triof on behalf of the citizen of Ealtimorn re
designation of tle ?ederal '..eserve city in the 5th District
#96
Clarksville, Tennessee
1nk that
l'etition of First rational 'Bank & Clarksville rational 7,
l limits of the 6th District be changed
the geographica
97
Clarksville, Tennersee
:MBank of Atlanta bofore RBoard in %he matter of netItion of
First :rational Tian',7 of Clsrksville for change in the geognvhical
nnd 8
Units of District
_98
Cleveland, Ohio
'rief on behalf of the member brnkg of Clevtlana, Apes in
the matter of designating the Federal Recerve city of t
4th nistrict
4
-' ?9
)ittoblIrrh
Clevelend vs 7
?etitionn to the TRBoa-d on A.ppeal from the decision
Hearinge —
of the Organization Committee in estr,blishing the regional n,eserve
center for the hth riArict in Cleveland instead of ittsburgh
1#100
Connecticut
?otition to review the assignment of the National banks of
western Connecticut to rederal Reserve Dietrict 1 and to alter
the district boundries so that national banks may be included
in Tiietect 2
101
ISSOUT1
Yansas Cit7, T4
Brief submitted by Astlociated Banks and Trust Conpanies of
greater ::aneas City
fa02
3ouleinna
Brief of aespondent. Application to transfer certain banks in
Louisiana from the llth to the 6th District
Ig103
Louisville, _antuch:y
Hearing arguments in behalf of a Branch Federal Reserve Banl:
to be located at Louisville
.
f4 1014.
Webraska olla. Wyoming
Brief and argument on behalf of petitioners for states to he
out of District 10 end annexed to District 7
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6
Petitions and 74riefs ((ontld)
4105
Nebraska and 4oming
Astract of parts of testimony before Organization Committee
and "P.rief and ancument on behalf of MBank Kansas City in
reply to ?riPf in support of petition
New Jrrsey
Appeal in behalf of the banks of Hudson County by 7irst
Ilational Bank of Jersey City
410?
New Jersey
Pppeal in behalf of the banks of Aldson County from 7istrict
3 to lAstrict 2
110
, 8
IJew Jersey
Petition of member banks of northern row Jersey
for change in the geographical liiit.s of 7RDistricts
2 and 3, answer on behalf of nBank Philadelphia
09
110
Iew jersey
'riof of the banks of northern New JPrizey to the
FRBoard to review the assignmont of t e ban-'s of
northern New Jersey from District 3 to District 2
2 copies
2 copies
New Jersey
Petition of member banks of northern 'Jew Jersey for
change in the e:eographical limits of PRDistricts 2 and
3 - Eearirvm before the 'RBoard
Oklahoma
Petition to transfer a portion of South 0k2ahoma from
District 11 to tistrict 10
#112
Pittsburgh, Pennsylvania
Brief of Appellants — 1,ppoa1 to the PRBortrd in the natter
of the fourth PRDistrict
#113
Pittsburgh. Pennsylvania
Petition to vanoard
Apprml to nnoard in the matter of
designating the Federal Reserve city in the 4th 7irttriet
114
#115
Pittsburgh. Pennsylvania
ehelule of banks pstitionini.: for the designation of
Pittsburgh as Federal oserve city
Richlond vs Daltimore
Hearings — Appeal to FRBoard from Orgenizntion Committee in
designating Richmond as the Reserve 1 ,ank Center of the 5th
2
District instead of Baltimore
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-7-.
?etitions and Briefs (contld)
lq16
117
Richmond, Virginia
Reply Brief on behalf of the Richmond member
banks of the Federal Reserve Bank of District 5
2 copies
1est Virginia
Petition of member banks of Wetzel Counties for
transfer from 5th to 4th FRDistrict
Wisconsin
Abstract of testimony - Henry I
eed
t119
1isconsin
Brief of Petitioners in reply - Henry I ';eed
4120
.1sconsin
Brief of john H Rich 8/ 8/16 re :isconsin to be
detached from the 9th District and annexed to
the
7th District
j=121
Asconsin
Answer and Brief of John i Rich
p122
:isconsin
Rehearing Brief on behalf of Petitionin
g banks
Appellees - J
P Lombard - fiug 8 & 9, 1916
Stenographers hinutes
123
A.24
#125
Boston - "Federal Reserve District
Divisions and location
of Federal Reserve Banks and Head
Office"
Jan 9 & 10, 1914
Los Angeles - "Federal Reserve Distr
ict Divisions and
_dead Office" Feb 4, 1914
rk (( '.,“ i,i 7
,
i
)
;an Francisco - "Federal Reserve Distr
ict Divisions and
location of Federal Reserve Banks and
.dead Office" Feb 2, 1014
Voting
!fl26
Preferential Ballot for use by
district reserve electors in
Voting
%127
.
Results of votes for cities in which
to locate Federal Reserve
Banks Feb 1914
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t .4
REC'D IN FILES SECTION
•
0
ISIJU L
FEDERAL RESERVE BANK OF ST.LOUIS
/
ST. Louis 2,MISSOURI
OFFICE OF
THE PRESIDENT
July 14, 1954
Mr. Guy E. Noyes
Assistant Director
Division of Research and Statistics
Board of Governors of the
Federal Reserve System
Washington
D. C.
25,
Dear Mr. Noyes:
Mr. Ross M. Robertson of the Research Department of
this Bank is co-Ipleting a Monthly- Review article on the subject of St. Louis as a central reserve city. In this connection he would like to examine certain materials on file
in the offices of the Board of Governors.
I understand that three categories of material are
involved: (1) exhibits and letters submitted at Hearings
of the Reserve Bank Organization Committee, (2) exhibits
and letters in substantiation of the St. Louis request for
declassification as a central reserve city, and (3) certain
relevant, pre-1925 minutes of the Federal Reserve Board. Mr.
Robertson will use these materials with discretion and will
take care not to divulge any of the deliberations of the old
Federal Reserve Board. I shall appreciate your assistance
in making these materials available to him.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Very truly yours,
Delos C. John
President
2 1 1954
410
FEDERAL RESERVE BANK OF ST.
EXCIDIN FILE 'SECTION
Lows
AUG 4 1954
ST. Louis 2, M I SSOUR I
June 28, 1954
AIR MAIL - SPECIAL DELIVERY
Z
-
Guy E. Noyes
Assistant Director
Division of Research and Statistics
Board of Governors of the
Federal Reserve System
Washington 25, D. C.
Mr.
Dear Jack:
r-
I am at present writing a paper on St. Louis as a financial
center during the period of its status as a central reserve city. In
1.3. this connection I have been reading Wilber C. Bothwell's dissertation
ANI • fr on the Federal Reserve Bank of St. Louis. He refers to stenographic
minutes of Hearings before the Committee on Reserve Bank Organization.
„s.z. •
Apparently, voluminous exhibits and letters were submitted at these
Hearings bearing on the St. Louis situation.
iu--
L'i/ ,
u 4-0*
or
Bothwell examined this material; he remarks that the
minutes have never been published and are retained in the files of
the Board of Governors of the Federal Reserve System. Would it be
14,ifir
ei:necessary for me to come toWashington to look at these minutes, or
ean they be sent to me by registered mail?
s
,....01,4
,
I am reluctant to impose on your time, but I wonder if you
'could check on the availability of one other bit of material. As
f-e' ecoe-r- lyou will recall, St. Louis was a central reserve city until July 1,
1922, when, on the initiative of the banks here, it became a reserve
city. Doubtless there are on file with the Board letters and exhibits
oi
lit.,t,•
substantiating the position of the it. Louis banks. Do you suppose I
e 1 1 0, might examine these?
1
,
4.
,L4ri#. 46 1
I shall indeed be grateful for any assistance -which you
tvr'
1
may give me in these matters. As always I send my warm personal
p
regards.
Yours s
cerely,
Ross M. Robertson
Financial Economist
1 UY
13
AND
HOLD
UNITED
STATES
oyes \
SAVINGS
BONDS
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
GvS1
RECT IN FILES SECTION!
,
44.
44 (
,
JUL 1.0 1950
'fige/
June
icrofiLin
ss Poeppel
CC
Baird's Minutes
giss Betes
The original project consisted of filming the Board's minutes but, while
the work was in progress, it wee decided to film additional material and
the following were microfilmed:
o. of
Books
Material
Minutes - FRBoard
Minutes - FEBoard - Index
Auxiliery Minutes - FRBoard
:linutos - Federal Open Market Committee
Hearings & Minutes - Reserve Bank
Organization Committee
dinutes - Conference of Chairmen
0
The filming was started :day 16, 19, 0. and
although there were retakes for which we
machine until June 21. All of the bound
!Aodel D machine and three films of loose
the Model C machine in Roan G-250.
109 )
12 )
10
4
22
1
153
No. of
Lnages
No. of
Reels
69,796
25
4,146
2,222
2
1
6,136
457
32,757
3
1
32
actually finished June 16
used the Model D microfilm
books were filmed on the
leaf books were taken on
Filmins:, on the Model D was interrupted twice by trouble with the calaera.
The first delay was soused by the finder bulb burning out and replccement
took six hours. The second delay was due to conversion of the camera
from 35 um to 16 =a which, we were told by Recordak, usually results in
trouble with the flow of film through the camera. This difficulty developed several times during the filming but was adjusted satisfactorily by
the operator. On June 16, while filming the lest 700 pages of the
materiel, the camera failed again but it was not until the film was
checked the following Monday, June 19, that we found the images blurred
and that they would have to be retaken. The camera was repaired by
Recordsk, the retakes were made, processed and checked by June 21.
Recordak had been notified by you et 9:70 am on June 19 that the Model D
machine was available and was to be removed but they had not taken it by
June 19 so that it was available for the retakes.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C LED
-
- 2-
;ii
•
t
!Lost of one microfile (used on the eoeel D reechinc) was wasted duo to
failure of the cemere end about `:5 feet of another was used for retakes.
The reizeineer of the latter film, about 75 feet, is left ever.
right negative films were sent to Recordek for positive prints and were
not returned for over e week. then they were checked, the positive
prints were nfuzyn. We called.ir. Mehe of Re cordek end explained that
.
the poeitivec were not satisectory. to said he woule coees here and inspect the positive prints.
In the .ecantie.t., three other reels had been sent for positives and I
(failed Lecor6ek, eskinfe them not to make the positives until we had
swie answer on the films that -Ir. Mahr was going to inspect. We did
not hear fror r. ichr although repeated attempts were made to vet in .
touch with him. tie finally called on June 19 end said they were going
to do something about the positives, either clean the present ones or
do them over. Mr. Cooper, also of Lecordek, celled June 21 and said
they were goinc to make new positives. That secao day, the positives of
the last three films were returned, althoueh we hod asked Recordek to
hold them until we were satisfied with the poeitive printe of the first
eicht files.
On June 21, the eleven neeatives were returned to Recordak for positive
erinte. There are 21 reels for which poeitive prints have not been requested.
I talked to :Ir. Cooper and he says that it taken a week to process the
eositive prints.
July 7, 1950
Mr. Mahr came over on July 5 and talked to us about the positive print.
At first he said that eaulsion slivers and dust could be expected but
efter he. looked et the positives on the reader, he was unable to understand 1:hat was causing the "fweeiness" and thoueht our criticism w%s
justified. He said he would send someone ever to Inspect every film on
our reader.
‹.e
You then broueht up the subject of filmine the FR :TVs, Daily Balance
Sheets. he said this job could be done on our e:odel C lachine but that
the licht would have to be adjusted to the yellow peer. He said that
this project would have to be continuous since adjusting the camera for
different jobs involves some time. We then discussed the "edge fog" on
test film and he arced with your sufTestion to trie! some of one margin
of the for. This will make filming more satisfectory since the forms,
without trimming, are the widest materiel the machine will take.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3J. ;3
31*-
Amilb
JED
C
.1•10
•••
On Silly 6, Mr. Cross of Fecordak came over and looked at t:ie positive and
neative prints with ut. he thinks the Kodak laboratory which develops
the film is at fault. He said he would clean the netives before sending
them to the laboratory for positives and that he would try to deliver the
films to us personally. he took the 32 reels of ncELtives and 11 reels
of positives with him. The :;:?, reels are 21 reels fcr Ihhich positives
have not been made and 11 reels for which positives
vc been made twice.
The films should be finished and returned to us by Tuesday, Tuly 11.
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Federal Reserve Bank of St. Louis
i
grt
•
TREASURY DEPARTMENT '--OFFICE OF THE SECRETARY
WASHINGTON
DIVISION OF
BOOKKEEPING AND WARRANTS
AUG
IN REPLY REFER TO
1932
FILE B. & W-115-07
The Governor,
Federal Reserve Board,
Sir:
In compliance with the verbal request of Tai. Carpenter,
of your office, there is enclosed a statement showing the
expenditures under the appropriation of .1'1.00,000 provided by
Congress under Section 2 of the Federal Reserve Act of December 23, 1913 (38 Stat. 253) to cover the expenses of the Reserve Bank Organization Committee.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By direction of the Secretary:
Respectfully,
Chief, Division of
Bookkeeping and Warrants.
EXPENSES AIWRAIVANK ORGANIZATION CU1
Appropriation of $100,000, FaiNral Reserve Act, December
rer
d
Date
Wt. No.
i!ar.
Apr.
May
Tune
July
Aug.
Sep.
Oct.
Dec.
1915Feb.
June
July
3
29
14
16
21
24
2
4
5
5
5
5
5
11
14
18
1
8
10
18
29
29
10
11
24
24
4
6
15
21
27
11
11
28
12
27
19
22
26
23
28
15
6057
6845
8631
8745
10149
10295
10617
10729
10755
10756
10757
10785
10826
11027
11204
11286
11836
12192
12261
12469
12973
12975
458
522
916
936
1448
1501
1911
2025
2259
2772
2773
3455
3804
4722
6891
6985
10976
17617
17841
557
1
3
57162
7
37689
37736
37948
58024
38031
38041
38084
37987
38077
38179
13
38091
38495
38714
38654
38775
39276
20
39301
39302
23
39452
24
39645
39723
27
3n05
40144
40145
40501
30
40903
41684
41775
42775
31
45034
45093
Tr. U.S., Geo. R. Cooksey
S. R. Jacobs
" "
Wept. Union Tel.Co.
Tr. U.S., S. R. Jacobs
Adams Express Co.
United States Express Co.
N.Y.N.H. & Hartford R.R.Co.
The Penn. R.R. Co.
Pullman Co.
West Union Tel Co.
Postal Tel. Cable Co.
The Penn. R. R. Co.
Southern By Co.
West. Union Tel Co
Tr. U.S., S. R. Jacobs
Sundry Appns. Tr. Counter
Postal Tel. Cable Co.
West Union Tel. Co
Sundry Appno. Tr. Counter
t,
Legis. "
"
Tr. U.S., S. R. Jacobs
Sundry Appns. Tr. Counter
Postal Tel. Cable Co.
Tr. U.S., S. R. Jacobs
West Union Tel Co.
Tr. U. S., S. R. Jacobs
Postal Tel. Cable Co.
West. Union Tel Co.
Tr. U.S., S. R. Jacobs
Sundry Appns. Treas. Ctr.
Postal Tel. Cable Co.
West Union Tel. Co.
Sundry Appns. Legis Ctr.
Tr. U.S., S. R. Jacobs
Pont. R. R. Co.
Postal Tel. Cable Co
West Union Tel Co.
ft
(38 Stat. 253)
AccountableAdvance of sums
to disbursing of'icers
Rev. & Cert.
of Sttlement
1914
Ian.
Ilk
11
tt
5,1":)0.00
5,000.00
6.86
5,000.00
.29
1.74
149.57
5,683.80
40.45
123.98
47.64
47.05
59.15
308.88
10,000.00
658.73Tt
17.80
22.67
65.73Tt
553.23Tr
1,939.19Tr
10,000.00
27.65Tr
3.77
10,000.00
12.00
10,000.00
15.06
239.56
10,000.00
300.13Tr
3.00
29.53
425.24Tt
10,000.00
1.75
41
18.49
53.30
ft
Tr. U.S., S. R. Jacobs
Sundry Appns. - Legis Ctr
TrLtas "
501.52
75,501.52
SUMMARY
Appropriation, Dec. 23, 1913
Expenditures:
Accountable Warrants
Settlement and Transfer 'ats.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sett. &
Trans. Wts.
Transfers
marked "Tri
$100,000.00
$75,501.52
14,186.84
89,688.36
3,219.93Tt
110.26Tt
14,186.84
-2$100,000.00
89,88.36
Less Repayments:
March 9, 1914 ... 43,583.56
•
Feb. 26, 1915 . ▪
3 923 ')1
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
7,506.77
Net expenditures .. . 92,181.59
Unexpended balance
carried to Surplus
Fund, Tune 30, 1922 . •
17,818.41
Jrn,
Office Correspont ace
No. 131
FEDERAL RESERVE
BOARD
Da
August 17, 1932_9_ _
To _ _ _ Mr._ Carpenter.
From
Mr•Foulk•_ _
GPO
P
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
From the records available it appears that
the Members of the Board, the Secretary, and the
Assistant Secretary, received no salary payments
from the time they took office on August 10, 1914,
until November 10, 1?14, on which latter data they
were paid for the entire period from August 10 to
October 31, 1914.
The Board Members secretaries
and stenographers whose employment started on
August 10, 1914, were placed on the roll of the
Organization Committee and were regularly paid on
that roll until November 2, 1914, on which date
the Board levied its first assessment on Federal
Reserve Banks to secure funds for the general expenses of the Board.
For your further information there is attached
a list of furniture and equipment purchased by the
Organization Conuiittee and the Federal Reserve Board,
between the dates January 12 and September 18, 1914,
all of which became the property of the Federal Reserve Board.
2-84U5
11,
Purniture ordered by th0e1011 reserve board and reser
Sept. 18 -
3 Oak chairs,(Board Room, ::.essengers)
z
• 1.50
17 -
4 Desks v/r-
16 -
1 Desk
10 ft
organization corn.
1 Remington Typewriter (Mr. Gidney) ke
/'
4-
(hr. Allen) ?-."-
60.50
1 Tubular typewriter stand (Mr. Allen)
20 -
Five wheel Bates nuubering machines. v/r
27 -
/
1 Automatic letter sealer P/
26 -
.1 n. 10 Remi ';ton typewriter (Mr. Titus) ,
1. ""
27 -
1 No. 3- Long carriage Underwood typewriter v/' 94.95
27 -
1 No. ii- Underwood typewriter
ft
27 -
4 Mo. 5-
•
24 -
•
21 -
1 Towel rack (Room 291)
•
17 -
1 Small size watercooler (Mr. Warburg)
•
13 -
1 No. 4 Elite type Underwood. (delivered .1 ug 13)
13 -
1 Long carriage Underwood ITo. 3 (delivered several tonths ago) A.'"'
10 -
1 Latest model L. Q. Smith typewriter (L.r.a 13tal
4- .
14 -
1 Tubular typewriter stand
10 -
4
Aug.
•
July
"
.5
110.00
,/
(70.)
H
60.25
280.00
(3 deducted) I/
(all up to'Aug.24)
Leather cushions for chairs
I Stand for water pitcher (Maholany)
Sectional book case (sections)
2 Arm chairs (Mahogany) ,„/
8-Drawer file cases
9
1 Flat top mahogany desk k
/
If
9
2 11ahogany typewriter desks
it
9
2 chairs
It
9
3 4
-Drawer filing cases
9
1
if
0-Drawer card case 4. '
7
2 :onarch typewriter :To. 3
Y.ay
20
2 Monarch typewriters
If
20
1
If
12
„
6 Lahogan-cr typevrriter desks
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
26inch machines.fr'
-
Elite type I"
13-c4umn Burroughs adding machine '
ye
.
.L.'.
••
•
•
411 111
It
1 ilo. 5 Underwood typewriter 1/
7
-ay
7
J
5 - o. 5
7
6 Laiiocny typewtiter desks
I/
It
S4.Ce
Aril 29- 3 ::onarch typewriterS (latest model) V
•
3 1:ahogany chairs.
1 :onarch typewriter .7
14
It
14
14
I/
2 Single standing desks
14
2 Imitation mahogany Asfeirac
v
po--
/,
r-
1 Typewriter stand
It
II
,
4 3 DAbogany typewriter desks
.
Liaho. -any typewriter stand j
27
1 Dictionary stand v/
13
Feb.
1 BurrouL;hs adding machine No. 13.
/
10 '
‘
2 Costumers L/1
2 Typewriter chairs /
1 Mahogany typewriter desk
1 Lahocany finished typewriter desk
Jan. 12
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1 :uubering machine
i7/
,a6;
1
,7
0
)r/
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.1.111W1,
, ..,... ......:.+, ). .
REVD IN .FILES SECTION
22, 9Decmbr 28°A PR 2 5 1950
L
The Honorable,
The Attorney General,
Washington, D. C.
SIR:
contained in your
In accordance rith the request
roaIR 29-11-8) there is enletter of December 20, 1928 (ORI
the original order of
closed herewith a certified copy of
ittee determining the Fedthe Resioryink Organization Comm
tion of the Federal reeral Reserve Districts and the loca
this order was filed vith
serve banks. Pursuant to statute
and therefore the certifithe Comptroller of the Currency
the Currency.
cation is by the Comptroller of
Respectftlly,
Vice
.
Edmund Pla,tt_,
Governor.
-
1,1.11.MY.
11
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Demr Yr. fieoratry:
Your litter of Ma„y Tith;“.e;z-irlin
the a-4,ropr1cItion
for the Re3erve Bank Onzattireetion Committee
has bean conitar
•
by the Federal Reserve Tioard, tvi-lch
13
or tae opinion that it
bas no 'o,7ar to o':ligata the balance ra1ning7 o
priation and so:is no reason Ithy it should not
the ;amoral fumA or the Treasury.
ti-11 upnrocovered into
THE UNDERSECRETARY OF THE TREASURY
WASHINGTON
May 27, 1922.
ear Governor:
A report is being prepared for submission to the House AppropriaLions Committee at the request of Chairman Madden, with
respect to continuing or no-year appropriations, with a view to
wiping off the ledger; any such appropriations -Ahich are no
longer required.
It is desirad in this connection to have infor-
mation as to each such appropriation showing:
Balance on May 15, 1922,
Amount of balance obligated,
Amount of balance unobligated,
mount which you intend to obligate,
Amount, if any, recomnended to be covered into the Treasury.
Under the appropriation of 0.00,000 for the heserve Bank Organiza.
tion Committee the Treasury's ledgers show a balance at present
or
,;17,818.41.
I should be glad if you -soull_ let me know if tLere
is any objection to cov,:ring into the -Treasury this balance and
thus 71p1ng out this appropriation.
Very truly yours,
°gm)
• %.
S. P. GI ERT, Jr..
Under Secretary.
Eon. W. P.G. Harding,
Governor, Federal Recerve Board,
Washington, D. C.
,
•Eiolgo ,Tocuat,ofj
ZUJ..
CidliaASSN.V
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
Juno 16, 1920
Dear Sir:
I have your letter of the 15th instant and would state
that Me Reserve Bank Organization Connittoo was composed
of' Honorable V. G. McAdoo, then Secretary of the Treasury,
Honorable D. P. Houston, then Secretary of Agriculture, and
Honorable Jobn Skelton Williams, Comptroller of the Currency.
With the exception of Lh'. Joseph. L. Broderick, who is now
Vice President of the rational Bank or Comoro° in New York,
I do not know the present addresses of the gentlemen whose
names you give. I would state, homver, that none of them
served as
bors of The Reserve Bank Orginization Connitteo,
though they may have assisted the Committee in certain phases
of its work.
I would suggest that you mae inquiry of Dr. LT. Parker
Willis, Director of the Board's Division of Analysis and
Research, 37 Liberty Street, Tow York City, who is perhaps
bettor able than anyone else to give the information you
desire.
Very truly yours,
Secretary to the Governor
Lir. Maurice H. Minton, Editor,
"Me Hen Who Won the War",
17 East 41st Street,
New York, IT, Y.
17 EAST 41ST STREET
NEW YORK
•9
THE MEN WHO WON THE WAR
MAURICE M. MINTON
EDITOR AND MANAGER
RECEIVED
JUN 1 61921
OFFICE OF
rkE( 0VERNOR.
.
June 15th, 1920
Mr. Walter L. Eddy,
Secretary to the Governor,
Federal Reserve Bank,
Washington, D. C.
Dear iiirA Eddy:"Could you be good enough to ascertain for
me the present address of the gentlemen herein mentioned,
who served on the Organization Committee of the Federal
Reserve Board, in 1914? I will be greatly obliged to
you if you will cause these addresses to be sent to me.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Yours very truly,
4 ,1\t•N,t,i,lie\nc
`t \(3%.
vt.t.
Edmund D. Fisher •
Benton A. Andrew • •
O. Howard Wolfe
Joseph A. Broderick
Ralph Lawson
Stephen H. Farnham
NO, —
Office of General Counse
Federal Reserve 14^,3 ,-,1, ,
Al.
Ticseern Union Telegraph CoLlin.ny,
Wa:thincton, D. C.
Gentleman:Your bill for ninety-si:: cants (z .06) for tell7ram
1:
?
.
s4zned nEouotonu,
toll:1110=r, rt. ',7orth, Te=as,
11::3 bean ref..Drre:, to thi
o:ice.
This telo7rLI L:y.h.lv- been cone by Cosratary
Houston as a ::omber of the neservo
WILIt I underctoo
Orr!anization Cam.
to bo your fInca bill :7z1.-anct
this C=iittea 7;a3 renaered in D.:leer:ler, 19l. Tho vouchers .1.e now in tho possession of the Aue.itor for the Treasury Department
nd it will be a 1..leter of considerable dif-
ficulty to tmo-7; this particular item.
be oblirce. if you
szzy, however, I
5;
If this ..; neceesend me a copy
of the telogram um?. also copy of your last statement zio
that investiation ray be mule in the utter.
Respectfully,
TN,
(1
V
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
r
,
,
• 1:''s'^-1-7.A`fr;.
,
:
.
-
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ZTC;;ITX -;7C
J112.
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APIPTuLtIcIP D C
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1,131„:6' rcrpEI
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11,0(yu1l B-GaGLAP
owcc Ot e611CLUT
-- %
‘).
C01.1114i;i
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SECTION
REC'D IN FILES
APR 2 5 1950
ills No, __a
6 *.
Office of General Counsel
Federal Reserve Board.
FEDERAL RESERVE BOARD
June 30, 1916.
Irv:MORA-MUM POA JUDGE ELLIOTT:
Re bill of Viestern Union Tcl. Co. for
1914 by
4.96 for message sent in July
Mr.Houston.
h you
I attach a letter from our files whic
, 1914. I sug—
wrote to the Company in December
any again and
gest that you write to the Comp
t enclosed with
ask them to return the statemen
see if the item
your former letter, in order to
le to Mr.Houston
which was marked as being chargeab
by the present bill.
is the same as the one covered
on
The Organization Committee vouchers are
Treasury Department.
file with the Aluditor for the
to go through all
It would.irobably be some task
icular item
the statements to see if this part
event that we do
had ever been paid, but in the
rred to in your
not find it is the same item refe
tor to look
letter of 1914, we m' .ht ask the Audi
it up.
•
FEDERAL RESERVE BOARD
H.PARKERWILUS
SHERMAN FALLEN
SEC R ETARY
ASSISTANT S ECR E.T.
ARY
WASHINGTON
Doceinber 22, 1915.
1.:y dear Gov crc2x) r
• I have your letter of December 22 as to redistricting.
I e.:-n not sure v..hat is meant by the expression "ballot of the hearings," but if this refers to a tabulation that was
1..,re•oared.
of the testimony before the Organization Committee, I may
say that there was no "vote" there, but that I said that the Bankir.g and Currency Committee of the House had favored, twelve banics,
and I told. where they would have been located. under the House plan.
7,iy testimony on that subject is, of coarse, of record. in the hearings, aril I expressed. myself as in_sympathy with the House Cornmittee.
With reference to the quotation you make as to my
supposed views, I may say that ray views are the same that I expressed
!,hen this subject was
at a meeting of the Board some tvx) weeks ago ,
discussed, viz.:
(1)
that I held in
TV
I hold substantially the same views today
original re-eort suellitted to the Or ;anization Corn--
)
That report con thin Fla plan for eight, one
for nine, one for ten, one for eleven, ani one for twelve reserve
balks.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I also added that in conversation
NA th
the Secretary of the
•
establi.shTreasury at the time I had e:;:?ressed a feeling that the
be wisest,
ment of probbly nine or tun bans at the start would
leaving two, or
three for subsequaA e!YJ, .)liiiment by the
Federol Reserve Board.
This, of cuarse, assumed tItit the Board
would establish them then the time came.
(3)
Th:.oujiout this discussion I have alas tak-
doubtful 1.r7-lity te rrYluce
en the view tliat it wculd be an act of
held to se legal,
the number of districts, but that oven if it were
unwise step to take at
I should regard it as a most ine::pedient and
the present time.
Trusting that this covers the ground, I am
Sincerely,
Secretary.
Honorable Charles S. Hamlin,
Goverra4, Federal fleserve Board.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
File No,
Once of General Cow f_;ei
Federal Reserve Boa .1.
, You eill recall that prior to the opening of the
Felerel reserve banks the Federal Renerve Poard eau without
funas with welch to pay salaries or exponees and it was
necessary that part of the force of the Clrzenizetion Com.ftnization and openmittee be retained until the eerie of orL
ilez, the banks was fully completed. Darin] the neriod between the oreanization of the lloard and the aponin of the
banks certain exenees teem incurred and there was some
question as to part of thee expenees - whether they -Jiould
be cearod t the Orzenizetion Committee or to the 7oard.
During this time you lirsetei ma to eubrit to you
for eeproval any question of ferther expenditures before
rekire; requisition :or 1A3itionel supplies. At the tire
these Instructions were received certain stanches had been
furniehA and vouchers nren- red. Theae vouchers, ho-!ever,
were hold up penline the deteminetion of the question of
what rirt of these exreneee eloul/ be charged to the -7ederal Peeerve Board and ,--het part to the Or:enizetion Coenittoe.
The accounts have been carefully checked up and considered
by the Ccermittee on Budget and Expenses of the Pod ral Pe
serve Pound nnd the Board has a:eeured nil those which the
Con-ittee of the Board felt should be charged te the Board.
The rernairkine vouchon were returned to ne for aquetnent.
I have necordin:ly signed the necessary certificates to
these vouchers and .1tm subnittIne, them to you for enprovel.
am alao handin you herewith etateeent elexlinc;
condition of appropriation and the expenses of the peeerve
Bank Organization ComrAttoe to date. Free. this it will eppear that out of the fl00,000.00 appropriated, the Comaittee
has horetofore spent !;711,92.3.57, leaving 1 belence of
21,076.43. The accounts outstanding, represented by the
accompanyin2: vouchers, e4mount to $'3,831.71. If thezi are
paid there will still b a balance of $17,244.72 terturned
into the general funde of the Tr(rlaury.
T reseectfully recoem,end that the accompenyinvouchers be a-eroved sothat this netter m:ky be closed.
,. 7()-...e-ci- ,
„..
"
,
Ar
, ,.. .4-... rf.,-
,
.... . --01
-44
Re2pectfully4
li
4
.:Ton. 7illiem G. :C.,,doo,
Cecretery of the Treeeury.________
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Larch 4, 1915.
The iLonerable,
The ,Lttorney General.
Si?':
Section 2 of the Act December 23, 1913, known as the
Federal Reserve Act, imposes upon the Reserve .3,mk Organization
Committee the duty of designating Federal reserve cities, and
.
of dividing the continental United States, excejtino Llaska,
into ledoral roe .ve districts.
The Let further r::rovides that
the deternluation of said Organization Committee shall not be
subject to review except by the Federal Reserve Board when
organized, with the proviso that the districts shall be anportioned with due regard to the convenience and customary course
of business, and shall not noces,arily be eotermi-ous with any
jtato or States.
The Act further provides that the districts
thus created may be readjusted and new districts may from time
to time be created by the federal
eserve Loard, _lot to exceed
twelve in all.
The or,;anization Committee under said section 2 is
further authorized to employ eounsel to take testimony, to send
for persons and
nors, to administer oaths, and to make such
lilvostiGation as may be deemed necessary in determning the
reserve districts and in desiLnating the cities within such
districts where such Federal reserve banks shall be sevor,,lly
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Federal Reserve Bank of St. Louis
•
16
Ilk
located.
The Organisation Committee duly proceeded to take
testimony and finally divided the continental United States
into twelve so-called Federal reserve districts, and duly designated a reserve city in each of said districts.
The Federal Reserve Board has received a number of
petitions for review of the action of the Organization committee
in deter.%ining Federal reserve districts and in designating the
cities
1.thin such districts where the Federal reserve banks
shall be located.
I am directed by the Federal Aeserve Board to ask
your opinion as follows:
(l)
In reviewin::: the action of the lieserve Bank Organiza-
tion '.ommittee in establishing Federal reserve districts, is
the Federal Reserve Board, as a matter of law, bound to confine
Itself to the record taken by said Organization Colarnittoo,
and the validity of the decision of said Committee 1.2:-,on said
record, or, has the Federal Reserve Board power to decide for
itself what it believes to be a eroper determination of the
matter based upon said record of the OrganizAion Committee?
In other Nerds, is the power of the Federal Reserve :oard
limited to a review of the decision of the Orcaniation Comlittee,
or can it render its own Jeciaon u:)on such record as if it had
oricAnally heard the testimony?
(2) Ras the Federal Reserve Board, as a matter of law,
the right to Change the designation of a 2ederal reserve city
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Federal Reserve Bank of St. Louis
- -3
made by the Reserve Bank Or[Anization Committee and designate
another city in its place?
'21:tat is to say, does the power of
review given to the 2ederal Reserve Board apply to petitions
for changing the desiontion of Federal reserve cities as well
as to petitions for changing the boundries of :Cederal reserve
districts?
(3) Can the Federal aeserve Board by changing the boundries
of kederal reserve districts consolidate districts, thus reducing
the total number of the districts below twelve?
Inasmuch as the 3oard cannot render a decision i'on
these petitions until your opinion has been received, we should
esteem it a favor if you could exi,edite the tatter.
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Federal Reserve Bank of St. Louis
Very respectfully yours,
aovernor.
•
I
•
Referring to the next at:ached memorandum (Paragraph 1,
Page 2) the record indicates that while 19 National banks submitted
"Resolutions of Nonacceptance" of the provisions of the Federal Reserve Act (vorm 2), of this number, 15 went into voluntary liquidation during 19144
The remaining
4 banks apparently reconsidered and
later submitted Form 1 indicating their acceptance of the terms of
the Act.
Three of these banks are still in existence, while the
fourth bank went into voluntary liquidation in 1921.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
REC'D IN
4)
MAY ;) la-,
FEDERAL RESERV
BOARD
/?O
December 17, 1)1z..
I:_emorandum for Lr. 9elano.
I have taken up with the'
Comptroller of the Treasury, the
question of payment of expenses
of the several people invited to
7:ashington by the Federal Reserve
Board during the consideration of
selections of class "0" directors
,
and also payment of the expenses
incurred by the Committee on Preliminary Organization which came to
Tashington for the Conference held
October 20-21.
The Comptroller mem-
mends that both these maters await
the Attorney Genral's decision as to
the status of the Federal Reserve Board.
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Federal Reserve Bank of St. Louis
fogrVoirM;)
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Counsel .
Otaec of General
I
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i
Federal Reserve
December 17,
REC'D IN FILES
APR 2 51950
1914.
Gentlemen:
acEnclosed find three blank vouchers
inoT7 the
oomnied by your itemized statenc,It
Comdebtedaess of tAe Reserve Bank Organization
mittee.
d
An ez.;.).!itination of the telegrams submitte
in blue penIndicates that the nine items marked
ld be so
cil are personal messages of, and shoa
chared to Yr. Mdoo.
The sin2:le message marked in rt.d oencil
is chargeable to Secretary Houston.
reKindly have this matter attended to and
carliest conturn the vouchers daly si2;ned at your
venience.
Respectfully,
Counsel
:raph Company,
The *destern Union T.Aer,
Washington, D. C.
Enclosures.
Pd-c-ter-
SECTION
File No.
EX-OFFICIO MEMBERS
. ELA!!0. Vice GOVERNOR
FREDEpt
PAUL gl.WARBURG
HARDING
ADOLPil C. MILLER
WILLIAM G. McADOO
SECRETARY OF THE TREASURY
CHAIRMAN
JOHN SKELTON WILLIAMS
FEDERAL
COMPTROLLER OF THE CURRENCY
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Federal Reserve Bank of St. Louis
S
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111
Office of General Counsel W. P. G.
c
RESERVgeigi awbe Board.
SECRETARY
ADDRESS REPLY TO
WASHINGTON
FEDERAL RESERVE BOARD
December 3, 1914.
MFMORANDUM FOR JUDGE ELLIOTT.
*
it************ *
**** *.411 * ***** s*
, *
Mr. Strong has asked, among other things,for a
certificate notifying the Federal Reserve Bank of
New York of the electicn of the directors of Classes
"A"and"B"for that bank, also a certificate of the appointment of class "C" directors for the Federal Reserve Bank of New York.
Attached hereto is a sample
of a letter written to Mr. Charles Starek, Deputy Federal Reserve Agent of New York, notifying him of his
appointment as Deputy and naning the other two Class
"C"
directors for that bank. There is also attached
a letter to Mr. Woodward notifying him of his election
as a Class "A" director for the Federal Reserve Bank
of New York - a letter to Mr. Woodward notifying him
of the appointment of the three Class "C" director.;
for the Federal Reserve Bank of Now York.
These three letters are submitted as samples, this
procedure being followed in the cases of each of the twelve
Federal Reserve Banks.
Will you please indicate to me what kind of a letter
should be prepared in order to meet Mr. Strong's demand ?
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LIST OF PAPERS REQUESTED BY GOVERNOR BENJ. STRONG Jr. OF NEW YORK
WHICH HAVE NOT BEEN SENT.
Letter of Nov. 14, addressed to the Secretary of the TREASURY.
No certified copy or other formal evidence of the announcement made by the
Secretary of the Treasury, of the establishment of the other Federal
Reserve Banks, sent. (Sent only individual notification of the opening
of the bank in his district (#2)
0 1/
Letter of Nov. 14, addressed to FEDERAL RESERVE BOARD.
1
•
2.
Each Federal Reserve Bank has been furnished copy of the stock register
shaming the number of banks in each .1.sedera1 Reserve -triztrIct, including a statement of the capital and surplus of each bank, but
the date on which the bank was credited with such capital and surplus was not included. Not certified, but in the course of preparation
for certification.
Above transcript included a list of the subscriptions to the capital stock
of the Federal Reserve Banks but did not include the date of these
subscriptions. Not certified.
3.
Supplemental lists accompanied the transcript of the stock register advising agents of the banks which had notified this office of increases
in their capital or surplus since initial subscriptions. Since that
time each Federal Reserve Agent has been notified of any new member
bank in his district and of all contemplated or actual liquidations.
Not certified.
4.
As there are only two National Banks which have not signified their intention to enter the Federal Reserve system; namely,
First National Bank - Elizabeth, Colorado
and the
Jacksonville National Bank, Jacksonville, Illinois.
(The latter contemplated liquidation.)
This information has not been furnished to the Federal Reserve Agents.
5.
No such certificates have been forwarded although each Federal Reserve Agent
was notified of the election of Class A, B, and C directors.
6.
Answered above.
7.
The notification of the selection of the Class C directors by.the Federal Reserve Board, contained a statement of the appointment of the Chairman
and Agent and the Deputy Chairman and Deputy Agent. Such notification
was not certified.
.
6.
A list of the member banks in each district brought down to date was mailed to
each Federal Reserve agent, but such lists were not certified.
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Federal Reserve Bank of St. Louis
041
•
•
Letter of Nov. 14, addressed to the COYIPTROLLER OF THE CURRENCYs
No certified copy of the certificate filed with the Comptroller under
provisions of Section 4 of the Federal Reserve Act showing the
geographical limits of each of the Federal reserve districts and
the Federal reserve city designated in each of such districts
has been furnished - but a certified copy is in the course of
preparation.
2.
Certified copy of the Organization Certificate
has
been furnished.
A telegram authorizing the Federal Reserve Bank of New York to commence
business under the provisions of the Federal Reserve act, in accordance with the provisions of Section 4 thereof. The telegram
was certified since it was impossible to get the charters to the
banks by the 16th of Nov. and this was sufficient to satisfy the
provisions of the act.
4.
Only individual notification was given to each Federal Reserve Bank
as above.
Note:
111
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Federal Reserve Bank of St. Louis
Letter addressed to Governor Hamlin, dated Oct. 22, on the
subject of counterfeiting.
Other letters in the files on various subjects but none contain requests which have not been answered.
•
•
IN FILES SECTION
APR 2 51950,
FEDERAL RESERVE BOARD
)
WASHINGTON
December End, 1914.
•
My dear Judge Elliott:
In looking over the bills on behalf of the
Committee on Disbursements of the Federal Reserve
Board, I have O.K.'d all bills for material and
supplies ordered since August 10th.
I have also
O.K.'d all bills for material and supplies, such
as, for example, furniture, shades, window curtains,
etc., ordered prior to August 10th, but which became part of the office equipment of the Federal
leserve Board.
I have, however, declined to approve items
as per attached list, because it would appear
that they represent expenditures made by the Organization Committee prior to the appointment and
confirmation of the Federal Reserve Board, or represents material such as stationery, etc., which
was used up by the Organization Committee.
One
item in this list you will note is the cost of
moving switchboard which was done by the Treasury
Department in Eay.
I think you will agree with
me that these are expenditures which properly
should be included in the budget of the Organization Committee.
Yours very truly,
Honorable H. C. Elliott,
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Federal Reserve Bank of St. Louis
Counsel.
TREASURY D EPA RTMENT,
Departmental Stock Form 2146.
Ed. 3,000—F. C., May 18-12.
Approved by the Comptroller of the
Treasury May 29, 1912.
O.
PAY
F CD IR
"
VOUCHERGenerul Coun L.
Rveov N0 7
es
.
PRSONA L. SERVIPESE
Board
i2: Urrpnization
Reocrve
Appropriation:
symba
THE UNITED STATES,
To
17 ton ;
. ailott
Address:
CLASS
SYMBOL.
General Accoun
Fieiservices rendered as.
Dr.
Detail Account
Treasury Department
DAYS
SERVED.
See 20tary and Counsel to
RATE
PER DAY.
PAYEE MUST NOT USE
THIS COLUMN.
AMOUNT.
NOTATIONS.
the Recerve Bank Crgaliizatian :sammittee t
under authority of
from. July 1
,dated
, Al
4,0
, 191
,
2666 66
October 31 Hm 4, inclusive,__
less deduction for
le
arks:
7
ze.4-7
.e.16
TOTAL _
EXAMINED BY
2-6754
MEMORANDUM
VOUCHER -
November PO, 1914.
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Federal Reserve Bank of St. Louis
2666.66
Secretary of the 2reasurg.
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Federal Reserve Bank of St. Louis
_
Icc of Gener
Fedeial Reser\
0
At a meetin7 of theAeserve, B-nk Organisation Comxittee
hold in the office of tle 7ecretary,on Friday, November 20,
1914,
PRESENT, !fr. xilliam 0. McAdoo, 7ecretury of the
Trvasury„
!10. John Skelton 177illin.ms, Comptro116r of
the Currency,
constitutfn
quorum.of the Com-Atte°.
The Comptroller announced that he had discussed with
!.!r. Mtvid F. IloiAston, secretary of Agriculture, the question
of a4mpr!nsation due L!. C. Elliott as Secretary and Counsel
to the Reserve flank Orzanization Committee, for services rendered from July let to November lst, and it had been informally areed that 'Ir. Elliott be paid for theae Gervicos at
the came rate he had proviouoly been n-Ad for cervices rendered from January lot to July let, a rerlod of al:; fi,onLho.
rt a-pearing that ,2s. Elliott had received compensation
for services random(' for the period specified in the sum
of ::;4,000.00, it ,, ac on motion made and seconded
:
RESOLVED, that his oompznsation for services rendered
from. July it to rovemoer lot, 1C)11, bc, fixed in the oum of
$'2,666.66, and the payment of this amount be and hereby is
authorized.
On motion the meetinz adjourned.
T fully concur in the passage of the foregoin: resolution.
Ir
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File No, _
OT.ce of General Counsel
Federal Reerve Board.
Novomber 3., 1D14.
Vederaa Reserve
D. C.
Gentlemen:
In order tIvAt the Tiles of! this Tank
its or..7p.niv.atiaaana authority be
bo covleto and
or.11y conuttlez-c4ted, I huve tio
honor to req:ueot that tha Bcard for-ard to no the followinrs (3.(:auments:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1.
4•
,
A eertifiol liat of the member bahka oi Diztrict
containin a ItAter:ent of the ai:zant cf the
capital „Lna starplus of each sJah bank, :lad the
data of the aacertAinent o such
ubricriptioao to tha capital
A cortilioq liot O
Federal Reserve Banli of New York
stock ol the
by the meriler banks, includin a tstata:ent of
the dwte vTon which the subscription waz made
by each
O.
A curtificAte inncLinrs; ttlas incra.?.sey.1 or decrlares
in the mtpit%1 stoci7 of rimber banks of DItriot
tcto the aubaorintion3 were
N since the
bc:o;71
gethor with a 1i3t or such Ii3nki.; au rIlv
aathorizea to become member banka in this Diutrict
.-2
since the lato o. the 1,1ut lubscrirtion, and a
of :41,y reTabor banks p1x in liquidation
list
since tle_tt date.
4.
A cortifie0 list of All NlItiona Baa3 in District f4,
which have not signified their intotitIon of beconing monbar ol! the Pelona Ilesorve Syston; or,
if there are no :xocil ly.141/J3, a certiZi=te to that
effect.
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ede-al
5.
J.
eserve Boa d
Novaaber 14
2
114.
Certilictes notifying this Bi of the election of the
diroctorz of the Federal Reserve Ban'. of New York
of Classea A and B.
A certificate notifyinl this Banl, of the aprointment of
;
director, of the Federal Reserve Banl, of Now York
of Class C.
7.
A cortificate notifyiaz this Bank of the appointent of
the chairan of its board of directors and Federal
reserve agent for District f2 and of the appointmnt of such deputy chT.4.iraan and deputy Federal r5!3crve gent.
C.
A crirtiZied lit of the oember banks in each of the
other Feral Pe.7;erve Districtn.
For :Nur inTorriation, I e,icloae herewith copies of letters
iron the sw:.:e sUbjoct, vvhilh have this day been addra:ised to the Secrotary of the Treasury, and the Corcptrollr..ir of the Garroncy.
ReLlpoctfully,
Covxac.r.
Ens.
13.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
V
ITolmer 11, 1T14.
Tho Coirsptrc)114:“..-
Cus...trorioy,
D C.
.
Sir:
in or..;' th..t tbo
Ito orTanization
:44
f.iaithority b
.
of thif..) 33- 4111: r.y bo complc4toznd
forfially eon:Al:It:nth-1, I have thc.1
.
honor to requorA hirat you ::ort'isard to mo. the fo11owir11;
4.
cuntz
A certilied copy MC the certific.I.th filed with you
under the provisions of Section 4 of the TWIerl
:
;
Reserve Act showin2 the ,..-;eo7,raph1cd.1 1tiL of
each of the Tb0.eral reserve di.3tricts and the
Federal rezmrve city de2ignAtel in elich
diltriots.
A 3,.-.,rti-CicA copy of' the Ov..in:4711.tion Cert1.-flcatoof
the N'ednrI Itoiorvo 13a.:12, o..-2 New York £1c in
your oicto in ac.lord.ce with to rroviJion3
soction 4 c t1 roderzl Th. rye Act.
A oertifioate o your authorimtion to the Pcfitral
7:0%- Yorl.. to oozn.-;',.cmco bino
;
P.ont%rvo
urricr V-2:o rrovi3ion3 of the Peder:::.1 Reserve
Act„ in 1,1ccurei)
the proviion of
Soti
4.
A otT.rti.Ziea copy or other ‘for:lal evince o tIn
thcrIzation iritstuaby yott to othcr rederal 1.10rve 3.14..kt3 t mm1;4111100 bit
,
unlor tho proitiliorrs or the Petilar.Q. 1/03.D.17":0 Au-4, in:
,
..ocur,1uncle wItT) the proviiemt or Section 4 thareoT.
For 'your inloration, I ertalolo
)121 0W1th eoic3
-
of letter:.,
won tiv) 5:A.:(,) subject, which hiwe this duy been W..1ree3ed to the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Novcalber i, 1914,
Secret-try oi' th.- Trea.
-any and the Federal
Reserve Bcrtli,
Governer.
B
.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-rile No, ------Counsel
Office of General
Federal Reserve Board.
In order to expedite as far as eosaible the
organization of the Federal Reserve Benks, your attention is called to the procedure provided for in the
Federal Reserve Act.
As you ere eeere, the Orgenization Committee
has designeted telve (12) Federal Reserve Cities and
has defined the eeographical limits of the districts
to be served by the banks organizing in these (listricts.
The Comptroller hee foreerded you the necessary form of
application for stock in the bank of your district and
notice of the Committee for your subscription thoWld be
sent in within thirty days has also been eedled you.
Althoueh thirty days is allowed for Netionel
Rinke to send in their subscriptions, the certificate
of organization of any Federal Reserve nenk may be executed by any !ive banks which have subscribed and ehich
are (la:Agnate:1 to execute this certificate by the Committee as soon as the minimum amount C4,Y)0,000.) has
men this has been done the election
boon subscribed.
of Directors of Claus 11A1 and Class gnu eay be proceeded
with and such banks may begin operation as soon thereafter as the Directors of Claws "CI have been rrunod by
the Federal Reserve Board, and such Board of Directors
have perfected their organization by the selection of
'mew:wary officers and employees, and have arranged for
the necessary bankine quertere.
It will be obeerved, therefore, that the following steps muet be taken before any Federal Reserve
Bank can begin buoiness
(1) Appliceti.on for not lose than !I:4,000,000
capital stock must be received by this office and not
of
less than this amount allotad to the subscribers by the
Committee.
(2) Then this has been done the Committee
will designate five of the subscribin henks to execute
The form of certificate
a certificate of organization.
and the complittoe will aek the reeee:has been prepared
aentatives of the five desienetad banke to meet In t:.e
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
---------..°_.
\ Fil• No, ..0 ...
Office of General Counsel
Federal Reserve Board.
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In order to e;‘pedite as far as pooeible the
organization of the Federal Reserve Benka, your attention le cellel to the procedure provided for in the
Federal Reserve Act.
As you are aeeere, the Orgenization Committee
has designated teelve (12) Federal Reserve Cities and
has defined the geographical limits of the districts
to be served by the banks organizing in these districts.
The Comptroller has forearded you the necessary form of
application for stock in the bank of your district and
notice of the Committee for your subscription thobied be
eent in within thirty daps has also been reailed you.
Although thirty days is allowed for 1.tiornl
Banks to send in their subscriptions, the certificate
of organization of any Federal Reserve Benk may be executed by any five banks vihich have subscribed and which
are designated to execute this certificate by the Committee as soon as the minimum amount (te4,00,000.) has
rhen this has been done the election
boon oubecribed.
of Directors of Class "A* and Class "B" I.ay be proceeded
with and such banks may begin operation as soon thereafter as the Directors of Class "C" have boon named by
the Federal Reserve Board, and such Board of Directors
have perfected their organization by the selection of
necessary officers and employees, and have arranged ler
the necessary bankirr, quarters.
It will bo obeerved, therefore, that the fellowins steps must be taken before any Federal Reserve
Bank can begin business (1) Application for not less than !;4,0X),003
of capital stock must be received by this office and not
less than this amount allottfbd to the subscribers by the
Committee.
(2) Then this has been done the Coinmittee
will designate five of the subscribin; bulks to execute
The form of certificate
a certificate of organization.
has been prepared and the Committee will ask the nrreaentativett of tho five designeted bank* to meet in the
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
- 2-
Federal Reaerve City of your district at a stated time for the
purpose of executtne end acknowledgin:, this certificate.
(3) Upon the filing of such certificate the Comptroller
of the Currency will then issue his cortificete authorizing
such Federal Reserve Dank to begin bueinesa.
(4) As soon as such certificete h ,e been iseued the Organization Committee will divide the subscribing benke into three
groups or divisions to be known as Group 1, Group 2 and Group 3.
Group I will include banks of smallest capitalization.
Group
2 will include banks of medium capitalization and Group 2 will
include banks of largest capitalization.
Each group will contain, as nearly as may be, one-third of to total member of
banks in your district.
You will be immedi ,tely notified of
the group to which you have been assigned and it will then be
neceseery for your directors at a regularly called meeting to
elect one district reserve elector to represent your bank, and
to noeinete one candidate as a Director of Class nit" of the
Federal Reserve Dank of your district and one ceididete as a
Director of Class "Du of such Fedora! Reserve Bank.
The Director of Class 0.111 shoeld be roereeentative of the banks of
your district and may be an officer or director of one of the
banks of your district. The candidate nominated as Director of
Class "Cu deet be actively engaged in your district in commerce,
agriculture or ZOAO other industrial pursuit. If a candidate
nomin,ted is engaged in the eractice of any profession he eluet,
in order to be qualified as e Director of Class "B", also be en-,ee,ed in commerce, aericliture or some other industrial pursuit.
(5) Then the mambar bank has elected a dietrict reserve
elector and noeineted a candidate for Class IlAn and one for
Class siBli Directors of the district, your cashier should certify this fact to the Omanization Committee on form to be furnished you for this purpose.
The Organization Committee will
thereupon cause to be forwarded as soon as practicaW to each.
district reserve elector a list -ehoeing all candidates for Class
"All and all candidates for Claoe enm directors.
Nab list will
oeow the neme of the bank nominating each candidate.
Each
elector will thereupon indicate on the ballot sent him the
first, eecond and third choices for Claus 'IA" Director and first,
second and third choices for Class "Br' Director.
These should
be returned promptly to the Organization Committee in order that
the result of the vote may be announced without delay.
no district reserve elector can be permitted to serve
as an elector for more than one bank and as the sole duty of
this elector is to vote on the candidetes nominated it would
seem to b3 aJvizable to select one of the directors of your bank
to serve in this capacity.
Class "An and Claus 101381 Directors should, as soon as
possible after their election, meet with the Class NC" Directors
to be appointed by the Federal neeerve Board and perfect the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
organization of the Federal Reoerve Denk in your district by
adoptine the necezeary by-lave for the conduct of the buainess
of auch Federal naserve lienk, by eloctine the officer and feelectine the employee of such bank,- :end by arreneilke for the
proper bankine quarters.
From the foregoine it is manifest that the co-operation of the aubecribine banks is necessary in order to expedite the organization of the Federal Reserve rank of your district.
All oubocriptions to stock muet be In the hands of
the Comedttee not LAter than 7:71.y 8th and the Committee will endeavor to have the organization certificates executed, the banks
erouped and the neceesery notices and forms In your hands by
!lay 20th for the aelection of your district reoerve elector and
the nomination of candidAtee for Claeo "An and Claw; NT' Ureatore. If these am returned pronptly the result of the election
will be announced and arranvments made for the organization of
the directore of the Federal Beeerva Bank of your dietrict as
early in June aa practicable so that the Poard may complete its
organization and place the Federal Reserve Denk of your district
In operation as soon thereafter as conditione rill permit.
Respectfully,
3e3retary, Reserve 71enk oec,emizettion Cor.;dttee.
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
Yederal ric.sorw
ik
ith 11 ncoonr.;ry inromation
1"rom
records o' t7-.(1 0 -.A.(30 0
:
Corrazitte or th. .Vcidcn-.1
rd to ezirol, tir
leers c ' the sever .1
,
to ?ropTly open
booke
the b:esitot and to h.ve on filr• all ni:.cctiotry
papc.4rs to corlolf.,to their rocordr.•
s
211, In tr'on
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tter c: t,ho ,:c.optioa o' by4: o &
rc,noris,
VISO :
!..Irrir,‘r.k113, tLe
nncicr thy flrot 7-1s-d, it lo
provPrly oPrtiriedi should. 'bf,
pr Govcr-nrir r,fr
n1t:
(1)
th._t thn ‘'ollo,Ant; p:Ters,
2or'art.1 2d to the ,
,
.c. c-at)r;:.1 1:4-,?st,
rve I=3 at
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1/ctopy
tho oef541.7,z.s.tion. c.Jrtl'ionts
,
by the
npopooratora•
(4)
transcript o' tiit Aoc% rot inter p,;!owirk the
:
:
:
o
b tk, in the
nmsb-r o; orr:roo o' moult “Ilotte,1 to
by 4 ;he
,
Ef,
serve
f%).,eqltto•
copy of
corm 02 rabvcriion to sttin, m1 allotta(nt by the
(krtnittt o•
(
U5) Ji copy of 4
41:
instAnont o
4lotico o' c.11 for 11-zrrnt
stook subortrirtion.
- for o certiZicate
lor,uocl by Ft1,-sr 3
nt
r;ti
11%3
Irot
- o,
:.•ipt to be
"sp!, subscriptions are
(7) Instructions or cirevt1.2 rp1n.t17.tg to rutur.or stock, elthcr on ait o • nc.r• Innk
s applying
or mernbctship or on o omit
onpltfq tknd :::a.relus 0
iiiibc blynk.
(a
Intr
j uotiow.rf
-lal.ing to ..-11..tree in ..11oer.tt 0: stook
to
-7erab r b nk on ., c.'count o lecreatle in cpit:,
,
1 or
pyirplus, and covoriuC zrn
ntur, cir!crie in c itr.s1
)
Y nurplrts 0
raP.Ibo
(9) B7.1 e . lad
ciliation° o
i;ov rnIng conditions und
,
t
P
Feder
11..uerve
.
-t3to b..nks rt.y
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
11.434.1,
become merrib,
These
-ro•
should be revised to
et present conditions and rkhol21(1 -provide th.t
cations for merlbe.rship should con.* to the
t rough
erri111,-. serve
Instractions s to receipt (a) o pv.yriont 0• : toch:
subf,criptlons, (b) o' reserv4 .nd other deposits.
(Note:the subject o receiving chPc3:f; on deposit
111 be considered under
o opttr tion of
Fei.ler 1 R-servo 11-mice, lut instructions rolrtinc, to
this pd to the subject of r discounts by Federal
Reserve 2etics flho.J1d be 'or arth. to L1.1 such banks
be 'ore iovember 1Gth).
rs or regal time irvuod by th.
(n) Copies of
Federal Reserve !o rd or the Orcani:: tion Camittee.
I
Under th,- • geoond head, nariely cenerl sup- nrision 0.• the oc
orothe various ords, in the:. interest o;
rd h,11
'
-rilready re orimoildod a 'or-.1
bylcr an a yete oi' boak.keeping
and acccuntIng.
it is therefore unnecessnry to
- ith this subjcat
in det.41 ainc,- the printed report
thr vt'3,rio;.s comaitt. eseppointoi
,,
at the recent confelsonee with the directors y111 ully coy r these
- nd kindred subjects.
At_1 1.
••••••••••••••••=pm
1.7ndf)r the, head e. " •-liiscollaneous rrtAters to be dctJ on by the
3or:rd prolinin ry to •oral opening of the bino, th,
.y be oonsidered:
(i)
or Fc,1er2
Fixing s
serve
outs, and approvinc
salaries of or:leers, e:iployees .n41 7Arceltor oc
Feder. 1.11serve Bhate•
-07A'd Mould 1J rn.
quented to tend in nt: toon 3s commniAlt, the' n mos
and darnses o °Mears and enployoes and, coppnsn.
tion rizted for oadh, and in /A)sonce of object Ian
rAitiod by the Fourd in :.ny a Am, thslt,ries so
,
fixed :7hould st%nd f"proved.
i oonnittee mitht be arpcint,HIA by the ',40LIr1
examine lists submIttrA t-md report any unusu• 1
to
u lary desnrvin, considorat ion by th,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1111111.
(2) Pr, nori.ling L'.orn z.Ind
rnomt of bond o moth
7-dera1 flxiervcGout. Ppte: The bond o''th
Feaer..!)1 nerve A,gf.mt ho id probbly r-nn
to Ulf United .3t ,:tos !lid is -ntirr..ly indon-fnd,
,
.
:nt of
any bond VI- Pe4er-1 Reserve Bank
Counsel should be nuthorizo to nrcTare nd
Porn
vre..
onsideration.
:
(3) Precriliine regulations . br Fider 1 Rescrve Agent in
the
tter 0 custody nal control o: r,ecurit lee
d,• norito. 1th such
s :aurity for
,
Fedc-::- I r(r.serve notes, :
-Lnd nlec or th;::. custody and
Pcilor.cd l':•ervo notes and
o,' rr.-port
to be tn:..de to the Eor?,,rd in thcse
(10) Porn
ilesorve
sie by .Vocirlini
:ttemert to be mz,
-
"hcn th several Fionrds
.
,Jire.totors have perfecto:.1 their
orgnization and brivr procured a.nd ec,nipped banking rooms, adopted
by-1,18 and
proper aenatrntInc ;lysterl, thy, Comptrollcr of the
Currency v:111, under Section el of the -at, dQliver to each 11!.nk a
certi
The :orni of
to ecrraence businons or chratir.
thie c(:•rtifie:.Ata h s ben preplired arid certi
tee 7,.re now in
course of pr-paration by the '.:31tare;au of' rint ing & IterLving, and 111
be ready or delivory be:'oro noiember 16th.
Upon 4 livrry of t7113 oortirioftte, the3eorctary
the
Troasury ills in ccord rice 7;ith Section 19 of tilt- Lot,
onounco the est blisirlent Of the soirmal banks.
The or of
nziounoenont, toc:ether ith form for cazratation oi' rt:serve under
ncOw resnrve rc, _uirenents. hac b n:Lpprovod vn1 is in the hands of
Copts Till b, sent to eatt redern1 Rcserve Ant
the printer.
enclosnd in envelopes addressed to th. mplfrr banks of hie District
,
th:1 they ray be r1aced in the nail on Novenber 16th.
In the
le%ntirar the Feders::.3. Reserve Board h:.0 sent
preliminary (Armin!'
to ;,,11 no:ibPr
tine to the trarAfer o'' reserves. and
this circular Gives ti!
dvarze natio° o tIø date the roi:uirc,
"1"nts be,:omee foot
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t!'(). 5.
LL-A,
17-tter3 relTtInj to oplration of Federal-1110
.
,
›of!trvo !Arks iiid Yember Plnks.
oin
i
ce
Fed„, of Gent;-1'
Counsel
in order that theae t-lattrn mny bo conzideref -by Vle.
ttior* or le,44 c,Ironoloical order it ia deem6d a1v12b1e to clanoIfy
whic will need confAdamtion in the m-r future unler two
, ont;ral
;
in A
thic?1 will heicumo
- rovion4 of tho Act ,
'
opontivo u.,on tha onnin of tho bAnks.
mconD
,
:
Pr, lvtAono of t3 Act ti.l!c "till not bcovl orttrmtIvo until Vle rt*derli lleaeriv rortrd rnnrescribod
..ttiono to nake thew tqfoctivo.
m‘coozary rot,;u1;.
t" Li.
not the 7.urno3o of thiz mcf411orandum to deal
It
,
rroions of tne Act mlating to operfttion of FcaeraI Resorv brInkti or
attettion to thoee .Y,hich will ftvt to
bAnka but onli tQ
tinier tho :IrG!. head the followin:,'
Ntsat4d tion in tie nor future.
Are irlested for Vle 73earle considoratIon:
Dolt of reaorve tmni;f5rrod from
vrtu1t:1 o: montwr blnko to Foderml noservo
z
inotructioml have) !tlroldy b, en ia:rned to morsbr bAnkc on tfie
'und to Poland raftdrve
Jjoct of
nu,
trnlfer shoufl
.1
b,InkiU 1- required to onon ai account In Vle nImo of eac?) flIcwqr
bank In order to owtor suo Aoollita to the crodit of the mtplbor
7rov1aed for.
Thio nrovLion bacomes nutonticllly anerat,.ve and tflucit
Other Do7oclitn.
f..kosition
In order that tiie 7edern1 nonerve bank:; wq be In a .
nnd Arifts on otiler banks befonl they lrr ftetuolly mto hrU1
cc
colved on dooit, the Felorml fleaerve no,ird :should ineft - rIaltr or
thAt -1rt of Motion 0 ,,..11c01 rwitds a3
s.;ny Federal noservo bank ',nv recivo fror, lny of t;1
7nItea 7t:Ates, &:rotita of our'
nembr banks, tull frorn
Ink notes, Fedoral rerQnt funds In lnwful coney, nItionni-b,
,
on ..iolvont moubeir bRnks,
,6rve rotes, or ciurckil ttni dry:to
u'on prealntAtion; or, oolely for exchange Nir-locea,
:!ay recnivo from othor 73derl..1 reearvo lotnko derocito of current funds in 1:1wful tl:onoy, wttionli bank not, or checko
and draft w'or colvc;nt cl2mber or other FAeral Noervo
u"on prztent.ttione.
the lo!lnkc. to rtccive
"Nis 1,1runcv,e oakes it discretionary
notmed
to 77,oard in connection tAtli
suc derotAts nnd ohoulI b
roqla 141 followc
:t
th., -Art of rection 16
"rvory Foderni rcut,rv%, bank shall recelv on depoeit at
77l.r from nember 1,4.nkti or from Federal 2036M Winks eheck
nnd Jr ,fts dmixn won 1.ny of ito de.Nultors, And then remitt6d
,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
No.6.
, FaderAl T crv mrk,chcks And rftr Jrmn by any
1
derositor in ,
t.rly otht,:r rAern1 Beoerve 1"ok or memtor brtnk
wrIon fri t tht crelit or said de1.7 00itor in tid rflLervo
,
bi urf.Iembr brl,nk".
An 17pArent conflict In the langoale of the3o
two ,:toctIons, It will oorforn to the o7ir1t anJ !tirpolqo of the Act If
,
thEk FZ1Ratlorv!! nolrl rules tat rectIon 13 m-ke3 It dit;cretionl.ry
whan aLWA dello:AtLa z.nall be rtic64ved, gy,nd 7oction 16 TIrescribes the
111c4 snch doroatc shall b6 mccived riftar tho :
.tccoontc aro
tr141, loon 1,
.
t3iik
oponl.
ou14 accorlinly bt- given A rellom..ble timo to ,1ror.ara
,
t?x!
,
:ialveti for tneh.1.1111in of ouch deroAta boron, bt.nr requirtd to
mcolve deposits of other thNn 1.ful
Rediscounts.
.
Inat=uch !ta Section 19 Livoc; to the Ftrmi romrva banko 1)lo
mcervo3, not exceadint!, w.w..h1.1f
ri..Lht to r.Joive frw membr banks
.papr 71 del ocribod in rection 14 prorcrly
,
of easth
endur3ed !And necoptnble to the snid resorva bank (16) It is noceasJry
that t.le Puarl should 1,0:me irltructions to the rodern1 ne;scrve banko
O n the oubjtnt of what clasu and charn:ctr of .!rlrer tray be reccived in
7,1.7tyment• of 7nrt of !inch rez:rve, If it I.:A dottA.gtinad to nemtt bvIls to
,
This involvt nt
.;xt of tir n.t;71rvki In 1ib1crl-,or.
a pr
,111w,ry int:•rretition of that rart of c'eation 13 ithich
folio4
*Upon tia Indt:fraorf:tnt of any of ItA mtwbvr bAnke, with
rotoot by sucllbink, ny FedWA'Atar of dennnd, notice nni
y di:lcount not*, drafts, lnA billt.; Of
eral Reservu bank
tachngo nriaintt out of actull coJt...7n(Ircinl transactions; that
L;, notes, drnftz, Inl bil13 of n4charge loaucd or drmin for
induatrial, or commercial rul,mce, or the rroceed, of w'nich have been used, or rAir to ho od, for ouch
a
nnr7iost c, the Federal Reeervo Pertrd to have th6 rielt to de.
l
.
.trAine or define tlt). Chartctor of the piner thus elirlblo
Act".
for discount, Within the menran of
tho Foderni Itorvc noard io
it vill ba obseirved that
thus,
dotrmino or define tile character of the
given th r1it eta.
1tnin thotulnnin of this Act", the ror so reelizible for diacolint
ceived nwt conforA aub5tnntia11y t9 the .-ovielons of the Election rok
,rrod to,- thxt Is to any, it must consist of "notes, drnftz, !mul
billz of .9xerino* arising out of actull cooarcial trswactiono; thnt
is, notoo, drAfts, nnd bills of eAcivmce 1suod or dmen for nrictalturAl, induotrial, or conmarcial 7,1Arlo-w413 SU:
troq”ciR
,
"Ar" ,
44 4*
b"
w*LIZI
rindr t7qin ilnigrv;ouri of the rot eacent1n1 nroviclom to
wto to tqhich the nrtceede of wIch notes, arRftr, or billl of 0A:eh/Inge
btien rut. it 16 acaund Vtitt 0.timata1y the fur of not, will cow
tftio, or the note rill be accomnninJ by n nV,temiont fllod wIti) the bank
transaction 1-,ore used, or
to be
troin thAt the lroc,!)od of
be or of the firr.1
for the rettrroseu itentIontA,
t%in
t6sto of eliibillty.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
As th:.4 note, drafts qn1 bills of eAchance nor uald by
banks All not inaimito the rurposes for rAch the 'proceeds trrel
used, It hi zuttA trit the nra licinary ref;u1ntion3 of the FotVr.
,
,
al Reserve Oolra s'noula twocribe in oubstance that mll euch notes
offoreJ for dincount anJ poas6azed with the charnterliAlce 7,r5scribcd by e.atut, should ba accompanied by a statetlimt of the nnker
diectountr 3.flowin that te
rYcre wed, or are to be used,
for ows of tho norposos wAltionJ.
Tbia amttor, harever, is already
under conoideration by t cwAttto -ni this sugleztion in indo merely
for the coamitteel cor.oldorltion.
?Intl mnd tIcand De70eito.
Inasmuch au 7!ection 1 bcomes rNutalticmlly orerl,t;Are, the
ruAthl
tion
otrii;lhould intrprot that 7:ru-t
*Demand de7osite within tis reanin7, of tio Act
cozrriza all ia2oAita n:vpiAe wittAn thirty dvs, mnd tibo
aftor Vlirty
4e7oitsis
eottrriae all Ae.2oatto
crtifictca of leresit
and all savings act:ounte
gotise
,
!7hich are
2
42„,la .1t- Urtap
lam Da vslcrur
1 :6 lAnguagc notainz inta.r:rot-n.tion it; *And 311 trAvin
1
fplbjet to not ioi thi.
count and certificntes of denozit vich
4
thirty 1ay0 n, ice bfor
ynt".
• it is rJ.1.1zented that thin itould bo onstruod to 4a3n that
to dexmnd thirty
wi'mroltor t;le bank reccivisc 10.1e, Jepwitr,:
dole, notice) btforo pAynt, such deoaits ray b cimued az tirtio detl.%.t the actual notice of the bank thnt It 10,11 exercice
nQoa not bo zivon.
Tho lnnzu14,;e, hoovcsr, i3 tnbisuouct
th14;
and tlmre is 00M6 justilication for tho vier that all such de7coita
ti
timQ de!
-.
.ositu until TOlie bank hr).:1 ;;iltem the ncolssary notice), riknd
,
until tho ae?ositor I rovired to JAro tht) bnnk thirty dttys notice
bAom withdrrmal.
to
Atsoczac:ont on l'aderml rcaerve Pnnke
°
iyct'frat of Foderal Rosen. nOtea, wIlnrieo
exponees of tht, 7o-rd.
The foro or ncticf=t of ':Jszowmont h.
ho rit1i
a two, &vs,
h.
re77tred And vill
Voction 11.
This 7action :'rovidea Si lArt
a3
*The Podoral negervo noara, upon the recom!!ndltion of tho
fix Vie ealarica of nil
Comptrullr of tIle Currency,
re7ort thernof to CoT;reso. The
bnnk exnminf.!ra ana
expense of the exAmin-Itions he$roin rrovided for shall be
aoseased by Ulo CwAroller of this Currsroy 1.1.-or Vie bankz
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
No. 8.
"examined in pro7ortion to nsoetn or re.*arcas boll by the
blnka u-on the drAtoc of wcarinitit)n or t :0 7aria.43 banke.
The comptrollor of tho Currency haa ir rlrepamtlon coalplete
MAtIotimi eluoing tho not earningn anl expensen of the various e1ao04 of eka1ne4*0 am it in underztood that .113 rticomendation ,
1
Y111 bo*
to the 7..oard for it:: lotion 'rior to (*..er.'mbr 16th.
!z'iection 13. (101).
This Section lrescribos thnt any tembar bank t...ay Recent
dr,tftfi , . Ulla
,
$)r
tlorm InvolvInz
than A.A.' months
nvount oval at
plid +.)1 OPital
of exchanto Jrctrn +iron it nnl ,1-1orr1n out of trm174,0 ,
,
the importation or efrportntIon of y;oods having not moft
sic,ht to ron; 'sut no bank shn.11 nccert such Lillo to an
any tine in the aLrcipte to Dore than om-half Its
an4 curniuo.
thi vesti; a ner purer in pAentibar b4nkv, it mit be advioatAo to imouit, a circ:tlar to ttleAbr banks diroctin t4em to on a oepzl.mtc,1 lecount on to'floir jAnoral iedcar carryinz such acce9tancos oo that
th03 av, ount and clrracter of maw may be: prQperly re?ortod and checked
:
bY tho eaallnor.
The rediucon,nt by Fctdora:i. 7e6orvo blilks of mccetanew', !7* weal qa bills receivable, , 1.1 .1 be rvade tie matter of rlwtion
?all restriction by the Foldral P.oertrei 3, xtrd but
, 1:
tle 'aezliber banks t!all
not have C.1 ?over to deal in spoil v:0,3pth.ncen until after the openln
of the redra1 Reriervo tianks, tle ado7tion of than° r.,-2,11rttenri my be
d.,%farrod until tire
vnteot poriod.
Derosit of Government Pundu.
Mother or not ouch dee?o;3,1ta ahell bc rlado la, litder Cection
15, discre,tionary ,
Ath the nacrvtary of the Tromry, but tr;: nwird
0:)ou1d dAemine and advine tha Federal RomIrve bltnks ii.11Aher It is decmo.
ej %dv11;A1e to accept such dellosits at thin time v!,i)d in ir,iving thiit advice, !,.ton1 1 intoro tho officers of the Foderal nenervo banko the termu .
.
Ana conditionis of zwh
U1 such deositi nro i4Ae 910ot
to withdrrial at 1,ny time ac the r:rotrlry ht z no 3uthority in Law to
aotke loano of tho funds of tbe rlovemi
,nt _for
onocific
and a
aciosit la A form of loan.
TIle Seemtary may, hovver„ adopt rvoilaLions for notifyIn t4e. ie-doral 'Reserve bankl thorugh the FeJoral poserve
':cr.rd in -ivance o: vtithdrAwaln sO that ouch withArlwalo any be
elnitnbly
dintributed nrfoni, the rAeral noserve btxnk ho1dtry7
lerositn.
Discount rrttes.
. Vioze banktufishich arn t• rocbiw: libio I'per an part of
de3oolt of tvorvti s'r4ot114 notify the ?adorn' rustirve Perl.rd t4i.cc 'Trrt rtto to
iixtta
that t
mly mprove eml,o.
In to mattor of te ,
' :traJit of ratrve it 7vou1d
equltnblo to fi4 CAI
aiscount rtt
o tat tht. doroaltint: ,
1
4ank will not m9,1w any conoldblf:
profit of tA!) 7
,14per
derooited
it 13 liiscrctiomry with the brtnk
wrtr noch rin.r.er nhAll bo acetrted In lieu of clzh, nnd inv;socil
thoso banks depocatin cat, will not receive intrest on the reot:rvu,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(2/
a lolrer rt of discount for ›. iLit1fe pn7,)or luider therm ciroumotanoon
1
vould encWmtie bankc tt; denooit auen ?1rer for thc purrouo of rAkin,j
,
.
,
profit mtilor than no a mAttor of eonvc.nionco.
re'posito by Megalor D;lnko ,
vith
Non-Ye=ter 11”lks.
As tilio provinion in)comeo
operltilm, ttlo wtton..
tion of 311 molLbc tr:ulko should bfl called to thmt ^Irt of
,r
ct.lon 19
u.A.c11 ma:12
followa
"174copt
tua '.rovidvd, no .01?zber bnnk nival keep
.
on aenonit 77Itn any non-member bank
61,1M in eAcestl of ten
penr cent= of Ita otm nmid-tlpciti1warplu3."
The attention of auc blnk *?latAla t0.() to cntiled to tlit
-,art of Ulo tittute
rIndl, au folloro
rTo Lember bank ehmil let %a te medium or i., nt .a,;"
,a
;
non-viember bank in a7plyinT; tor or rticoivin diacounto dm*
a Fodrni Poseirvo bank. under Vlo provilon,1 of the Act
„
ccpt by peraaelon (if the Faderel Reserve 391rde.
The Board sholad adopt a rtulfttion thmt rherv ir orator
,
bank desires or Intends
ute the procnede of any r.5113count obtinod
from
7$Aoral 1trv, blnk of 4ii:;1t1c4 rnrer )on;in t ithi:arlbor
Linku, or desirelotu ffer for reiillcunt ellitle pRper Ivad or rtlcalved from non-mtmbe.r blnka. ferw..1 alicAtion hodd bt rodo to Vlo
Federal Paaervo Bord for pumiaion to ncept rniimleunto offered.
7nlor the socond gentral heladinci ir!tttro roIntInz to optration wf FoUeml riservo Vnke and momber btr
n1&i vsiI1 not 130nomo
cffectiiN Itntii the FtIrnl 2osorvo roan! !vv.: rreacribel the nteeanry
titre1, tr followin:
e
Permiaoion to Member Ihnko to act an
?mate., Fx4cutor,
IWN;u11C,onn oriv%:r1r, thia
wuuld involve a conzidoration of the v3rioua fAnto lnwo tin if It In 4eomed r;,Avioable to :- r1nt
,
,
thit pemiszion to an fmt1on7:21 irt.n
in the nvAr future, prelirAnory
reexlations should proscribe in 411biztance thnt enc;1 bank ttn!qyin for
thit Trivilege =fit lccom7any 1ta71iction with the follogrinc eAm
hibit4 m
(m) A statement in dctail of tj31 coximater w$1
t)1 t,A4 truatooli7; wqch tta a!
.
,
.TlyirL; bAnk deoimo to qnthlrtaku.
bank
(0 A car/ of the 1,71,,,a of the rt.,te in rAoh
It 1ocrtt1, mlatin,; tI th5 6xereiso of thi5 power by ,
:!or.
-orntiona.
/
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(c) A copy of tho laves rclatinT to the apT;ointnt of, bonds and reports revired of e5x.ecutero
Et AO rt
.
a!eitrii:ltrators„ tf the applying V,nk desires
vi1.
ats()t! 2ri
nt(d) A topy of tlAt itAWO, 12 any, malting to corpo
.
tion:; actin7 me r6Gistrmrs, and elm; of tonda
may 3rescribe that whre thie
The rtnlatione
trA.
.ranted t9 any bank In the 7tmtle And these:
.
Inn b, on (
to office, the Ilia,m1 filcd
hibits hlva already bc
:
:oinz eNhibits by t. le a7p1ylm,7; l'Ank may
j
in of the foroc
be. vtalvol,
cribe that
In ,ineral, the roztions should 7)rea
ities nnwld
calvc
wherever t1-0:: bank actIn7, in any of the
z the custody nnd control of aaaetn
,
:
contez),lata:; havin
be kept separate
belonijnz to others, vacT1 9.secte o!u!.11
and shall be
distinct from the a3yytn of the bank
lavs of the
invoIted in :4toc't: in accordl.nco %ith the
!tnd that n v.rocial
.t.7.‘to in which auch bank in located,
the ntatus of
,
ra•nort vhmll b red. periodica117 e:ho _71ing
tru5teeshine.
that the
The rev1ation2 aould further prvscribe
transaction*" of thie
took Li Ind accounts rolatinz t* all
dical tlxmminttion
charneter &iould be :subject to perio
Pasurvo Nara, and
by axe:Art(1m aclocted by the F4d3ral
ise any lower as
no Lank should be remitted tfl, excr
obligations ot
trustoe-which involves t,ny .tarl!vtese of
a to li!lbility o! any
ehich ffey etfoloct itzt .no3r1711 a9est
irt other Van miof6asance or malfenance.
Federal ne.srve Notes,
Floservr Pord nuu1J nrzscribe
to r1atin7; to bond of Ndermi Rs,
the reLNlations hereinsfare mforred
Federal. Reserve notan, money or
'serve Agent 1.nd to the cu,ntody of bonds,
nds of .Juch agent, And to nraocribo
paper of any 'Kind deposited in t
lationg relafinc, to the issue
in conjunction';it the Comptrollor's rev:u
ly to the conditione under
and retirnt of ouch notes, And particular
r to the Fedflral Peserve
,
1!,..ich they may bo delivond by the Camrtralle
agent mtpplyinT, therefor.
Ii due course t:e-,
Ciulific/tinn or Rersom Cities:
this
Thore OtIeLl to be no procent ned for any action in
the City of- Birmirrham to
r.ntter excv*pt to pPAss u2on the arplivItior, of
deform:I pondirr;
eltion
be dasignIted :11.:; a reserve d.ty, voic a7p1i
.erAc of the
,Ph$ e;
.
,
the organt.:ation of the Falcral nIqp.,rve ro%rd
7ection (e) vill probably bo invoked
?wver prescribtO in 1";ection 11, nub-f
tr tio dincrotion of thf! roard,
yutrs
tha sh7iration of thr
roaarve or centrn1 reoorve
the dttaignation of thk; u#•Ivorli citiee fts
cities .fmy b tc,rmtmktod.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
No. 11
ExPutialtion
Federal aeailrva
The noard iotLdzIrrrInfLe for a prA.Ininlry 0Aan1nation
.
ccqortly
After tha bAnku are: optl-nod of unch Federal neserw
bank, 1,n4 ahould nroTu Lre
,
or of 3tatorLent to bc
tmch roctk 3horif1n the condition
of each Aidtlrni noserve hmnk,n1n tom of corviaidtod
nte,torocnt of
nll Federn nesoriv bankn t3 rovlild in f."ction 11,
d:.%;b—c.tion (t).
Branch Blink:1.
The alrIttn.tion to oatabliz bmnch b!Inka1
in tho
Foderal Reserve tik alibjeat tu the al,roval of the Federal
nonerve
roIrd.
As no tim liit i
by the statute thin anbjeot mtz!lt
Praptrly ba left until tho urormtion of :be syntem indieateo the nood
for such bnnku and the plvl,as3 they may i)o most advanteoucly otablinh
ed.
Fiscal A)TN
,nte.
The illu:.otion of conditlonti under wilieh Naomi 2ericrve bankr:
mly Act naC1CC1tv.7,ont of t,e Govormnt =Iv be 4efc
,rre4 ulttl the
!4o-to7 10 in clIration anlt
an diE4taiina tc4)
Lif uI
ch b:tnkz na *vitt; for the qovbrnzont.
)
•
/
(.1 .(1 •
=MORAN= OF
mous tli.T.TE .3
UPON vIHIGH THE DIRECTaRS OF THE FEDERAL
RESERVE BANK OF NEU YORK DESIRE RULINGS OF, OR INFOISIATION
FROM
THE FEDERAL
.
RESFRVE BOARD, THE SECRETARY OF THE TREAjURY OR 7RE 001APT:70LLFM OF 7177;
CUR' ETC
Of the items listed herein, numbers 18 and 19 have clready been attend
3d. to.
:urElers 5, 1:'], 14, 16, 219 22, 23, 30, 01, 35, 36, 43 and 45 are not
essential before the aara is declred established*
The rer:laiaing ita2s cover points thich sae
fore the Batt Is meted for busimso.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to require attention be-
File No. _ _ '_,!..0 ____ ___•--- — Wilco of CYrieral Counsel
Feckra Re_.: --e Board.
November 14, 1914.
•
4.4
REC'D
g
APR 2 61950
7y dear 7r. ".ecretary:-
The Corrtroller
the certi c!1
the close of business today authorizin7 the fr,vern1
Federal reserve banks to commence Iciness.
As horetofore advised, rrinted conies of
your annoilnecmont r!hich is'attached, have been sent
to all lideral reserve banks ready for mnility; to may.ber bnks az soon as the or17;ina1 13 signed by you.
The statute rrovides that your announcement
shall be to the affect that banks have been established. Accordinly, it was necessary to ralt until the
Comptroller's certific.
lte had been iwiued bcfora this
announceEnent could be made.
For tqis reason all of
your announcem,-nte are dated November 16th, bein7;th
first lay the banks are to be opened.
All of the banks have been informally notified by the Foderal Reserve 7oard that the nem reserve requirements rill 7o into effect on this date.
It is, therefore, not really imnortant , /nd it was lr.
parently not contenlated by the Act that; the announcement should be. in the hnnds of the member banks on the
dlts of openirr.
In order, however, that the mailing
of these announcements may be exneditod, I would sliggest that you sign the twelve announcements as enrly
7ond.ly mornin7_; as you conveniently can and that you
leave tle:Tams with 7r. Cooksey substantially as or
the attached, with instruction that they be sent to
all Federal reserve banks us soon as you notify him
that you have signed the anno7mcont.
Very sincerely,
Hon. Wm. G. Uedoo,
.7ecretary of the Treloury.
*.
2 Y"
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x
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
60--is 44r
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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•
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•
•
FEDERAL RESERVE BANK OF NEW YORK
62
CEDAR STREET
/
i\.
/
/
/
/
NEW YORK,
November 14, 1914.
/
The Knorable the Secretary of the Treasury,
Washington, D. C.
Sir:
In order that the files of this Bank my be comrleto and
its orgsnisation and authority be forrallY conaurrated, I have the
honor to request that you forward to me the following documents:
1.
•
2.
A certified copy or other fornal evieence of the announcement to, be rfade by you, under provision
of Section 19, of the Federal Reserve Act, of
the establishrent of a. Federal Reserve Bank in
District f13.
v
A certified copy or other fornal evidence of the announcen:ent to be made by you, under the provisions
of said Act, of the establishment of the other
Federal Reserve Barks.
For your infomation, I enclose herewith copies of letters,
upon the sum subject, which have this day been addressed to the
Federal Reserve Board and the Comptroller of the Currency.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Respectfully,
Governor.
FEDERAL RESERVE BANK OF NEW YORK
62 CEDAR STREET
NEW YORK,
•
Hon. John Skelton Williams,
Comptroller of the Curreacy,
Washington, D. C.
November 11, 1914.
61 I
Office of General Counsel
Federal Reserve Board.
sir:
The matter referred to in our telephone conversation of this afternoon
related to forms received by the Federal Reserve Agent of this bank, enclosed
in a letter of the Secretary of the Treasury. Mr. Jay is, therefore, addressing a letter to the Secretary of the Treasury as per enclosed copy, which I
believe covers the matter quite fully.
•
It is, we believe, a matter of sufficient inaortanw to justIfy the
earliest possible consideration.
Respectfully,
1
1/4
rent-cl
S-W
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Governor.
STATEIENT OF CONDITION OF APDR pRiklog of General Counsel
"EXPOSES OF THE RES2RVE BANK ORGANIZA IONDMATIlingerve Board.
(November 1, 1914)
IZEC'D IN FILES SE(
•
1
Amount of appropriation
Expenditure authorizations, shown
on books in the office of the
Chief Clerk, including salaries
of clerks to October 31, 1914,
inclusive,
Estimated cost of telegraph and
telephone service to November 1,
1914, autstandink,
Accolihts for stationery for the
Reserve Board Organization
Committee,
•
Printing and binding to August
13, 1914,
APR 2 5 1950
$100,000.00
$78,098.39
1,600.00
334.82
2,226.25
$83,259.46
$16,740.54
Unincumbered balance,
Printing and binding and purchases for the Federal Reserve Board not
included in above.
CASH
ACCOUNT.
4'1001 000 00
•
Appropriation
Payments by Auditor,
" Er. Cooksey,
" Yr. Jacobs,
Balance unexpended,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$10,782.70
1,416.44
64,589.94
76,789.08
4P3,224692
,f 1
leo
Fiiag OC(
Offic:tlirGeneral Counsel
Federal Reserve Board.
STATAIENT OF OONDITIOti OF AP: ROPRIATION
16 EXPENSES OF THE RESERVE BANg ORGANIZATION CUI:ITTZE "
( Octopor 10, 1914.)
100,000.00
AI:ount of aprropriation
Expend ituro authorizations, shown
On books in thu office of the
Cldef Clerk, incll)ding salaries
of clerks to Octoo.x 15, 1914,
Estimated amount of telegraph
and telephone accounts to October 1, 1914, out3tandin3,
44,713.77
1,500.0C
Aecounts for utationry, Unpaid,
S
PrinVn and binding to
A:lc:1st 13, 1914
331.3
3,26.25
, 79,774.64
-1,225.16
Unincumbered balance
PrL:ting and Binding, August 14th to September '43rd, 1914, in amount 00.13
for the Federal L;3erve Board, not included in
1
.SLIJIA_LI1.122
N
;; 100,000.00
Appropriation
Paynoi:ts by thu Auditor
a
N
nr. Cooktiey
Mr. Jacobs-----Uauxpendod balance
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
v 10,762.70
1,416.44,
58 ;23.6
70 42'2.82
29,577.18
File No, 005 '
Office of General Counsel
Reserve
Cctober 27th1 1914.
REC'D IN FILES SECTION 1
!:y dear Mr. Secretnry:-
APR 2 51950
In view of your announcement th t the brke will
11, opened on November 16th, it is necesim
4
soon as possible printed noticts to be sent out t3 the various member bnnks.
I az.L .ttaching suu7e::tcd form of notice
You will observe that the
to be used for this urose.
llnzuae of the statute is liVhen the ctecretary of the: Treafiury shall have
,
officially announced, in such manner as he ;my elect,
the entablishAent of a . ederal Reserve *uank in ftny
P
district, every subscribinr momber bank sh,!1.11 estalpitch and rtaintain reserves as follove.
It would seem, therefore, that this announecment
should be made only after Um banks have been established.
That is to say, after the Couptroller has isenod the certificate to comrencf, business.
1f we wait, however, ontil
November 16th to mail these notices fro= hcre they will not
reach *Ian Pm.ncisco until about !Tovember 21st, -Ind in order
that •111 ban1.15 ray receive notice at a-Troximately the same
ouid suet that printBd forms be ,,repared and a.
time,
souply sent to the Federal reserve Agent of each district
with ImAructions to mail them to the rbcr bnrks on !TavernIf thir,; is dam it is imrort4nt that the order
bet 16th.
for nrintin?; ttleue should be pineEld ivausditkte1y.
In this connection, I am also attaching a form
prepared by the Renorts DivWon for computation of reserve
under the new requireents, and n copy of Section 19. T
think it would, perhaps, b
visable to i1AVe both of tese
printed and have then necomp,
Any the noticei. In any event
would recommend that the form for oom2utation or m- serve
I
Accezpany the so as to avoid errors resultIng
tne
mquirements.
7
,1espesti'ully,
Ion.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U. MeAdoo,
nscretary of the TreLtury.
410
REM) IN RECORDS SECTION
I
'
p
0
/
2.1
•
f) —2J
2:i:so:LT:ID,
-
aid to the
that tire be
ollowin:
- -i
71, . bers of
,The Comaitteo on 2re1iminLtry Gr:;anization of l'ederal ileservo
Banks to
the
:
as opposite tholr na:-Ies in fall for oo1113\11tation
etin
of officers and dirctors of i?ederal Reserve
Banks held by the l'ederal fleserve Board in ‘7,9,shinton on Oc.0th and 21th.
tober ;:-
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
iv
mmik
n
,
C. C. '10- ,inson
--- Jose .h
1
:/15/
(s
6
Brod,:ric1B30
V
lialBi Dawson
3O
— Edmond D. iisher
25
A•
)catofl
— 0, Ho\
s
Committee n
a -LC,.
enJires.
4
OS:
Pile DT°,
1
(Yalee of General Counsel
Federal Reserve Board.
,/
///
Mc: Cor.ilkittuo uPPointocl to mpprt upon the que“tIon:
to Fodor). Ronurvo Danko to oNned ;)nd tilat
Inch oponi.n?" 1412,s to roport
ti
Tho Corlinitte ;Anon itn roport uton tho ainwption that tho VO6crl
1
Belorvo 1- -..nkl are to opon in to
pylnible for/4 on the
the flub—Cou)ittoos tl roFort to tho Bon.rd, duted October 2, which ro;.ort
vac mlopLed by tho Board.
A plan carrying out thif3 progrwa would it4V0 to r:rovido for orr,v.ni1:74- on oponin:, to fulfill the follollny, functiono:
1. no rocuivin{. and cafe—keep*, of tho about .1.2W,OU(4,
or
!.'300,000,030 of lawful r.ioney which will conot:.tul.o tLe 40r.oriitn Rnd the
payments un :,ocount of capital ltock to Lc mcoivod by the 7tidoral ro.
lerve
Banknr
2.
•
Thu roinoount *f paper to to roceivod rron
uiambor Uliku ure entitled to
b:,.n/t.
The
in 5+4. or iloir dopolito requiro(L by
lAw by rddilcount oporationi (To
v:hothor CIQ VodorA. Recorve
11-.,n1:o con tonlporarily otop thoir rodificount oporaticno at thin point or
vhnthor thoy mult be pro,p%rcd tc
boun will to dincuomod at a )%tcr
on rodin::ountinr.
once tho7 hvore
in thil report.) 100
Tho rocoivinr, throuL:h tho
Rvv.
,
:rvo Board and the innue
to nombor banLi of Vedcml Renrve Uotcl,
4. Tlia trannfer of b7klancPfl fr6r, tL9 1.c.ccunt of ono rwabor bank of
.1trict to thtAt of anotori
The tm,n1rur of —
e1Rncoq bt7zun tim Fodorril ftwx:Irvo Dralkn.
,ivasLio)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
th, or not any o: tone function:, or
or
(Thc
dioponned witL, 1.43;•,—
r
porarily at least at the openins of the banks, will be
Jeiscussed in a
subsequent part of this report.)
6. Clear national currency (subject to the adopti
on of the amend=ent)
Mat step° will be necessary to perfect orgalizatione
of a capacity
to cope with these six requiremonteT
In enumereting these steps, the Committee makee free
o ouggoo
e.t
the came timo a plan of how to deal with the exele.
1st._ P
.
..o.a,ILL.....AtrUsoaa.1
. .
.i,Lam.B.L. .....___44.. e•ers. This has bee per—
j..
)
fected in almost every ,:intrict.
Forms of oath of office have been :landed
to Class C Directors and in most of the cases the first meetia!, of the
directors and tho taUn: of the oath has taken place, or will
have taken
place by the 204h of October. In the few cases where Class
C Directors
did not find it-poceible to dispose at once of their holding
s of b-nk
stocks (For instance, in San Francisco) it has been suggented
that tenta—
tive olectionntake place with the .triderstandin7, that they
will be duly
r-tified by formal action of the Board as rapidly an poseib
le.
2d:
Tlie Elpction of Gpvernqrn. The FeC.erel Reserve Agents have
be n inetructed to ):e.ocoed with the election of those off:Lcovn as rapidiy
as poiniblo (consulting the Federal Reserve Deerd where necessary) and
to inform the Directors (31' the Feder .1 Reserve Banks thet a conference
will be held at Washington on the ::04 of October, whon it is expecte
;::
d
that delegations consisting of sot lone than three member
s (including
the Governor and the rederel Reeerve Asint)
from each Federal Reserve
B n!- will be in attendance. It is, therefore, to be expectod that the
oleo ion of governors will be pushed as much ac poss:ble, and it in to be
hoped that on the "'Oth the governors representing all Nderal Reserve
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(3)
Banks will be present.
3d. laza..
.!4:Ay ....211A1216
.
.
.
Theae membere are to be elected
by the Directora of each Federal
Raeorve Bunk.
A memorandum containing
the Board'e viewn concerning
the qualifications of such members
and the
principles to be followed in
electing the name hen been eent to
each
Federal Reserve kont for samm
ulicution to his Board;
4th.
Adoption of By-liLem by the Fede
ral Rederve Bankn nuet of nacoseity precede their opening.
Under the lav (29) thole by-laws
are to be
prepared by ouch Federal Rese
rve Bank, but, in order to secure
uniformity,
tentative by-laws have been prep
ared and sent by the Federal Reserve
Boerd
to all Directere of Federal
Reeerve Benkn and it is planned to
appoint on
October 20 a small committee
(No. 1 on legal Batters) oonoisting
of Eovernore, Federal Reserve Agents,
etc. which will agree on uniform by-l
aws
that shall be adopted, temporar
ily at leant, by all Federal Rene
rve Banks.
Those by-laws are to be simple
in form. Their further elaboration can
be
loft to a permanent committee
on by-lawn. The varyinG conditio
ns existing
in the districts which may rend
er nem:eery some variation:: of deta
il nhould
be covered al) far an possible 'ey
rulec to be adopted by each Federal
Reeerve
Bank, but is is to be urged that
the by-laws of all Federal Reserve
Benku
may remain uniform.
5th.
Uniform Stock Certificates and
Receinte to be adopted by ell
banks shall be submitted to
the meeting and turned over to
the eerie aemmittee No..1... (These are to
be prepared b Count;
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.)
•••••
6th.
Uniform Accounting.
A net of books and forme necessary for tie
oponin.s., of the `Tx.,
.nics 17111 be submitted by
''41121.15 to Cornittex i1o4: 2
,
,
for reort.
s1rn,4e al/titian for
3ottlino,
ntakins tranpfers
botmy..12 Aderttl Recerve Banks n.nd (b) betweeil the member b.7.:ak8 of
dio-
triot to to be submitted to the slew comnattee ( To. 2) for rovort.
,
ja, Comooniv.:.tkyp of Directors and . avisoFz
fixed by the l`NY.ler:-.3.2..osorvo
Ileserve .t;or.-rd.
133
.
-217.1.6 is to be
rabjoet to the zi:,:lrov:t1 of to
Corrittoe iO. 3 on Organization should report 1'e0,0en1c.-
tiara'. 50-01
9th: De?trlitioliaL:Lig.....rmercl:
P:Pp:II , •41.1(1
)
r; to bre; prortialgated br Vic
1c
4z'cwn
'.414-tt for 3ix T-onths
3oarcie
joint co-IT:Atte° eono1otin3of tvo members of Lho
cdor11::ecerve 15earl mil some I:Ter:Anent Governors ard Admit.). :toperve
k283 this problcn
ci re 'ort recornendations.
:
,
Thie con-
,
0110tati (U90
!'itteC
(:e. 4 on 1'1= and ;cope) mirjat vieo dipouos and report, on. the
onerzl prk;rart adopted by the Bot..rd for the opening of the bcnks• 97-90-109
ipths
.•.a.
0 tis
of
Nra
(1.
otrAt to be disoasood
rt
,enerel
nc1.torne ,
z,
te
.
be fo11a,7ed by 1- 11 Valks oujit to be roportea by Co=mittee :To. 3.
nth:,
"ioserve i3C
riaLz.Lej the We2Lz!.
:t
i
;c
LCh ?etioral
6
t Consoiltb 3 0 3 ntcviCrit 1;0
)4)rt9rve Bazal oujit to be oitbitted pax', ...1.1p(ranseq.
,A111 IS to I'm,
-
iyzro those forms which arc to be pabnitted to the :'lederrA. Recerio Bolabd
for discussion boeoro the 20th of October). (75) by Committee
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(
5)
jallo The
qunation of a credit bureau and ntntonentn to be made tO;
nembeT bah40, by customers rodiscountinr: .
paper ought to be turne(t over to
the .1(xittoo No. 4. This question night profitably bo discussed at a
.7inner.
It would load too far to take it up formally at the conferenco.
It io nocossary, however, to explain to the dolegutea tho inioortanoe of
this phrtne ai
tho rutIlr'n dovolopmont.
Dutioo o_LL'olisistitentlis. Therm have boon Aiscussed in
a special report which io attached.
A spoolal conforenco oils%t to be 11,11a
by sono rombo7s of the 2odoral Reservo Board with tho 7odoral Roserve AEento
at whic"..h their functions will be fall;y ai3cus3ed and regulations to be pro, mllgatad bj VI° Federal
oserve Board will be al;roed upon, Qommittee
These arc in course of preparation. (The report of the sub-Committeo on
Federal Reserve Agent otzT;ilt to be er*refully analyz,
(=rico), aaa re:;a-
lationo ow3ht to be ,
reparod by him on the bnis of this report.)06
14tba
Notts I3sua aad4pdomntionA
.
ederal
oserve :znnts ahould take
a prominent part in Comnittoo No. 5, to be appointed to deal with this
qulstion.
The Gom:trollor of the lurreney, under whono oharg3 the law
prinIrily pirtooa this phase of the funItioni of the banks, ought to
prepare for
and regulations covering the is3uo of tile notos to Federal
onorve Agents, (01) the issue of the
U e by the ,?ederal :loserve 4;ents
7
to ths 2odora1 Reserve 3ank3, the ofo-lcooping of theso mtes, -On gold 5,:
;
,
redemption land to ho kept in the Treaury in Y:ashilcton, etc. (l2:)
Veto for the Comptroller:
73.
Undor the lay; there is to be organized a bureau in oharge of the
;01,rtroller and under the supervinion or the 2oiordl. aoservo Board which
in to be in oir:rce of oxeaution of LTY3 concerning note
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Federal Reserve Bank of St. Louis
i831.039
etc.,
(6)
This is to bo dono (if It has not alrowlw boon aunts):
alrea-iy boon iroirod
by th
Vt1iIo lammittee, which
3o12e forms have
ie
a:Trovod by the
Oormtrollor, could bo =An the basis of tho roculationo to be subulttod
by hir to t/ e Board.. (It is Suost() tliat comeel fo over the lav
,
,
carefully and point out the various sections
or the
law that noed to be
covered.)
15th
Comitt91 to work out p/an for claripg ".jAtioaal tqrenqy
to bo dealt with by Oorvittee
O. 5.
(to be prepared by Gov. HmitnA)
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Federal Reserve Bank of St. Louis
Auckitin ,
16tt.
uhoulu b
tho skAb oat Gf
re)ort.
Fader:k1
no;orvo knnts should flay a rreminont part In thi9 ropert 4nd it io
exted th;lt it bu turned ovor to ConUttee No. b.
er41 io,t;arv4
ohoula be In parzieuFtr aharge
The reaeon ihy Fed-
of
nd why
tluditinr
auditora 4houlu cooparL4to uith Podor,t1 houorvo - -onto 'ram boon fully din;arve icnti
cunuod IN tho9:.ocitli report Gn ;Podar:t1 fic,
It lz oagn!itod that the Oocrut,try (f the Fodorql 1:,:rlorvo
BwIra toloexa0 ,tbotal tho 16th of October to ull ind ,Jral Raoorvo
in crdor to Ifscortain whtit delogritoa are covinc.
Thoro tjlll 19 prob,li:ly
,
1
botvoon fort.; and fIftN c,on and excellent comnitteeo can be amponod fro:
\
thin rAtorill.
Naoting.
To ormonnei ohould ba conoidered In ar.Tli tiro beforo th9
The plan for the dIIiqlon of the work ootlitmd amongqt the com-
nittooq in att chad (5;xh1bit I).
,
2lot to comp1A0 thoir report
which cou16 then probably be -Ictad ufon
ith the ryoatont ponalb3e dispat0h.
homoti
in
roquire all of the
tho conformnco sgould disb.tnd qlth iihn order to
on thn P.Znd o
prococa
The comrAttoec
Tho uelor,4ten, upon roach-
iil promitly proceed to eng-Jgc their et.xffe rola p3rfact
AtILnory,
arrangorents for lurIrtori, vuit, 1ThrLituro, boo, formo, ot,
etc.
To porfoat an oriyoli4 -Ation bcth au to p,ornonnal :Ana phy3ical mtchin,
cry cal,ablo of :safely 21.4hj,in; ovon in the mo”t t4/11por:Ary -may tho probl(me
above outlined will roquiro at loatst from throe to four woo}.
Yon have
to be ourofuily olftud and p-xticul,Arly triwJe to occupy pooition!; (,f greJt
reaponuibility oAnnot bo found within a day or too, %/Id, if found, it
takoo then; 301.10 litti) tint) to froo themaelvco from their pronert obi f;:itiona.
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Federal Reserve Bank of St. Louis
Aa to vaultn, tho 1:x-, requires a double) ult of the same, one for
(8)
the Federal Reserve Agent and one for the general business of
the bank.
In view of the large sums of cash which will be entrusted to their
care,
these banks must provide for the greatest possiba,e degree
of safety.
Of
course, it will be necessary to temporize in the beginn
ing, but, even then,
it will no doubt be necessar
to strengthen existing available facilities
or to reshape them so as to be available for the changed
conditions, and it
is most important that, in this respect, the facilities will
be such as to
enable the banks to go on for some time and until perman
ent arraggements
can be made aithout being obliged to make frequent, costly
and dangerous
changes while the machinery is already going.
Informal investigation carried
on by the Secretary of the Board in his discussions with Federa
l Reserve
Agente boors out this point of view that at least this period
of time will
be required.
Moreover, information so far received would indicate that the
Federal Reserve Notes will be ready for delivery about Novemb
er 15 and your
Comittee is, therefore, inclined to think that this date should
'e viewed
as the earliest possible moment at which the banks could
safely be opened.
This would presuppose that everybody will proceed at top speed;
that the
work will be well planned; that duplications of effort
and all "rod tape"
will be avoided.
In order to dispatch business, it is sui:gested
that the services of additional counsel be secured for
the noxt few weeks.
Legal documents, contracts, regulations, by-1.1ws,
etc. will have to be
forLulated and the assistance of a man of quick ' rasp
eand energy would be
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(9)
11011:1
VI
rv
.41•
1
iLo fro%)
at t 1
411it.Lf
c1r%,'tl CO,Arin,q
o.on:Iriti or tile
r 0;.te
.
suck:, b‘1, :?4,t1Aud counuil
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11C:0 u 1. 47,
1
pt.40310):
f
ti,c1
bul'oro t.,ho curI(f--ir•0.1;;rufAi upon
!
• 441........ .
,44 0 11
. ...1.4rwenqvweracroly awamo........11•144.•
:
.
t
•
mm• nit.
....mg.
.,,ter4131'1., t%)r
:
t;
. ,41!.h
;"`;',1 ',1111
)f ..••;'
C, , It'v•
rt
inc.
f";
tOd,
:t
ivvi
ti .Linty
5.!
to cl.t.ci!
,
:Lir ttco
vt) onto
a; _t_rtiaigui tio
ror
lelito
ttrien(t•-
Ii Uterit
uolorAtiou
itt unit on-ity ot"
,w:0
jfl
f,ub—Cortn.). too rc7fr-,:toik ocialt dith
oup, i.“;ttid L
porani-, uf 1.1,o
te`
nr: 5.
ikon up ;.,1.3.1 t1,00c: . to. io;, should be deferred to be
tai.cn up only after vo
* Will follow.
or.
rorpAlrini; tkctiont
-154 !(!
it I .
-1.1:Goz) 1.1,3ntp t,:nczt.t
a onot
cat..-
10•
(AO t
p.r..)11 idvu iiu ot' the.; prof Ttv.;:,
, -
tko tti t-rtItt
ILI a)!
C /1 00 L. ) k:41 r
.
,;(1 1414.10
,
firogny;•:tir LI:u
tJi
n tt,tt oiccootilorl a
c19uily 1r'o r Lr t
01" Led
1
t
L:r.!1.4A.ree.
ta.rttion 34..:;p1.)tilod
r.tri u&iVtJ op
tic
U Lat ilt;v1%)tally
1; WIOrEl
LLQ1.4. .rugrtspho
,
.
L,rci I:I;o [tcL it)n
Z'Optrat1011,
'Vror;
p 12iro7:1,-tly id;:4,4,4i
It lo
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I,
LUJt
1.C.OP
V'611111)1"
ttiy
1.4,471;t..A
do:Art.4.61u.
4016c,s cort4s.ln
4.0411.0104.1
urtut).1(t
LiLitios already on iiito ullou.kdorn.
-Offt
CI
C,..Ertrw-orwo
Iti;ptirc)FtLi y
,F ti ;o6rd.
La t;.ii 1,roaity,, ikr:(1
UZ)
:1 41.1
it
oti ciAlcurrting tahoso
çnfo
(qv:1r
runt 1H.
nto
th6 Clwld
(io)
C
DirQctors I
boon a frequent ':GC;..oronete tlait diviiront vimis vicro ox-
0-osood by ,iumberu ;;A' the Boara un ouch queot3onut ao to to tire of oponin,
zJv; to tho ooviubillty o clioning Li4o entlro J!
.nt
o.luitanoouuly or TrIcce—
i-i-c
ealyciA171J:Ldatao for wiv.I.sory ccuncti, clearings, utc. Tt iu 17;ost itIporLan
tt
dal:mite Folicy bo adopted for the discussion of th000 points and
CortmAttoo oubmito a llot of ouch 1Lems a; It bollkNos uhould bo tcAon
tAp by .t.he Board from Ulla point of view.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.Xnlolt 111
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
la
The cluoetion hzi,o boon misod whetter or not it wizl
be Lldvisablo
to mall 1:::mo,..lat2ly for the first paymout on account of the ae:pital
-,
stock of the Federal .lenerve Bani‹s while def, rring until a somewhat
later date the transfor of the roeervo noney to the Federal 2oserve
Banks.
call.
It would not appear thrtt much Is to be Gained by ouch earlier
It could not be made inmediately besTaso In ordor to Garry the
same into effect it would be necessary to perfect the organization to
that point at loast that Governore, oashiors, accountants, auators,
.
would have boon onaaced and the taults or other facilltioe would be
availablv to tako care of the about oichteen millions of dolizro
which would constitute the ftrot payer-eat on account
--A
Bat nothinc is to bo , ined by auch paymont.
of ct.c
or
old
capital.
rah Lionoy would lie idiot
the Leaks would take the responsibility for funds for the rooelpt ofvhiloh
they could hardly be adequately lirepared, the completion of the orgmisa—
tion would be pushed at the macrifice of the
;
,
reater care In solootinz
the proper non to fill the officos, and, moreover, the Tfithdrawal of
oif;hteen millions of dollars or gold would orowd to rosorvos of the
member banks bocauso the reduction of ronerve requiredents would not co
into offoct until later on.
It is the opinion of the Corsaitto,.1 that the first call for payment
on account of the stock capital should be made In conjunction with the
announcement of the Jecrotary of the 2reamary that tho ba3:ee have boon
,,
organized, so that pt••:,irlont Cor stock capital and deposit of resorvo
money could be mud() eimultanoously, or in quick succossion.
The Committoo has boon asked to roport upon the question whether
it would r000mmond the oponing
of
the banks pcboce—moal..
It is clear
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Federal Reserve Bank of St. Louis
thot a state of eonditl, no wlach would reduce resorves and inauurvto a
system of rediscounting in one part of tho country
.
the very section
co opened micht draw for cold on other sections in ihih reeerve require—
ments would not yet have been reduced, vould easily load to confusion.
'21no Oornitteo would recommend that unless there be the moat =cent
reasons to the contrary, all efforts should ho bent on that the s:etwa
be opened nimultaneousiy,
The only ezeoption :rii,;:at possibly be the
i;an Francisco Dintriet where the delay caused by tho groat distance to
be covered by delocates and communieations mau possibly bring about the
necessity of opening a little later than the other Federal Ilescrve
It is to he hoped that the San Francisco :31.qtk may succeed in kcoping pace
with the other eleven banks, but in case
.this should not be Tensible the
Pacific Oost district foras a unit almost by Itself and while& undesir—
able, it is very conceivable that this district should open lk) some wooks
Later than the other banks.
should the balaks open in ease the .,,1caoral
oserve :Totes are not
ready for delivery, and should they open for the more purpose of receiv—
ing the deposits fron the member hanks and such amgunt of rediscounts as
may be banded in to cola- late the balance to be :kept with the Federal
p
servo Banks prosoribed by the law, upon a plan of suspending any further
operations until such time as the Fekleral _leserve 1:otos would be ready
for delivery?
To receive the deposits of the banks and to eontinuo diecountin:;
operations without boixv; able to furnish Federal Reserve Ateo would
be an unfortunate procedure.
Any additiAtal rediscount granted to
any member ban:: would mean a depletim of tcle f;old treasure of tno
Federal leserve Usuks because instead of issuinc Federal Reserve ilaxgr,
I:otes, they would have to eay out laweul money.
If, on the other
hand, the Federal 'eeserve Banks stopped taking further discounts the
effect would be an equally unfortunate one.
The Federal 'eserve Banks
could not eermit the member banks to draw against their balances, these
would be tied up and the member banks would be reduced to dealing with
their cash in vault alone and any further withdrawal of gold would be
felt by them only so much more acutely. Lloreover, if the member banks
In order to produce the required balance with the Federal Reeerve Banks
would have rediscounted
250,000, for illustration, maturing in fifteen
days, the Federal Reserve Banks would collect this paper after fifteen
days without being in a position of redisceenting new paper against
the amount that it would collect.
They would, therefore, withdrew
no nada more lawful money from circulation.
The only advantage to be gained by the opening of thc Federal
Reserve Banks in this crippled condition would be to bring into effect
the reduction of reeerve requirements.
It does not appear that this
y, it
reduction is immediately reeuired at this time; quite the contrar
much as
appears cost desirable that all the gold be held together as
possible until the oPening of the Federal
eserve Beaks so that the abil-
possible amount of gold into
ity of the member banks of leitting the lareest
those banks should not be lessened.
On the one hand the reduction of
country have the
the reserve requirements mieht in certain parts of the
on to be exercised
effect of creating eeeensionwithout the control later
anxiety existing
by the Federal Reserve Banks; on the other hand, the
the Shifting of reserves
in the larger centers concerning the effect of
would be inereased.
last
Great headway has been made during these
has been a very helpful factor
few weeks in allaying this fear and this
liberally
the part of the banks to help
in bringing about willingness on
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
44.
in the -tesent situ ttion.
Thlo effect is liable to be lost and irite-
criticism will be loveled at the Federal R000rve Board or the Secrotary
of the Troasury becau.se it will be plainly adverti);ed all over the country that the only reason for opening tho tryst= in uo crit:plod a form
would be the inability on the part of those in chare to aolivor in
time the Federal Reserve flotes.
The Committoo is stroh0.y of trio opinion that it will be a
grave mistake to contum0.ate the opening of the banks without being
able to losue Federal Reserve flotos, which as a LatLer of fact .iould
be paramount to the opening for 000 day, closinz aL.ain pendiro repairs.
it
ould give the eyotem a black eye allover the world.
The CounIttee
effect tton those
6 • -;
osto tuat it :/ould .lave a very unfortunato
are to be entrusted with the runnin6 of the eye-
tom if. they should i0Q1 that in questiono of ouch impoctance irhich
,4,
they would not have been consulted.
iroovor, the CoixAtteo i:aRes free to suggeot that in the
negotiationo with our friends acroos the water we would boo astrateLic advantae in otatinG definitely when we oxl:ect to ot.en itoa
of giving them the fooling thA, our I:osition %dill depend coo.;:,A on
their actions and that the
oaoure of relief ahich rill coo to their
own r:arksto by reflex action froL, ours aill largely icipend upon their
own actions.
your Com;attee furthermore draws your attention to the fact
that wnen before the house Comittee
orbers of the Board stated clear-
ly that it would be necoosary for the Federal Reserve Board to know.
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Federal Reserve Bank of St. Louis
5a
:,
the fAt, of the pending amendnents before bein7 Able to establish the
policy to be purounl by the 7ederal 7eserve Blithe.
Prom this point
of view it would be unfortunate at this tixv to mAke any definite
announcerent.
In cse the amendments should not be secured it would be
necessary thl.t the Poderal :Teservo Bolrd fl-Tcy9 on a definite policy ae to
te interprottion of its pe.::or to euspeml rolorvo requirementn.
If
It shcold be decided to procood boldly in e;:erciell-r: the powers 7.anted
1
b7 this claune .1n, if Counsel advimes the Board thAt it haa the pcmer
necessary to reet the situation, thie phase ought to be fully dIscuosed
at the comily: conference so that the governors and members of the Boards
be fully apprised of the policy to be adopted by them.
It would be very helpful to know on 11= much ,old fror the
r.N•csury the
edoral 7.osnrve Illiffm could count when opening.
P. C. VARDTM,
PAUL V. IMMO%
Camittec.
10-13-14.
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Federal Reserve Bank of St. Louis
=am I.
No. I.
No. 2.
ittiJtt:3.rc.
Boc!kz. zne, fornz
,
2.
Stock Cortificto
"N.
3.
4.
tr=cfors
SottIin
bot, oen
:
.:
b=hT
fThttlkns bal:mce and tmfore
lystmon Falaml R.slorvoflaik
Definition "Net Balances of Deposits" (166)
No. 3.
Caz:lit?t; (.41
Oiitte 2l
1.
1.
2.
B,
Aldin, Vult:,
(rotri for P. R. At)
Complwation for D1r,7ctorti 41.nd
Aavisory Council
•
cfc, 5700-
DoZinitiorl CorciAl pvar,
rt tranlaction3
Open
Bank acctacaz
Rotriotion Agricultural
paper
7aek2.y ztv.tonent
3.
Credit burn=
4.
Progr= for dovalop=ont of banks
No. 5.
Dutix3 of Fsdoml RaT,orvo Acvnts
2.
Note iociuo and rodcmption
3.
Auditing
4
.
JaEI Nationpl 117.1117. Currency.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PE,70 One
EXHIBIT II.
FEDFRAL PESERVF BANKS
ORGANIZATION
DiDtribution of Responsibility.
Counsel
Uniform otock cartIficatezi and recaiptg to be adopted
by banks.
Duties F. R. Agents. Prepare regulations based on analysis of report of Sub-Committoo. 86.
:
Do our minutes contain th, communication of the Comptroller of the Currency to effect that orAnization
certificates have been filed by all F.R.alnks. 22-23
It is urzently required that we get counsel's opinion
about the powers of the F.R.Board to suspend reserve
requirements having particular reference to the rebalquirement with re .. cat to cash in vault kept
ance with F. R Bank.
Give opinion concerning last paragraph of 163 and give
opinion concerning 177, regarding directors' fees.
,Secretarv
Ire the books, fonais, etc. covered by paragraphs 6 and 7 Cormittoo report prepared in
sufficient number? submit for approval to
comiittcv: preliminary to conferonce.
Fort of weakly statement. Prepare and submit for discussion by Board prior to conference October 20th. 75.
Communicate to each bank the number and distinctive letter ac4 .iTned to it for note issue
Advise all F. Ti. AT,ente to notify as to
classification of A B 8., 0 Directors. 52.
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Federal Reserve Bank of St. Louis
Page two.
la requested to seeur:_: from Ttr. FLaiph dofinite statement an to when F. YZ. Notes will be ready for
delivery nd in -,hat amonits.
Prepare forms and rc:-;ulations coverinz note issue.
:7
xponso -;:rinting notes to be levied
122-81-73.
ansessed on F. R. Banks.
128
la' requires that the Comptroller shall a:point examiners and the Federal qeserve Bard shall
fix salaries upon the recommendation of the Comptroller.
Is the future title of those examiners
to be "Federal !Ixaminer" and has the Comptroller any plan in mind which ho desires to submit?
1.t.IIT III.
L;ntil 1..ftc3.- the openinc of the icnks, tte followinG :functions
i- olk up, and it is 37.1.[;, .,00tett thi•..,t, in order to Lvoid sciAtorinc: o
„
.
tre.1 cf:."orts, tiii
f.E;cuss.lon be refr:
1 12. not ''oe
vttentiozi
by t.le conference:
1. Qpenine of br ileilOS;
2.L;peci: 3. 2ertlit to :Tatio.i: 1 3zn}: tc
-,
3. Open mrkvt transactions (includinL;
4. Purcn
e t
le of U.
e.xt.cuterc, etc.;
ct
oxch,:•:.nco);
4, bonds and revenue `oncia, etc.;
.
O. 4. .A)Ointilont of forokx acultu;
G. eir.rco to be collected by rx.„
,
-.ber banks from pc:Aro/is whose checks
-.ro cleared throuch 2iederv.1
7. Charces to be linpooc0. for COrVi CO
dered by i'eder 3.Iet:urvo
• Note:
cn
cicki.rin:.; or collection ren-
importvnt th.t an ;Inderstndint; be re:.cned
It is
1
1
of 0101, '1203•
Mere .1, 13
evidwIce thvt 'jlore exicts
of the bLnks to dump upon the iodorzJ.
eserve
neo.s, which le riot e proi'itable one to !allly nr
one :A:ter the iikurvtion of tiLe t..,:xtetn.
11C21.
.:1101.it1011
etrenk;teniwflCZj oii the.)
,
n:czs. their entire trz.:x.it bu.sind iiil.L not be a proiitz• ble
,
The 1 etleru1 ieE.rc .k..2.1.ics i. triinf
,
over the clef..rinc house flinctions c- na the collection trasiness of Lie entil'e
:
,
country iniht easily undertice i'or the benefit of the bi- ni-•,s
.
bu!:. en for
7
co lye very inoufa.licIo.ut retlunemt ion arid which 1,4 ould. __ere() ti:.c:a to
tde;,•
crLate an onornous cud vol:. ex.: cm:dye
It wild
.erotic° to.0 r. opencibility of those in ehLrce of the cz,sotc:..
Des fd Interfere
het vily
tat tc it
exzien-
Ith the banking 'nti carninc power of the
It is therefore succested that this subject be ar,protiched only
fter to raost
ful ett idy rind investication cad th.:..t no oincle ifederz.1 Leserve 1.1:::rg. be tluthorized
.
\\
principle the entire cubLect
to
Trol.)iqm,f.14,) ‘}eforO, as a matter
•,,
r.,
. •, •!tm,
'Vill
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
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OtTie'c of Generol Ci.ii•liel
Feda: HeiAerVe
__
----
----
REVD IN PIM SECTION
APR 2 51950 ,
,
to"to r 19, 1914.
•'.3". 01?„AlT -TIM :0791
1
. .
"'JCR T. :1:iY
"7y dear 'Ir. Seorrt-e.r7:.
I r;-1 - nolosing copy
' sum
d :orm o,' notice o' thv.
stat
,lishm nt o;* --deral ri.sr,rve ban--so -or .70, by "o
nouncing that th- banke ar
o • th- :
.edra1 1 Rescrvo
op. in
-n
iiian—
a- ordance . ith Section 29
ct.
It oc'urs to n• thtt it .you'd -t3
-
rldvisabic to h
19 printod an0 a copy a(.00mpany thi:. notice, anl
-
".ection
iso to 'n ve
thr '
1.,eports Division a-Trove :1 form , or caloul• ting the r -serve
umier the
r..
this notice.
ral
and 1 t this f•orn
As this
y;111
involv - th
f../.I-ccrtparly
cfro' nee o" print5ng
copies, hov,?r v:-.r, I hc..ve not r..- erred to tlr se
,
f
in th- notice, not la- owing 7,To r vio. on th, 311:0:J{ ct.
l
,
:s
In ord r to n.vr id dt31.4 in getting o t these notices, I
st th. t such corrections or additions as yoa deo
nec. osl.ry br:
your convoni( nee, so that the ord.r nay
bopin.ced zor prinitag th
n ,c-ssary nb r.
sp ct
.:no.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
_
- --------October 10th, 1914.
Counsel
Men of General
Federal Reserve Board.
List of vozicherS ready- torvaiby}Lr. McAdoo and chargeable
REC'D IN FILES SECTI !• 1
,
to 411,) Rutserve Bank Orgvnization Committee.
C. a P. Telephone Co.
Herman Baumgarten Co.
C. 4: P. Telephone Co.
Laneburg & Bros.
ATerican !1u1tigraph Snles Co.
Skinker & Garrett
C. a: P. Telephone Co.
Jac R. Lambie Cc.
"T. B. MosIfFs Sons
C. 6: P. TO.ephone Co.
C. & P. Telephone Cc.
.APR 2 5 1950t
.1„
446 45
Movvnr, switchb ard,
20 ,
AO
Hand Stamps
37
Eertals June, dr77;—/TrUnt
44 31.68
Rollers
Window Shades
1.00
naturt
Fac.917alla 5t:7.
12.00
Transoms.75
Long Distance Call
1.20
S Punches
181.50
5 Mahogany Tylp. Deke
1.60
Calle
LonE Distance
8.00
Calls
Long Dist.:Ince
695.65
List of vouchers charg)abIJ to the Federal Reserve Board,but Thah
';' :nod by Mr. Elliott.
have bcc.n.
Ber!ker3 Lo.,thor Goode Co.
Songbusch Inkstand Co.
Rrinington Tyl.)eirtter Co.
W.B. M0663 Sons
E. F. Brooks Co.
W. B. Mosef; & Sono
R. P. Andrews Paper Co.
C. & P. Telephone Co.
J. F. Douglas
2.75
19.40
70.00
210.00
62.25
119.76
133.50
22.90
Calendar
Selfelosing Inkstands
Typo ;riter #10
3 Pairs Curtains
Fire Set
12 Lahogany Chairs
Stationery & Supplies
Lon.,-.; Distance Calls
Express Chrirgee
0
642.05
Ex1:enditum3 for -.4111c.h vouchers have not been presented, nhargeable
Organization Cor'ittee.
to tho Reserve
91'
/
I
/ lt;%,
Jos. N, Snellenburgi
Div. Pr3.ntInE & StatIonsiry
2 Mahogany Chnirs
Stationary, Etc. (July)
(Zug.)
D
Of
N
If
H
PP
W. B. Moses Sons
,
P'Iho Trovi Pros. Co.,
Pri.ntinr. * F.tationory
ft
9
If
Pu
9
to
ft
ve
ft
0.
Journal of Commorce
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H
)
T)
Ring Binders
,—;
(July)4-67
Tyro Ribbons
Index Cards
1 Mahogany Desk
2 Books
Printing of forms #15
•
4'16
N
•
#17
•
Ile
•
ff
•
1119
•
#20
Senate Docurlent 485
6
Subscription
le.eo
1(534.tg
6.367
,14.10)
4.60/
56.00
10.00
,
17.83
,
50.18
1880.96/
'
1221.02''
9 0
1t3.90
-2-
Expenditurea for which vouo'clere have not bean preueni.,-) , chanteable
to th.') Fo1ira7. Resorve Board.
G3pbe-W3rnicko Co.
Clobe-3ornic:he Co. '
91,
Jncol Beitzol Sons I‘y
Lowell Textile Co.
Typ. & Office Sti1
Clobernickc
ttt
,k\c,
iLyes.
Cnr,
11 y
G,lobe-Sernicke Co.
Div. Printing /7, Stationery
ff
Ce. t, ?
;
-
2 ilahogany Section!)
a
Ends
t
67.90
2
Desk Trays
1.70
12
5
Lettor 1=1.eas stands
.
illa14 42.50 ',V.'
50 Doz Huck Towola
0
SjI‘. % V-41 trr69_(
2
2
2 Typ 5tando
12.50
1 1
0alhogany Desk
60.50
3 Oak Chuira(reet;anrcrl)
12.90.
1 Water Cooler
0...tide Cards
10.80 Writing Pf:.per
Envelopes
4'
9 17 /
.7
Note heads 8 Envelope
77Ath
,41.44,4„ 6
4
441:4.4,
.••
4re • / 2.
$
695.65
642.05
3,647.67
635.12
Grand To t:1
*
One lett, r press defective.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 7.
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Federal Reserve Bank of St. Louis
11
11
tt
12
Carrol Electric Co.,
8 Holtzer-Ca-Jot bells
7.66
E. C. Gramm
;
Llterin, electf.ic wiring
94.00
7:illiams, Braun & Earle
Photostat developer
13.50
Comercial Camera Co
Photostat paper
170.52
•
1110)
REC'D IN FILES SECTION
APR 2 7 1950 7
1.
At a meeting of tha Reserve Bank Organization Committee
0 ei
6
held in the Treasury Building, Washington, D. C., not.-Present;r1r. William G. McAdoo, Secretary of the Treasury, Mr. David F. Houston, Secretary of Agriculture, and Mr. John
Skelton Williams, Comptroller of the Currency.
Yr. Milton C. Elliott, Secretary of the Committee, acted
as Secretary for the meetfAir,
A request by telegram from the Wisconsin Bankers Association asking whether the Committee would consider a petition to revise the districts so that the State of Wisconsin might be included
in the Chicago district was presented by the Secretary, who was instructed to reply to all such applications that the Committee, having filed its certificate with the Comptroller designating the Federal Reserve cities and defining the geographical limits to be
served, could not legally consider or make any changes.
The Secretary asked for instructions as to the Committee's
intorprntation of that part cf Section 4 of the Focinrn1 Bonnrvo Act
which readu as foflowu;
"The Chairman d the Board of Directors of the
Federal Reserve bank of the district in which the bank is
situated or, pending the appointment of such chairman, the
organization committee shell classify the member banks of
the d istrict into three groups or divisions. Each group
shall contain as nearly as may be one-third of the aggregate number of the member banks of the district and shall
consist, as nearly as may be, of banks of similar capitalization. The groups shall be designated by number by the
chairman."
After a general discussion of the question whether each
group
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Federal Reserve Bank of St. Louis
should contain banks having a capitalization similar to the
id)19
-2banks of other groups, or whether the member banks of each group
should have as nearly as may be a similr capitalization, the following resolution was offered and adopted:
RESOLVED:
P(Vil
That it is the sense of this meeting that under a
proper: interpretation of Section 4 the banks in
each district should be divided into three general
groups or divisions, each group to contain as nearly as may be one-third of the aggregate number of
banks in the district; that in making this division all banks - al aws44orr capitalization should be
- entered in Group One, lIa,ILP-Al..atailllawlaa.m44 capitalization in Group Two, and banks of the -Iverts4w.A.
capitalization in Group Three.
41041A11.14
RESOLVED, further, that the Secretary be instructed to prepare and submit as early as practicable a suggested division of the banks in each cistrict made in
accordance with this Resolution.
The Secretary was also instructed to prepare the necessary
Porn of Ballot and Register for recording the votes of Directors of
Class "A" and Class "B".
1400
The Secretary was instructed to have printedAcopies of
the decision of the Reserve plank Organization Cornittee designating
the Fed ,ral Re,
3erve cities and defining the geographical limits of
the districts to be served, together with map and exhibits, and to
arrange to have the Government Printing Office hold the type in
readiness for a reprint, if necessary.
It was also the sense of the meeting that while every effort would be made to facilitate the organization of all the Federal
Reserve banks, that if tho banks in any one district had complied
with the necessary formalities, the organization of the Federal Reserve bank/ in that district might proceed without waiting for all
the districts to be in readiness to take this action.
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Federal Reserve Bank of St. Louis
National Bank of
By
•••••••
,President.
Attevt:
•
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owemmmem.••••••••••..W.O•
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,Cashier.
•
(Page 3)
NatioLal Bank of
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By
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President.
(Seal)
Attest:
,Cashier.
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Attw-it:
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State of
City of
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This day personally appeared before me, a notary public,
in and for the city of
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Federal Reserve Bank of St. Louis
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http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
whose names are signed to the fcregoing Certificate of
Organization and who severally acknowledged that they
executed this certificate, as the officers of and by
authority of the Board of directors of their respective
banks, for the purposes n‘entioned therein; that the
seals affixed are the corporate seals of such banks
and wore duly affixed under authority of their boards
of directors.
Witness my hand and official seal, this the
day of
(Official Seal).
Notar:i Public.
Note.- If the 1..1ws of your State require a Special
form of acknowledgment for corporations, such forms
should be used in lieu of the foregoing and attached to
the certificate.
Resolution to be adopted by Boards of Directors of designated
banks authorizing execution of Organization Certificate.
At a meeting of the Board of Directors of
mmaemma......-10. •
of
O. .111. Os.
IN....
AM•
Name
duly called and held
of bank
day °f
°n
the fcllowing resolution vias, on motion duly made, seconded
andadopted by the Board:
Whereas, this association has been designated by
the Reserve Bank Organization Committee as one of the
five banks to execute the organization certificate for the
incorporation of the Federal Reserve Bank of
as provided by Section 4 of the Act of Congress
approved December 23, 1913, and known as the Federal Reserve Act.
Now, Therc,fore, Be It Resolved, that the President or
Vice President and Cashier of this association be and they
are hereby authorized, empowered and directed to execute
said certificate in the name and on behalf of this association,
to affix the corporate seal of this bank thereto, duly
attested, and to do such other acts as may be necessary to
fully comply with the provisions of the Act referred to in
by letter or telegram prior to the expiration of the sixty-day
time limit, as provided in the Act, but their formal resolutions.
.d.
of acceptunce -cere dated and received after February 23
The
Secretary vdas instructed to treat such applications as if received
within the time limit, the banks having complied substantially with
the provisions of the Feder:A. Reserve Act,
The Secretary submitted the inquiry of a certified Public
Accountant as to 7A-lether the certificate of such accountants would
be accepted in lieu of certificates of National or State bank examiners accompanying applications of StE.te Banks and Trust Companies
for stock in Federal Reserve banks.
He wi,s instructed to answer
such inquiries in tha negative, the Committee having decided not
to dep -xt from the provisions of Regulation No. 3, requiring the
certificate of a National or State bank examiner to accompany such
application.
After a general discussion of the prospective locations
for the Federal Reserve, banks and the geographical limits to be
served the meeting adjourned.
Secretaryi.
Approved:
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Federal Reserve Bank of St. Louis
Chairman.
perfecting the incorporation and
organization of the
Federal Reeerve Bank of
I hereby certify that the foregoing
is a true and
correct copy of a resolution passed by
the Board of
Directors of this bard: cn the date
specified.
Cashier.
National Bank of
On motion these fcrms were approved end adopt
ed as
submitted.
The application of the Union Bank of Woonsocket
, Rhode
Island, for permission to reduce its capital stock
from :150,000
to 0100,0.00 was approved.
The application of the National Bank of Waterville
,
New York, No. 1361, for permission tore.f.ece its capit
al stock
from !:
,150,000 to 05,000, was approved.
The application of the Nixon National Bank of Reno,
Nevada, fqr permission to reduce its capital stock from
4,C00,000 to 000,000 was approved.
The request of the Rand-1.'eNally Company for a list
of the tanks which have declined to enter the Federal
Reserve
systek was submitted by the Secretary, but he was
instructed
not to give out this information for the prese
nt.
The Secretary reported that several banks
had signified their intention to become r„embers of the
Federal Re - 3erve system
.
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Federal Reserve Bank of St. Louis
, being organization certificates to be used
Form No.
by Federal Reserve banks in perfecting their incorporation.
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Federal Reserve Bank of St. Louis
ORGANIZATION CERTIFICATE.
The undersigned banks having applied for and been
allotted stock in the Federal Reserve Bank of
now organizing and having been designated by the Reserve Bank Organization Committee to execute the Certificate of Organization, as provided by Section 4 of
the Act of Congress known as the Federal Reserve Act,
approved December 23, 1913;
Now, therafore, in order that the statutes of the
United States may be fully complied with and that the
incorporation al this association as a Federal Reserve
Bank may be perfected, the following Organization
Certificate is made and executed on this the
day of
,1914.
1. The title of this association shall be the
Federal Reserve Bank of
2. The location of the principal office of this
association shall be in the city of
and it shall engage in the business of banking as provided by the said Federal Reserve Act and shall exercise such powers as are prescribed by said Act in
as defined by the Reserve Bank
District No,
Organization Committee, or as modified by the Federal
Reserve Board, said district, as now defined, being
inclusive of the following States and parts of States:
11114111100.11•••
.1.10•1b.Vaa.•
•••••=6
3. The amount of capital stock of this:association shall be not less than 04,000,000 and shall be
maintained at an amount equal to 6 per cent of the
capital and surplus of all banks which become members
of this association, such stock to be divided into
shares of 400 each.
4. The names and places of doing business of the
banks executing this certificate are as follows:
....••••••••••••.0.0.
•
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Federal Reserve Bank of St. Louis
5 The names and places of doing business of
the banks which have subscribed to the capital stock
of this association and the number of shares
subscribed
by each are as follows:
Name of Bank.
Place of Business
Number of Shares.
(Page 2)
This certificate is made for the purpose of enabling those banks herein named as executing this
certificate or having subscribed to the stock of this
association, together with such other banks as may
hereafter subscribe to the capital stock of this
association, to avail themselves of the advantaes,
privileges, and benefits of the Act of Congress known
as the Federal Reserve Act, approved December 23, 1913,
and such other acts as may be passed by Congress
amending or supplementing the said Federal Reserve Act.
In Witness Whereof, the banks making this certificate have caused the same to be executed by their
respective presidents or vice presidents, their
corporate seals attached, attested by their respective
•
cashiers, on this the
_day of
,1914.
National Bank of
By
,President.
. (Seal)
Attest:
,Cashier.
National Bank of
By
•••••011•11.11/1/111
,President.
(Seal)
Attest:
,Cashier.
•
•
EXHIBIr
STATE B./0
Report of the condition of
of
at the close of business
RESOURCES.
I)ollars.
Cents.
1. Loans and discounts:
(a) Secured by unencumbered and improved farm land
(b) Secured by other real estate
(c) Secured by collateral other than real estate
(d) One or more name paper, without collateral, time
(e) One or more name paper, without collateral, demand
1•
4.
2. Overdrafts
3. Investments:
(a) 'United States bonds
(b) State, county, and municipal bonds
(c) Railroad bonds
(d) Other public service bonds
(e) Bank stocks
Cl) Other bonds, stocks, warrants, etc
Total.
I. Banking house and lots
5. Furniture and fixtures
6. Other real estate owned
7. Due from banks
8. Checks and other cash items
9. Cash on hand:
(a) Gold coin
(b) Gold certificates
(c) Silver coin
(d) Silver certificates
(e) Legal tender notes
(f) National bank Aotes
(g) Nickels and cents
Total.
10. Other resources
Total resources
Depositors:
Interest paid on deposits:
1. Number of savings depositors
1. On savings deposits
per cent.
2. All other depositors (excluding banks)
2. On other individual deposits
per cent.
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Federal Reserve Bank of St. Louis
r
No. 1.
a REPORT.
in the State of
, 191
LIABILITIES.
Dollars.
Cents.
1. Capital stock paid in
2. Surplus
3. Undivided profits (Including accrued interest and any other amounts set aside for special purposes, less
current expenses, interest and taxes paid)
4. Due to banks
5. Dividends unpaid
6. Deposits:
(a) Individual, subject to check without notice
(b) Certificates of deposit payable on demand
(c) Certified checks
(d) Cashier's checks outstanding
(e) Savings deposits or deposits in interest or savings department, time
(f) Certificates of deposit, time
Total.
7. Notes and bills rediscounted
8. Bills payable, including certificate of deposit representing money borrowed
9. Other liabilities
Total liabilities
Dividends paid during the past year on Capital Stock:
Interest received on Loans and Discounts:
1. Demand loans
2. Time loans
Amount,$
per cent.
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Federal Reserve Bank of St. Louis
2-7480
per cent.
Date paid
per cent.
, 191
•
•
4.
•
•
e".:.
of
We, the undersigned directors of the
,
-Es
;.,
0 certify that the foregoing is a true and correct statement of the condition of this association on the
03
date specified; that in our opinion the assets are worth the amount at which they are carried on the
that the liabilities are as shown; the capital stock is unimpaired, and the
1--5
..-4 books of the association;
o
surplus claimed represents actual existing value.
*Z
•
---------------------------------(To be signed by not less than
o2
---
---------------------------------
---
------ _ _ _
Directors.
----------
Cashier.
•
CERTIFICATE OF EXAMINER.
I
HEREBY
CERTIFY
•
that I have been duly commissioned to examine banking associations
by ------------- - - - - -------
----
-
- -(Comptroller of the Currency, or State au-hority.)
—;
that I completed an examination of the affairs
(Name of applying State bank or trust company.)
,on the ----------day
of
-; 1914; that I have personally compared the foregoing statement of condition with the books of the association and find it to be correct.
I further certify that from my knowledge of the affairs of this association, based upon my examination of its books and records, it is, in my opinion, absolutely solvent; its capital stock is unimpaired;
its surplus is represented by actual existing assets, and its books show its true condition.
_ --------- _ _ ------ _
(Name of examiner.)
NOTE.—If 6 per cent of the capital and surplus above shown amounts to a sum not divisible by 100, any excess or fractional
part of $100 will entitle the applying bank to one additional share of stock. Accordingly in filling out the subscription On the
reverse side of this form, the sum representing 6 per cent of the capital and surplus should be divided by 100 in order to obtain
the number of shares to be applied for, and if an excess of less than $100 remains, one additional share should be added to the
application, and included in the subscription of stock to be paid for at par in accordance with the provisions of the Federal
Reserve Act.
NOTE.—Exhibits 2, 3 and 4 referred to herein (page 1) should accompany this application.
LOCATION OF APPLYING BANK.
•
(Please fill in.)
City or town
County
State
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Federal Reserve Bank of St. Louis
2-7480
•
Note.— If 6 per cent of the capital and surplus
above shown amounts to a sum not divisible by 100, any
excess or fractional part of c400 will entitle the
applying bank to one additional share of stock. Accord—
ingly in filling out the subscription on the reverse side
of this form, the SUM representing 6 per cent of the
capital and surplus should be divided by 100 in order
to obtain the number of shares to be applied for, and
if an excess of lesu that D.00 remains, one additional
share should be added to the application, and included
in the subscription of stock to be paid for at par in
accordance with the provisions of the Federal Reserve Act.
Location of Applying Bank.
(Please fill in.)
City or Town
County
State
.1•••••••••••
(Do not fill in below this 'GTO—
Capital and surplus checked by
Entered in Register by
Number of shares verified by
Subscription entered in ledger by
Acknowledgment mailed by
Filed by
Form No. 9, being Application for stock in Federal Reserve banks
for the use of State banks and Trust Companies:
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Federal Reserve Bank of St. Louis
•-•"-
Form 9
District Xo.
Xo. of shares
APPLICATION FOR STOCK
IN THE
FEDERAL RESERVE BANK OF
At a meeting of the Board of Directors of the
(Name of bank or trust company.)
of_ ______________ _
_ ________
duly called and held on the _____ _ __day of..
_, 1914,
(City or town,and State.)
the following resolution was offered, seconded, and adopted:
"WHEREAS,in accordance with Section 2 of the Act of Congress known as the Federal Reserve Act, approved on the 23d day
of December, 1913, this association duly notified the Reserve Bank Organization Committee of its intention to subscribe to its
proper proportion of the capital stock o1 the Federal Reserve Bank to be organized in this district;
"AND WHEREAS, notice has been received from the Comptroller of the Currency that according to the certificate filed by
said Organization Committee with the Comptroller designating the several Federal Reserve cities and defining the geographical
limits of the districts to be respectively served by the Federal Reserve Banks located in such cities, this bank is located in
, which district will be served by the Federal Reserve Bank of
District No.
•"AND WHEREAS, six per cent of the unimpaired capital and surplus of this association amounts to
Dollars;
"Now,THEREFORE, BE IT RESOLVED, That the president or vice president and the cashier or secretary of this association
be and they are hereby authorized, empowered, and directed to make application for and to subscribe to
shares, of a par value of $100 each, of the capital stock of the Federal Reserve Bank of
now organizing, and to pay for such stock in accordance with the provisions of Section 2 of the said Federal Reserve Act as and
when called upon by the Reserve Bank Organization Committee or by the Federal Reserve Board."
I hereby certify that the foregoing is a true and correct copy of a resolution passed by the Board
of Directors of this association on the date specified.
, Secretary or Cashier.
of
(City or town.)
(Name of association.)
Pursuant to the foregoing resolution the
(Name of association.)
of _____ _
_
;
(City ___ town,
, hereby makes application for
-—
__
shares
of the capital stock of the Federal Reserve Bank of _ ________________ _ __ of a par value of $100 each,
amounting to $__ _ ______ and agrees to pay for same in accordance with the provisions of the
Federal Reserve Act.
In compliance with the regulations prescribed by the Reserve Bank Organization Committee the
following exhibits are attached to and asked to be read as a part of this application:
1914,
day of
EXHIBIT 1.—Statement of the condition of this association as of the
duly certified.
EXHIBIT 2.—Copy of the charter of this association with amendments.
EXHIBIT 3.—A digest of the powers granted by said charter and amendments which this association now exercises and
desires to continue to exercise.
EXHIBIT 4.—A digest of the powers which while granted by said charter and amendments, this association is not exercising
and will not exercise as a member of the Federal Reserve system.
(SEAL.)
Attest:
_ ______ _
__ of
By
President.
_, Secretary or Cashier.
To the RESERVE BANK ORGANIZATION COMMITTEE,
Washington, D. C.
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Federal Reserve Bank of St. Louis
2-74110
1101001
•
The Rec'ervo Ea:1h Ovganf.zation Co:atlittee announced z,odr.y
e na:lies of the
*successful candidates in the election under the provisions of the Federal Reserve
INFAct of Gass "A" and Class "B" Directors in the twelve Federal Reserve Districts,
as follows:
'DISTRICT NO. 1
Class "A"
Federal Reserve Bank of Boston.
Group 1
Thomas P. Beal, Boston, Mass.
Group 2
C. G. Sanford, Bridgeport, Ct.
Group 3
A. M. Heard, Manchester, N. H.
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 2
Class "A"
Federal Reserve Bank of New York.
Group 1
Mlllam Woodward, New York, N. Y.
Group 2
Robert H.,eeman, Ithaca, N. Y.
Group 3
Franklin) Locke, Buffalo, N. Y.
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 3
Class "A"
Federal Reserve Bank of Philadelphia.
Group 1
Charles J. Rhoads, Philadelphia, Pa.
Group 2
W. H. Peck, Scranton, Pa.
Group 3
M. J. Lurphy, Scranton, Pa.
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 4
Class "A"
Federal Reserve Bank of Cleveland.
Group 1
Robert Wardrop, Pittsburgh, Pa.
Group 2
W. S. Rowe, Cincinnati, Ohio.
Group 3
S. B. Rankin, South Charleston, Ohio.
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 5
Class "A"
Federal Reserve Bank of Richmond.
Group 1
Waldo Newcomer'Balt.more, Yd.
Group 2
OW(In F. Fvuton, WKson, N. C.
Group 3 Edwin Mann, Bluefield, W. Va,
• Class "B"
DISTRICT NO. 6
Class "A"
•
Class "B"
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Federal Reserve Bank of St. Louis
Group 1
Group 2
Group 3
Charles A. Morse, Boston, Mass.
E. R. Mo:se, Proctor, Vt.
Charles G. Washburn, Worcester, Mass.
H. R. Towne, New York, N. Y.
William B. Thompson, Yonkers, N. Y.
Leslie R. Palmer, Croton-on-Hudson, N. Y.
Alba B. Johnson, Philadelphia, Pa.
Edwin S. Stuart, Philadelphia, Pa.
George W. F. Gaunt, YAUllica Hill, N. J.
Thomas A. Combs, Lexington, Ky.
C. H. Bagley, Corry, Pa.
A. B. Patrick, Salyerville, Ky.
George J. Say, Richmond, Va.
D. R. G.:%er, ElasviUo. S. C.
J. F. Oyster, Washington, D. C.
Federal Reserve Bank of Atlanta.
Group 1
L. P. Hllir, Maccn, Ga.
Group, 2
F. W. Foote, Hatt::.esburg, lass.
Group 3
W. H. Toole, Winder, GR.
Group 1
Group 2
G..olAp 3
.
P. H. Saunders, New Orleans, La.
J. A. McCrary, Deatv.r, Ga.
W. H. Hartford, Nashville, Tenn.
DISTRICT NO. 7
Class "A"
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO.8
Class "A"
Federal Reserve Bank of St. Louis.
Group 1
Walker Hill, St. Louis, Mo.
Group 2 F. O. Watts, St. Louis, Mc.
Group 3
nscar Fehley, Louisville, Ky.
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 9
Class "A"
Federal Reserve Bank of Minneapolis.
Group 1
E. W. Decker, Minneapolis, Minn.
Broup 2 L. B. Hanna, Fargo, N. D.
Group 3
J. C. Bassett, Aberdeen, S. D.
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 10
Class
Federal Reserve Bank of Kansas City.
Group 1
Gordon Jones, Denver, Colorado.
Group 2
W. J. Bailey, Atchison, Kansas.
Group 3
C. E. Burnham) Norfolk, Nebraska,
Class "B"
Group 1
Group 2
Group 3
DISTRICT NO. 11
Class
Federal Reserve Bank of Dallas.
Group 1
Oscar Wells, How,on, Texas.
Group 2
E. K. Smith, Situeveport, La.
Group 3
B. A. McKinney, Durant, Oklahoma.
Class "B"
Group 1
C.‘r.o..p 2
Group 3
DISTRICT NO. 12
Class "A"
0
Federal Reserve Bank of Chicago.
Group 1
George M. Reynolds, Chicago, Ill.
Group 2
J, B. Forsarl,'Chicao, Ill.
Grovp 3 E. L.*Johnson, Waterloo, Iowa,
Federal Reserve Dank of San Francisco.
Group 1
C. K. McIntosh, San Francisco, Cal.
Group 2
James K. Lynch, San Francisco, Cal.
Group 3
Alden Anderson, Sacramento, cal.
Class "B"
August 10) 1014.
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Federal Reserve Bank of St. Louis
Group 1
Group 2
Group 3
Henry B. Joy, Detroit, Mich.
M. B. Hutciiiilon, f)ttumwa, Iowa.
A. H. Vogel, iiilwaukee, Wisconsin.
Murray Carlton, Ste Louis, Mo.
W. B. Plunkett, Little Rock, Ark.
LeRoy Percy, Greenville, Miss.
F. R. Bigelow, St. Paul, iann.
F. P. Hixon, LaCrosse, Wisconsin.
Norman L. Holter, Helena, Montana.
M. L. McClure, Kansas City, Mo.
T.' C. Byrne, Omaha, Nebraska.
L. A. Wilson El Reno, Oklahoma.
Marion Sansom, Fort Worth, Texas.
Frank Kt,11, Wichita Fails, Texas.
J. J. Culbertson, Paris, Texas.
A. B. C. Dohrman, San Francisco, Cal.
J. A. Mo.liegor, an Francisco, Cal.
Elmer H. Cox, Madera, Cal.
I ;..it No,
•qp
t9
,4c*
Oflic of Gener. sel
Federal Reserve Boarl.
LIST OF VOUCHERS IN THE HANDS 0 -Tilikt-FEDFII-Atr-RNSFTRVE-BOARD
,
D IN FILES
SECTION914.
'
1
TICLES OR SERVICE HAVING BEEN ORDERED PRIOR TO AUGUST 1
...
PR 2 5 1- 50
0
fa.
/17
la•
•
a..."I.I.
411. •••.
•
0.10 C
2 Rubber Hand Stamps
3 Long Distance Calls—Chesapeake & Potomac Telephone Co. . .
ft
5
ft
ft
19
.
5 Flat top typewriter desks, genuine mahogany
Bill for printing (rendered by the Division of Printing and
Stationery, Treasury Department)
.
1.60
8.00
181.50 --
3,219.93
Telephone rental--Chesapeake & Potomac Telephone Co.
Furnishing and installing three transom adjusters--rooms
291 and 293, Treasury Building
•
10.37
12.00-4q4
1
Long distance telephone call
.75
2 Letter size filing sections, with ends
50.40
Bookcase sections, with tops and bases
67.90
10
2 Chairs, mahogany
12
1
69
18.60
119.76
Long distance telephone call
Holland window shades and 24 rollers
Bill for moving telephone switchboard
4.75
31.68
446.45
210.00
3 pairs silk velour curtains
Stationery received from Division of Printing and Stationery, 104.83
5.43
Sundry articles furnished by the Department Storekeeper . . .
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total
$4,494.05
•
TIN
00.
..._
General Couns13
Fil• No.
Otieler! of
Boar
Federal Reserve
At a mootin
of the I:osorve Bank Organization
Committee, duly called and hold in the Treasury Building
on July 15, 1914
PRSSOrT:
Hr. William G. LoAdoo, Secretary of the Treasury,
1.1r. David F. Houston,
•
Secretary of Agriculture,
Hr. John Skelton 7illiams, Comptroller of the Currency, constituting the Cornitt‘:e, and by invitation,
Assistant Secretary Charles 3. Hardin and
W. P. G. Harding, prospective members cf the
ik
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal :eserve Board.
r. :,ilton C. Mliott, Secretary to the
acted as secretary to tho
The Secretary read a report showing the present
status of the election of Class ":." and Class "B" directors
of the several districts, as shown by the Recistor of votes
cast.
He was :.uthorized to :iv() to tLe press the names of
those candidates which havo received a sufficient number of
the first choice votes of electors for banks in any group to
constitute a najority of the banks in such grour), the election
of such candidates 7Joi
thus assured under the statute.
The 3ecrotary reported that in response to a third
call a nu, her of banks had sent in certificates of election
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
On notion the meeting adjourned.
e•
•
S
of their district reserve electors which crtificates,
however, reached the office cone days after the ballots
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
had been sent out to the electors of other banks.
He
asked instructions whether or not ballots should be sent
to such electors. :,fter a general discuseion it was on
motion made and seconded RESOINT:D, That the Jecretary be authorized to send
ballets to all those whose certi:Icates of election had
been received up to the date of this rooting and who had
not already received ballots. That he notify such electurs
that their ballots must be received at this office by August first, this being tho ti o according to careful calculation by which all ballots should be received by the
Committee which weze sent out to electors on July 4th and
6th, respectively, after allowing tho fifteen days provided
by statute wIthin which an elector shall execute and return
the ballots received and making due allowance for time such
ballots are in transit.
The 3ecretarj submitted for consideration the
following forms which were apDroved ad ado2ted:
Oath of Director.
Class "A".
State of
) e(3;
County of
I, the undersigned, having been elected a Class "A"
,loDirector of the Federal Reserve Bank of
,State
of
cated in the Federal :eserve city
,as defined by
, and In District 70.
of
n ,..):r:ittee, being a citizen of
the Reserve 'lank Organizatio
,do
the United States, and resident of the State of
that I will, so far as the duty devolves
solemnly swear (affirm)
upon me, diligently and honesty adninister the af 'airs of said
bank, fairly and 1-)artially, and without discrimination in favor
of or against any nember bank or banks; that I will not h-n=ingly
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
•
violate, or willingly permit to be violated, any of the
the Unitcd States under which
provisions of the statutec
this bank has been organized.
•
3ubscribed and sworn (affirmed) to before
191
day of
the undorsined this
rotary Public.
Oath of Director.
cUass
State of.....
)
So:
County of
I, the undersigned, having been olocted a Class
,lor of the Podeml Reserve Bank of
Directo
,Stato
o3tea in the :ederal 7,e3erve City of
, as deand in District No.
of
a citfined by the Ilesorve Bank Organization Committee, being
of
izen of the Unitod States, and resident of the itate
, do solomnly swear (affirm) that I will, so far as
stor
the duty devolves upon Ile, diligently and honestly c.dnini
y, and without
the affairs of said bank, fairly and limp trtiall
b'Ink or banks;
discrimination in favor of ar against any renbor
permit to bo
that I will not knowingly violate, or willingly
of the United
violated, any of the provisions of the statutes
organized; that at the
States under which this bank has boon
; that I am
time of my election I was engar;ed in
state occupation
not
an officer, director or employoe of any other bank.
3ubseribod and sworn (affirmed) to beforo the
191
day of
undersigned this
•
S
On motion made and seconded, it was
•
RESOLTD, That the form submitted meets the requireTentA of the atatate i the opinion of t:']e omriteo, and is accordin61y ?i,"1- Troved.
.
Ca motion it was
R3SOLVED, Thn.t thoc.e baaks which 11 ..ve 1:a1led up to
this time to elect by ballot district resorvo electors
r.1.41 certify their names to the fiatanittoo, shall not be
accorded the privilege of voting in this clootifm.
•
The following acceuts for services and expeaseo wore
submit:ted.b:iy'th
Secretary as havinc: boon :o dared thro:.01
r.
H. Parker Willis, Chairman of the 31t1)-Clonntttoe, heretofore
appointed by the Chairman.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:Wa,
4.
H. P. Willis
(‘-iervides rendered an Chairmen oV
in comufiot.Ion with ei ining avltem for the Fedoral Tiescrvo Banks as per 4gri)euent 1.1!ola JEW* 20,
1
1914 to July 1, 1914.
2,500
'mg. 4, !.
71111s
Reiribursoment for nmounte raid as follows:
Clerical services Jan. to June 1iO4, incluive 87.40
Stationery and materials
8.50
Telephone and telefzraph
7.30
Postage and express charges
3.50
Traveling and hotel oxpenses N.Y. to Washington, Feb. 20-22 and Lay 1-3, 1914
40.50
Aug. 4. 1:ara1ck, i:itchell, Peat & Co.
Fees for services rendered in connection
with the designing a system for the Federal
Resent° Banks in accordance with arrangement
restricted to c2,500 from Jan. 27 to June 10,
1914.
c147.20
:;12,500.00
S
•
Capital and surplus checked by
Entered in. :locister by
Number of shares verified by
Subscription entered in ledL;er by
Acknaulodmont mailed by
,,
Filed 11
7z
:oraptro11, submitted for the 3ormitteess condlderation the fcl1cw1:-.:3 form of certifloate to be u3ed by Mr, in authorizins Federal fqtnerve 3P.nks to commence business -1hcn all nocessary
provisions of t
statute 16:we been complied with, and. re,iJssted that
the C=ittee (Tiva hir the 'benefit of its view's as to the correctness
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
of the form:
By virtue of the pewor vestod in me by 3eation 4 of
ttle Act of Congress approved December 23, 1913, and known
as the ?edema Reserve Ace:, I,
Comptroller of the Currency, certify that the necessary
provisions of law bavirg been corplied with, the Federal
, located in the City of
Reserve Bank of
, and in
State of
, as defined by the Reserve Batik
District No.
Orgrmination Oormittec, is authorized to cornence business
and to exoreige all :ewers Granted to it by law.
TEVIMONY WHEREOF, witness my hand and seal of of,
_aay of
fice this
•
Aug. 4. ;rick,
•
0
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'.- eat (7: Go.,
For sut lies, as follows : Jam.27 to
June 10, 1914. 12 rough drafts c4.50
Drawing special forms in rough draft 7.75
Drafts of forms and organization charts
22.87
3 Blue paper prints
.63
3pec1a1 form on trncinc oi^th and.
traciug cloth
11.35
Tracing 29 forms .1.7.P,5 tracing
linen .57
18.82
Draft3 and tracing of forms ;;20.25
tracing linen :.11.40
21.65
32eoia1 forms for 1% R. Bank 0.4
tracing ::loth G0ç
14.60
Form 2or F.
Banii system 016.50
tracing li-aan 38;f
3pecial roms on tracing cloth 20!
trcing cloth ;3.40
21.iO
Drafting and lettwring
tracing linen 53$
18.34
Blue prints
19.19
Drawin7 f7orms and. correcting tracings 3.75
3.75
Lettering on traci.- 7 of forms
;
10.68
Blue prints :16.44 and 36.50
=
\
Y245•85
Aug. 4. The Nation4!?ress.
For composition, press work, 1)1:1(111- g on
1
250 pamphlets, Federal Reserve; r3..9-2 1 hrs.
/0
hand composition and authors corrections
395.04
100 hours machine composition and autno.rs
corrections
160.00
5 hours job press
5.00
20 hours cylinder pmss
49.00
Binding g19.65, stock ;47.58
67.23
Aug, 4.
676.27
J. Howard 7olfe.
For services as a ::ember of the Proliminary Organization .;om.rnitteo, stenographic
etc. from Feb. 1, 1914 to June 1, 1914.
500.00
•
Aug. 4. Ralph Iawson.
For services as a member of the Preliminary Organiztion :ommittee, btenographic
etc. from Feb. 1 to Juno 1, 1914
Aug. 1
1.
c500.00
Ladwig Bendix
21'reparinc troatise on 3tatiotic0.1 Departnont of Folleral hssorvo Board 13 7Jr11 1, tO juJILt
.
1, 1914.
1914
•
u250.00
Itephen U. Farnham.
To reinbursemont for ex-pennon incurred
r 7il1io (hairwider tho direotion of R.
man ad's-Committee) from :CM). 1, 1914 to Juno 1,
cla547.54
1114 incl.
•
•
The rtTort fyi this atib-Comittee was subralted Itt
printed boor fom but waa not ordi?reld lpr9ad upon the minutes of
this meotino:*.
:otion duly made
.
,
•..ftor a goneral disowsion it 'vo.c on 1,
and seconded
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Federal Reserve Bank of St. Louis
l'arker Willie for
RnsoLvm, Thatt the bill of Dr.
services rendered, being in the opinion of the Committee
rensenablo - and just, the same is hereby approved and ordered paid. That the other bills and accounts submitted
through Dr. Willis as Ohaiman of st%e sub-Comittee, being considered reasonable and fair in the opinion of Dr.
7illis, under :17hose supervision such services were rendered and having his aprroval, are likewise approved and
ordored paid, and the 9ccrotnry Is instructed to have the
necessary vouchers prepared in order that ouch payments
may be made without delay.
On motion the meeting adjourned.
3ecrotary.
APPR _WED:
•
•
•
•
•
Back of Form 4.
•
, :e, the undersioned, hereby certify that this bank has an unimpaired
:
capital of cl
and surplus of .i
as shown by
the books at the close of business on the
day of
1914.
(To be sicned by three or more directors)
•
Directors.
instructions Tor detennininp: number of oharos to be
•
for.
To detormine the number of shares your increase of capital or surplus entitles .7p.). to,
2
otz par cent of your i.erlont capital and surplus, including your present increase, by 100 in order to deterilline the
total nurlber of shares you are entitled to. Pron this amber of shares
deduct the nirbor of shares nov, he1i. by yollr brik and fill out this application for the difference, or the numbor your increased capital or surplus
entitles you to apply for. In raking this calculatioa, if 6 ;; of your present
capital and surplus, after adding the increase which is the basis of this
application, Is equal to a sum which, When divided by 100, leaves an excoss of less than one hundred, one additionpl shore should bo added to the
amount to which you aro entitled.
Location of applying bank.
(Please fill in)
City or todn
County
3tate
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Federal Reserve Bank of St. Louis
(Do not fill in below this line)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
•
and agrees to pay for same in accordance with the provisions of
the Federal Reserve Act.
V6
of
rfame of Bank
By
President.
•
(SEAL)
Attest:
Cashier or Socrotrxy.
To the Ilesearire Bank Ora-^tnization Corrnittoe9
Vashington, D. 0,
(Also see back of Form following)
•
•
•
•
District No*
3harter
.:o* of Jharos
Supplemental application for stock in the
Federal Reserve Bank of
At a meeting of the Board of Directors of the
, duly called and held on tho .
day of
, 1914, the following resolution was offered, seconded and duly adopted:
of
•
MREAS, thin A3300iation has, since its last zubscri.ption to
the capital stook of the Federal Reserve Bank of
increased its
in tha sum of
capital or surplus
amount of increase
•
WHEREAS, under Section 5 of the Act of Congress approved Deoemher 23, 1913, and knqmn as the Federal Reserve Act, this P_esoci
ation
is entitled to subscribe at par to an additional amount of stock
in
the said Federal 71,msrve Drinlc equal to T.ix per cent of said
,
increase
In shares of "?*100*
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
and,
NOV, THSREFORE, BE IT RMSOLVIO, that the ?resident or VicePresident and Cashier of this bank be and they are hereby authorized,
empowered and directed to make application for and subscribe
to
shares at the plr value of $100 each of the Federal Reserve Bank
of
, and to pay for such stook in accordance with the provisions of the said Federal Reserve Act as and when called
upon by the
Reserve Bank Orcanizatinn Committee or by the Federa
l Reserve Board.
I hereby certify that the foregoing is a true and correc
t copy
of a resolution passed by the Board of Directors of this
Association
on t:le date 09e0ified*
Cashier.
(Na=e of Bank)
7ural:ant to the fo. ecoik; resolution the
f
of
of
Name of Bank
hereby subscribes to and makes application
for
shares of the capital stock of the Federa
l Reserve Bank
of a par value of 3100 each, amounting
to0
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Federal Reserve Bank of St. Louis
•
Oath of Director.
llass
itato
00000)
9,07
County of..............)
1, the undersigned, Laying boon elected a
Class "C" director of the Federal Reserve Bank of
, located in the Pederal eserve City
:Aate of
, and in
of
, as defined by the Reserve Bank
District ho.
Organization Committee, being a citizen of the United
Otates, and resident of the Jt-be of
do solemnly swear (affirm) that I will, so far as the
duty devolves upon NO, diligently nrat honestly adninister the affairs of said bank, fairly and impartially,
and without discrimination in favor of or against agy
-mber bank or banks; that I will not knowingly violate,
or willingly permit to be violated, any of the provisions
of the statutes of the United 3tates under which this
bank has been organized; that I am not an officer, director,
employee or stockholder in any othi-A. bank.
Subscribed and sworn (affirmed) to before the
day of
191
undersigned this
.;otary Public.
•
•
•
•
•
WHEREAS, this bank is believed by the Board of
Directors to be eliLjble to .embership and to have the
right to subscribe to trio capital stock of the Federal
Reserve Bank to be organized; and
•
-HEREAS, it is the intention of this Board to anly
under the provisions of the Federal eserve :_ct for its
proper proportion of stock of the Federal Reserve Bank to
be organized within the district in which this bank will
be located when the geographical li its to be served by
such Federal Reserve '3ank have been fixed and announced
by the Organization Committee;
•
NO7, THAREF1RE BB IT RT.,30LVD that the president of
this bank be, and he hereby is authorized, empowered and
directed to notify the Reserve Bank Organization Committee
that this bank will apply for an allotment of stock of the
Federal Reserve Bank aforesaid, and if granted, to become
a member of such Federal Reserve Bank subject to the provisions of the rederal Reserve '.ct.
•
•
I HEREBY OTITIFY that the foregoing is a true and correct
cony of a resolution passed by the Board of Directors of this associ- tion on the date specified, and pursuant thereto I hereby notify
.
the Reserve Bank Organization Committee of the action of said Board
and intention of this association in the nren.ises.
President.
To the Reserve Bank Organization Committee,
Washington, D. C.
•
;.;-7355
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Federal Reserve Bank of St. Louis
Form
1.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
(Reverse of card)
FILE No...
STATE
CHARTER No
CITY
of
(Name of Bank or Trust Co.)
CAPITAL STOCK 0
sunPLus
(City or Town)
POPULATION OF CITY GR
TOWN IN WHICH BANK IS
LOCATED.
Bensus 1910..........
Estimated 1914
TWAL
APPROVED RESERVE AGENTS.
NOTE:
President will please fill out above with exception of
the file number.
On motion the meting adjourned.
Secretary.
APPROVED:
Chairman.
•
Fi'Ap
;''f)
(' i‘
(i:3;)?r
A:i; a meeting of the aesorve Bank Organization Committee, duly
called and hold in the Treasury Building, Washington, D. C., on
Juno 29th, 1914,
Present: flr. William G. ljoAdoo, Secretary of the Treasury,
David F. Houston, Secretary of Agriculture,
Jao. Skelton Williams, Comptroller of the Currency.
C. -aliott, Secretary to the
eserve Bank Organization
Committee, acted as Secretary to the meeting.
411
On motion the following form of preferential ballot submitted
by the Secretary for uso in election of 'Class A and Class 3 directors
was ap:?rovod and adopted:
•
District LTO.-
Group Ko. PREFEREUTIAL BALLOT.
Rocular Election of Class A and Class B Directors.
FEDERAL
RESERVE
BANK
OF
•••
01111.
-This ballet is for 11.00 by district reserve elector in voting for one
CLASS
( A or B )
DIRECTOR
in
FEDERAL RESERVE DISTRICT No. -
GROUP NO. -
1Tote.-Read instructions carefully before filling out this certificate.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CERTIFICATE OF DISTRICT RESERVE ELECTOR.
To
WILLIAM G. flcADOD, Secretary of the Treasury,
DAVID F. HOUSTON, Secretary of Agriculture,
JOHN SKELTONWILLIALS, Comptroller of the Currency,
Reserve Bank Organization Committee,
Acting ChairmAn of Board of Directors,
Federal Reserve Bank of
•
•
In accordance with Emotion. 4 of the act of Congress, approved
December 23, 1913, known as the Federal reserve act, I hereby certify
that my first, second, and other choices for a class A (or B) director
of the Federal Reserve Bank of
aro as indicated thus(X) in
the appropriate column of this ballot. That is to say,..
•
iNazrx) of first choice.,
is my first choice,
is my second choice,
Name of second choice.,
alad********** OO 00000041000.00041 OOOOO OS OOOOOOOO 04041 is my third choice,
(Name of third choice.)
of those nominated by the member batIcs in this croup for director of
class (A. or B).
District Reserve Elector.
OOOOOOOOOOOOOOOOOOOOOO
.
(flame and louation of bank.)
EXTRACT
Kai SECTION 4 of the
FEDERAL RESERVE ACT, RELATING TO
ELECTION OF DIRECTORS, CLASS A AND CLASS B.
Each member bank shall be permitted to nominate to the chairman
one candidate for director of class A and one candidate for director
of class B. The candidates so nominated shall be listed by the chair—
man, indicating by whom nominated, and a copy of said list shall, with,
in fifteen days after its completion, be furnished by the chairman to
each elector.
Every elector shall, within fifteen days after the receipt of the
said list, certify to the chairman his first, second, and other choices
of a director of class A and class B, respectively, upon a preferential
ballot, on a form furnished by the chairman of tho board of directors
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
Fill, No,
61
5
) ES SECTION
of Geer
Fc:dera! Rcser-:
•
r APR 2i 5 1950
At a meeting of the Reserve Bank Organization Committee, duly
called and hold in, the Treasury Building, Washington, D. O., on
Juno 29th, 1914,
!II
Present:
III.. William G. LeAdoo„ Secretary of the Treasury,
Mr. David Y. Houston, Secretary of Agriculture,
11r. Jno. SkoltonWilliam, Comptroller of the Currency.
1:r. M. C. Mliott, Secretary to the Reserve Bank Organization
Committee, acted as Secretary to the meeting.
On notion the follaaing form of preferential ballot submitted
by the Secretary for use in election of Class A and Class 3 directors
vas approved and adopted:
411
District To. -
Group No. PREPEREJTIAL BALLOT.
Regular Election of Class A and Class B Directors.
FEDERAL
RESERVE
BANK
02
AM
WO
••••
.Tbis ballot is for use by district reserve elector In voting for one
CLASS
( A or B)
DIRECTOR
in
FEDERAL RESERVE DISTRICT No. -
GROUP
ro. -
7ote.-Read instructions carefully before filling out this certificate.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CERTIFICATE OF DISTRICT RLISERVE ELECTOR.
•
To
WILLI= G. VcADOO, Secretary of the Treasury,
DAVID F. HOUSTON, Secretary of Agriculture,
JOITIT SKELTON WILLIALS, Comptroller of the Currency,
Reserve Bank Organization Committee,
Actinc Chairman of Board of Directors,
Federal Reserve Bank of
•
In accordance with section 4 of the act of Congress, approved
December 23, 1913, icnovn as the Federal reserve act, I hereby certify
that my first, second, and other choices for a class A (or B) director
are as indicated thus(x) in
of the Federal Reserve Bank of
of this ballot. That is to say,
the appropriate column
is my first choice,
(7a: e of first choice.,
is my second choice,
of second choice.,
OOOOOOO .is my third choice,
OOOOO
aindOOOOOO....t....OOOOOOOOO
(Name of third choice.)
of those nominated by the nombor banks in this croup for director of
class (A or B).
District Reserve Elector.
For
("lame and loaatiun of barlr.)
EXTRACT Ir_t10:: SECTION 4 of the FEDERAL RESERVE ACT, RELATING TO
ELECTION OF DIRECTORS, WASS A AND CLASS B.
Each member bank: shall be permitted to nominate to the chairman
one candidate for director of class A and one candidate for director
of class B. The candidates so nominated shall be listed by the chair-'
ran, indicating by whom naminatodg and a dopy of said liat shall, with,
in fifteen days after its completion, be furnished by the chairman to
each elector.
Every elector shall, within fifteen days after the receipt of the
said list, aertify to the chain= his first, second, and other choices
of a director of class A and class B, respectively, upon a preferential
ballot, on a form famished by the chairman of the board of directors
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
of the Federal roserve bank of the district. Each elector shall make
a cross opposite tho name of the first, second, and other choices for
a director of class A and for a director of class B, but shall not
vote more than cme uholco for any one candidate.
•
•
Any candidato having a majority of all voton cant in tho column
of first choice shall bo declared elected, If no candidate havo a
majority of all tho votes in the first column, then tnere shall be
added togethor the votes cast by tho electors for such candidatos in
tho second column and tho votes cast for the several candidates in
the first column. If any candidate thon have a majority of the oloctors
voting, by adding together the first and second choices, he shall be declared elected. If no candidate havo a majority of electors voting when
the first and second choices shall have boon added, then the votes cant
in the third column for other choices shall be added together in like
manner, and the candidate then having the highest number of votes shall
be doclarod electod. An immediate report of oloction shall be doclared.
INSTRUCTIOITS TO DISTRICT RE31.21VE ELLICTal.
The following instructions must be followed carefully. Failure to
observe sane will invalidate this ballot.
411
Indicato in the appropriate column by cross mark thus (X) your
first, second, and other choices for one class (A or B) director.
De not vote more than one choice for any one candidate.
Vote your first choice in the first column; vote your second choice
in the second column; vote your third choice in the third column; and
all other choices in columns as indicated.
Bo suro to indicate at leant throe choices. This provision of the
statute is mandatory, and failure to indicato second and third choices
will invalidate your vote.
Pill in carefully the certificate on page 1 of this ballot, and to
avoid any probability of error write in the names of your first, second,
and other choicos in tho body of the cortificato as indicated.
This ballot with the certificate duly ozocuted must be returned to
the oommittoe within fifteon(15) days from its receipt.
To expedito the organization of the Federal rosorvo bank of your
district it should be returned promntiv, so that the election may bo
.
completed without delay.
The time within which the Federal reserve bank of your district
will be open for buoinoso will depend upon the prompt action of the
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Federal Reserve Bank of St. Louis
•
electors of your district in returning these ballots*
This ballot must be signed by the district reserve elector in
order to be counted.
RESERVE
nua
By LI. C. ELLIOTT,
ORGAULZATION COUTITTEE,
Secretary.
( Page 4 )
CLASS
A
(or B) DIR:OTOR.
GROUP -
DISTRICT No* -
Nominated by following banIza.
flame of candidate.
( Page
VOTE 02 DISTRICT
5 )
•
nEsnnvn
ELECTOR.
(Indicate in proper column thus(X)your first, second, and other choices.)
,
......•••••••••••••••••••••••111 ..111.41110.M110
,
These choices must be indicated.
...1.1.1•11•111V••••
:Those choices nay be indicated.
6 0000000000066666600so666•a6oposool0006o600seo:
•
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First choice.: Second choice : Third choice : Fourth choice : Fifth choice.
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Federal Reserve Bank of St. Louis
•
The Secretary reported that in some instances the same candidate had
been nominated for both Olaos A and Class B director. He was authorized
in such instances to teleo.aph to such cane/I/Inter) asking that they elect
which class they prefer to run in, Tie was also authorized to accept telecraphic withdrawals of names by candidates nominated, but was instructed
to request that such telegrams be confirmed by letter.
The previous ruling of the Committee that only those nominations actually received by the Committee up to and including Juno 22d should be
•
included on the preferential ballot was c..
,
:riended, and the Secretary was
authorized to accept certificates of nomination which were passed by the
boards of Directors of the member banks prior to June 22d but which were
received by the 0r3-anization Committee up to and including this date.
The application of the Garden City :Tation.. Bank of
-11
to reduce its capital stock from 350,000 to :,:130,000 was on motion approved
by the Committee.
On motion duly mde and seconded the compensation of I.!. C. Elliott,
as Secretary and. Counsel to the Reserve Bank Orcanization Committee, for
services rendernd to eTnly 1, 1914, was fixed at Pour Thousand Dollars,
and paynent of this amount was authorized.
The Secretary was authorized to mrite public upon application
the
names of Electors at the 'Arlo the lists aro mailed. to the
electors in
each district in accor, -tnce with the statute.
1The following inquiry i.vas submitted as having been
received, from
certain member banks:
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Federal Reserve Bank of St. Louis
"The statute provides that no director of Class B shall be a
director, officer or employee of any bank. If a candidate is nominated and is a director or officer of a bank must he resign in
nntil elected and than
ordor to bc 'ol.igible to run, or can 11,o
xosign? In thor words, can he notify the Committee that if elected ho wil qualify, or must in be qualified in order for his nane
to appear as a candidate on the ballot?"
On motion the Committee ruled that under its interpretation ouch a
candidate niAt qualify after his election by severirzhis. COUtIOCtiOn
With Ot10I1 bank9
On notion the meetinc adjourned.
Secretary.
Approved:
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Federal Reserve Bank of St. Louis
Ohnirmu.
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REC'D IN FILES
SECTION
APR 2 7 1950
At a mootinc of tho Roservo Bank Grcanization Connitteo duly
called and held in the Treasury aaildinc, alshincton, D. O., on
Friday, I,;ay 15, 1011
4
411
PIT,SraT:
Mr. David F. Rol:0ton,
2ccrotary of Acriculturo,
LW. .716hn Skelton Valliams„ Coatrollor of the Currency.
Mr. Milton C. Elliott, A)cretary to the ::eserve Bo:1k Organisation
Comittoe, acted an r-ocretary to the meeting.
•
The Secretary snbmitt d the request of Liz'. Charles V.r. Dams, former
ComitrolleT of the Currency, now l'residont of tho Central Tract Comparu
of ChIcaco, that'the Contra]. Trust Com- ay be _emittod to have its namo
)
added to the certificate of organization an one of the incorporators of
the Foderal floserve Bank of Chicaco.
ezamination of the Application
of this comL)any, it appearing that the alnorsa lirovisions of the lau and
the regalation of the Connittoo had been complied with, the 'ecrcta-L-7 was
authorized to teleLraph Jr. Janos B. Forma, Gliairrsan of the Clearing
House Association. of Chicacp, to whom the certificate of organization had
boon forwarded, that if the Central Trust Coaronv. woul: furnish actraraaco
in accord.anco with Soction 10 of the b:'
-laws rolatinc to the 3onA.tions
under which State banks could bocom members of the Federal reserve cystom,
that any a:-.:cossive loans or other investments of the Central :rust Comz)av
In violation of
the _7:01/101071.1
of the Fodoral Reserve Act - ?ou10, bo oliminatod
:
or nado to conform to tho provisions of the Federal
eserve Act within a
reasonable time, the =no of tho Contra]. Trust Company might be addod as
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Federal Reserve Bank of St. Louis
one of the incorporators of the 2ederal Ilesorve Bank of Chicago.
Al! ;tate bank applications resolved to date were therouDon nthminted by the Secretary to the Committee for action in each case, aud
it 3,R oaring that to following had dernlied with the law, the Yocrotary
:
•
was instructed to infanm each of ouch banks by wire that their names
midht be addod to the certificate of organisation undor the same
0
...lontral Trust 3ora3a- ,7 of Chicago:
ditiono as those imposod uDon the ,
Sullivan Bask a Trust Company,
Daak of '.7isconsin,
Central Trust Company,
nercantilo Trust Company,
Firnt State Dank,
Guaranty Stato Bank 4; Trust Go.,
Ilentcomory, Alabarm.
Ladison, Wisconsin.
Chicago, Illinois.
St Louis, LiLsouri.
Dallas, Torn.
Dallas, Teas.
The r.ecretaz...y =cod fol. a ruling on tho following auestion which had
boon submitted by one or more member banks:
"'That action would be taken by the Committee if the same candidate should be nominated by more than ono groulyi. Would his name bo
allowed to aDpear on the ballots in both groups and that action
would be taken if such candidate should be elected by both groups?
After a general discussion it was the sense of the moeting that in
case a candidata L.Aleul(:1 be nominated and elected by both groups ho would
be declared olected in tho group giving him tho hi6heot number of votes
and his namo ould be eliminated from the other group.
Li counting the
vote in the group in which tho name of such candidato had been eliminated
whoroovor a member bank had votod for the eliminated candidata an first
dholoo the L;ocond choice of such member bankwaild he treated as first
choice cad the statute followed specifically with this elimination,.
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Federal Reserve Bank of St. Louis
•
At a meeting of the Reserve Bank Organization Conndttee
duly called and held in the Treasury Building, Washington, D. C.,
on May 6, 1914,
PRESENT:
Mr. William G. McAdoo,
Secretary of the Treasury,
Mr. Davia F. Houston,
Secretary of Auiculture,
Er. John Skelton Williams, Comptroller of the Currency.
•
Er. M. C. Elliott, Secretary to the Reserve Bank Organization
Committee, acted as, .Secretary to the meeting.
On notion made and spconded the following banks were designated
by the Conndttee, in accordance with -Section-4 of the Federal Reserve
Act, to execute the organization certificate - for the Federal reserve
bank of their respective district:-
DISTRICT NO. L.
Federal Reserve Bank of Boston.
Connecticut:
Maine:
EAssadhusetts:
New Hampshire:
Ilhode. Island:
_First.Bridgeport.National Zara,
.Casco National Bank,
National S)lammut Bank,
First National Bank,
National Bank of Commerce,
Bridgeport.
Portland.
Boston.
Concord.
:erovidence.
DISTRICT NO. 2.
Federal Reserve Bank of New York.
New York:
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Federal Reserve Bank of St. Louis
_National Commercial Bank,
Marine National Bank,
Irving National Bank,
National Park Bank,
First National Bank,
Albany.
Buffalo,
New York.
New York.
Syracuse.
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DISTRICT NO. 3.
Federal Reserve Bank of Philadelphia
Delaware:
New Jersey:
Pen_asylvania:
Union National Bank,
First National Bank,
Essex County National Bank,
Philadelphia National Bank,
Bank of North America,
Wilmington.
Jersey City.
Newark.
•
Philadelphia.
DISTRICT NO. 4.
Federal Reserve Bank of Cleveland
Kentucky:
Ohio:
Pennsylvania:
Phoenix & Third National Dank,
First National Bank,
First National Bank,
New First National Bank,
Bank of Pittsburg, N. B. A.,
Lexington.
Cincinnati.
Clevaand.
Columbus.
Pittsburg.
DISTRICT NO. 5.
Federal Reserve Bank of Richmond
Maryland:
North Carolina:
South Carolina:
Virginia:
West Virginia:
•
Llerehants-Lochanice National Bank, Baltimore.
Wilmington.
rurchison National Bank,
Columbia.
Palmetto National Bank,
Roanoke.
First National Bank,
Charleston.
Citizens National Bank,
•
DISTRICT NO. 6.
Federal Reserve Bank of Atlanta
Alabama:
Florida:
,Louisiana:
Lississippi:
Tennessees
First National Bank,
Exchange National Bank,
Hibernia National Bank,
First National Bank,
First National Bank,
MontcpmBry.
Tampa.
New Orleans.
Jackson.
Chattanooga.
DISTRICT NO. 7.
Federal Reserve Bank of Chicago
Illinois:
Indiana:
Iowa:
Ylichigan:
Wisconsin:
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Federal Reserve Bank of St. Louis
Continental L:; Commercial National Bank, Chicago.
Indianapolis.
National City Bank of Indianapolis,
Sioux City.
First National Bank,
Detroit.
First and Old Detroit National Bank,
Milwaukee.
Wisconsin National Bank,
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DISTRICT NO. 8.
Federal Reserve Bank of St Louis
Arkansas:
Illinois:
Indiana:
Kentudioj:
Tennessee:
German National Bank,
Ayers National Bank,
Second National Bank,
National *Bank of Kentucky,
First National Bank,
Little Rock.
Jacksonville.
New Albany.
Louisville.
-riemphis.
DISTRICT NO. 9.
Federal Reserve Bank of Minneapolis
Llinnesota:
Liontana:
North Dakota:
South Dakota:
Wisconsin:
Caiiital,National Bank,
Merchanta National Bank,
First National Bank,First National Bank,
Comnercial National Bank,
St Paul.
Billings.
Grand Forks.
Lead.
Oshkosh.
_DISTRICT NO. 10.
Federal Reserve Bank of Kansas City.
•
'Colorado:
Nebraska:
Oklahoma:'
Wyoming:
Denver National Bank,
Central National Bank,
United States National Bank,
First National Bank,
Rawlins National Bank,
Denver.
Lincoln.
Omaha.
lalskogee.
Rawlins.
DISTRICT NO. -11.
Federal Reserve Bank of DallaS
Louisiana:
Oklahoma:
Texas:
First National Bank,
Durant National Bank,
First National Bank,
Union Natignal Bank,
Frost -National Bank,
Shreveport.
Durant.
El Paso.
Houston.
San Antonio.
DISTRICT NO. 12
Federal Reserve Bank of San Francisco
Arizona: California:
Oregon: Utah
Washington:
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Federal Reserve Bank of St. Louis
Phoenix National Bank,
First National Bank,
First National Bank.
, •
Deseret National Bank,
National Bank of Commerce,
Phoenix.
San Francisco.
Portland.
Salt Lake City.
Seattle.
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The Secretary was.instructed to send the following -telegram to
each of the banks designated and not to announce the designation of
any until all had been heard from:
"CONFIDENTIAL"
"Under Section four Federal Reserve Act, five banks
in your district will be designated to execute organization certificate. President or Vice President and Cashier
of banks thus nWned will be expected to meet in the city
„taking' with them the seal of their
of
bank upon notice from the Organization Committee soon
after eighth instant for purpose of executing certificate
of organization. Expenses of bank officers to be borne
by their respective banks. Please wire whether your
bank will desire to be designated as one of the five
to execute certificate."
The Secretary was also instructed to arrange with the Clearing
'louse Associatio2l
in each Federal reserve city for a meeting of the
designated.baaks to execute the organization certificate.
A ruling was asked on the question of Whether or not directors of
.Class A need necessarily be connected with any banking institution.
It
. was the sense of the meeting that such directors may but need not necessarily be stockholders, directors or employees of a member bank.
The following forms of resolutions for use by member banks in reporting the election of district reserve electors and nominating candidates
•
for Class A and Class B directors were submitted, approved, and adopted:
"CERTIFICATE OF ELECTION OF DISTRICT RESERVE ELECTOR"
Federal Reserve Bank of
Group No--District No -At a meeting of the Board of Directors of the
(Name of bank)
, 1914, on motion duly
day of
Auly called and held on the
made and seconded, it was
of
having been
. "RESOLVP.D, That Mr. .
elected by ballot as the District Reserve Elector for this association
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Federal Reserve Bank of St. Louis
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the Cashier is hereby authorized, empauered, and directed to certify
his name and signature to the Reserve Bank Organization Committee,
and the said District Reserve Elector, elected as aforesaid, is hereby
authorized, empowered, and directed to cast the vote of this bank for
Class A and Class B directors for the Federal Reserve Bank of
in accordance with the ,provisions of Section 4 of the Act of Congress
approved December 23, 1913, ',mown as the Federal Reserve Act.
(Signature of Diztrict Reserve :Elector)
I hereby certify that the foregoing is a true an0 correct copy of
a resolution of the board of directors of this association duly adopted
on the date specified, and pursuant thereto I hereby certify that
, whose signature appears abcvc, and who signed the
same in ny presence, is the duly accredited District Reserve Elector
for this association.
Cashier.
(Seal)
To the Reserve Bank Organization Committee,
Washington, D. C.
•
" ChRTIFICATE OF NOLInATION FOR CLASS A DIRECTOR "
Federal Reserve Bank of
District No.--
Group No---
At a meeting of the Board of Directors of the
(Name of Bank)
da of
duly called and held on the
, 1914, on motion duly
made and seconded, it was
"RESOLVED, That
of
whose
, be,and he is hereby, nominated as a
occupation is
candidate for director of Class A of the Federal Reserve Bank of
and the Cashier is hereby authorized, erpowerod, and directed to certify
his name to the Reserve Bank Organization Committee as the nominee of
this association in accordance with the provisions of Section 4 of the
Act of Congress aldJroved. December 23, 1913, known as the Federal Reserve
Act."
I hereby certify that the foregoing is a true and correct copy of a
resolution of tho board of directors of this association duly adopted on
the date specified, and pursuant thereto I hereby certify that
is the duly accredited nominee of this association
for a Class A director of the Federal Reserve Bank of
in Group No
•
(Seal)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Cashier.
To the Reserve Bank Organization Committee,
Washington, D. C.
•
*CERTIFICATE OF EOLIINATICN FOR CLASS B LIRECTOE"
Federal Reserve Bank of
District No ---Group No ---
64)
At a meeting of the board of directors of the
•
(i:4amo of bank)
day of
duly called and held on the
, 1914, on notion
duly made and seconded, it was
of
RESOLVED, That
whose
, be, and he is hereby, nominated
occupation is
as a candidate for director of Class B of the Federal Reserve Bank of
, and the Cashier is hereby authorized, enpowered, and
directed to certify his nano to the Reserve Bank Organization Committee
as the nominee of this association in accordance with the orovisions of
Section 4 of the Act of Congrees approved December 23, 1913, known as the
Federal Reserve Act."
I hereby certify that the foregoing is a true and correct copy
of a resolution of the board of directors of this association duly adopted
on the date specified, and pursuant thereto I hereby certify that
is the duly accredited nominee of this association for a
Class B director of the Federal Reserve Bank of
in Group No
(Seal)
Cashier.
To the Reserve Bank Organization Committee,
Washington, D. C.
On motion the meeting adjourned.
Secretary.
A2PROVED:
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHAIRLAn.
41
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•
At a meeting of the Reserve Bank Organization Committee duly called
and held in the Treasury Building, Washington, D. C., on the 5th day of
Lay
19'4
Present:
William G. LcAdoo, Secretary of the Treasury;
David F. Houston, Secretary of Agriculture; and
John Skelton Williams, Comptroller of the Currency;
constituting all members of the Committec.
L. C. Elliott, Secretary of the Committee, acted as
•
Secretary of the meeting.
The Secretary reported that the minimum amount of capital stock
had been subscribed in nine of the twelve districts and that it would be
411
•
necessary by the 8th instant to designate five banks in each district to
execute the organization certificate.
After a general discussion of the banks to be designated a tentative list was prepared showing the cities in which banks should be selected,
and Lr. John Skelton Williams, Comptroller of the Currency, was appointed a
committee to submit at the next meeting a list of banks located in these
cities for the Committee's consideration.
The Secretary was instructed to have an analysis made of applica tions of State banks and trust companies for submission to the Committee,
it being the sense of the Committee that each application should be acted
upon independently.
The Comptroller reported that he had received an aplaication from
Birmingham, Alabama, to be designated as a reserve city under the Act of 1889,
stating that while under the terms of the Federal Reserve Act the approval of
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Federal Reserve Bank of St. Louis
40
O.
the Organization Committee was not necessary, he would like to have an
expression of sentiment of the Committee as to whether or not this and
••
like applications should be approved pending the appointment of the
.
Federal Reserve Board, it appearing that Birmingham's application was
probably the result of Atlanta and Richmond recently qualifying
•
as
reserve cities under this Act.
After a general discussion the following resolution was offered
and unanimously adopted:
Whereas the Comptroller of the Currency has requested an
expression of sentiment from the Reserve Bank Organization
Committee as to whether or not additional reserve cities
should be designated,
Therefore be it Resolved in view of the fact that the power
will be vested in the Federal Reserve Board to designate
additional cities and that this Board will probably be ap pointed in the near future, it is the sense of this meeting
that no city should be designated by the Comptroller of the
Currency as a reserve city except such cities as have been
named as Federal Reserve cities by the Reserve Benk Organization Committee, and that action on all such applications
should be deferred until the appointment of the Federal Reserve Board.
On motion the meeting adjourned.
Secretary.
Approved:
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Federal Reserve Bank of St. Louis
Chairman.
•
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REVD IN PILES SECTION
APR 2 5 1950
•
Li: a meeting of the Reserve Bank Organization
Committee duly called and held in the Treasury Buildinc,
Washington, D. C., on Friday, April 249 1914;
Present:
LIrs. William G. LicAdoo, Secretary of
the Treasury,
David 2. Houston, 'secretary of
1,0iricu1ture,
Ur. John SI7elton Williams, Comptroller of the Currency,
•
constituting the Reserve Bank OrgLnization Comittee.
The Secretary of the Treasury read a proposal
submitted by the Comptroller of the
•
Urrency for the rehabil-
itation of the First-Second :ational Bank of Pittsburgh, now
in the hands of a Receiver, under which it was contemplated
that the capital stock be reduced from
0
to.)
On motion duly seconded the plan was a_ proved.
The Comptroller referred to the question of transfer of 1)ostal savings deposits from non-assenting aud noneligible state banks and trust companies, which had been brought
to the Secretary's attention by the Postmaster General through
the President, and suggested that hp t.Lke this matter up in
person with 1112. 'aim/ay, who, he believed, was responsible for
the figures submitted by the Postmaster General, and go more
deeply into the subject with hint, after which he would make a
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Federal Reserve Bank of St. Louis
•
ronort in detail to tho Secretary, which, uo7.1. notion duly
•
seconded, 17:, s approved.
,
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
On motion the meetilig adjourned.
•
Secretary.
Chairman.
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REC'D IN FILES SECTION
APR 2 5 1950
At an informal meeting of the Reserve Bank Organization Committee, held on April 10th, 1914 in the Treasury Building, Washington,
D. C.
Present:
Mr. William G. McAdoo,
Secretary of the Treasury,
Mr. David F. Houston, Secretary of Agriculture,
Mr. John Skelton Williams, Comptroller of the Currency.
•
In view of the criticism made in the press and elsewhere of
the Committee's decision of April 2, 1914 it was decided to publish the
•
following statement relating thereto.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Washington, D. C.,
April 10, 1914.
Congress imposed on the committee the duty of dividing the
country into not less than 8 nor more than 12 districts, and the
location of a Federal reserve bank in each. Thirty-seven cities
asked to be chosen. The committee could select at most only 12.
Necessarily 25 cities had to be disappointed.
Following its policy declared at the very outset, the committee refused to be influenced by the purely local and selfish
claims of cities or individual.p, and discharged the duty imposed
upon it by Congress after exhaustive investigation and study of
the entire country, with unbiased minds and according to its best
judgment. With so many conflicting claims, somebody had to judge.
Congress constituted the committee a court and gave the Federal
Reserve Board the power of review. Disappointed competitors
should seek a remedy through the orderly processes the D.va prescribes.
Considerable comment has been occasioned by the failure of
the committee to create districts suggested by New Orleans, with
New Orleans as the location for a reserve bank; by Baltimore,with
Baltimore as the location for a reserve bank; by Omaha, with Omaha
as the location for a reserve bank; and by Denver, with Denver as
the location for a reserve bank.
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Federal Reserve Bank of St. Louis
90
The committee realized that the division of the country into
districts was far more important and complex than the designation
of the reserve cities, and that the latter duty was subsidiary and
relatively simple, waiving considerations of local pride or prestige. In arranging the districts the consideration of the character
and growth of industry, trade, and banking, no less than the traditions, habits, and common understandings of the people was much
more intimately involved.
It became clear, in the hearings, that comparatively few people
r6alized, or seemed to realize, what the act was intended to accomplish; what the nature and functions of the reserve banks were to be;
and haw little change would occur in the ordinary financial relations
of the communities, the business establishments, and the individual
banks.
Critics of the decision of the committee reveal misunderstanding in these directions, and either do not know, or appear not to
know, that the Federal reserve banks are bankers' banks and not
ordinary commercial banks; that they are to hold the reserves and
to clear the checks of member banks, make rediscounts for them, and
engage in certain open-market operations. As a matter of fact, the
ordinary every-day banking relations of the community, of business
men, and of banks will not be greatly modified or altered. The
purpose of the system is to remove artificiality, promote normal
relations, and create better conditions under which everybody will
transact business.
•
Every city can continue to do business with individuals, firms,
or corporations, within its own limits, or in its own region, or in
any other part of the Union or the world in which it has heretofore
done business.
Reserves are to be held in a new way and in new places, so far
as this act controls them, but banking and business generally will
no more be confined within districts than heretofore, and it is
simply misleading for any city or individual to represent that the
future of a city will be injuriously affected by reason of its
failure to secure a Federal resetve bank. Every city which has the
foundations for prosperity and progress will continue to ;row and
expand, whether it has such a reserve bank or not, and well-informed bankers, especially, are aware of this.
The facts which the committee had tc consider will throw light
on its decision in reference to these cities.
NEW
ORLEANS'
CLAIMS.
New Orleans selected a district extending from New Mexico to the
Atlantic Ocean, including all of Texas, Louisiana, Mississippi, Ala-
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40 0
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Federal Reserve Bank of St. Louis
•
barna, Florida, Georgia, and that part of Tennessee south of the
Tennessee River.
It was represented by Texas that it would do great violence
to her trade to connect her with New Orleans. It was claimed,
and evidende was submitted in support of the claim, that her
trade was with her ovn cities or with Kansas City and St. Louis.
In a poll of the banks of Texas made by the Comptroller of the
Currency, 212 banks expressed a first choice, 121 a second choice,
and 30 a third choice for Dallas. No bank 41 Texas expressed a
first choice for New Orleans, only 4 a second choice, and 44 a
third choice. The whole State protested against being related to
New Orleans.
The banks of Alabama generally desired to be connected either
with Birmingham or Atlanta, only three expressing a first choice
for New Orleans. The banks of Georgia desired to be connected
with Atlanta, none expressing a first or second choice for New
-a- third choice. They represented that it
Orleans, and only 12
violence to them to be connected with a city to the west
would do
and-claimed that their relations were mainly with Atlanta or cities
to the northeast. Of 44 banks in Florida 19 gave Atlanta as their
first choice, 19 as their second choice, and 5 as their third choice.
Only 5 expressed a first preference for New Orleans, and these were
in the western corner, 4 a second choice, and 3 a third choice. No
bank in Tennessee expressed a first or second choice for New Orleans,
and only 2 a third choice, while 7 expressed-a first choice for
Atlanta, 14 a second choice, and 13 a third choice. Generally speaking, the only banks which desired to be connected with New Orleans
and expressed a first-preference for her were 25 of-the-26-banks
reporting in Louisiana, and 19 of the 32 in ilississippi. On a poll
made from the comptroller's office of all banks expressing their
preference as to the location for a Federal reserve city; 124 expressed a first preference for Atlanta, 232 for Dallas; and only 52
for New Orleans. The views of the bankers were supported by chambers
of commerce, other business organizations, and by many business men.
It will thus be seen that if the committee was to give weight
to the views of business man and bankers in the section of the
country affected, to consider the opposition of the States of Texas,
Alabama, Georgia, Florida, and Tennessee, and to be guided by economic considerations, it could not have designated New Orleans as
the location for a reserve bank to serve either the western or the
eastern Dart of the district that city asked for. The course of
business is not from the Atlantic seaboard toward rew Orleans, nor
largely from the State of Texas to that city, and if Dallas and
Atlanta had been related to New Orleans a better grounded complaint
could and wauld have been lodged by -them -against the committee's
decision than that made by New Orleans.
Some of the banking statistics which the committee had to consider throw light on the problem. It should be borne in mind that
the committee could consider primarily only the statistics with
reference to assenting banks. In this section of the country, as
in most others, the assenting banks were the national banks. In
Liarqh, 1914, the capital stock and surplus, loans and discounts,
and individual deposits of the national banks in the three cities
named, as shown by the sworn reports to the Comptroller of the Currency, were as follows:
: Capital and : Loans and
surplus. : discounts.
:
Atlanta
Dallas
New Orleans
•
•
•
;I8,600,000
5,900,000 :
6,730,000 :
•
: Individual
: deposits.
026,038,000
18,622,000
17,285,000
Q24,348,000
18,551,000
16,857,000
•
Even more significant are the statistics of growth from September, 1904, to /larch, 1914.
CAPITAL AND
: September,
:
1004.
Atlanta
Dallas
New Orleans
•
AND
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Federal Reserve Bank of St. Louis
•
: Percentage
March, 1914.
:of increase.
$8,600,000
5,900,000 :
6,730,000 :
256
120
DISCOUNTS.
• '',;10,329,000
•
7,653,000 :
20,088,000 :
INDIVIDUAL
Atlanta
Dallas
New Orleans
•
i ;2,410,000 :
,
2,676,000 :
6,250,000 :
LOANS
Atlanta
Dallas
New Orleans
SURPLUS
152
t038,00q :
143
18,622,000 :
17,285,000 : Decrease 13
DEPOSITS.
09,931,000 :
7,157,000 :
19,425,000 :
145
i
;24,348,000 :
159
18,551,000 :
16,857,000 : Decrease 13
•
The loans and discounts in the ilational banks of New Orleans
at the time of the report, :larch 4, 1914, were less than those of
the national Banks of either Atlanta or Dallas.
While the committee could not figure on the resources of other
than assenting banks which are in this section, the national banks,
the following statistics of all reporting banks, including national
banks, State banks, and trust companies, as of June 4, 1913, were
regarded as significant and were given consideration:
Atlanta reported capital stock and surplus 015,313,000, or 498
per capita; Dallas 49097,000, or 0106 per capita; and New Orleans
020,532,000, or 060 per capita. Individual deposits, per capita,
Atlanta, i,1183; Dallas,, 0269; New Orleans, 0209.
The loans and discounts for all reporting banks for the three
cities were as follows:. Atlanta, 033,494,000,_ or r,p'216 per capita;
Dallas, 027,517,000, or 0299 per capita; New Orleans, $64,845,000,
or 6194 per capita.
I
The committee found that the total loans and discounts made by
national banks in the cities named in the 13 Southern States on
January 13, 1914, were as follows:
Atlanta
Dallas....
New Orleans
026,117,000
19,123,000
19,477,000
while the total loans Tad° by the national banks of Dallas throughout the entire United States on the date mentioned exceeded the
loans made by the national banks of New Orleans.
A
Special reports, made under oath to the Comptroller of the
Currency also show that on February 14, 1914, the credit balances
of the banks and trust companies in the 13 Southern States with
the national banks of Dallas exceeded in amount the credit balances
of all banks and trust companies in these sane States with the
national banks of New Orleans.
In view of the comparisons and criticisms from New Orleans in
connection with the designation of Dallas, Atlanta, and Richmond,
and the omission of New Orleans and Baltimore, the following
table
is instructive:
NATIONAL BANK STATISTICS FOR STATES OF TEXAS, VIRGINI
A, MARYLAND,
GEORGIA, LOUISIANA, AND MISSISSIPPI AS OF LARCH 4,
1914.
(According to sworn reports made to the Comptro
ller of the Currency.)
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Federal Reserve Bank of St. Louis
p
: Area : PopulaCa ital and
: (square: tion,oen-;
: miles).: sus 1910.: surplus.
Individua1 .•. Loz
deposits
. digtiltui6k
111_
:3,896,542 :$76,785,584 :4197 663 338:$215,114,3
:265,780
State of Texas
, ,
(including Dallas)
State of Virginia
: 42,450 :2,061,612 : 29,732,696 : 90,887,858: 107011 0,0:
.
(including Richmond) :
State of Maryland(in- : 12,210 :1,295,346 : 28,267,420 : 83,217,376: 91,326,9
eluding Baltimore)
State of Georgia(in- : 59,475 :2,609,121 : 24,479,735 : 51,382,061
61,852,5
eluding Atlanta)
• 48,726 :1,656,388 : 12,128,866 : 32,000,521: 34,804,3
State of Louisiana
(including New Orleans):
State of Mississippi...: 46,810 ;1,797,114 : 5,168,192 : 17,045,324: 13,669,2s
From the above statement it will be seen that in each item, capital
surplus, individual deposits, and loans and discounts, the national bank
Virginia, including Richmond, largely surpass the national banks of Mary].
and,
including Baltimore.
ii
The capital and surplus of the national banks of the state of Virginia
are 60 per cent grater than the capital and surplus, of the national banks oil
)
the States of Louisiana and Mississippi combined, including the city of New w
Orleans, while the loans and discounts by the national banks of Virginia are
more than three times as great as the loans and discounts in the national
banks of Louisiana, including New Orleans.
411
While the capital and surplus of the national banks of Georgia largely
exceed the combined capital and surplus of the national banks of the States
of both Mississippi and Louisiana, the loans and discounts made by the
national banks of Georgia exceed by $13,000,000 the loans and discounts of
all the national banks of Louisiana and Mississippi combined, including the
city of New Orleans.
The capital and surplus of the national banks of Texas amount to four
times as much as the capital and surplus of the national banks of the States
of Louisiana and Mississippi combined, and the individual deposits in the
national banks of Texas also amount to about four times as much as the individual deposits of all national banks in Louisiana and Lississigri, the
only states from which New Orleans received as much as half a dozen votes
as first choice for the location for a Federal reserve bank.
KANSAS
CITY
DISTRICT.
The region in the middle and far West presented problems of difficulty.
Careful consideration was given to the claims of Omaha, Lincoln, Denver, and
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Federal Reserve Bank of St. Louis
a
•
for a
Kansas City, which conflicted in this region. Denver asked
Colorado,
district which included Idaho, Montana, Utah, Wyoming,
Kansas
New Mexico, and the eastern two-thirds of Arizona and Texas,
Deadwood
and Nebraska west of the one-hundredth meridian, and the
the
portion of South Dakota. The district gave approximately
included in this
minimum capital provided by law. Of the territory
with ilinneapolis
district Montana unanimously requested to be connected
relations with Denor Chicago, saying that she had little or no trade
prever. Idaho desired to go to Portland or San Francisco; Arizona
asked for
ferred San Francisco, and the greater part of New Mexico
Kansas City. Western Texas, Kansas, and Nebraska unanimously proNebraska
tested against going to Denver. Kansas desired Kansas City;
a Texas city or
preferred Omaha or Lincoln; and Texas wanted either
Kansas City or St. Louis.
of
In the poll of banks, Denver received 136 first-choice votes,
Montana, Idaho,
which 112 were from Colorado and 12 from Wyoming. With
Arizona, Texas, Kansas, and Nebraska in opposition, it was clearly
impossible to rake a district with Denver as the location of a bank.
Part of the territory asked to be assigned to San Francisco and the
other part to Minneapolis or _Kansas City.
411
Omaha asked for a district embracing western Iowa, all of Nebraska,
part of South Dakota, part of Kansas, Colorado, Utah, Wyoming, Idaho, and
Montana. All but eight of the banks in South Dakota insisted upon being
connected with Minneapolis; Iowa desired to go to Chicago; Kansas practically unanimously voted for Kansas City; Montana protested against
any other connection than Minneapolis or Chicago. The preferences of the
other States have already been indicated.
Of the 218 banks which expressed a first preference for Omaha, 181
were from Nebraska. The committee had to consider the State of Oklahoma and part of Missouri in connection with this region, and in district No. 10, 497 banks expressed a first preference for Kansas City;
western Missouri, Oklahoma, and Kansas, and part of New Mexico, especially asked for this connection. :Thirty-seven banks in Colorado gave
Kansas City as second choice and 26.gave Omaha.
It seemed impossible to serve the great section from Kansas City
to the Mountains in any other way than by creating a district with
Kansas City as the headquarters, or to provide for the northwestern
section except by creating a district with Minneapolis as headquarters.
The only other thing that could have been done with Nebraska under the
conditions which presented themselves was to relate her to Chicago, and
this seemed to be inadvisable in the circumstances. The Kansas City
banks serve a very distinctive territory and will serve it more satisfactorily than St. Louis could have done. The relations of that territory on the whole are much more largely with Kansas City than with any
other city in the Middle West with which it could have been connected.
It will, of course, be recognized by those who are informed that of
the four cities Kansas City is the most dominant banking and business
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
O.
e•
center. The following statistics as of Larch, 1914, will throw
light on the situation:
: Capital and : Loans and : Individual
: surplus. : discounts. : deposits.
IP\
Kansas City
Omaha
Denver
Lincoln
• 011,660,000 : 066,205,000 : 040,415,000
•
6,570,000 : 32,848,000 : 27,258,000
7,545,000 : 28,022,000 : 34,124,000
1,330,000 : 6,066,000 : 4,439,000
•
The statistics of growth during the nine years from September,
1904, tD Larch, 1914, are significant:
CAPITAL
AND
SURPLUS.
: September,
1904.
:
Kansas City
Omaha
Denver
Lincoln
•
.
•
AND
199
69
127
73
DISCOUNTS.
ç35,598,000 : g66,205,000 :
16,218,000 : 32,848,000 :
14,146,000 : 28,022,000 :
3,820,000 :
6,066,000 :
i
INDIVIDUAL
Kansas City
Omaha
Denver
Lincoln
Larch, 1914.. Percentage
;of increase.
„;3,900,000 : g11,660,000 :
3,880,000 :
6,570,000 :
3,325,000 :
7,545,000 :
768,000 :
1,330,000 :
•
•
•
•
LOINS
Kansas City
Omaha
Denys,*
Lincoln
•
86
102
98
58
WPOSITS.
• .30,730,000 : .:,;40,415,000 :
• 15,728,000 : 27,258,000 :
27,798,000 : 34,124,000 :
3,283,000 :
4,439,000 :
31
73
22
35
The loans and discounts of all reporting banks and trust companies in Kansas City on June 4, 1913, amounted to 491,686,000,
•
•
exceeding by about 7,000,000 the total loans and discounts of
all banks and trust companies in the cities of Omaha, Denver,
and Lincoln combined. .
The loans and discounts of the national banks „alone in
Kansas City also exceeded the sum total of the loans and discounts
of all national banks in the cities of Omaha and. Denver combined.
The great preponderance in the movement of trade in district
No. 10 is to the east. In order to place the Federal reserve bank
for that region in Denver it would have been necessary to disregard
these facts and the opposition and earnest protests of banks, both
national and State, throughout the district.
THE RICHHOND DISTRICT.
O
-cities for the location of Federal
The committee named as
reserve banks New York, Chicago, Philadelphia, St. Louis, Boston,
and Cleveland. In population these are the six largest cities in
the United States; their geographical situation and all other con-siderations fully justi-fied -their--selection.-----------
,•San Francisco and Minneapolis were the first. choice of the
groat majority of the national banks in their respective sections,
and their financial, industrial, and commercial relations and other
factors entitled them to be chosen. Their. selection, appears to have
evoked no criticism, but to have received, general approval. Condi--tions-relating to the-Kansas City,--las4-aild-Atafinta districts- have been dealt with.
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Federal Reserve Bank of St. Louis
For the territory from eastern Georgia to the Pennsylvania line,
the committee, after fully considering all the facts, decided to
create a district with the Federal reserve bank at Richmond. South
Carolina and North Carolina had protested against being connected
with a bank to the south or west. They said that their course of
trade was northeast. It seemed undesirable to place a bank in the
extreme northeastern corner or at Baltimore, not only because of
its proximity to Philadelphia, but also because the industrial and
banking relations of the greater part of the district were more
intimate with Richmond than with either Washington or Baltimore.
The States of Maryland, Virginia, West Virginia, North and South
Carolina, and the District of Columbia had to be considered. North
Carolina, South Carolina, and Virginia preferred to be connected
with Richmond. West ,Virginiamas divided in.its,preferences; Maryland and the District of Columbia, of -course, -desired Baltimore or
Washington. In,the poll oftenks made directly by the comptroller's
office, Richmond received more 'first-choice ballots than any other
city in the district - 167 against 128 for Baltimore, 35 for Pittsburgh, 28 for Columbia; S.C., 37 for Cincinnati, and 25 for Wash-
•
ington, D. C. Of the remaining 21 votes, 19 were for Charlotte, N. C.,
and 2 for New York. Leaving out the States of ilaryland and Virginia,
Richmond received from the rest of the district three times as many
first-choice votes as were cast for Baltimore.
District No. 5 is composed of the States of Laryland, Virginia,
West Virginia (except four counties), North and South Carolina, and
the, District of Columbia. These States have always been closely bound
together commercially and financially and their business dealings are
large and intimate. The reports made to the Comptroller of the Currency on Earch 4, 1914, by all the national banks in each of these
States show in every essential respect that the business of the national banks of Virginia, including Richmond, is greater than the
business of the national, banks of Laryland, including Baltimore, or
any other' the five States embraced in district No. 5, as appears in
the following table:
:Capital,sur: plus, and : Loans and
: undivided : discounts.
: profits. :
Virginia
Earyland
West Virginia
North Carolina
South Carolina
District of Columbia
• 433,544,631 : .:;107,410,063
• 31,390,057 :
91,326,942 :
• 18,209,346 :
56,789,538 :
• 13,527,086 :
44,051,033 :
• 10,332,439 :
28,860,456 :
• 12,685,411 :
26,253,432 :
Total individual deposits.
90,887,850
83,217,376
61,421,332
36,051,154
23,330,916
29,520,853
.1.011111.11M.
Advocates of New Orleans have criticized the decision of the organization committee and have given out comparative figures as to New Or
leans, Richmond, and other cities which are incorrect and misleading.
An analysis and study of the actual figures will be found instructive
and can lend no support to the claims of NeW Orleans.
From the sworn special reports recently submitted to the Comptroller of the Currency, it appears that the national banks in Richmond. were lending in the 13 Southern States, on January 13, 1914, more
money than was being loaned in those States by the national banks of
any other city in the country except New York. The total loans and
discounts in the 13 Southern States by the four cities referred to
are as follows:
Richmond
Baltimore
New Orleans
Washington
433,473,000
6,891,000
19,477,000 '
915,000
The figures also show that in these portions of district No. 5
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Federal Reserve Bank of St. Louis
outside of the Statea of Virginia and Maryland. the Richmond
national banks are lending twice, as much money as all the
national
banks in Baltimore and Washington combined. They also show that
although Richmond is not a reserve city, the banks_and trust
companies in the 13 Southern States had on deposit in the
national
banks of Richmond on February 14, 1914, 0,876,0d0, dr.k
ightly
more than the banks of this section had on deposit in the city
of Baltimore, and four times as much as they carried .inWas
hinoton, although these two cities have long enjoyed the benefits
of _
being reserve cities. That southern banks should carry larger
balances in Richmond, where they could not be counted in
their
reserves, rather than in Baltimore or Washington, where they
could be counted, is suggested.
•
•
•
•
The figures show that the capital and surptas of all report
ing banks - national, State, and savings, and t*.Ist compan
ies per capita, in Richmond, as of June 4, 1913, was 01313 in
Baltimore, $85; in Washington, 088; and in New Orleans, 6O,
while
the loans and discounts made by all banks and trust
companies in
Richmond, on the same date, amounted to 0393 per
capita, against
0190 in Washington, 0213 in Baltimore, and 0194 in
New Orleans.
The amount of money which banks and trust compan
ies in the
various parts of the country carried on deposi
t with Richmond,_a_
non-reserve city, on February 14, 1914, amounted
to $10,970,000,
or nearly twice a6 muCh as the balances carried.by outsid
e banks
with the national banksof Washington, which on the,s
ameday amounted to 05,516,000, and'one and one-half times as much as they
carried
on the same day with the national banks of New Orleans, a_rese
rve _
city.
The statistics furnished the organization committee
show that
on "larch 4, 1914, the capital and surplus of the
national banks of
Richmond, per capita, amounted to more than twice as
much as the
capital and surplus, per capita, of the national
banks of either
Baltimore or Washington, and three and a half tines
as much as
New Orleans, while the individual deposits of the
national banks
of Richmond amounted to 0201 per capita, against
086 far Washington and $76 for Baltimore and 050 for New
Orleans. The loans and
discounts in the national banks of Richmond
on the sane date were
reported at $279 per capita, against $77
for,Washington, 0108 for
Baltimore and 051 for New Orleans.
Especially significant are the following
statistics showing
the growth in capital and surplus, loans
and discounts, and individual deposits of national banks in the
four cities named&
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Federal Reserve Bank of St. Louis
CAPITAL
AND
SURPLUS.
: September,
1904.
:
Richmond.
Washington
Baltimore
New -Orleans
AND
199
83
5
8
DISCOUNTS.
)12,946,000 :
• ,
a 15,018,000 :
- 48,755,000 :
. 20,088,000 :
INDIVIDUAL
.;
Richmond:. .
Washington
Baltimore
New Orleans
:Percentage
:of increase.
. :3,115,000 : '79,314,000 :
.
6,215,000 : 11,365,000 :
. 18,262,000 : 19,205,000 :
.
6,250,000 : 6,730,000 :
LOANS
Riahmond
Washington
Baltimore
New Orleans
March,
1914.
175
,i335,593,000 :
69
25,405,000 :
23
60,312,000 :
17,285,000 :Decrease 13
•
DEPOSITS.
• ' 11,257,000 :
.
: 20,017,000 :
: 40,910,000 :
• 19,425,000 -:
25,705,000 :
128
42
28,491,000.:
42,553,000 :
4
16,857,000 iDecroase 13
In other words, the figures show that the national banks of Rich—
mond were lending on March 4, 1914, twice as much money as all the
national banks in the city of New Orleans, and 40 per cent more than
all the national banks of Washington.'
In the original decision of the committee the various economic
and otherfactors which entered into and determined the committee's
action were enumerated and need not be repeated here. This state—
ment is made for the purpose of disclosing some of the details which
influenced the Committee's findings.
On motion the meeting adjourned.
It\
Secretary.
Approved:
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Federal Reserve Bank of St. Louis
Chairman.
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Federal Reserve Bank of St. Louis
46
oa
DECISION OF THE
RESERVE BANK ORGANIZATION COMMITTEE
DETERMINING THE FEDERAL RESERVE DISTRICTS
AND THE LOCATION OF FEDERAL RESERVE
BANKS UNDER FEDERAL RESERVE ACT
APPROVED DECEMBER 23, 1913
APRIL 2, 1914
WITH STATEMENT OF THE COMMITTEE
IN RELATION THERETO
APRIL 10, 1914
WASHINGTON'
GOVERNMENT PRINTING OFFICE
1911
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Federal Reserve Bank of St. Louis
DECISION OF THE RESERVE BANK ORGANIZATION COMMITTEE DETERMINING THE FEDERAL RESERVE DISTRICTS
AND THE LOCATION OF THE FEDERAL RESERVE BANKS.
[Under the Federal Reserve Act approved December 23, 1913.]
The Federal Reserve Act directs the Reserve Bank Organization
Committee to "designate not less than eight nor more than twelve
cities to be known as Federal reserve cities"; to "divide the continental United States, excluding Alaska, into districts, each district
to contain only one of such Federal reserve cities," and to apportion
the districts "with due regard to the convenience and customary
course of business." The act provides that the districts may nut
necessarily be coterminous with any State or States.
In determining the reserve districts and in designating the cities
within such districts where Federal Reserve banks shall be severally
located, the organization committee has given full consideration to
the important factors bearing upon the subject. The committee
held public hearings in eighteen of the leading cities from the Atlantic to the Pacific and from the Great Lakes to the Gulf, and was materially assisted thereby in determining the districts and the reserve
cities.
Every reasonable opportunity has been afforded applicant cities to
furnish evidence to support their claims as locations for Federal
Reserve banks.
More than 200 cities, through their clearing-house associations,
chambers of commerce, and other representatives, were heard. Of
these, thirty-seven cities asked to be designated as the headquarters
of a Federal Reserve bank.
The majority of the organization committee, including its chairman
and the Secretary of Agriculture, were present at all hearings, and
stenographic reports of the proceedings were made for more deliberate
consideration. Independent investigations were, in addition, made'
through the Treasury Department, and the preference of each bank
as to the location of the Federal Reserve bank with which it desired
..ertained by an independent card ballot
to be connected was as,
addressed to each of the 7,471 national banks throughout the country which had formally assented to the provisions of the Federal
reserve act.
'Among the many factors which governed the committee in determining the respective districts and the selection of the cities which
have been chosen were:
First. The ability of the member banks within the district to provide the minimum capital of $4,000,000 required for the Federal
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Federal Reserve Bank of St. Louis
3
4
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
Reserve bank, on the basis of six per cent of the capital stock and
surplus of member banks within the district.
Second. The mercantile, industrial, and financial connections
existing in each district and the relations between the various portions of the district and the city selected for the location of the
Federal Reserve bank.
Third. The probable ability of the Federal Reserve bank in each
district, after organization and after the provisions of the Federal
Reserve Act shall have gone into effect,to meet the legitimate demands
of business, whether normal or abnormal, in accordance with the
spirit and provisions of the Federal Reserve Act.
Fourth. The fair and equitable division of the available capital
for the Federal Reserve banks among the districts created.
Fifth. The .general geographical situation of the district, transportation lines, and the facilities for speedy communication between
the Federal Reserve bank and all portions of the district.
Sixth. The population, area, and prevalent business activities of
the district, whether agricultural, manufacturing, mining, or commercial, its record of growth and development in the past and its
pIpspects for the future.
.'-,01`rn determining the several districts the committee has endeavored
-to follow State lines as closely as practicable, and wherever it has
been found necessary tp deviate the division has been along linos
which are believed to be most convenient and advantageous for the
district affected.
The twelve Districts and the twelve Cities selected for the location
of the Federal Reserve banks are as follows:
DISTRICT No. 1.
The New England States: Maine, New Hampshire,Vermont, Massachusetts,
Rhode Island, and Connecticut, with the city of Boston as the location of
the Federal Reserve bank.
This district contains 445 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Boston,on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in
the district, will amount to $9,924,543.
DISTRICT No. 2.
The State of New York, with New York City as the location of the Federal
Reserve bank.
This district contains 477 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of New York, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in the
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Federal Reserve Bank of St. Louis
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
5
district, will amount to $20,621,606; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $20,687,606.
DISTRICT No. 3.
The States of New Jersey and Delaware and all that part of Pennsylvania
located east of the western boundary of the following counties: McKean,
Elk, Clearfield, Cambria, and Bedford, with the Federal Reserve bank in
the city of Philadelphia.
This district contains 757 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Philadelphia, on the basis of six per cent
of the total capital stock and surplus of the assenting national
banks in the district, will amount to $12,488,138; and if there be
added six per cent of the capital stock and surplus of the State banks
and trust companies which have applied for membership up to
April 1, 1914, the total capital stock will be $12,500,738.
DISTRICT No. 4.
The State of Ohio; all that part of Pennsylvania lying west of district No.3;
the counties of Marshall, Ohio, Brooke, and Hancock,in the State of West
Virginia; and all that part of the State of Kentucky located east of the
western boundary of the following counties: Boone, Grant, Scott, Woodford, Jessamine, Garrard, Lincoln, Pulaski, and McCreary; with the city
of Cleveland, Ohio, as the location of the Federal Reserve bank.
This district contains 767 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal
Reserve Bank of Cleveland, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $12,007,384; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have applied for membership up to April 1, 1914, the total
capital stock will be $12,100,384.
DISTRICT No. 5.
The District of Columbia, and the States of Maryland, Virginia, North
Carolina, South Carolina, and all of West Virginia except the counties of
Marshall, Ohio, Brooke, and Hancock, with the Federal Reserve bank
located in the city of Richmond, Va.
This district contains 475 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal
Reserve Bank of Richmond, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $6,303,301; and if there be added six per cent of
the capital stock and surplus ,of the State banks and trust companies
which have applied for membership up to April 1, 1914, the total
capital stock will be $6,542,713.
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Federal Reserve Bank of St. Louis
6
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
DISTRICT No. 6.
The States of Alabama, Georgia, and Florida; all that part of Tennessee
located east of the western boundary of the following counties: Stewart,
Houston, Wayne, Humphreys, and Perry; all that part of Mississippi
located south of the northern boundary of the following counties: Issaquena, Sharkey, Yazoo, Kemper, Madison, Leake, and Neshoba; and all
of the southeastern part of Louisiana located east of the western boundary of the following parishes: Pointe Coupee, Iberville, Assumption, and
Terrebonne, with the city of Atlanta, Ga., as the location of the Federal
Reserve bank.
This district contains 372 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Atlanta, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $4,641,193; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $4,702,558.
DISTRICT No. 7.
that part of Wisconsin located south of the northern
The State of Iowa; all
boundary of the following counties: Vernon, Sauk, Columbia, Dodge,
Washington, and Ozaukee; all of the southern peninsula of Michigan,
viz, that part east of Lake Michigan; all that part of Illinois located north
of a line forming the southern boundary of the following counties: Hancock, Schuyler, Cass, Sangamon, Christian, Shelby, Cumberland, and
Clark; and all that part of Indiana north of a line forming the southern
boundary of the following counties: Vigo, Clay, Owen, Monroe, Brown,
Bartholomew, Jennings, Ripley, and Ohio, with the Federal Reserve bank
located in the city of Chicago, Ill.
This district contains 952 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank of Chicago, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the district, will amount to $12,479,876; and if there be added six per cent of
the capital stock and surplus of the State banks and trust companies
which have applied for membership up to April 1, 1914, the total
capital stock will be $12,967,701.
DISTRICT No. 8.
The State of Arkansas; all that part of Missouri located east of the western
boundary of the following counties: Harrison, Bayless, Caldwell, Ray,
Lafayette, Johnson, Henry, St. Clair, Cedar, Dade, Lawrence, and Barry;
all that part of Illinois not included in district No. 7; all that part of
Indiana not included in district No. 7; all that part of Kentucky not included in district No. 4; all that part of Tennessee not included in district
No.6; and all that part of Mississippi not included in district No. 6, with
the city of St. Louis, Mo., as the location of the Federal Reserve hank.
This district contains 458 national banks which have accepted the
provHons of the Federal Reserve Act. The capital stof.lc of the
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Federal Reserve Bank of St. Louis
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
7
Federal Reserve Bank of St. Louis, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in
the district, will amount to $4,990,761; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
)
companies which have applied for membership up to April 1, 1914
6.
the total capital stock will be $6,367,00
DISTRICT No. 9.
The States of Montana, North Dakota, South Dakota, Minnesota; all that
part of Wisconsin not included in district No. 7, and all that part of Michigan not included in district No. 7, with the city of Minneapolis, Minn., as
the location of the Federal Reserve bank.
This district contains 687 national banks, which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank of Minneapolis, on the basis of six per cent of the
total capital stock and surplus of the assenting national banks in the
district; will amount to $4,702,925.
DISTRICT No. 10.
or
The States of Kansas, Nebraska, Colorado, and Wyoming; all that part
in district No. 8; all that part of Oklahoma north of
Missouri not included
a line forming the southern boundary of the following counties: Ellis,
Dewey, Blaine, Canadian, Cleveland, Pottawatomie, Seminole, Okfuskee,
McIntosh, Muskogee, and Sequoyah; and all that part of New Mexico
north of a line forming the southern boundary of the following counties:
McKinley, Sandoval, Santa Fe, San Miguel, and Union, with the city of
Kansas City, Mo., as the location of the Federal Reserve bank.
This district contains 836 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Kansas City, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $5,590,015; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
)
companies which have applied for membership up to April 1, 1914
7.
the total capital stock will be $5,600,97
DISTRICT No. 11.
The State of Texas; all that part of New Mexico not included in district No.
10; all that part of Oklahoma not included in district No. 10; all that part
in
of Louisiana not included in district No. 6; and the following counties
of Arizona: Pima, Graham, Greenlee, Cochise, and Santa Cruz,
the State
with the city of Dallas, Tex., as the location of the Federal Reserve bank.
This district contains 731 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the
Federal Reserve Bank of Dallas, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the
district, will amount to 85,540,020; and if there be added six per cent
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Federal Reserve Bank of St. Louis
8
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
of the capital stock and surplus of the State banks and trust companies which have applied for membership up to April 1, 1914, the
total capital stock will be $5,653,924.
DISTRICT No. 12.
The States of California, Washington, Oregon, Idaho, Nevada, and Utah,
and all that part of Arizona not included in district No. 11, with the city
of San Francisco, Cal., as the location of the Federal Reserve bank.
This district contains 514 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal Reserve Bank Of San Francisco, on the basis of six per cent of
the total capital stock and surplus of the assenting national banks in
the district, will amount to $7,825,375; and if there be added six per
cent of the capital stock and surplus of the State banks and trust
companies which have applied for membership up to April 1, 1914,
the total capital stock will be $8,115,494.
The committee was impressed with the growth and development of
the States of Idaho, Washington, and Oregon, but on the basis of six
per cent of the capital stock and surplus of national banks and State
banks and trust companies which have applied for membership, that
section could not provide the $4,000,000 minimum capital stock
required by the law. With the continued growth of that region it is
reasonable to expect that in a few years the capital and surplus of
its member banks will be sufficient to justify the creation of an additional Federal Reserve district, at which time application may be
made to the Congress for a grant of the necessary authority.
It is no part of the duty of the organization committee to locate
branches of the Federal Reserve *banks. The law specifically provides that "each Federal Reserve bank shall establish branch banks
within the Federal Reserve district in which it is located." All
the material collected by the committee will be placed at the disposal of the Federal Reserve banks and the Federal Reserve Board
when they are organized and ready to consider the establishment of
branch banks.
Reference is made to the Map of the Districts and to tables A, B,
C, D, E, and F hereto attached.
W. G. McApoo,
D. F. HOUSTON,
JNO. SKELTON WILLIAMS,
Reserve Bank Organization Committee
WASHINGTON, D. C., April 2, 1914.
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Federal Reserve Bank of St. Louis
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DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
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asdeterrnined by the
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Reserve BanK Organization.
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Federal Reserve Bank of St. Louis
C.0
TABLE A.—Showing subscriptions to stock of Federalreserve banks by national banks, State banks, and trust companies, with area and population ofeach
district.
[PART 1.)
National banks March 4, 1914.
Districts.
District
No.
1
2
3
4
5
6
7
8
9
10
11
12
Including State banks and trust companies that have applied for membership up to April 1, 1914.
Federal reserve cities.
Land area
in square
miles.'
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
Total
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Federal Reserve Bank of St. Louis
Population.1
61,976 6,552,681
47,654 9,113,614
40,449 7,932,065
72,693 8,326,6438
152,931 8,519,310
233,821 8,677,288
171,306 12,348,767
194,767 8,747,662
433,281 5,195,886
450,831 5,671 051
430,329 5,797,970
683,852 5,049,304
2,973,890 91,972,266
Number of
banks.
Capital and
surplus.
445 $165,409,043
477
343,693.437
757
204,135,631
767
200,123,060
475
105,055,023
372
77.353,221
952
207,997,941
83,179,348
458
78.382.081
687
836
93.160,912
731
92.333.673
514
130,422,921
7,471 1,785.252,291
united States census of 1910.
6 per cent Number of
subscription. banks.
89.924,543
20.621.606
12.488,138
12,007,384
6.303,301
4.641.193
12.479,876
4.900,761
4.702.925
5,590,015
5,540,020
7.815.375
107,115,137
Capital and
surplus.
445 ' $165.409,043
344.793.437
478
758
208,345,631
769
201,673,060
109,045.223
484
382
78,375,971
216,128,363
967
106,116,764
469
687
78.382.081
93,349.612
839
94,232,073
737
135.258,231
529
7,544 1,831.109,489
6 per cent
subscription.
$9.924,543
20.687,606
12,500,738
12,100,384
6.542,713
4,702.558
12,9(37,701
6.367,006
4.702.925
5.600,977
5.653,924
8.115.494
109.866,569
TABLE A.
-Showing amount due to and due from banks, amount of individual deposits and all deposits, also cash in vault,for all national banks
in each Federal reserve district as of March 4, 1914.
[PART 2.]
District
No.
1
2
3
4
5
6
7
8
9
10
11
12
Federal reserve cities.
Boston
New York
Philadelphia
Cleveland.
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City, Mo
Dallas
San Francisco
Total
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Federal Reserve Bank of St. Louis
Total due to
banks.
Total due from Net balance
due to
banks.
banks.
Net balance
due from
banks.
Per
capita
deposit.
$125,087,628
192,806,668
189,222,922
170,831707
72,983:655
61,442,028
278,661,678
92,813,994
104,873,520
134,726,219
78,083,730
122,927,748
1,624,461,497
921,493,749
$500,636,637
1,191,533,728
718,185,010
654,985,827
317,659,065
215,744,303
811,307,271
241,740.690
389,088,959
365,978,140
252,490,607
449,274,574
$631,336,974
2,061,858,058
937,181,166
851,157,633
399,579,841
262,318,818
1,265,208, 464
378,858,307
475,684,697
521,318,350
307,130,732
573,243,0.51
$96 $53,354,398
226 359,715,324
77,909,120
118
102 75,287,748
47 25,524,694
30 18,752,412
102 150,414 811
43 40,866,167
92 34,917,883
92 44,118,906
53 25,979,225
113 60,077,300
76,711,751
6,103,624,811
8,664,896,091
94 966,917,988
$275,495
670,607,617
25,103,462
15,441,775
2,472,243,495
All deposits.
26,911,177
2,739,407
$125,363,123
863,414,285
214,326,384
186,273,482
71,963,378
39,603,415
441,078,660
131,446,049
80,671 243
42 582
146,7 :
. 51,172,553
120,188,341
Individual
deposits.
$1,020,277
21,838,613
162,416,982
38,632.055
24,202,277
12,016,363
Cash in
vault.
TABLE B.-Number of national banks on September 9, 1905, and August 9, 1913, with increase or decrease; also amount of capital stock and surplus,
loans and discounts, and individual deposits (in thousands), with amount and percentage of increase or decrease.
1903 1913
New York, N.Y
Chicago, Ill
Philadelphia,Pa
Boston, Mass
Pittsburgh, Pa
San Francisco, Cal
St. Louis, Mo
Cincinnati, Ohio
Baltimore, Md
Cleveland, Ohio
Minneapolis, Minn
Kansas City, Mo.
Washington, D. C
St. Paul, Minn
Richmond,'Va.'
Indianapolis, Ind
Atlanta, Ga.'
New Orleans, La
Louisville, Ky
Denver, Colo
Houston, Tex
Portland, Oreg
Omaha, Nebr
Dallas, Tex.
Seattle, Wash.2
Fort Worth, Tex.'
Columbus, Ohio
Nashville, Tenn.1
Spokane, Wash.'
Birmingham, Ala.'
Des Moines, Iowa
Charlotte, N. C.
1
Columbia, S. C
Savannah, Ga
Memphis, Tenn.'
Lincoln, Nebr
Kansas City, Kans...
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Federal Reserve Bank of St. Louis
43
12
34
32
35
7
7
13
19
13
5
6
11
6
5
7
4
6
8
5
6
3
7
4
5
6
6
4
4
2
4
4
2
2
4
3
2
Nonreserve cities.
36
9
32
17
22
9
.7
8
16
7
6
12
11
4
8
5
6
5
8
6
6
5
7
5
6
8
8
5
5
2
4
5
5
2
3
4
2
Increase
or de.
crease.'
1903
1913
-- 7 5173,185 $249,305
__ 3
38,625
69,050
45,630
62,065
'-- 2
46,836
48,081
--15
45,200
48,514
--13
11,238
44,880
2
25,910
29,140
14,405
20,350
-- 5
18,926
-- 3
19,760
14,400
-- 6
15,372
1
6,120
13,710
6
3,855
11,650
6,102
11,165
-- 2
5,036
9,600
3
2,970
9,484
-- 2
5,860
9,410
2
2,330
8,600
-- 1
5,790
8,230
6,497
8,225
1
3,250
7,538
2,350
7,050
2
1,250
6,675
3,820
6,560
1
2,168
5,900
1
1,460
5,560
2
1,845
4,950
2
3,270
4,673
1
2,389
4,198
1
890
4,172
815
3,114
1,060
3,055
1
1,167
1,850
3
750
1,825
975
1,600
-- 1
1,600
1,590
559
1
1,330
1,470
800
2
Increase
or de- Per cent.
crease.'
$76,120
30,425
16,435
1,245
3,314
33,642
3,230
5,945
834
--972
7,590
7,795
5,063
4,564
6,514
3,550
6,270
2,440
1,728
4,288
4,700
5,425
2,740
3,732
4,100
3,085
1,403
1,809
3,282
2,299
1,905
683
1,075
625
-- 10
771
--670
Not a reserve city in 1903.
Individual deposits.
Loans and discounts.
Capitaltuadsurplus.
44
79
36
2.7
7.3
300
13
41.3
4.4
-- 6.5
124
203
83
91
219
60
269
42
26.6
132
200
434
72
172
281
165
43
76
370
282
190
58
143
64
-- 0.6
137
--45.5
1903
1913
Increase
or de- Per cent.
crease.'
$631,565 $936,908 5305,343
181,416
329,024
147,608
142,378
218,746
76,368
156,869
189,872
33,003
115,086
129,802
14,716
27,658
113,959
86,301
89,312
109,161
.19,849
41,543
53,443
11,900
47,222
63,703
16,481
49,155
60,945
11,790
20,898
55,281
34,383
38,735
69 673
30,938
14,343
26,834
12,491
14,870
34,188
19,318
11,372
34,732
23,360
17,850
28,420
10,570
10,128
26,856
16,728
17,389
24,467
7,078
15,800
25,553
9,753
15,292
29,212
13,920
6,923
25,612
18,689
5,880
21,947
16,067
16,020
32,810
16,790
6,388
19,816
13,428
8,616
25,857
17,241
4,803
15,507
10,704
11,639
17,429
5,790
7,850
17,335
9,485
4,847
16,056
11,209
4,629
9,697
5,068
5,071
13,485
8,414
3,354
6,364
3,010
2,029
7,3115,2
2,090
3,339
1,249
7r990
5,523
--2,467
3,040
6,314
3,274
4,225
4,263
38
48
81
53
21
13
313
22
29
35
24
164
80
89
130
207
60
165
41
61
91
270
273
105
210
200
223
50
121
230
110
166
90
264
59.7
--31
107
1
1903
1913
Increase
or de- Percent.
crease.'
$450,732 $636,544 $185,812
125,352
202,335
76,983
122,387
162,437
40,050
118,670
171,327
52,657
86,146
113,796
27,650
21,860
88,894
67,034
46,752
61,380
14,628
32,320
38,459
6,139
32,191
44,547
12,356
27,656
46,110
18,454
13,590
42,930
29,340
27,085
40,600
13,515
26,319
18,699
7,620
14,990
29,712
14,722
9,668
24.391
14,723
22,790
18,033
4,757
8,703
20,842
12,139
16,675
20,611
3,936
10,540
20,766
10,226
29,691
35,587
5,896
6,794
22,597
15,803
8,619
23,751
15,132
14,608
27,731
13,123
5,915
18,918
13,003
12,297
28,931
16,634
3,934
11,707
7,773
12,582
21,597
9,015
6,132
14,759
8,627
6,366
16,436
10,070
5,367
9,604
4,237
2,803
6,669 . 3,866
2,435
4,421
1,986
2,002
5,062
3,060
703
1,358
655
6,869
4,276
--2,593
2,649
4,717
2,068
2,306
2,765
459
'Minus(-)shows decrease; other changes show increase.
41
62
33
45
32
308
32
19
38
67
216
50
40
99
152
27
140
24
97
20
233
176
90
220
135
199
72
140
158
79
138
83
153
93
-37.7
78
XI
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
Number of national
banks.
TABLE C.- Total loans and discounts by geographical divisions, made by national banks in the cities named as of January 13,1914. Compiled from
spccial statements submitted to the Comptroller of the Currency.
Eastern States.
Southern States.
Middle Western States.
Western States.
Pacific States.
Total loans.
Amount. Per cent.
New York.
Chicago
Philadelphia
Boston
Pittsburgh.
San Francisco
St. Louis
Kansas City, Mo
Cleveland
Baltimore
Minneapolis
Buffalo
Cincinnati
Los Angeles
St. Paul
Richmond
Omaha
Washington
Atlanta
Louisville
Providence
Seattle
Albany
Houston
Portland, Oreg
Hartford
Dallas
New Orleans
Nashville
Brooklyn
.
stemphis
$920,804,000 $36,819,000
303,498,000 2,055,000
219,044,000 3,789,000
190,973,000 145,411,000
785,000
126,358,000
63,000
1 104,696,000
104,006,000 1,240,000
15,000
67,237,000
385,000
60,763,000
278,000
59,435,000
58,021,000
660,000
55,084,000
313,000
52,290,000
47,98.5,000
155,000
38,018,000
125,000
35,721,000
125,000
31,536.000
11,000
27,790,000
120,000
26,916,000 L
26,452,000
25,032,000 1 15,442,000
85,000
24,486,000
778,000
23,950,000
23,659,000
21,446,000
21,202,000 16,019,000
10,000
19,731,000
19,677,000
18,031,000
69,000
17,437,000
7,977,000
Amount.
4.00 $654,822,000
7,027,000
.68
1.73
188,594,000
18,137,000
76.14
.62
119,999,000
1,125,000
.06
3,769,000
1.19
304,000
.02
3,566,000
.63
.47
50,893,000
332,000
1.20
49,061,000
2,145,000
.60
935,000
1,306,000
.40
1,619,000
.35
567,000
.40
.04
26,620,000
277,000
45
77,000
4,674,000
61.69
.35
568,000
22,134,000
3.25
205,000
47,000
1,384,000
75.55
214,000
.05
171,000
25,000
16,659,000
.39
6,000
Per cent.
Amount. Per cent.
71.12 $86,843,000
2.31 17,736,000
86.10 9,398,000
• 9.50 4,779,000
598,000
94.97
30,000
1.08
3.62 13,593,000
.43 6,419,000
186,000
5.87
85.63 6,891,000
25,000
.57
314,000
89.07
4,017,000
4.10
20,000
1.95
187,000
3.43
4.53 33,473,000
200,000
1.79
915,000
95.79
1.03 26,117,000
29 25,342,000
536,000
18.67
161,000
t32
180,000
92.42
87 23,391,000
15,000
.21
1,050,000
6.53
1.08 19,123,000
87 19,477,000
14 17,735,000
17,000
95.54
7,913,000
07
Amount.
9.43 $116,424,000
5.85 257,427,000
16,013,000
4.29
19,731,000
2.50
4,410,000
.47
1,130,000
.03
80,208,000
13.07
38,101,000
9.55
56,303,000
.31
1,359,000
11.59
52,657,000
.04
4,858,000
.57
45,699,000
7.68
231,000
.04
.48
32,157,000
489,000
93.71
2,172.000
.63
3.29
81,000
397,000
97.03
1,026,000
95.80
2.14
3,586,000
1,444,000
.66
721,000
.75
25,000
98.86
382,000
.08
2,301,000
5.00
251,000
96.92
20,000
98.98
271,000
98.36
.10
562,000
58,000.
99.20
Per cent.
Amount. Per cent. Amount. Per cent.
12.64 $12,668,000
84.82 11,358,000
580,000
7.31
1,419,000
10.33
382,000
3.49
25,000
1.08
77.12 4,701,000
56.69 21,804,000
208,000
92.66
6,000
2.29
4,745,000
90.76
150,000
8.82
56,000
87.40
90,000
.48
84.62 2,751,000
5,000
1.37
6.89 28,212.000
24,000
.29
5,000
1.47
7,000
3.88
436,000
14.33
244,000
5.89
85,000
3.01
38,000
.11
8,000
1.78
287,000
10.85
130,000
1.28
.10
1.50
5,000
3.22
73
1.38 $13,228,000
7,895,000
3.74
670,000
.27
1,496,000
.74
184,000
.30
.02 102,323,000
495,000
4.52
594,000
32.43
115,000
.34
8,000
.01
262,000
8.18
41,000
.27
60,000
.11
.19 46,709,000 •
1,462,000
7.23
10,000
.01
260,000
89.46
139,000
.09
.02
.03
358,000
1.74
1.00 21,984,000
52,000
.35
.16
.04 20,994,000
152,000
1.35
3,000
.66
9,000 '
.03
125,000
1.43
2.60
.30
.79
.15
97.73
.48
.88
.19
.01
.45
.07
.11
97.34
3.84
.03
.83
.50
1.43
89.78
.22
97.89
.72
.01
.05
.72
States. Foreign loans are not
NOTE.
-The above statement has been compiled from special statements made to the Comptroller of the Currency showing all loans in the United
minor items.
included. The differences between this statement and the abstract of Jan. 13,1914,are made up of foreign loans, bonds loaned and otheryears, is as follows: New England States:
of the comptroller's office for the past 18
The above classification by geographical groups, which has been observed in the reports
Maryland,and District of
Maine,New Hampshire,Vermont, Massachusetts Rhode Island, and Connecticut. Eastern States: New York, New Jersey, Pennsylvania, Delaware,
Arkansas, Kentucky, and TenColumbia. Southern States: Virginia,West Virginia, North Carolina South Carolina, Georgia, Florida, Alabama, Mississippi, Louisiana,Texas,
Nebraska, Kansas,
nessee. Middle Western States: Ohio,Indiana, linois, Michigan, Wiscoasin, Minnesota, Iowa,and Missouri. Western States: North Dakota,South Dakota,
Alaska.
Montana,Wyoming,Colorado, New Mexico,and Oklahoma. Pacific States: Washington, Oregon,California,Idaho, Utah, Nevada,Arizona,and
2 Includes $1,075,000 not localized.
I $7,457,000 less than abstract Jan. 13, which included report from branches.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
New England States.
CAD
TABLE D.-Showmg bank and trust company credit balances with the national banks in some of the principal cities of the United
amounts loaned by the national banks in the same cities to their correspondent banks; also bought paper and collateral loans toStates; also showing
noncustomers of the .
lending banks, securities owned, and cash reserve In vaults, as of dates named.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
Amount loaned ;
to all banks Per cent Bought paper,
Amount on
deposit from and trust com- loaned stock-exchange Bonds and sepanies on bills banks Jan. loans, etc., curities(exclu- Reserve in
all'banks and payable, and
trust comCities.
13, 1914, made by na- sive of bonds vaults(specie
panies through- rediscounts,in- to bank tional banks to for circulation) and legal
cluding inditenders),
out the United rect loans with deposits noncustomers held by naStates, Feb. guarantee of Feb. 14, throughout the tional banks, Jan. 13,1914.
United States,, Jan. 13, 1914.
14,1914.
1914.
directors, etc.,
Jan. 13, 1914.
Jan. 13,1914.
1
New York
$742,386,939
$59,107,399
7.96 5263,803,618 , $165,827,533
$313,586,128
Chicago
278,824,567
25,663,706
9.20
29,716,830
31,734,647
88,732,480
Philadelphia.
173,584,687
6,859,243
3.95
38,289,408
37,837,529
43,280,798
Boston
97,136,156
3,695,480
3.80
47,402,893
19,958,013
32,661,707
St. Louis
90,430,968
14,271,230
15.78
16,840,657 '
6,326,699
•
26,880,206
1,382,363,317
109,597,058
7.92
396,053,406
261,684,421
505,141,319
Pittsburgh
79,314,345
710,415
.89
16,808,600
37,565,648
24,301,181
Kansas City, Mo
54,835,438
18,844,099
34.36
4,869,204
4,035,117
8,703,544
San Francisco 1
45,859,188
3,296,431
7.19
13,850,432
17,859,369
18,683,813
Albany
39,528,280
276,052
.70
1,815,045
8,340,938
4,756,442
Cleveland
36,746,820
1,163,551
3.17
6,177,657
6,684,800
10,025,546
Cincinnati
32,593,232
1,955,816
6.00
7,675,667
13,281,317
8,859,630
Minneapolis
31,316,864
2,620,504
8.37
2,449,329
3,649,749
7,365,849
Baltimore
27,421,904
2,404,815
8.04
4,989,093
9,120,902
8,715,311
Omaha.
18,533,959
5,768,762
31.12
3,507,878
2,675,002
4,596,702
Los Angeles
16,290,131 r
1,374,958
8.44
2,267,638
5,212,186
8,178,093
St. Paul
16,002,069
792,594
4.95
12,637,337
8,0.36,166
6,425,836
Houston
12,616,553
1,865,678
14.79
1,685,948
1,366,532
3,596,044
Louisville
11,750,490
2,204,727
18.76
1,879,833
5,525,095
3,322,604
Buffalo
11,388,536
109,557
.96
3,298,005
13,297,773
4,471,788
Richmond
10,970,068
1,629,449
14.85
4,257,528
2,444,639
2,276,451
'Portland, Oreg
8,427,674
572,100
6.79
1,574,059
5,437,032
5,387,374
Seattle
7,518,865
602,937
8.02
3,061.21 5
,
4,937,661
4,654,524
New Orleans
7,229,470 .
1,134,102
15.70
1,234,109
5,587,233
2,830,769
Dallas
6,237,357
1,385,687
22.21
587,558
1,293,061
2,546,927
Nashville...
5,536,719
1,158,622
20.91
489,888
91,632
1,164,930
Washington '
5,516,705
1,714,076
31.07
3,266,983
9,790,823
4,053,193
Atlanta
4,436,974
892,612
20.12
865,180
1,408,350
1,855,427
Brooklyn
4,017,811
10,000
.25
4,124,955
5,684,913
4,322,537
Memphis
2,377,836
496,006
20.86
458,088
128,081
1,189,721
Providence
1,983,787
125,000
6.30
13,518,890
6,336,469
1,804,614
Hartford
835,334
9,850,001
1,367,390
1,348,465
The cities included in the above list are all either central reserve or reserve cities, except the cities of Buffalo, N. Y.; Providence, R. I.; Hartford, Conn.;
Richmond, Va.;
Atlanta, Ga., Memphis and Nashville, Tenn., which are not reserve cities.
I Does not include loans and deposits from banks, in other cities, of branches of Bank of California, N. B. A.
TABLE E.
-Statement showing population,capital and surplus, individual deposits, and loans and discounts of all national banks, as of March 4, 1914,
in the 37 cities which asked to be designated as Federal reserve cities.
Popula- Number Capital and
don.' of banks. surplus.
670,585
1. Boston
4,766,883
2. New York
1,549,008
3. Philadelphia
560,663
4. Cleveland
363,591
5. Cincinnati
181,511
6. Columbus
533,905
7. Pittsburgh
41,641
8. Wheeling
558,485
9. Baltimore
331,069
10. Washington
127,628
11. Richmond
34,014
12. Charlotte
26,319
13. Columbia
154,839
14. Atlanta
65,064
15. Savannah
223,928
16. Louisville
132,685
17. Birmingham
38,136
18. Montgomery
44,604
19. Chattanooga
131,105
20. Memphis
339,075
21. New Orleans
2,185,283
22. Chicago
687,029
23. St. Louis
24. Minneapolis...301,408
214.744
25. St. Paul
248,381
26. Kansas City, Mo..
124,096
27. Omaha
213,381
28. Denver
43,973
29. Lincoln
92,104
30. Dallas.
73,312
31. Fort Worth
78,800
32. Houston
416,912
33. San Francisco
237,194
34. Seattle
207,214
35. Portland
104,402
36. Spokane
92,777
37. Salt Lake City
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
15
35
32
7
8
8
21
2
15
11
7
5
5
6
2
8
2
4
3
3
4
9
7
6
5
12
7
6
4
5
7
6
9
6
5
5
6
'United States census of 1910.
$47,896,000
248,505,000
62,215,000
14,400,000
20,350,000
4,685,500
46,714,000
1,700,000
19,205,720
11,365,000
9,314,392
1,850,000
1,887,500
8,600,000
1,600,000
8,280,000
3,300,000
2,515,000
2,975,000
2,140,000
6,730,000
69,050,000
29,140,000
13,710,000
9,887,081
11,660,000
6,570,000
7,545,000
1,330,000
5,900,000
4,275,000
7,125,000
45,185,000
5,596,500
6,780,000
4,175,000
3,482,500
Individual
deposits.
Per
capita.
$71 $176,088,004
52 771,724,999
40 184,643,392
25
40,479,025
56 39,154,843
25
21,853,183
88 120,260,088
40
4,331,394
34 42,553,451
28,491,402
34
73 25,705,866
54
4,578,573
72
6,398,138
24,348,912
56
24
1,443,161
37 20,430,574
9,995,561
25
6,115,197
66
66 10,109,930
7,511,216
16
20 16,857,832
31 211,558,247
42 61,685,925
45,453,532
45
46 35,788,142
47 40,415,210
53 27,258,869
35
34,124,272
4,439,212
32
18,551,847
64
11,629,158
58
90 25,013,951
95,756,484
108
23 29,498,646
32 22,595,277
40
16,156.830
37 11,103,182
$268
161
119
72
108
120
225
104
76
86
.201
135
243
157
22
91
75
160
226
57
50
97
90
150
167
162
220
160
101
201
159
317
230
124
109
155
120
Per
capita.
Loans and
discounts.
$200,480,934
1,082,272,650
232,906 822
62,588,735
55,761,638
17,169,907
124,568,231
4,915,613
60,312,953
25,405,554
35,593,044
6,785,057
7,322,262
26,038,731
3,244,938
27,999,427
10,449,274
5,658,213
11,565,519
7,014,359
17,285,254
335,820,233
102,138,744
57,973,491
37,437,913
66,205,054
32,848,397
28,022,377
6,066,192
18,622,564
12,632.408
25,923,087
120,287,608
23,948,338
20,173,774
13,985,084
11,791,043
Per
capita.
$299
227
153
112
153
91
233
111
10E
77
279
19
27E
168
5(
121
71.
14E
251
51
51
159
149
191
179
261
261
131
13E
202
171
321
280
101
91
131
121
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
Location.
TABLE F.
-Statement showing population, capital and surplus, individual deposits, and loans and discounts of all reporting banks (National, State,
savings, and loan and trust companies), as of June 4, 1918, in the 87 cities which asked to be designated as Federal reserve cities.
1. Boston
2. New York
3. Philadelphia
4. Cleveland
5. Cincinnati
6. Columbus
7. Pittsburgh
8. Wheeling
9. Baltimore
10. Washington
11. Richmond.
12. Charlotte
13. Columbia
14. Atlanta
15. Savannah
16. Louisville
17. Birmingham
18. Montgomery
19. Chattanooga
20. Memphis
21. New Orleans
22. Chicago
23. St. Louis
24. Minneapolis.
25. St. Paul
26. Kansas City, Mo..
27. Omaha
28. Denver
29. Lincoln
30. Dallas
31. Fort Worth.
32. Houston
33. San Francisco
34. Seattle
35. portland
36. Spokane
37. Salt Lake City
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Population.'
670,585
4,766,883
1,549,008
560,663
363,591
181,511
533,905
41,641
558,485
331,069
127,628
34,014
26,319
154,839
65,064
223,928
132,685
38,136
44,604
131,105
339,075
2,185,283
687,029
301,408
214,744
248,381
124,006
213,381
43,973
92,104
73,312
78,80(1
416,912
237,194
207,214
104,402
92,777
Number
of banks
and trust Capital and
surplus.
companies.
60 $100,779,114
142
563,221,701
100
177,448,741
41,635,100
35
39
31,813,107
21
7,099,000
130,037,145
83
4,949,303
11
55
47,952,469
36
29,161,731
16,810,955
26
7
2,680,000
9
2,365,318
28
15.313,448
16
8,129,605
18
15,100,297
11
6,685,620
9
3,396,762
4,294,114
10
22
7,346,214
19
20,532,500
151,882,559
88
72,222,500
44
20,731,391
33
20
11,260,845
30
17,415,500
8,165,000
14
31
11,489,551
2,042,000
15
13
9,997,000
18
6,667,724
13
13,599,100
45
73,623,325
32
11,567,020
22
12,097,718
18
7,660,876
18
7,838,696
1 United States census of 1910.
Per
capita.
Individual
deposits.
$150 $661,950,254
118 2 866 351 069
592,533,612
114
74
271,693,217
98,178,794
87
30,498,790
39
350,298,872
243
118
18,845,965
190,679,440
85
72,552,236
88
35,371,126
131
6,616,642
78
89
5,894,711
28,371,032
98
125
20,622,523
41,437,599
67
50 ' 23,182,608
89
6,018,942
96
15,166,950
23,343,841
56
60
70,854,415
682,498,992
69
105
205,443,737
78,258,930
68
40,490,496
52
66,562,431
70
28,038,694
65
53
57,371,171
7.253,010
46
24,808,891
108
90
14,375,274
172
20,551, 714
176
313,153,942
48
67,527,325
58
56,805,140
73
25,821,751
84
33,623,153
Per
capita.
$987
601
382
484
270
168
656
452
341
219
277
194
223
183
316
185
174
157
340
179
209
312
299
260
189
268
226
269
165
269
196
329
752
285
274
249
362
Loans and
discounts.
$561,625,627
2,306,503,682
413,298,566
188,499,403
88,845,791
24,186,704
291,668,678
16,802,317
118,912,253
63,012,066
50,004,572
9,242,936
8,511,384
33,494,035
28,061,700
38,701,079
21,494,705
7,756,141
16,355,760
24,442,321
64,845,722
690,799,087
233,385,655
82,720,056
42,322,465
91,686,871
34,989,699
41,365, 143
8,690,240
27,517,338
16,861,631
32, 775,530
281,447,424
48,963,007
44,132,644
23,235,697
30,676,029
Per
capita.
$803
483
266
336
244
133
547
405
213
190
393
271
326
216
431
172
162
204
366
186
194
315
339
274
197
370
282
194
198
299
231
415
675
206
213
223
330
DECISION OF RESERVE BANK ORGANIZATION COMMITTEE.
Location.
ON APRIL 10, 1914,THE FEDERAL RESERVE BANK ORGANIZATION
COMMITTEE MADE PUBLIC THE FOLLOWING STATEMENT RELATING TO ITS DECISION OF APRIL 2, 1914, DEFINING THE
BOUNDARIES OF THE FEDERAL RESERVE DISTRICTS AND
DESIGNATING THE LOCATION OF THE FEDERAL RESERVE
BANKS.
WASHINGTON, D. C., April 10, 1914.
imposed on the committee the duty of dividing the
Congress
country into not less than 8 nor more than 12 districts, and the
location of a Federal reserve bank in each. Thirty-seven cities asked
to be chosen. The committee could select at most only 12. Necessarily 25 cities had to be disappointed.
Following its policy declared at the very outset, the committee
refused to be influenced by the purely local and selfish claims of cities
or individuals, and discharged the duty imposed upon it by Congress
after exhaustive investigation and study of the entire country, with
unbiased minds and according to its best judgment. With so many
conflicting claims, somebody had to judge. Congress constituted
the committee a court and gave the Federal Reserve Board the
power of review. Disappointed competitors should seek a remedy
through the orderly processes the law prescribes.
Considerable comment has been occasioned by the failure of the
committee to create districts suggested by New Orleans, with New
Orleans as the location for a reserve bank; by Baltimore, with Baltimore as the location for a reserve bank; by Omaha, with Omaha as
the location for a reserve bank; and by Denver, with Denver as the
location for a reserve bank.
The committee realized that the division of the country into districts was far more important and complex than the designation of
the reserve cities, and that the latter duty was subsidiary and rela-.
tively simple, waiving considerations of local pride or prestige. In
arranging the districts the consideration of the character and growth
of industry, trade, and banking, no less than the traditions, habits,
and common understandings of the people was much more intimately
involved.
It became clear, in the hearings, that comparatively few pdople
realized, or seemed to realize, what the act was intended to accomplish; what the nature and functions of the reserve banks were to be;
and how little change would occur in the ordinary financial relations
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Federal Reserve Bank of St. Louis
17
18
STATEMENT OF RESERVE BANK ORGANIZATION COMMITT
EE.
of the communities, the business establishments, and the individual
banks.
Critics of the decision of the committee reveal misunderstanding
in these directions, and either do not know, or appear not to know,
that the Federal reserve banks are bankers' banks and not ordinary
commercial banks; that they are to hold the reserves and to clear
the checks of member banks, make rediscounts for them, and engage
in certain open-market operations. As a matter of fact, the ordinary
every-day banking relations of the community, of business men,
and of banks will not be greatly modified or altered. The purpose
of the system is to remove artificiality, promote normal relations,
and create better conditions under which everybody will transact
business.
Every city can continue to -do business with individuals, firms, or
corporations, within its own limits, or in its own region, or in any
other part of the Union or the world in which it has heretofore done
business.
Reserves are to be held in a, new way and in new places, so far as
this act controls them, but banking and business generally will no
more be confined within districts than heretofore, and it is simply
misleading for any city or individual to represent that the future of
a city will be injuriously affected by reason of its failure to secure
a Federal reserve bank. Every city which has the foundations for
prosperity and progress will continue to grow and expand, whether it
has such a reserve bank or not, and well-informed bankers,especially,
are aware of this.
The facts which the committee had to consider will throw light on
its decision in reference to these cities.
NEW ORLEANS' CLAIMS.
New Orleans selected a district extending from New Mexico to the
Atlantic Ocean, including all of Texas, Louisiana, Mississippi,
Alabama, Florida, Georgia, and that part of Tennessee south of tha
Tennessee River.
It was represented by Texas that it would do great violence to her
trade to connect her with New Orleans. It was claimed, and evidence
was submitted in support of the claim, that her trade was with her
own cities or with Kansas City and St. Louis. In a poll of the banks
of Texas made by the Comptroller of the Currency, 212 banks expressed a first choice, 121 a second choice, and 30 a third choice for
Dallas. No bank in Texas expressed a first choice for New Orleans,
only 4 a second choice, and 44 a third choice. The whole State
protested against being related to New Orleans.
The banks of Alabama generally desired to be connected either
with Birmingham or Atlanta, only three expressing a first choice for
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Federal Reserve Bank of St. Louis
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
19
New Orleans. The banks of Georgia desired to be connected with
Atlanta, none expressing a first or second choice for New Orleans,
and only 12 a third choice. They represented that it would do violence to them to be connected with a city to the west and claimed
that their relations were mainly with Atlanta or cities to the northeast. Of 44 banks in Florida 19 gave Atlanta as their first choice,
19 as their second choice, and 5 as their third choice. Only 5 expressed a first preference for New Orleans, and these were in the
western corner, 4 a second choice, and 3 a third choice. No bank in
Tennessee expressed a first or second choice for New Orleans, and
only 2 a third choice, while 7 expressed a first choice for Atlanta, 14
a second choice, and 13 a third choice. Generally speaking, the only
banks which desired to be connected with New Orleans and expressed
a first preference for her were 25 of the 26 banks reporting in Louisiana, and 19 of the 32 in Mississippi. On a poll made from the
comptroller's office of all banks expressing their preference as to the
location for a Federal reserve city, 124 expressed a first preference for
Atlanta, 232 for Dallas, and only 52 for New Orleans. The views of
the bankers were supported by chambers of commerce, other business
organizations, and by many business men.
It will thus be seen that if the committee was to give weight to the
views of business men and bankers in the section of the country
affected, to consider the opposition of the States of Texas, Alabama,
Georgia, Florida, and Tennessee, and to be guided by economic considerations, it could not have designated New Orleans as the location
for a reserve bank to serve either the western or the eastern part of
the district that city asked for. The course of business is not from
the Atlantic seaboard toward New Orleans, nor largely from the State
of Texas to that city, and if Dallas and Atlanta had been related to
New Orleans a better grounded complaint could and would have been
lodged by them against the committee's decision than that made by
New Orleans.•
Some of the banking statistics which the committee had to consider
throw light on the problem. It should be borne in mind that the
committee could consider primarily only the statistics with reference
to assenting banks. In this section of the country, as in most others,
the assenting banks were the national banks. In March, 1914, tie
capital stock and surplus, loans and discounts, and individual deposits
of the national banks in the three cities named, as shown by the sworn
reports to the Comptroller of the Currency, were as follows:
Capital and
surplus.
Atlanta
Dallas
New Orleans
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Federal Reserve Bank of St. Louis
$8,600,000
5,900,000
6,730,000
Loans and
discounts.
$26,038,000
18,622,000
17,285,000
Individual
deposits.
$24,348,000
18,551,000
16,857,000
20
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
Even more significant are the statistics of growth from September,
1904, to March, 1914.
CAPITAL AND SURPLUS.
September, March, 1914.
1904.
Atlanta
Dallas
New Orleans
$2,410,000
2 676,000
6 250,000
,
Percentage
of
increase.
$8,600,000
8,900 000
,
6,730,000
256
120
8
LOANS AND DISCOUNTS.
Atlanta
Dallas
New Orleans
$10,329,000
7,653,000
20,088,000
$26,038,000
152
18,622,000
143
17,285,000 Decrease 13
INDIVIDUAL DEPOSITS.
Atlanta
Dallas
New Orleans
$9,931,000
7,157,000
19,425,000
$24,348,000
145
18,551,000
159
16,857,000 Decrease 13
The loans and discounts in the national banks of New Orleans at
the time of the report, March 4, 1914, were less than those of the
national banks of either Atlanta or Dallas.
While the committee could not figure on the resources of other than
assenting banks which are in this section, the national banks, the
following statistics of all reporting banks, including national banks,
State banks, and trust companies, as of June 4, 1913, were regarded
as significant and were given consideration:
Atlanta reported capital stock and surplus $15,313,000, or $98 per
capita; Dallas $9,997,000, or $108 per capita; and New Orleans
$20,532,000, or $60 per capita. Individual deposits, per capita,
Atlanta, $183; Dallas, $269; New Orleans, $209.
The loans and discounts for all reporting banks for the three cities
were as follows: Atlanta, $33,494,000, or $216 per capita; Dallas,
$27,517,000, or $299 per capita; New Orleans, $64,845,000, or $194
per capita.
The committee found that the total loans and discounts made by
national banks in the cities named in the 13 Southern States on
January 13, 1914, were as follows:
Atlanta.
Dallas
New Orleans
$26,117,000
19,123,000
19,477,000
while the total loans made by the national banks of Dallas throughout
the entire United States on the date mentioned exceeded the loans
made by the national banks of New Orleans.
Special reports, made under oath to the Comptroller of the Currency
also show that on February 14, 1914, the credit balances of the banks
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Federal Reserve Bank of St. Louis
STATEMENT OF RESERVE BAN K ORGANIZATION COMMITTEE.
21
and trust companies in the 13 Southern States with the national
banks of Dallas exceeded in amount the credit balances of all banks
and trust companies in these same States with the national banks of
New Orleans.
In view of the comparisons and criticisms from New Orleans in
connection with the designation of Dallas, Atlanta, and Richmond,
and the omission of New Orleans and Baltimore, the following table
is instructive:
National bank statistics for States of Texas, Virginia, Maryland, Georgia, Louisiana,
and Mississippi as of March 4, 1914.
(According to sworn reports made to the Comptroller of the Currency.]
Area
(square
miles).
State of Texas (including Dallas)
State of Virginia(including Richmond).
State of Maryland (Including Baltimore)
State of Georgia (including Atlanta)
State of Louisiana (including New
Orleans)
State of Mississippi
Population, census 1910.
265,780
42,450
3,896,542
2,061,612
12,210
59,475
1,295,346
2,609,121
48,720
46,810
1,656,388
1,797,114
Capital and
surplus.
Individual
deposits.
Loans and
discounts.
$76,785,584 $197,663,338
90,887,858
29,732,696
$215,114,326
107,410,063
28,267,420
24,479,735
83,217,376
51,382,061
91,326,942
61,852,579
12,128,866
5,168,192
32,000,521
17,045,324
34,804,354
13,669,200
From the above statement it will be seen that in each item, capital
and surplus, individual deposits, and loans and discounts, the national
banks of Virginia, including Richmond, largely surpass the national
banks of Maryland, including Baltimore.
The capital and surplus of the national banks of the State of Virginia are 60 per cent greater than the capital and surplus of the
national banks of the States of Louisiana and Mississippi combined,
including the city of New Orleans, while the loans and discounts by
the national banks of Virginia are more than three times as great as
the loans and discounts in the national banks of Louisiana, including New Orleans.
While the capital and surplus of the national banks of Georgia
largely exceed the combined capital and surplus of the national banks •
of the States of both Mississippi and Louisiana, the loans and discounts made by the national banks of Georgia exceed by $13,000,000
the loans and discounts of all the national banks of Louisiana and
Mississippi combined, including the city of New Orleans.
The capital and surplus of the national banks of Texas amount to
four times as much as the capital and surplus of the national banks of
the States of Louisiana and Mississippi combined,and the individual
deposits in the national banks of Texas also amount to about four
times as much as the individual deposits of all national banks in
Louisiana and Mississippi, the only States from which New Orleans
received as much as half a dozen votes as first choice for the location
for a Federal reserve bank.
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Federal Reserve Bank of St. Louis
22
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
KANSAS CITY DISTRICT.
The region in the middle and far West presented problems of
difficulty. Careful consideration was given to the claims of Omaha,
Lincoln, Denver, and Kansas City, which conflicted in this region.
Denver asked for a district which included Idaho, Montana, Utah,
Wyoming, Colorado, New Mexico, and the eastern two-thirds of Arizona and Texas, Kansas and Nebraska west of the one-hundredth
meridian, and the Deadwood portion of South Dakota. The district
gave approximately the minimum capital provided by law. Of the
territory included in this district Montana unanimously requested to
be connected with Minneapolis or Chicago, saying that she had little
or no trade relations with Denver. Idaho desired to go to Portland
or San Francisco; Arizona preferred San Francisco, and the greater
part of New Mexico asked for Kansas City. Western Texas,
Kansas, and Nebraska unanimously protested against going to Denver. Kansas desired Kansas City; Nebraska preferred Omaha or
Lincoln; and Texas wanted either a Texas city or Kansas City or St.
Louis.
In the poll of banks, Denver received 136 first-choice votes, of
which 112 were from Colorado and 12 from Wyoming. With Montana, Idaho, Arizona, Texas, Kansas, and Nebraska in opposition,
it was clearly impossible to make a district with Denver as the location of a bank. Part of the territory asked to be assigned to San
Francisco and the other part to Minneapolis or Kansas City.
Omaha asked for a district embracing western Iowa, all of Nebraska,
part of South Dakota, part of Kansas, Colorado, Utah, Wyoming,
Idaho, and Montana. All but eight of the banks in South Dakota
insisted upon being connected with Minneapolis; Iowa desired to go
to Chicago; Kansas practically unanimously voted for Kansas City;
Montana protested against any other connection than Minneapolis
or Chicago. The preferences of the other States have already been
indicated.
Of the 218 banks which expressed a first preference for Omaha, 181
were from Nebraska. The committee had to consider the State of
Oklahoma and part of Missouri in connection with this region, and
in district No. 10, 497 banks expressed a first preference for Kansas
City; western Missouri, Oklahoma, and Kansas, and part of New
Mexico, especially asked for this connection. Thirty-seven banks in
Colorado gave Kansas City as second choice and 26 gave Omaha.
It seemed impossible to serve the great section from Kansas
City to the mountains in any other way than by creating a district
with Kansas City as the headquarters, or to provide for the northwestern section except by creating a district with Minneapolis as
headquartqm. The only other thing that could have been done
with Nebraska under the conditions which presented themselves
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Federal Reserve Bank of St. Louis
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
23
to relate her to Chicago, and this seemed to be inadvisable in
the circumstances. The Kansas City banks serve a very distinctive
territory and will serve it more satisfactorily than St. Louis could
have done. The relations of that territory on the whole are much
more largely with Kansas City than with any other city in the
Middle West with which it could have been connected. It will,
of course, be recognized by those who are informed that of the
four cities Kal)sas City is the most dominant banking and business
center. The following statistics as of March, 1914, will throw light
on the situation:
Wal
Capital and
surplus.
Kansas City
Omaha
Denver
Lincoln
$11,660,000
6,570,000
7,545,000
1,
a30,000
Loans and
discounts.
$66,205,000
32,848,000
28,022,000
6,066,000
Individual
deposits.
340,415,00C
27,258,00(
34,124,00(
4,439,00(
The statistics of growth during the nine years from September,
1904, to March, 1914, are significant:
CAPITAL AND SURPLUS.
September,
1904.
Kansas City
Omaha
Denver
Lincoln
$3,900,000
3,880,000
. 3,325,000
768,000
Percentage
March, 1914. of increase.
M
$11,660,000
6,570,000
7,545,000
1,330,009
199
69
127
73
$66,205,000
32,848,000
28,022,000
6,066,000
86
102
98
58
LOANS AND DISCOUNTS.
Kansas City
Omaha
Denver
Lincoln
$35,598,000
16,218,000
14,146,000
3,829,000
INDIVIDUAL DEPOSITS.
Kansas City
Omaha
Denver
Lincoln
$30,730,000 $40,415,000
27,258,000
15,728,000
34,124,000
27,798,000
3,283,000 '
4,439,000
31
.
73
22
35
The loans and discounts of all reporting banks and trust companies in Kansas City on June 4, 1913, amounted to 891,680,000,
exceeding by about $7,000,000 the total loans jand discounts of all
banks and trust companies in the cities of Omaha, Denver, and
Lincoln combined.
The loans and discounts of the national banks alone in Kansas
City also exceeded the sum total of the loans and discounts of all
national banks in the cities of Omaha and Denver combined.
The great preponderance in the movement of trade in district
No. 10 is to the east. In order to place the Federal reserve bank for
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Federal Reserve Bank of St. Louis
24
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
that region in Denver it would have been necessary to disregard
these facts and the opposition and earnest protests of banks, both
national and State, throughout the district.
THE RICHMOND DISTRICT.
The committee named as cities for the location of Federal reserve
banks New York, Chicago, Philadelphia, St. Louis, Boston, and
Cleveland. In population these are the six largest cities in the
United States; their geographical situation and all other considerations fully justified their selection.
San Francisco and Minneapolis were the first choice of the great
majority of the national banks in their respective sections, and
their financial, industrial, and commercial relations and other factors
entitled them to be chosen. Their selection appears to have evoked
no criticism, but to have received • general approval. Conditions
relating to the Kansas City, Dallas, and Atlanta districts have been
dealt with.
For the territory from eastern Georgia to the Pennsylvania line,
the committee, after fully considering all the facts, decided to create
a district with the Federal reserve bank at Richmond. South
Carolina and North Carolina had protested against being connected
with a bank to the south or west. They said that their course of
trade was northeast. It seemed undesirable to place a bank in the
extreme northeastern corner or at Baltimore, not only because of
its proximity to Philadelphia, but also because the industrial and
banking relations of the greater part of the district were more intimate with Richmond than with either Washington or Baltimore.
The States of Maryland, Virginia, West Virginia, North and South
Carolina, and the District of Columbia had to be considered. North
Carolina, South Carolina, and Virginia preferred to be connected
with Richmond. West Virginia was divided in its preferences;
Maryland and the District of Columbia, of course, desired Baltimore
or Washington. In the poll of banks made directly by the comptroller's office, Richmond received more first-choice ballots than any
other city in the district-167 against 128 for Baltimore, 35 for Pittsburgh, 28 for Columbia, S. C., 37 for Cincinnati, and 25 for Washington, D. C. Of the remaining 21 votes, 19 were for Charlotte, N. C.,
and 2 for New York. Leaving out the States of Maryland and Virginia, Richmond received from the rest of the district three times
as many first-choice votes as were cast for Baltimore.
District No.5 is composed of the States of Maryland, Virginia, West
Virginia (except four counties), North and South Carolina, and the
District of Columbia. These States have always been closely bound
together commercially and financially and their business dealings are
large and intimate. The reports made to the Comptroller of.the Cur-
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Federal Reserve Bank of St. Louis
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
25
rency on March 4, 1914, by all the national banks in each of these
States show in every essential respect that the business of the national
banks of Virginia, including Richmond, is greater than the business
of the national banks of Maryland, including Baltimore, or any other
of the five States embraced in district No.5, as appears in the following
table:
Capital,surplus,and
undivided
profits.
Virginia
Maryland
West Virginia
North Carolina
3otith Carolina
District of Columbia
Loans and
discounts.
133,549,631 $107,910,063
91,326,942
31,390,057
56,789,538
18,209,346
94,051,033
13,527,086
28,860,956
10,332,439
20,253,432
12,685,411
vidual deposits.
t90,887,853
83,217,376
61,421,332
36,051,154
23,330,916
29,520,853
• AthCocates of New Orleans have criticized the decision of the
organization committee and have given out comparative figures as
to New Orleans, Richmond, and other cities which are incorrect and
misleading. An analysis and study of the actual figures will be
found instructive and can lend no support to the claims of New
Orleans.
From the sworn special reports recently submitted to the Comptroller of the Currency, it appears that the national banks in Richmond were lending in the 13 Southern States, on January 13, 1914,
more money than was being loaned in those States by the national
banks of any other city in the country except New York. The total
loans and discounts in the 13 Southern States by the four cities referred to are as follows:
Richmond
Baltimore
New Orleans
Washington
$33,473,000
6,891,000
19,477,000
915,000
The figures also show that in these portions of district No. 5 outside .
of the States of Virginia and Maryland the Richmond national banks
are lending twice as much money as all the national banks in Baltimore
and Washington combined. They also show that although Richmond
is lipt a reserve city, the banks and trust companies in the 13 Southern
States had.on deposit in the national banks of Richmond on February
14,.1914, $9,876,000, or slightly more than the banks of this section
had on deposit in the city of Baltimore, and four times as much as
they .carried in Washington, although these two cities have long
enjoyed the benefits of being reserve cities. That southern banks
should carry larger balances in Richmond, where they could not be
counted in their reserves, rather than in Baltimore or Washington,
where they could be counted, is suggestive.
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Federal Reserve Bank of St. Louis
26
STATEMENT OF RESERVE BANK ORGANIZATION COMMITTEE.
1
The figures show that the capital and surplus of all reporting
banks—national, State, and savings, and trust companies-- per
capita, in Richmond, as of June 4, 1913, was $131,in Baltimore, $85;
in Washington, $88, and in New Orleans, $60, while the loans and
discounts made by all banks and trust companies in Richmond, on
the same date, amounted to $393 per capita, against $190 in Washington, $213 in Baltimore, and $194 in New Orleans.
The amount of money which banks and trust companies in the
various parts of the country carried on deposit with Richmond, a nonreserve city, on February 14, 1914, amounted to $10,970,000, or
nearly twice as much as the balances curried by outside banks with
.
the national banks of Washington, which on the same day amoipatodr
to $5,516,000, and one and one-half times as much as they cried
on the same day with the national banks of New Orleans, a reserve'
city.
The statistics furnished the organization committee show that on
March 4, 1914, the capital and surplus of the national banks of Richmond, per capita, amounted to more than twice as much as the capital
and surplus, per capita, of the national banks of either Baltimore or
Washington, and three and a half times as much as New Orleans,
while the individual deposits of the national banks of Richmond
amounted to $201 per capita, against $86 for Washington and $76
for Baltimore and $50 for New Orleans. The loans and discounts
in the national banks of Richmond on the same date were reported
at $279 per capita, against $77 for Washington, $108 for Baltimore and $51 for New Orleans.
Especially significant are the following statistics showing the growth
in capital and surplus, loans and discounts, and individual deposits
of national banks in the four cities named:
CAPITAL AND SURPLUS.
September,
1904.
Richmond
Washington
Baltimore
New Orleans
$3,115,000
6,215,000
18,262,000
6,250,000
March,
1914.
Percentage
of increase.
$9,314,010
11,365,000
19,205,000
6,730,000
LOANS AND DISCOUNTS.
Richmond
Washington
Baltimore
New Orleans
$12,946,000
15,018,000
48,755,000
20,088,000
69
23
Decrease 13
INDIVIDUAL DEPOSITS.
Richmond
%Washington
Baltimore
New Orleans
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Federal Reserve Bank of St. Louis
$11,257,000
20,017,000
40,910,000
19,425,000
$25,705,000
128
28,491,000
42
42,553,000
4
16,857,000 Decrease 13
,
'a
STATEMENT OF RESERVE BANS ORGANIZATI
ON COMMITTEE.
27
In other words, the figures show that the national
banks of Richictond were lending on March 4, 1914, twice as much
money as all
t4le national banks in the city of New Orleans, and
40 per cent more
than all the national banks of Washington.
-,
'In the original decision of the committee the
various economic
and other factors which entered into and determined
the committee's
action were enumerated and need not be repea
ted here. This
atement is made for the purpose of disclosing some
of the details
ich influenced the Committee's findings.
It
441111
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
File No, _0_0
Ofice of Ceneral COU.113e1
Feckral Resrve Board.
3„N FILES
rilE.
SECTION
1,14p.2 5 1950
dear Mr. r3cretary:REVISED ESTIMATE OF TIME NECESSARY FOR
THE COMPLETION OF THE ORGANIZATION
OF FEDERAL RESERVE BANK.
The Committee has desinated twelve Federal
d. ApReserve Cities in defined districts to be serve
all National BAnke which
plicAtione will 1)e sent to
ht
have accepted the provisione of the Act tonie
such 'Jenks tat subscrip"Totice io aleo relilod to all
- that
tion° :11113t be in thie office within thirty days
io, by or before :lay 8th.
Aseumim7 that the banks take their full time,
nate
it rill be necessary then for the Committee to desig
to execute the organization
five banks in each district
If these banks can be selected and noticertific,ete.
made to hive
fied prior to May 8, and arrangements canebe
each of the five le-mks meet in the
the representative: of
execution
Federal Reserve City of their district for the
date subsequent to this, for
of the certificele on some
on file
example, :ey 12th, these certificates should be
the Eastern dietricte, by May
,
eith the Cometroller,for
16, and irona all districts by May r.
Then these hr.ve been filed notices can be imlist of
mediately mailed to all benks to send in their
ors and of candidateo for Class
district reserve elect
ved by
nA" And Class IT' Directors. If these are recei
be prepared and railed to each
thane 1 the ballots can
in the hands
elector by June 7 and should be returned and
vote could
of the Committee by Juno 20. The result of the
the Federal
probably be announced within two days :end if
Directors by
Reserve Board can select the three Class "C"
d be in
this time the Po.Ard of Directors of each bank shoul
In
a position to hold their first meetinz by July 1st.
prepared
the meantime a augested fone of b7l1ot might be
the banks
so that no time will be lost in adopting same and
as the
can be placed in operation as .soon after July let
yees can be selected and the necessa*y
officorc and cmplo
quarters procured.
Those estimates may be further reduced if the
minimum amount of subscriptions to the capital stock is
received in an riven case prior to May Oth, .
'I
1
tj cnezectfully,
Cecretary, Reserve Pink Organiqs.+inn r!nwrai+Aam_
3.,
ooS%
7.Y.7; 7-„C
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Federal Reserve Bank of St. Louis
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REC'D IN FILES SECTION
APR 2 51950
:
At a meeting of the Reserve Bank Organization Com-
S
mittee held in the Treasury Building, 7ashington, D. C. on the
3d day of April, 1914
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PRESTET:
Mr. William G. 7:icAdoo,
Secretary of the Treasury,
Mr. David F. Houston,
Secretary of Agriculture,
7:r. John Skelton Williams, Comptroller of the Currency.
•
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Federal Reserve Bank of St. Louis
Mton J. Slliott, Secretary of the Committee, acted
as 3ecrotary for the meeting.
A request by telegram from the Wisconsin Bankers Association asking whether the Committee would consider a petition to
revise the districts so that the State of -isconsin might be included in the Chicago district was presented by the Secretary,
who was instructed to renly to all such a2plicationn that the
Ca2littee, laving filed its certificate with the Comptroller designating the Federal reserve cities and defining the geographical
limits to be served, could not legally consider or make any changes.
The 3ecretary asked for instructions as to the Committee's
interpretation of that part of Section 4 of the Federal Reserve Act
which reads as follows:
"The Chairman of the Board of Directors of the Federal
Reserve bank of the district in which the bank is situated or,
pending tho appoint2ont of such chairman, the organization committee shall classify the !lember banks of the district into three
groups or divisions. Each group shall contain as nearly
as may be one-third of the aggregate nuEler of the noMber
banks of the district and shall consist, as nearly as may
be, of banks of similar capitalization. The groups shall
be designated by number by the chairan.''
S
:.ftor a general discussion of the (uesti)n whether each
group should contain banks having a capitalization similar to the
banks of other gr.Jups, or whether the member banks of each group
should have as nearly as may be a similar capitalization, the
•
following resolution was offered and adopted:
RESOLT?0, That it is the sense of this meeting that
under a proper interpretation of Section 4 the banks in
each district should be divided into three general groups
or divisions, each group to contain as nearly as may be
one-third of the aggregate number of banks in the district;
that in making this division all banks of largest capitalization should be entered in Group One; banks of next largest
capitalization in Group Two; and banks of the smallest capitalization in Group Three.
RTSOLT3D, FURTIER, That the Secretary be instructed to
prepare and submit as early as practicable a sur-rested division
of the banks in each district made in accordance with this
Resolution.
The Secretary was also instructed to 7:repare the necessary
form of Ballot and Register for recording the votes of Directors of
Class "A" and Class "B".
The Secretary was instructed to have printed two Thousand
copies of the decision of the Reserve Bank 7rganization Committee
designating the Federal Reserve cities and defining the geographical
limits of the districts to be sorved, together with map and exhibits,
and to arrange to have the Government irinting Office hold the type
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Federal Reserve Bank of St. Louis
in readiness for a reprint, if necessary.
It was also the sense of the meeting that while every
effort would be made to facilitate the organization of all the
Federal aeserve banks, that if the banks in any one district had
complied with the necessary formalities, the organization of the
Federal j:eserve ban': in that district might .,roceed without waiting for all the districts to bo in readiness to take this action.
On !lotion the Nesting adjourned.
3ecretary.
APPROVED:
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Federal Reserve Bank of St. Louis
Chairman.
At a neetinG of the Roservo Bank Orcanization Committeo,
duly called and hold in the Troaaury Daildinc, 7iachincton, D. C.,
on April 2, 1914.
ilcAdoo, Secretary of the Treasury.
Present:
:Ir.
llouston, Socrctary o2 Asriculture.
-7r. John Shelton ::1l11, Comtroller of the
Currency.
7
.!..C. Elliott, Secretary of the Comitteo,
acted an Secrotary of the mootino.
After a conoral discussion of the pl-opor location of the
:ederal 7.osorve Cities to be doeisnated and the cocrraphic limits of
districts to bo served the follov:ing vino adopted as the decision of
tho Comittee and was ordered filed 7Ath the Comptroller of the
Currency in the form follminc, to
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iril
1914.
Sir:
Pursuant to Section 4 of the Act of Concress known an
the 2odoral Reporvo Ant, app7:ovod Docambor 23, 1913, to,
the undersisned.
W.G. LIcAdoo, Secretary of the Treasury.
D.2. Houston, Secretary of AcTiculturo, and
John Skelton, Williams, Comrtroller of the Curroncy,
constitatinc the Resorvo Bank Orcanisation Cam-Atte°, do
heroby certify that after a fall and comPleto invostisation
mado pursuant to the provisions of said Act, the Committeo
has dosicnated twolvo (12) 2ederal Teserve Cities and defined tho coocranhical limits of the twelve districts to be
served by banks to bo oroanizod in said Cities in accordance
with the foresoinc decision.
7;espectfully,
1.1eAdoo.
D.P. Houston.
Jno. :3kolton
:eserve ralik Organization Ca:Imittoo.
Comptroller of the Currency,
ashincton, D. C.
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Federal Reserve Bank of St. Louis
doo
Drammil.
DECISION OF THE RTIYIRVE BANK ORGANIZATION 001IMITTEE
THE YEDERAL RESERVE DISTRICTS AND THE LOCATION OF THE
P7MFRAL RESERVE BANKS.
IN
(Under the Federal Resorvo f-ct aunrovod December 23, 1913.)
Tho 2edera1 flosorvo 2.ct directs tho :losorvo Bank Organization Canmittoo to "dosignato not loos than eight nor moro
than twelve citioe to be known as rederal r000rve eitios"; to
"divide the continental United Statos, =eluding Alaska, into
districts, each district to contain only one of such Federal
rosorvo cities," and to apportion the districts "with duo regard to the convenience and castamary course of business."
The act provides that the districts may not necessarily be
cotorlinoas with any State or States.
In dotormining the reservo districts and in doeicnating
the cities Ithin such districts whore Federal Emory° banks
shall bo severally located, the organization cammittoo has
Given ikül consideration to the irroortant factors bearing upon the subject. The committoo hold public hearings in oightoon
. of the leading cities from the Atlantic to tho Pacific and from
tho Groat Lakes to tho Gulf, and was matorially assisted thereby in dotormining the districts and the reserve citios.
:vory reasonable opportunity has boon afforded applicant
cities to farnidh evidence to support their claims as locations
for T:odoral Reoorvo Bank°.
;
:lero than 200 cities through thoir clearing house assocf commerce, and other ropresontativoo, wore
ciations, chambers
hoard. Of these, thirty-sovon cities asked to be dosignated as
the headquarters of a Federal Reserve Bank.
The majority of the organization committee, including its
chairman and the Secretary of Agriculture, wore prosont at all
hearings, and stenographic reports of the proceedings wore mado
for moro deliborato coneideration. Independent invostications
wore, in addition, made through tho TrodSUry DepartMont, and the
proferonco of each bank as to the location of the Federal Rosorvo
bank with which it desired to be connocted was ascertained by an
national
Independent card ballot addressed to each of the 7,
country which had formally assented to the
banks throughout the
,
provisions of the 1 oderal reserve act.
Among the many factors rihich covornod the committee in dotermining the respective districts and the soloction of tho
cities which have boon chop= wore:
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Federal Reserve Bank of St. Louis
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Amt. The ability of the momber banks ritbin the district to
provide the minInum capital of '),1,000,000 required for the FoOoral
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IZeserve bank, on the basis of simpercont of the capital stoa: and
alleplun of mombor banks within the district.
Second. The mercantile, indastrial, and financial connoctions
oxistinc in each district and the rolationn botreon the various portions of the district and the city selected for the location of the
Federal rlesorve br172%.
Third. Tho probable ability of the ?edoral :eserve bank in
each dibtrict, after orcanization and after the provisions of tho
Lnderal Resorvo Act shall have cone into effect, to moot the locitimato domands of business, vilother nornal or abnormal, in accordanco rith the apirit and provisions of tho Federal Rosorvo
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Fourth. The fair and equitablo division of the available
capital for tho Federal Reservo banks among the districts creatod.
Tho ceneral coocrophical situation of the district,
transportation lines, and the facilitios for speedy communication
between the Federal Resorvo bank and all portionn of the district.
Sixth. The population, area, and prevalent businoss activities
of the district, whether acricultural, manufacturing, rifling, or com=rola', its record of Growth and development in the past and its
prospects for the future.
In detorminin the several districts the committee has
to follov State linos as closely as practicable, and wherever it
endavor
has been found necossary to deviate, the division has been alone lines
which are believed to ho most convenient nnd advantacoons for the district affected.
Tho twelve Districts and the twelve Cities colected for the location
of tho Federal Roservo banks are as follows:
DISTRICT NO. 1.
The Now England Staten: "Jain°, Nor Hampshire, Vermont, ziansaclusotte,
Rhodo Island, and Connecticut, with the city of Boston as the location
of the Federal neservo baltc.
This district contains 445 national baitto which have accepted the
provision° of the Fedora Resorve Act. The capital stock of the Federal
Ilesorvo Bank of Boston, on the bacio n: six per cert of tho total capital
stool: and surplus of the ansentinc national banks in tho district, will
amount to 09,924,543.
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Federal Reserve Bank of St. Louis
DISTRICT NO. 2.
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Ino State of New York, with new Yoe City as tho location of the
Federal Rosorvo bank.
This district contains 477 national banks which have accoptod
the provisions of the Federal Roaorvo Act. The capital stock of
tho Federal Rosorvo Bonk of Now York, on the basis of cix par cent
of tho total capital stock and surplus of tho assontinc national
banks in the district, will amount to 020,621,606; and if there be
added six per cent of the capital stock and surplus of the State
banks and trust companies which havo annliod for membership up to
April 1, 1914, no total capital stock will be 020,607,606.
DIMICT NO. 3.
Tho States of ITav Jersey and Dolaware an0 all that part of Pennsylvania located oast of the wootorn boundary of the follorinc
Cloarfiold, Cambria, and Bedford, with
counties: :dEean,
the Federal Reservo bank in the city of Philadolphia.
This district contains 757 national banks which have acceptod
tho provisions of the Federal Rosorvo Act. The capital stool: of
the Federal Reserve Bank of Philadelphia, on the basis of six pox'
I
cent of the total capital stock and surplus of the assent- nc national
banks in the district, will amount to 012,488,130; and if there be
added sin pox' cent of the capital stock and umraus of the State banks
and trust companies which have applied for momborship t113 to April 1,
1914, the total capital stool: will ho 012,500,730.
DISTRICT HO. 4.
The State of Ohio; all that part of Ponncylvavla lyinc reGt of district Uo. 3; the counties of Ilarshall, Ohio, Drooto, and Hancock,
in the Stato of Toot Virginia; nna all that part of the State of
Eontacky located east of the western boundary of the foliar/Inc
counties: Boono, Grant, Scott, Woodford, Jossamino, Garrard, Linalln,
Pulaski, and IleCroary; with the city of Clovoland„ Ohio, as tho
location of tho Foderal Reserve bank.
This district contains 767 national banks which havo accepted
tho provisions of the Podoral Rosorvo Act. The capital stock of the
Federal Tlosorvo Bank of Cleveland, on the basis of six per cent of the
total capital stock and surplus of the assentinc national banks in the
district, will amount to 012,007,334; and if there be added six pox'
cent of the capital stock and surplus of the State banks and trust
have applied for mumbership up to April 1, 1914, the
cemanies
total capital stock will ho 012,100,004.
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Federal Reserve Bank of St. Louis
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DISMICT 310. 5.
The Diotrict of Columbia, and the Statos of naryland„ Virginia,
north Carolina, South Carolina, and all of West Virginia azcopt the camtios of L'orshall, Ohio, DroOke„- and Hancock, with
the Federal Resorvo bank located in the city of Richmond, Va.
10• Min district containn 475 national banks ntichhavo accent-.
1
ad. the provisions of the Fedoral Rosorvo Act. Tho capital stock
of tho Federal Resorvo Batic. of I:ichnond, an the basis of si= par
cent of the total capital stock and surplps of the assenting
national banks in tho district, %All amount to 06,303,301; and if
there be added sIx par cant of the canital stock and surplus of
the State banks and trust companies which have applied for mcmbership up to April 1, 1914, the total canital stock:will bo
00,542,713.
DUTRICT HO. G.
410
The States of Alabama, Georgia, and 21orida; all that part of
7ennossoo located oast of the westorn boundary of the follow
inn; counties: Stowart„ nouston, V:ayno„ Fiunphroys, and Perry;
all that part of Lassissippi located south of the northern
boundary of the follordnc counties:. Issaquona, Sharkoy, Yazoo,
Kamper„ Kadison, Leaks, and Neshoba; and all of tho southeastern
part of Louisiana located cant of the wostorn boundary of the
folloving parishes: Pointo-Coupee, Iberville, Assumption, and
Torrebonno„ with the city of Atlanta, Ga., as the location of tho
2oderal Tlesorvo bank.
This district contains 372 national banks which have accepted
the provisions of the 2oderal :operve Act. The capital stock of
tho ::oderal 7loserve Bank of Atlanta, on the basis of six par cent
of the total capital stock and surplus of the assenting national
banks in the district, will amount to 04,041,193; and if there be
addod six per cant of the canital stool: and surplus of the State
banks and trust campanios which have =plied for memborship up to
April 1, 1914, the total canital stock 7111 be 04,702,550.
DISTRICT 110. 7.
The State of Iowa; all that part of /147isconsin located south of
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the
northorn boundary of the folloz!in countios: Vernon, Saul:,
Columbia, Dodge, 7ashington, and Ozaukeo; all of tho southern
peninsula of :lichigan, viz, that part east of Lake Lichigan; all
that part of Illinois located north of a lino forming the southern
boundary of the following counties: Hancock, Schuyler, Cass,
Sangnmcm, Christian, Shelby, Ctraborland, and Clark; and all that
part of Indiana north of.a lino forming the southern boundary of
the following counties: Vigo, Clay, Owen, Lenroo, Brown, Bartholomew, Jennings, Riploy, and Ohio, with the lbderal Roserve bank
locatod in the city of Chicago, Ill.
This district contains 952 national banks which havo accepted
the provisions of the Federal noservo Act. The capital stock
of the
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Federal Reserve Bank of St. Louis
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20deral Reserve Bank of Chicago, on the basis of six por cent of
the total capital stock and surplus of the assentinc national
batiks in the diotrict, rill amount to 012,470,076; and if there
be addod sin nor cont of the capital stock and surplus of the
.
State banks and tr,lot cannanioo
have applied for mombership
up to April 1, 1014, the total capital stock will be 012,967,701.
3I=1IC2 NO. 8.
The State of Arkansas; all that part of flinsouri locatod east of
the western boundary of the follow/11c counties: Harrison,
Davicoo, Caldwell, Ray, Lafayette, Johnson, Henry, St. Clair,
Cedar, Dade, Laurence, and Barry; all that part of Illinois net
included in district No. 7; all that part of Indiana not in.
cludod in district Ho. 7; all that part of Kentucky not included
in district No. 4; all that part.of Tennessee not included in diotrict No. 6; and all that part of Ilississippi not included in district No. 6, with the city of St. Louis, :0., as the location of
the Federal Rosorvo bank.
This district contains 450 national banks which have accoptod
the Provisions of tho Federal 7.boorvo Act. The capital stock of the
of St. Loulo, on the basis of Bin nor cent of
:odoral P.oservo
the total capital stock and surplus of the aooantinc national banks
in the district, will amount to 04,900,761; and if thero ho added six
per cent of the capital stock and ourplus of the State banks and trust
camnanios which have appliod for memborohip up to April 1, 1014, the
total capital stock will be 06,367,006.
DISTIICT NO. 0.
The States of :iontana„ Horth Dakota, South Dakota, Lanni:mots; all
that part of Tisconsin not included in district No. 7, and all
that part of :lichican not included in district Ho. 7, with the
city of Ilinncanolis„ 1.11nn., as the location of the Fodoral
Poosorvo bank.
This district contains 607 national banks, Which hnvo accepted
the provisions of the 2odcral Reserve Act. The capital stock of the
edoral Reserve bank of Tannesnolis, on the basis of el= per cent of
the total capital stock and surplus of the atmontinc national brinks
in the district, rill amount to 04,7029925.
DL12RICT DO. 10.
The States of Kansas, Nobraoka, Colorado, and Wyaminc; all that part
of :assouri not included in district No. 0; all that part of Oklahoma north of a lino :7orminc the southern boundary of the follao.
in counties: Ellis, Dcwoy, Blain°, Canadian, Cleveland, Pottavatamio, Saminolo, Okfuolzoo, ::bIntosh„ fltakosoc, and Soquovah; and
all that part of Ucra LIazico north of a lino forminc the southern
boundarr of the followLuc cauntios: LicKinloyi Sandoval, Santa :0s,
,
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Federal Reserve Bank of St. Louis
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The comittee was kaproosed with the f'ore'th and development
of the Btatea of Idaho, Washincten, and Oregon, but on the basis
of Di:: *nor cent of the capital otodic and surplus of national banks
and State banks and trust companies thich have applied for mamberdhill, that section could not provide the 04,000,000 minimum =pita'
sten required by the 'au. 7:ith the continued grovrbh of that region
it is reasonable to m-pect that in a for yearo the capital and aarDluo of Ito member balfts will bo aafficiont to justify the creation
of an additional 2ederal Reserve district, at which time application
may be made to tho Concr000 for a crat of the necessary authority.
It is no 1)art of the duty of the orcanization comittee to
.
locate branches of the Federal Reserve LanIzo. The law °mei:lie-ally
provides that "oe,,oh :Oderal Reserve bank shall establish brandh
banIto 1thin the Federal Reserve district in thich It is located."
All of the material collected by the camittee nill be placed at the
disposal of the FedeTal Reserve banim and the Pederal Reserve Beard
when they aro orcanined and ready to cansidor the eotabliohnent of
branch banks.
Reference is made to the :an of the Districts and to tables
A9 3, 09 D9 13, and F hereto attached.
:cAdoo„
D.P. Houston,
Jno. Shelton
Reserve Bank Orcanination Comittee
Washincton,
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Federal Reserve Bank of St. Louis
April 2, 1914.
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DECISION OF THE
ORGAITIZATI01T CO:LI:ITT=
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DETI2MIYIal THE FEDERAL R2S= DIS=OTS ATI.) TH2 LOCIPTU OF IF: F=AL PLS2VL 3ATTE
Under the Federal Reserve Act croved December 23, 1913.
The Federal
.10:201 10
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C.i.l'OCtS
the, :eserve 3an1 Oranization Cor.--
mittee to '
2desig112.te not less than eiht nor more than twelve cities to
be 1
-man as Federal Reserve cities"; to "divide the continental United
States, e:zcluding Alaska, into districts, each district to contain only one
of such Federal Reserve cities", and to ai)portion the districts
regard to the conveniece and custoLary course of 3usiness".
ith due
The Act pro-
vides that the districts may not necessarily be coterminous with any State
or States.
In determininc; the Reserve districts and in designating the cities
within such districts 7".dere Federal Reserve banks shall be severally located,
the Oraanization Committee.has given full cccsideration to the imDortL,nt
factors bearing upon tile subject.
eighteen of the leadin:; cities fl
Great Lal:os to the Gulf, and ':as
The Committee hold -public hearinc;s in
Ltlantic to the 2acific and from the
assisted thereby in determining
the districts and the reserve citios
Every reasonable o]portunity has been afforded ax)licant cities to
furnish evidence to su22ort their claims as locations for Federal Reserve
banks.
More than 200 cities, through their Clearing House Associations, Chmbers
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Federal Reserve Bank of St. Louis
of Commerce and other reresentatives, were heard.
Of these, 37 cities
l Reserve bank.
asked to be designated as the headcuarters of a Federa
ing its Chairman
The majority of the Organization Committee, includ
all hearings, and
and the Secretary of Agriculture, were present at
for more deliberate constenographic re-)orts of the proceedings were made
sideration.
adaition, made through the
Independent investi:ations were, in
as to the location of
Treasury Department, and the preference of each -Jank
be connected was ascertainthe Federal Reserve bank with vihic::•. it desired to
of the 7,475 national
ed by an independent card ballot addressed to each
assented to the provisions
banks throughout the country which had formally
of the Federal Reserve Act.
Committee in .determining the
Among the many factors which coverned the
the cities which have been chosen
respective distries and the selection of
were:
First:
the district to
The ability of the member banks within
-DY0ViCle
the Federal Reserve bank, on
the minimum capital of A,000,000 required for
and surplus of member banks
the basis of six per cent of the caDital stock
within the district.
Second:
connections erdstThe mercantile, .irs':;rial and financial
n the various portions of the
inc in each district and the relations betwee
on of the Federal Reserve Lanka
district and the city selected for the locati
Third:
distri
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e Bank in each
The probable ability of the Federal Reserv
ions of the Federal Reserve
after organization and after the provis
to meet the legitimate cleImriLls of
flot shall lave cone into effect,
business, whether nor-zial,
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Federal Reserve Bank of St. Louis
Or
abnormal, in accordance with the spirit
t1
.
en.
an.:, provisions of tr.e Vederal Reserve Act.
Fourth:
The fair and equitable division of the available capital
for the Federal Reserve banks among the districts created.
Fifth:
The general geographical situation of the district;
trans-
portation lines, and the facilities for speedy co=unication between the
Federal Reserve bank and all portions of the district.
Sixth:
The population, area and prevalent business activities of
the district, whether agricultural, manufacturing, mining or commercial,
its record of growth and development in the past and its prospects for
the future.
In determining the several districts, the Committee has endeavored to
follow state lines as closely as practicable, and wherever it has been
found necessary to deviate, the division has been along lines which are
believed to be most convenient and advantageous for the district affected.
The TWELVE DISTRICTS and the TWELVE CITIES selected for the location
of the FEDERAL RESERVE BANKS are as follows:
DISTRICT NO. 1:
The MEW ENGLAND STATES:
MAINE, HEW HAMPSHIRE,
VERMONT, MASSACHUSETTS, RHODE ISLAND and COnECTICUT, with the City of
BOSTON as the location of the Federal Reserve bank.
This District contains 446 national banks which have accepted the
,ovisiens of the Federal Reserve Act.
pi
The capital stock of the Federal
Reserve Bank of Boston, on the basis of six per cent of the total capital
stock and surplus of the assenting national banks in the District, will
amount to ',S,931,740.
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Federal Reserve Bank of St. Louis
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DISTRICT N. 2:
The STATE OF NEW YORK, with NEW YORK CITY as the loca-
tion of the Federal Reserve bank.
This District contains 478 national banks which have accepted the provisions of the Federal Reserve Act.
The capital stock of the Federal
Reserve Bank of New York, on the basis of six per cent of the total capital
stock and surplus of the assenting national banks in the District, will
amount to ;20,621,606; and if there be added six per cent of the capital
stock and surplus of the State Banks and Trust Companies which have applied
for membership up to April 1, 1914,the total capital stock rill be
20,687,616.
DISTRICT Ho.3: The States of NEW JERSEY and DELAWARE and all that
part of PENNSYLVANIA located east of the western boundary of the following
counties: Mc Kean,Elk,Clearfield,Cambria and Bedford, with the Federal
Reserve bank in the City of PHILADELPHIA.
This District contains 800 national banks which have accepted the provisions of the Federal Reserve Act.
The capital stock of the Federal
Reserve Bank of Philadelphia,on the basis of six per cent of the total
capital stock and 3urplus of the assenting national banks in the District,
will amount to 0.2,980,412;and if there be added six per cent of
the capital
stock and surplus of the State Banks and Trust Companies which have applied
for membership up to April 1,1914,the total capital stock will be .,12,q93,013.
.
DISTRICT No.4: The State of OHIO,all that part of PENrSYLVANIA lying
west of District No.3; the counties of Marshall,Ohio,Brooke
and Hancock in
the State of WEST VIRGIN/A,and all that part of the State of KENTUCKY located
east of the western boundary of the following counties: Boona,Grant,Scott,
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Federal Reserve Bank of St. Louis
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.,
Jessa:jno, carrard, Lincoln, ? .1aski and McCreary, with the
City of CLEVEL=, 0 hio, as the location of the Federal Reserve bank.
This District contains 7.:
nat:.onal banks which have, accepted the
provisions of the Federal Ileserve Act.
The capital stock of the Federal
Reserve Bank of Cleveland, on the basis of six per cent of the total
.
capital stock and s- irplus of the as :tin
national banks in the District,
will amount to :11,526,835; and if there be added si..: per eent of the
,
:
capital stock and surplus of the Stato Banks and Trust Coll- - ia, Jhich ::_,-,ve
)
applied for. membership up to April 1, 1914 the total capital stock will be
( 11,621,535.
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DISTRICT :0. 5:
1
The DISTRICT OF COLT:i.DIA and the States of 1.1A.RYLA7D,
7IRGI:IA, :ORTH CAROLUA, SOUTH CAROLUA, and all of JEST VIRGINIA except
the counties of liarshall, Ohio, Brooke and Hancock, with the Federal
Reserve barjk located in the City of T.ICHMOND, Virginia.
This District contains 475 national banks which riave accepted the provisioo of the Federal Reserve Act.
The capital stock of the Federal
Reserve Bank of Richmond, on the basis of six per cent of the total capital
stock and surplus of the assenting national banks in thc DiStrict, will
amount to $5,303,868; and if there be added six per cent of the capital
stock and surplus of the State Banks and Trust Companies which have applied
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for membership up to April 1, 1914, tho total capital stock will be $6,543,281.
DISTRICT No. 6:
The States of ALABAIIA, GEORGIA and FLORIDA, all that
part of TEZHESSEE located east of the western boundary of the following
counties: Stewart, Houston, Wayne, HunT)hreys and Perry; all that !part of
i:ISSISSIPPI located south of the, northern boundary of the following counties:
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Federal Reserve Bank of St. Louis
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Is saquena, Sharkey, Yazoo, Kemper, ladison, Leaka and Nashoband all of
e Southeastern part of LOUISIANA located oast of the western boundary
f the following counties:Pointe Coupee,Ibervillo,AssnmItion and Terreborne, with the. City of ATLANTA, GeorTia, as the location of the Federal
Reserve bank.
This District contains 372 national banks which have accepted the
provisions of the Federal Reserve Act. The capital stock of the Federal
Reserve Bank of Atlanta, on the basis of six nor cent of the total capital
stock and surplus of the assenting national banks in the District, will
amount to,
641,415; and if there be added six per cent of the capital
stock and surplus of the State Banks and Trust Companies which have ap-
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plied for r:.em'nership up to April 1,1014, the total capital stock will be
DISTRICT Ho. 7:
The State of IOWA, all that part of VISCONSIN located
south of the northern boundary of the following counties:
Vernon, Sauk,
Columbia, Dodge,Tashington and Osaukee; all of the Southern Peninsula of
I.!ICHIGAN, viz: that part east of Lake i:ichigan; all that part of ILLINOIS
located north. of a line forming the southern boundary of the following
counties:
Hancock, Schuyler,Cass, Sangamon, Christian,Shelby,Cumberland
and Clark; and all that part of INDIAI1A north of a line forming the southern boundary of the following counties: Vigo,Clay,Owen,Monroe, Brown,
Bartholomew, Jennings, Ripley and Ohio, with the Federal Reserve bank lo-
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cated in the City of CHICAGO, Illinois.
This District contains 984 national banks which have accepted the provisions of the Federal Reserve Act. The capital stock of the Federal Reser.
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Federal Reserve Bank of St. Louis
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Bank of Chicago, on the basis of si:: per cent of the total capital stock
and sur-Dlus of the assenting national banks in the District, \yin amount to
12,664 2 100; and if there be added six per cent of the capital stock and
surplus of the State Banks and Trust Comaoanies which have applied for membership up to A-)ril 1, 1914, the total capital stock will be
DISTRICT No. 6:
13,151,925.
The State of AlKAUSAS, all that part of MISSOURI
located east of the western boundary of the follawinc counties:
Harrison
Daviess, Caldwell, Ray, Lafayette, Johnson, Henry, St. Clair, Cedar, Dade,
LavIrence and Barry; all that -Dart of ILLINOIS not included in District No.
7; all that part of INDIANA not included in District No. 7; all that part of
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ICITTUCKY not included in District 1To. 1 all that part of rf2,1T117,S= not included in District No. 6; and all that part of laSSISSIPPI not included in
District No. 6, with the City of ST. LOUIS, ilissouri, as the location of the
Federal Reserve bank.
This District contains 47,>4 national banks which have accepted the provisions of the Federal Reserve Let.
The capital stock of the Federal Reserve
Bank of St. Louis, on t:ic basis of six :Der cent of the total capital stock
and surplus of the assentinc national banks in the District, will amount to
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of the 3tato Banks and Trust Companies which have ar)plied for membership up
to J - ril 1 9 19149 the total ca)ital stock will be :„;6 9219,323,
DISTRICT 7.1o. 9:
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The States of 1.I.OITTILHA, 110.?,i DAKOTA, SOUri-r_L
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III:TiESOTL., all that part of VTISCONSIU not included in District ro. 7; cad all
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that part of HICHIGEIT not included in District No. 7, with the City of
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Federal Reserve Bank of St. Louis
Iiinnesota, as the location of the Federal Reserve bank.
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-8This Di trict contains 687 national banks which have accepted the provisions of the Federal Roscrvc Act.
The capital stock of the Federal Reserve
ank of Minneapolis, on the basis of six per cent cf the total capital stock
and surplus of the assenting natienal banks in the District, will amount to
DISTRICT HC. 10:
6-11
The States of KANSAS, NEMASKA, COLnRADO and WYOMING,
that parI of :ISsOOI not included in District :To. 6;
all that part of
OKLAHOMA north of a line forming the southern boundary of the following counties: Ellis,Dewcy,Flaine,Canadian,Cleveland,rottav:atomie,SeLinole,Okfuskee,
McIntosh,Muskogce, and Sequoyah; and all that part of NEW MEXICO north of a
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line forming the southern boundary of the following counties:
LIcKinley,
Sandoval, Santa Fe, San Miguel and Union, with the City of KANSAS CITY,
the location cf the Federal Reserve Bank.
This District contains 835 national banks which have accepted the provisions of the Federal Reserve Act.
The capital stock of the Federal Resenme
Fank of Kansas City, on the basis of six per cent of the total capital stock
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and surplus of the assenting national banks in the District, will a- lount to
5,583,955; and if there be added six per cent of the capital stock and surplus of the State banks and Trust Companies which have applied for membership up to April 1, 1914, the total capital stock will be
IISTRICT NO. 11:
5,594,916.
The State of TEXAS, all that part cf NEW MEXICO not
included in District D . 10; all that part of OKLAHOMA not included in District i1. 1C; all that part of LOUISIANA not included in District No.
,and
thc f'lllwing counties in the State of ARIZONA: Fima,Gr,:_ham,Greenloe,Cochise,
and Santa Cruz,ith the City
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Federal Reserve Bank of St. Louis
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DALLAS, Texas,as the locatin of tho Federal
-9ve bank.
This District contains 726 national banks which have accepted the
provisions of the Federal Reserve Act.
The capital stock of the Federal
Re se rve Bank of Dallas, on the basis of six per cent of the total capital
sto ck and surplus of the assenting national banks in the district, will
amo unt to
5,520,187; and if there be add ed six per cent of the capital
st ock and surplus of the State Banks and TrUst Companies which have applied
lor membership up to April 1, 1914, the total capital stock will be $5,634,091
DISTRICT No. 12:
The States of CALI:ORIIA, WAS=GTON, OREGON, IDAHO,
NEVADA and UTAH,and all that part of ARIZONA not included in District No. 11,
with the City of SAN FRANCISCO, California, as the location of the Federal
Reserve bank.
This District contains 514 national banks which have accepted the provisions of the Federal Reserve Act.
The capital stock of the Federal
Reserve bank of San Francisco, on the basis of six per cent of the total
capital stock and surplus of the assenting national banks in the District,wil1
amount to
,825,405;and if there be added six per cent of the capital stock
and surplus of the State Banks and Trust Companies which have applied for
membership up to April 1, 1914,the total capital stock. will be 4,115,524.
The Committee was impressed with the growth and development of the States
of Idaho,7ashington and Oregon,but on the basis of six per cent of the
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/capital stock and surplus of national banks and state banks and trust companies which have applied for membership,that section could not provide the
000,000 minimum capital stock required by the law.
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With the continued growth
of that region,it is reasonable to expect that in a few years the capital and
ordt.0.48'.GT
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Federal Reserve Bank of St. Louis
i:ts member banks will be sufficient to justify the creation of an
additional Federal Reserve district, at which time application may be
male to the Congress for a grant of the necessary authority.
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It is no part of the duty of the Organization Committee to locate
Branches of the Federal Reserve banks.
The law sr,ecifiw 1ly provides
that "each Federal Reserve bank shall establish branch banks within the
Fede:al Reserve district in which it is located.
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All the material
collected by the Committee will be placed at the disposal of the
Federal ROSCIVO 'Jarfics and the Federal Reserve Board then they are organ-
411
ized and ready to consider the establishment of branch banks.
Reference is made to the map of the Districts and to tables A, 3,
C, D, 2 and F hereto attached.
W. G. MADOO,
D. F. HOUSTON,
JNO. SKELTON 17ILLILUS
RESERVE
Washington, D. C.,
April 2, 1914.
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Federal Reserve Bank of St. Louis
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ORGANIZATION COMUITTEE.
At a mootins of the loserve Bank Orcanization Committee,
duly called and held in the Treasury Dailding, 7,ashington, D. C.,
on April 2, 1914.
Present: :r. :.G. :Ic'doo, Secrotary of the Treasury.
Fouston„ Secrctary of AcricultuTe.
r. John. Skelton Yillians, Comptroller of the
Currency.
LI.C. Elliott, Socrotary of the Comnittoo,
acted as Secrotary of the mooting.
After a cenoral discussion of the pl-oPor location of no
• oderal ".csorve Cities to be designated and tho cooraphic limits of
districts to be served the foll(ring Tns adortod as the decision of
tho Committee and wns ordered filod rith the Comptroller of the
Currency in the form following, to wit:
April 2, 1914.
Pursuant to :'oction 4 of the Act of Congress known as
the 2odoral nesorvo Ant, approved Docambor 23, 1913, to,
tho underoicned.
W.G. :IcAdoo, Secretary of tho Treasury.
D.2. Houston, Secretary of Agriculture, and
John Sivolton7illiams„ Comptroller of the Curroncy,
constituting the Rosorve Bank Organination ColmIttee, do
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hereby certiy that after a 2 ll and comnloto invostication
the provisions of said Act, the Con-nittee
made pursuant to
hns dosignated twolvo (12) 2ederal neservo Citios and defined tho googranhical limits of the twelvo districts to be
served by banks to Do organizod in said Cities in accordance
with the foregoing decision.
nospectfully,
(Sicnod) 7.G. rIcAdoo.
D.P. Houston.
Jno. Skelton
Reserve Bank Organization Camittee.
Comtrollor of tho Currency,
ashincton, D. C.
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Federal Reserve Bank of St. Louis
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DECISION OF Ti2 IrS:HVE BAUK ORGAITI7ATIOU COMITTM DEM:MTIUG TIM 2FDERAL RES:RVE DISTRICTS AND THE LOCATION OF TIM
PPMFRAL RESERVE BATIKS.
(Under te
Oders1 Reoorvo Act approved December 23, 1913.)
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The l.nderal Tiosorvo Act directs the Rooervo Bank Organization Co=itteo to "dooicnato not loss than eight nor mero
than twelve cities to be known as Federal reserve citios"; to
"divide the continental United States, excluding Alaska, into
districts, each district to contain only one of ouch itdoral
rosorvo cities," and to apportion the districts "rith duo regard to the convenience and customary course of buoinoss."
The act provides that the districts magnet necessarily bo
cotorminous with any Stato or States.
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In detormining the r000rvo districts and in dooinatinc
the cities within such districts whoro Federal aoserve banks
shall be severally located, the organization cammittoo has
given 2al1 consideration to the important factors bearing upon the subject. The committee hold public hearings in eighteen
'of the leading cities from the Atlantic to the Pacific and from
the Groat Lakes to the Gulf, and vas matorially assisted thoreby in dotormining the dist7icto and tho reserve cities.
Evory reasonable opportunity has boon afforded applicant
citios to furnioh ovidonce to support their claims as locations
for Federal Resorvo Banks.
nero than 200 cities throuch their clearing house associations, chambers cf =amerce, and other ranrosontativeo, were
hoard. Of these, thirty-coven cities asked to ho desisnated as
the headquarters of a Federal Reserve Bank.
The majority of the organisation colmittee, including its
chairman and tho Secretary of Agriculture, wore pr000nt at all
hearings, end stenographic reports of the rroceodi4s-o were mado A
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for moro deliborato consideration. Independent investigations
addition, made through the Troasury Dopartmont, ana the /
wore, in
proferenco of each bank an to the location of the Federal R000rvo
bank with which it desired to ho connected was ascortainod by an
independent card ballot addressed to each of the 79 /171 national
banks throughout the country which had formally assented to the
provisiono of the Federal reserve act.
Among tho many factors which govornod the calmittee in dotormininc the respective districts and the selection of the
cities which have boar' chosen were:
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Federal Reserve Bank of St. Louis
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4110
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Amt. The ability of the member banks rithin the district to
)4,000,000 required for the Federal
provide the miniman capital of C.
Reserve bmiir., an the basis of elm percent of the capital stock and
ar.fplas of mnmbor banks ulthin the district.
Second, The mercantile, indastrial, and financial connections
existinG in each district and the relations botroon the various portions of the district and the city selected for the location of the
:federal Reserve bank,
Third. The probable ability of the oderal Reserve bank in
each district, after orGanisation and after the nrovisions of the
federal Reserve Act shall have Gone into effect, to meet the locitinato demands of business, whether normal or anormal, in accorclance 71th the spirit and provisions of the Federal Reserve Act.
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Fourth. The fair and equitable division of the available
capital for tho federal Reserve banks anonc the districts created.
fifth. The cenoral Geocrophical situation of the district,
transportation linos, and the facilities for speedy communication
between no federal Reserve bank and all portions of the district.
Sixth. The ponulationl area, and prevalent business activities
of the district, whether aGrieultural, manufacturiaG, mining, or calmorcial„ its record of Growth and development in the past and its
nrosnects for tho future.
In detorminiinc the several districts the ccilmittee has endeavor,
oa to follow State linos as closely as practicable, and wherever it
has boon found necessary to deviate, the division has been alonc lines
which arc believed to be most convenient and advantaceous for the district affected.
The twelve Districts and the ttolvo Cities selected for the location
of the federal Reserve banks are an follows:
DISTRICT 110. 1.
The 'TM EnClanti States: LIalno, 11er 1tsiohiro, Vermont, ..Lassaclusotts,
Rhode Island, and Connecticut,
the city of Boston as the location
of the Federal 7.',eserve bank.
This district contains 41 national banks which have accepted the
/5
provisions of the Federal Reserve Act. The capital stodk of the federal
:oserve Bank of Boston, on tbo basis of six or cort of tho total capital
steel: aro surplus of the assentinG national banks in the district, will
amount to 09,924,543.
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Federal Reserve Bank of St. Louis
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DISTRICT NO. 2,
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The State of raw York, with New York City as the location of the
Federal Roservo bank,
This district contains 477 national banks tilich have accoptod
the provisions of the 2edera1 Rosorvo Act. The capital stock of
the Federal Reserve Bank of Now Yoh, on the basic of pin per cant
of the total capital stool: and surplus of the assontinc national
banks in the district, will amount to 020,62196OG; and if there be
added six per cent of the capital stock and surplus of the State
banks and trust companios thin have applied for mnmbership up to
April 1, 1914„ the total capital stock will ho 020007,600.
DI:LI:RIOT NO. 3.
The States of raw Jersey and Dolavaro and all that part of Pennsylvania located cast of the restorn baanloxy of the follorinc
counties: :IcEean, Elk, Cloarfiold, Cambria, and Bedford, with
tho :ederal Reservo bank in the city of Philadelphia.
This district contains 757 national banks which kayo acceptod
the provisions of the 2edora1 R000rvo Act. The capital stoeL of
the 2odoral Reserve Bank of Philadelphia, on the basis of six per
cent of the total capital stool: and surplus of the assantinc national
banks in the district, will amount to 012,400,130; and if thero be
added sin per cent of the caPital stock and surplus of the State banks
and trust companies which have =plied for mamborship up to April 1,
1914, tho total capital stock Trill be 012,500,730.
DISTRICT NO. 4.
in; roc,t, of disThe State of Ohio; all that part of Pennsylvania
Brocko, and Hancock,
trict No. 3; the counties of :11archa1l, Ohio,
in tho Stato of Test Vircinia; and all that part of the Stato of
Kontucky located east of the western boundary of the follorinc
counties: Boone, Grant, Scott, Toodford, Jossamino, Garrard, LincOln,
Pulaski, and licCreary; with the city of Cloveland„ Ohio, as the
,
location of the L oderal oserve bank.
This district contains 707 national banks which kayo accepted
tho provisions of the Federal Pesorvo Act. Tho capital stock of tho
Federal Reserve Bank of Clevoland, on the basis of sin per cant of the
total capital stock and surplus of tho assentinc national banks in the
district, will amount to 012,007,004; and if thero ho addod six per
cent of the capital stock and surplus of the State banks and trust
companies thick havo applied for mcciborship up to April 1, 1914, the
total capital stock will be 012,100,304.
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Federal Reserve Bank of St. Louis
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DISE:TOT DO. 5.
Tho District of Columbia, and tho States of naryland„ Virginia,
DOrth Carolina, South Carolina, and all of Test Virginia azcopt the countios of L:arshall, Ohio, Broca°, and Hancock, with
the Federal Reservo bank located in the city of Richmond, Va.
. This district containn 475 national banks which have accePted the provisions of the 2edoral Emory() Act. Tho capital stock
of tho Federal Resorvo Bank of I:ichmond, an the basis of ni Per
cent of the total canital stock and surplps of the assenting
national banks in tho district, will amount to 06,303,301; P-710 if
there be added siz per cant of tho capital stock and surplup of
the State banks and trust companies which have applied for membership up to April 1, 1914, the total capital stock will be
06,542,715%
DI3T7ICT UO. O.
The States of Alabana, Georgia, and Florida; all that part of
7cnnosneo located east of the westorn boundary of the followcounties: Stotnat, Houston, Wayno, Humphroys, and Perry;
all that part of Iiissiosippi located south of the northorn
boundary of the following counties:. Imagnona, Sharkoy, Yazoo,
Kemper, Lladison„ Loake, and Neshoba; and all of tho southeastern
part of Louisiana located east of the western boundary of the
following parishes: Pointo-Coupee, Iberville, Asaamption, and
Terrebonno„ with the city of Atlanta, Ga., as the location of the
Axiom). 7l000rve bank.
This district contains 372 national banks which have accented
the provisions of the :oderal oservo Act. The canital stock of
the Federal "leservo Bonk of Atlanta, on the basis of sin per cent
of the total capital stock and surplus of tho assenting national
banks in the district, will anount to s"A,G41,193; and if there bo
added pi= per cent of the capital stock and surplus of the State
banks and trust coAnanios which have applied for momborship un to
April 1, 1914, the total capital stock will be 04,702,550.
Dr,TRICT DO. 7.
Tho Stato of Iowa; all that part of 71sconsin located south of the
northern boonilary of the follo•Aak; counties: Vernon, Sank,
Columbia, Dodge,. Tashington, and Ozadkeo; all of tho southern
Peninsula of Michigan, viz, that part oast of Lake :lichigan; all
that part of Illinois located north of a lino forming tho southern
boundary of tho follming counties: Hancock, Schuyler, Cass,
Sangamon, Christian, Shelby, Cumborland, and Claek; and all that
part of Indiana north of.n line forming the southern boundary of
the following counties: Vigo, Clay, Owen, TIonroo, Brown, Bartholamow, Jonnings„ Piploy, and Ohio, with the 2ederal Reserve bank
located in the city of Chicago, ill.
This district coAtainn 952 notional banks which have
accepted
the provisions of the Federal :morn° 'ct. The capital stock
of the
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Federal Reserve Bank of St. Louis
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Federal Resorvo Bank of Chicago, on the basis of six par cant of
the total capital stock and surplus of the assentinc national
banks in the district,
amount to 12,479,076; and if there
be addod six per cent of the capital stock and surplus of the
State banks and tr-sast cappanios hich havo applied for mfraborship
up to .April 1, 1914, the total capital stock will be 012,967,701.
DISTRICT 110. O.
The State of Arkansas; all that part of Illssouri locatod oast'of
the wostorn boundary of the followinc counties: Harrison,
Davioss„ Caldwell, Hay, Lafayotto, Johnson, Henry, St. Clair,
Cedar, Dade, Lawrence, and Barry; all that part of Illinois not
included in district ro. 7; all that part of InaianA not included in district ro. 7; all that part of Kentucky not included
in district Ho. 4; all that nart.of Tennossoo not includod in district No. 6; and all that part of Ilississippi not included in district rio. 6, with the city of St. Louis, Ho., as the location of
the Federal Reserve bank.
This district contains 450 national banks vhich havo accepted
the Provisions of tho Federal 7oservo Act. The capital stock of the
.A)deral rapservo Bask of St. Louis, on the basis of el= or cent of
the total capital stock and surplus of the assent/no national banks
in the district, will amount to (4,990,761; and if there be added six
per cant of the capital stock and surplus of the State banks and trust
caripanios 7bich have applioa for memborship up to April 1, 1914, the
total capital stock will bo 06,367,006.
DISTRICT NO. 9.
The States of Liontann„ Horth Dakota, South Dakota, Hinnosota; all
that part of Tisconsin not Included in district No. 7, and all
that part of Mohicau not included in district Ho. 7, with the
city of Uinneapolis„ 2ina., as the location of the Fodoral
Resorve bank.
This district contains 607 national banks, which have accopted
provisions of the Federal 7oservo Act. The capital stock of the
the
2odoral Rosary° bank of LIAnneanolis„ on the basis of six por cont of
the total capital stock and surplus of the assentin national bunks
in the district, will amount to 04,702,925.
DInTRICT NO. 104.
The Statos o:71:ansas„ 7obrarf::al Colorado, and Wyaninc; all that part
of :"Issouri not included in district Ho. 0; all that part of Oklahama north of a lino forninc the southern boundary of the folla7inc counties: Ellis, Dewey, Blain°, Canadian, Cleveland, Pottavatomie, Saminolo, Okfushoo, 7,cIntosh, iludkogoe, and Soquorah; and
all that part of How Liozico north of a line forninc the southorn
baandr:r7 of the follaainc counties: Tic:Union, Sandoval, Santa 2o,
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Federal Reserve Bank of St. Louis
San Lacnol, rInii Union, with the city of I.C.ansas City, 7o., as the
location of tho Federal Reserve bank.
110
This district contains 036 nntional banks which have cccepted
the Provisions of the _;'adoral 71000TVO Act* The capital stock of
the 2oderal 27eservo Bmik of I:annao City, on the basis of sim per
cent of the total canital stool: and surplus of the assentinc national
banim in thc district, 7111 amaant to 05,590,015; and if there bo
added sIm ner cent of the capital stool: and ourplun of the State
bail= and trust cainanies i.-hich have applied for mamberphin up to
Awn 1, 1014, the total capital stoelc will bo r59600,977.
DISTRICT ITO. 11*
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The State of To=as; all that part of iTe ..7 7.:omico not includod in
,
district No. 10; all that part of Olaahala net included in
district :To. 10; all that part of Louisiana net incladod in
district No. 6; and the follorinc counties in the State of
Arizona: Pima, Graham, Greanlee9 Cochisoo and Santa pruz,
with the city of Dallas, To., as the location of the Federal
neservo ban7s.
This district contains Ki national banlm 7,hich have accepted the provisions of the Apderal Ileserve _ct. The capital
stock of the 2odora1 Roporvo Dank of Dallas, on the basis of
In Per cent of the total. canital °tad?: and surplus of the assentinc national baklks In the district, will amount to
2.5,540.020; and if there be added sin per cent of the capital
stool: and surplus of the Stato banks and turst companies -hich
have applied for membership un to April 19 19149 the total
capital stock will be :5,6539924.
DISMICT 110. 12.
The States of California, 7:ashincton4 Orocon, Idaho, Uovada, and
Utah, and all that part of .Arizona not included in district
No. 11, rith tho city of San Francisco, Cal., ao the location
of the .ederal Rosary° bait:.
.
This district contatno 514 national ban:cs which have acceptod
the DrOVISIOUS of the ..ederal P.0001"ii0 Act. The capital stodic of
the 2ederal ".eserve Bank of CI= .Oranoisco, on the basis of pi= per
cont of the total canital stock and surplus of tho assentinc
national banito in the district, will mount to ,
7,025,375; and if
there be addod pis per cent of the capital stock and surplus of
the State banks and trust conpanios which have applied for manbershin
up to _pril 1$ 1914, the total capital stock will be ::0,116,1194.
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Federal Reserve Bank of St. Louis
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The cannittoo vas Improssod vith the cravth and dovoloanent
tho Btatos of Idaho, WashinE;ton, and Oregon, but an tl)e basis
of
of sia per cent of the capital otodir and surplus of national balks
and Stato banks and trust companies thich havo avplied for =mbar
ship, that section could not provide tho 04,000,000 minimum capital
;
°ton required by the lat. 7;ith the continuod crmth of that re- ion
it is reasonable to =Poet that in a faw year° the capital and our
plus of its member banks vill be sufficiont to justify tho creation
f
Of an additional Fodoral Reserve district, at I- hich time application
maybe made to tho Concreos for a crant of the necessary authority.
It is no part of the duty of tho orcanizatian colnittee to
locate branches of the Podoral Rosary° bazars. The law spocifically
providos that "moll :Oderal Reserve bank shall establish branch
banks -Athin tho Podoral Rosorvo district in thick it is located."
All of the nntorial collected by the committeo will be placed at 'no
disposal of tho Federal Reserve banks and the iodoral Roservo Board
when they aro organism' and roady to consider the establishment of
branch banks.
Reference is mado to the :ap of the Districts and to tables
A, B, Co D, B, and I' hereto attached.
7;.G. YlcAdoo,
D.2. Houston,
Jno. Melton .111iams,
nesorvo Ban Organisation Committee
Washington, D.C., April 2, 1914.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
•
•
•
•
S
REVD IN FILES
SECTION
/APR 2 7 !950
•
At a meoting of the Reserve Bank Organization Committee
111
held in the Treasury Building, Washington, D. C., March 25, 1914,
Present:
Mr. William G. McAdoo, Secretary of the Treas-
ury, Mr. David F. Houston, Secretary of Agriculture, Mr. John Skelton Williams, Comptroller of the Currency.
Mr. Milton C. Elliott, Secretary of the Committee, acted
as secretary for the meeting.
The Secretary submitted for the consideration of the Comcontaining the following form of applica-
mittee Form
tion for stock in Federal Reserve banks for the use of National
Banks:
latache
C
Form No.----
----, being Application for Stock in Federal Reserve
banks for the use of State banks and Trust Companies:
(Attached)
Norm No.
E
, being organization certificates to be used by
Federal Reserve banks in perfecting their incorporation.
(Attached)
,
E472
On motion these forms were approved and adopted as submitted.
The application of the Union Bank of Woonsocket, Rhode
Island, for permission to reduce its capital stock from 0.50,000 to
4100,000 was approved.
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Federal Reserve Bank of St. Louis
S
•
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-2-
1111
The application of the National Bank of Waterville,New York,
No. 1361, for permission to reduce its capital stock ftom 0_50,000
to 475,000, was approved.
411
The Application of the Nixon National Bank of Reno, Nevada,
for permission to reduce its capital stock from 4,000,000 to
4Y700,000 was approved.
The request of the Rand-McNally Company for a list of the
III
59
10
banks which have declined to enter the Federal Reserve system .
IPAA
submitted by the Secretary, but he was instructed not to giveAthis
information for the present.
pvtivakt---The Secretary reported that sa-en banks had signified
•
their intention to become members of the Federal Reserve system
by letter or telegram prior to the expiration of the sixty-day time
limit, as provided in the Act, but their formal resolutions of acceptance were dated and received after February 23d.
Tie Secretary
was instructed to treat such applications themes* as
4Le
received
within the time limit, the banks having complied substantially wilih
the provisions of the Federal Reserve Act.
The Secretary submitted the inquiry of a certified Public
Accountant as to whether the certificate of such accountants would
exbe accepted in lieu of certificates of National or State bank
s
aminers accompanying applications of State Banks and Trust Companie
for stock in Federal Reserve banks.
was instructed
to answer such inquiries in the negative, the Committee having decided not to depart from the provisions of Regulation No. 3, re-
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Federal Reserve Bank of St. Louis
•
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-3--
•
quiring the certificate of a National or State bank examiner to
accompany such application.
After a general discussion of the prospective locations
for the Federal Reserve banks and the geographical limits to be
served the meeting adjourned.
•
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Federal Reserve Bank of St. Louis
6
•
••
ORGANIZATION CERTIFICATE.
•
The undersigned banks having applied for and been allotted stock in the
, now organizing and having been
Federal Reserve Bank of
designated by the Reserve Bank Organization Committee to execute the Certificate of Organization, as
provided by Section 4 of the Act of Congressknown as the Federal Reserve Act,approved December 23,1913
•
Now, therefore, in order that the statutes of the United States may be fully complied with and that
the incorporation of this association as a Federal Reserve Bank may be perfected, the following Organizaday of---------_, 1914.
tion Certificate is made and executed on this the
1. The title of this association shall be the Federal Reserve Bank of
2. The location of the principal office of this association shall be in the city of
and it shall engage in the business of banking as provided by the said Federal Reserve Act and shall
exercise such powers as are prescribed by said Act in District No. _ _________ as defined by the Reserve
Bank Organization Committee, or as modified by the Federal Reserve Board, said district, as now
defined, being inclusive of the following States and parts of States:
•
3. The amount of capital stock of this association shall be not less than $4,000,000 and shall be
maintained at an amount equal to 6 per cent of the capital and surplus of all banks which become
members of this association, such stock to be divided into shares of $100 each.
4. The names and places of doing business of the banks executing this certificate are as follows:
5. The names and places of doing business of the banks which have subscribed to the capital stock
of this association and the number of shares subscribed by each are as follows:
Name of Bank.
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Federal Reserve Bank of St. Louis
Place'of Business.
Number of Shares.
•
#
2
This certificate is made for the purpose of enabling those banks herein named as executing this
•
certificate or having subscribed to the stock of this association, together with such other banks as may
hereafter subscribe to the capital stock of this association, to avail themselves of the advantages, privi-
leges, and benefits of the Act of Congress known as the Federal Reserve Act, approved December 23,
•
1913, and such other acts as may be passed by Congress amending or supplementing the said Federal
Reserve Act.
IN WITNESS WHEREOF, the banks making this certificate have caused the same to be executed by
their respective presidents or vice presidents, their corporate seals attached, attested by their respective
cashiers, on this the __
_ ______ _
__ day of
, 1914.
•
NATIONAL BANK OF
By ----------------------------------------, President.
[SEAL.]
Attest:
, Cashier.
NATIONAL BANK OF
By
,President.
[SEAL.]
Attest:
, Cashier.
-NATIONAL BANK OF
By
_, President.
[SEAL.]
Attest:
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Federal Reserve Bank of St. Louis
, Cashier.
3
•
NATIONAL BANS OF
By
_, President.
[SEAL.]
Attest:
, Cashier.
NATIONAL BANS OF
•
By
, President.
[SEAL.]
Attest:
, Cashier.
STATE OF
CITY OF
This day personally appeared before me, a notary public, in and for the city of
______________ _ _, State of
whose names are signed to the foregoing Certificate of Organization and who severally acknowledged that
they executed this certificate, as the officers of and by authority of the board of directors of their
respective banks, for the purposes mentioned therein; that the seals affixed are the corporate seals of
such banks and were duly affixed under authority of their boards of directors.
WITNESS my hand and official seal, this the
day of
, 1914.
[OFFICIAL SEAL.]
Notary Public.
NOTE.—If the laws of your State reouire a special form of acknowledgment for corporations, such forms should be used
in lieu of the foregoing and attached to the certificate.
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Federal Reserve Bank of St. Louis
lir
0eettd„
4
111(
-1."-0
144.4r-
pl
Ct - /N./eel/ivA'
1/L
•
At a meeting of the Board of Directors of
of
of bank
held on
•gr ••••
, duly called
name
and
day of
the following resolution was, on motion duly made, seconded
and adopted by the Board:
•
111
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Federal Reserve Bank of St. Louis
WHEREAS, this association has been designated by the
Reserve Bank Organization Committee as one of the five banks
to execute the organization certificate for the incorporation of the Federal Reserve Bank of
as provided by Section 4 of the Act of
Congress -approved December 23, 1913, and known as the Federal
Reserve Act.
NOW, THEREFORE, BE IT RESOLVED, that the President or
Vice President and Cashier of this association be and they
are hereby authorized, empowered and directed to execute
said certificate in the name and on behalf of this association, to affix the corporate seal of this bank thereto, duly
attested, and to do such other acts as may be necessary to
fully comply with the provisions of the Act referred to in
perfecting the incorporation and organization of the Federal
Reserve Bank of
T hereby certify that the foregoing is a true and correct copy of a resolution passed by the Board of Directors
of this bank on the date specified.
Cashier,
National Bank of
Form 9
. District Aro.
sites
)
APPL i
liCrATION FOR STOCK
IN THE
FEDERAL RESERVE BANK OF
•
At a meeting of the Board of Directors of the
(Name of bank or trust company.)
of_ ___________________________,duly called and held on the ________ day of
_ , 1914,
(City or town,and state.)
the following resolution was offered, seconded, and adopted:
"WHEREAS,in accordance with Section 2 of the Act of Congress known as the Federal Reserve Act, approved on the 23d day
of December, 1913, this association duly notified the Reserve )3ank Organization Committee of its intention to subscribe to its
proper proportion of the capital stock of the Federal Reserve Bank to be organized in this district;
"AND WHEREAS, notice has been received from the Comptroller of the Currency that according to the certificate filed by
said Organization Committee with the Comptroller designating the several Federal Reserve cities and defining the geographical
limits of the districts to be respectively served by the Federal Reserve Banks located in such cities, this bank is located in
, which district will be served by the Federal Reserve Bank of
District No
"AND WHEREAS, six per cent of the unimpaired capital and surplus of this association amounts to
Dollars;
• "Now,THEREFORE, BE IT RESOLVED, That the president or vice president and the cashier or secretary of this association
be and they are hereby authorized, empowered, and directed to make application for and to subscribe to
shares, of a par value of $100 each, of the capital stock of the Federal Reserve Bank of
now organizing, and to pay for such stock in accordance with the provisions of Section 2 of the said Federal Reserve Act as and
when called upon by the Reserve Bank Organization Committee or by the Federal Reserve Board."
I hereby certify that the foregoing is a true and correct copy of a resolution passed by the Board
of Directors of this association on the date specified.
•
, Secretary or Cashier.
of
(City or town.)
(Name of association.)
Pursuant to the foregoing resolution the_ ______ _ _
(Name of association.)
_ ______
of __
_, hereby makes application for
shares
(City or town,and State.)
_ _____ of a par value of $100 each,
of the capital stock of the Federal Reserve Bank of _______ _
amounting to $ _______ _ __, and agrees to pay for same in accordance with the provisions of the
Federal Reserve Act.
In compliance with the regulations prescribed by the Reserve Bank Organization Committee the
following exhibits are attached to and asked to be read as a part of this application:
, 1914,
day of
EXHIBIT 1.—Statement of the condition of this association as of the
duly certified.
EXHIBIT 2.—Copy of the charter of this association with amendments.
EXHIBIT 3.—A digest of the powers granted by said charter and amendments which this association now exercises and
desires to continue to exercise.
EXHIBIT 4.—A digest of the powers which while granted by said charter and amendments, this association is not exercising
and will not exercise as a member of the Federal Reserve system.
of
(SEAL.)
Attest:
By
, Secretary or Cashier.
To the RESERVE BANK ORGANIZATION COMMITTEE,
Washington, D. C.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
President.
2-74S0
•
•
EX11113111 No• 1.
-.
.
STATE BANK REPORT.
Report of the condition of
of
in the State`,of
at the close of busing
RESOURCES.
1)ollars.
, 191
Cents.
1. Loans and discounts:
LIABILITIES.
Dollars.
Cents.
1. Capital stock paid in
(a) Secured by unencumbered and improved farm land
2 Alblus
(b) Secured by other real estate
3. Undivided profits (Including accrued interest and any other amounts set aside for special purposes, less
current expenses, interest and taxes paid)
(c) Secured by collateral other than real estate
4. Due to banks
(d) One or more name paper, without collateral, time
5. Dividends unpaid
(e) One or more name paper, without collateral, demand
6. Deposits:
(a) Individual, subject to check without notice
2. Overdrafts
(b) Certificates of deposit payable on demand
3. Investments:
(e) Certified checks
(a) United States bonds
ashier's checks outstanding
(b) State, county, and municipal bonds
(e) Savings deposits or deposits in interest or savings department, time
(c) Railroad bonds
(f) Certificates of deposit, time
(d) Other public service bonds
(e) Bank stocks
7.
(f) Other bonds, stocks, warrants, etc
Total.
ilk and bills rediscounted
8. Bills payable, including certificate of deposit representing money borrowed
Total..
9. Other liabilities
I. Banking house and lots
;I). Furniture and fixtures
6. Other real estate owned
...
7. Due from banks
...
3. Checks and other cash items
9. Cash on hand:
(a) Gold coin
(b) Gold certificates
(c) Silver coin
(d) Silver certificates
(e) Legal tender notes
(f) National bank notes
(g) Nickels and cents
Total..
10. Other resources
Total resources
Depositors:
Total liabilities
Interest paid on deposits:
Interest received on Loans and Discounts:
Dividends paid during the past year on Capital Stock:
1. Number of savings depositors
1. On savings deposits
per cent.
1. Demand loans
per cent.
Amount,$
per cent.
2. All other depositors (excluding banks)
2. On other individual deposits
per cent.
2. Time loans
per cent.
Date paid
, 191
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Federal Reserve Bank of St. Louis
2-7480
___ __ of
O.
We, the um. ersigned directors of the
certify that the foregoing is a true and correct statement of the condition of this association on the
date specified; that in our opinion the assets are worth the amount at which they are carried on the
books of the association; that the liabilities are as shown; the capital stock is unimpaired, and the
-,
surplus claimed represents actual existing value
--------------------------------
•
-------------------------
-----
---------------
-------------
Directors.
•
_ , Cashier.
CERTIFICATE OF EXAMINER.
I
HEREBY
by
CERTIFY
that I have been duly commissioned to examine banking associations
; that I completed an examination of the affairs
_
------
(Comptroller of
, on the
of
day
(Name of applying State bank or trust company.)
of _ _ _ ------------------ _ _ _ ; 1914; that I have personally compared the foregoing statement of con-
dition with the books of the association and find it to be correct.
I further certify that from my knowledge of the affairs of this association, based upon my examination of its books and records, it is, in my opinion, absolutely solvent; its capital stock is unimpaired;
its surplus is represented by actual existing assets, and its books show its true condition.
(Name of examiner.)
NOTE.—If 6 per cent of the capital and surplus above shown amounts to a sum not divisible by 100, any excess or fractional
part of $100 will entitle the applying bank to one additional share of stock. Accordingly in filling out the subscription on the
reverse side of this form, the sum representing 6 per cent of the capital and surplus should be divided by 100 in order to obtain
the number of shares to be applied for, and if an excess of less than $100 remains, one additional share should be added to the
application, and included in the subscription of stock to be paid for at par in accordance with the provisions of the Federal
Reserve Act.
NOTE.—Exhibits 2, 3 and 4 referred to herein (page 1) should accompany this application.
LOCATION OF APPLYING BANK.
(Please fill in.)
City or town
County
State
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
2-7480
41,
0O
REC'D IN FILES SECTION
APR 2 7 1950
/
Atu meeting of the Reserve Bank Organization
411.
Committee held in the Treasury Building, Washington, D. C., March
Present:
Mr. William C. McAdoo, Secretary of the Treasury,
David F. Houston, Secretary of Agriculture, Mr. John Skelton
Williams, Comptroller of the Currency.
Mr. Milton C. Elliott, Secretary of the Committee, acted
as Secretary of the meeting.
The Secretary submitted for the consideration of the Committee Form No. 8, containing the following form of application
for stock in Federal Reserve banks for the use of National Banks:
District No.
•••••••••••.11.110.11.1..
Charter No.
No. of shares
••••1111...1111...411..
APPLICATION FOP STOCK
in the
FEDERAL RESERVE BANK OF
At a meeting of the Board of Directors of the National Dank of
•
,duly called and held on
the
,1914, the following reso...
day of
lution was offered, seconded and duly adopted:
Whereas, in accordance with Section 2 of the Act
of Congress known as the Federal Reserve Act, approved
on the 23d day of December, 1913, this bank duly notified
the Reserve Bank Organization Committee of its intention
to accept the provisions of the said Act and tosubscribe to its
proper proportion of the capital stock of the Federal Reserve Bank to be organized in this district;
And Whereas, notice has been received from the
'Comptroller of the Currency that according to the certificate filed by said Organization Committee with the
Comptroller designating the several Federal Reserve
cities and defining the goo ,raphical limits of the districts to be respectively s rved by the Federal Reserve
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
/
•
•
•
Banks located in such cities, this bank is located in District No., which district will be served by the
;
Federal Reserve Bank of
And Whereas, six per cent of the unimpaired capital and surplus of this association amounts to
Dollars;
-__-.--Now,Therefore, be it Resolved, that the president
or vice-president and cashier of this bank be, and they
are hereby authorized, empowered and directed to make
shares,
application for and to subscribe to
of a par value of 1100 each, of the capital stock of the
now organizing,
Federal Reserve Bank of
and to pay for such stock in accordance with the provisions of Section 2 of the Federal Reserve Act as and
when called upon by •the Reserve Bank Organization Committee or by the Federal Reserve Board.
I hereby certify that the foregoing is a true and
correct copy of a resolution passed by the Board of
Directors of this association on the date specified.
,Cashier,
National Bank of
Pursuant to the foregoing resolution the
__hereby subscribes to and
National Bank of
_shares of the capital stock
makes application for
of a par value
of the Federal Reserve Bank of
agrees
of 1100 each, amounting.to 0
to pay for same in accordance with the provisions of the
Federal Reserve Act.
_
National Bank of
(Seal)
BY
President.
At
•••••••••=.10••••••••••
,Cashier.
TO THE RESERVE BANK ORGANIZATION COMMITTEE;
Washington, D. C.
(Reverse Side)
We, the undersigned, hereby certify that this bank
and surplus
has an unimpaired capital of ,?
of :1
as shown by the books at the close of
1914.
)
day of
business on the
three or more directors).
(To be signed by
0.••••••.•
^•.,•• .••••••. ,
••••••••••••••• arc.fm.”
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-••..
•••'Ow
4.n.ft
Directors.
ViD IN FILES SECTION
WAPR 2 5 1950
At a meeting of the Reserve Bank Organization Committee,' held
in the Treasury Building, Washington, D. C., on. r.:arch 16th _1914,
411
PRESENT:
Mr. William G. EcAdoo,
Secretary of the Treasury,
La..
Secretary of Agriculture,
David F. Houston,
Mr. John Skelton Williams, Comptroller of the Currency.
Er. Milton C. Elliott, Secretary of the Committee, acted as
Secretary 4 the meeting.
A telegram from Er. E. J. Watson, Commissioner, Columbia, South
411
•
Carolina, asking for authority to file an additional brief of Columbia
was presented and the Secretary was instructed to reply, that while the
time limit for filing briefs had expired on March 10th, if the same was
received before the districts were define., it would be given consideration.
The question of further regalations governing the conditions of membership of State banks and trust companies was discussed with particular
reference to the payer of the Organization Committee to impose any restrictions not specifically imposed by the Federal Reserve Act relating,
for example, to the extent of loans on real estate and also as to the
powers to be exercised by State banks.
The Secretary was instructed to have prepared briefs on this subject
and to submit the same at a future meeting of the Cogamittee.
After general discussion and consideration of the geographical limits
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Federal Reserve Bank of St. Louis
of the districts to be served and the „pro.ver locations for the Federal
reserve cities, the meeting adjourned.
•
Secretary,
Reserve Bank Organization Committee.
APPROVED:
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Federal Reserve Bank of St. Louis
Chairman.
REC'D IN FILES SECTION
APR 2 5 1950
REGULATIONS AND BY-LAWS, RESERVE BANK ORGANIZATION COMMITTEE, prescribing conditions under
which State Banks and Trust Companies may subscribe to the stock and become members of Federal
Reserve Banks.
WASHINGTON, D. C., February 20, 1914.
• Regulation No. 3.
-
Section 9 of the Federal Reserve Act reads in part, as follows:
"Any bank incorporated by special law of any State, or organized under the general laws of any
State of the United States, may make application to the reserve bank organization committee, pending
organization, and thereafter to the Federal Reserve Board for the right to subscribe to the stock of the
Federal Reserve bank organized or to be organized within the Federal Reserve district where the applicant
is located. The organization committee or the Federal Reserve Board, under such rules and regulations
as it may prescribe, subject to the provisions of this section, may permit the applying bank to become
a stockholder in the Federal Reserve bank of the district in which the applying bank is located. Whenever the organization committee or the Federal Reserve Board shall permit the applying bank to become
a stockholder in the Federal Reserve Bank of the district, stock shall be issued and paid for under the
.
rules and regulations in this Act provided for national banks-whichlbecomerstockholders in Federal
Reserve banks."
Pursuant to the provisions of this section, the Reserve Bank Organization Committee has prescribed
the following regulations and by-laws specifying the conditions under which State banks and trust
companies may become members of Federal Reserve banks.
First.—Any State bank or trust company eligible to membership in a Federal Reserve bank under
the Federal Reserve Act and desiring to subscribe to the capital stock of the Federal Reserve bank to
of business of such State bank or trust company
• be organized in the district which will inlcude the place a resolution in the following form, to wit:
shall submit to its board of directors for consideration
Whereas, Under section 2 of the act of Congress known as the Federal Reserve Act, approved on the
23d day of December, 1913, it is provided that: 'Under regulations to be prescribed by the Organization
Committee every national banking association in the United States is hereby required and every eligible
bank in the United States and every trust company within the District of Columbia is hereby authorized
to signify in writing within sixty days after the passage of this act, its acceptance of the terms and provisions thereof;" and
Whereas, This bank is believed by the Board of Directors to be eligible to membership and to have
the right to subscribe to the capital stock of the Federal Reserve Bank to be organized; and
Whereas, It is the intention of this Board to apply under the provisions of the Federal Reserve Act
for its proper proportion of stock of the Federal Reserve Bank to be organized within the district in which
this bank will be located when the geographical limits to be served by such Federal Reserve Bank have
been fixed and announced by the Organization Committee;
Now, therefore, be it resolved, That the president of this bank be, and he hereby is authorized,
empowered and directed to notify the Reserve Bank Organization Committee that this bank will apply
for an allotment of stock of the Federal Reserve Bank aforesaid, and if granted, will become a member of
such Federal Reserve Bank subject to the provisions of the Federal Reserve Act.
When such resolution has been passed by the board of directors, the president or executive officer
of such State bank or trust company shall transmit a duly certified copy of such resolution to the Reserve
Bank Organization Committee at Washington.
Second.—When the location of the several Federal Reserve banks provided for in the Federal Reserve
Act have been established and the districts to be served by such Federal Reserve banks have been defined,
the committee will cause to be forwarded to such State banks or trust companies, at the same time that
applications are forwarded to national banks under the provisions of the Federal Reserve Act, a form
of application for an amount of capital stock in such Federal Reserve bank equal to 6 per cent of the
unimpaired capital stock and surplus of such State bank or trust company. This application must be
accompanied by a statement showing the assets and liabilities of such State bank or trust company
listed on forms approved by the Committee. These forms will be furnished by the Committee upon
request. The Board of Directors or a committee composed of not less than five members of such Board
•
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Federal Reserve Bank of St. Louis
OS
2
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••
shall certify that in their opinion the assets listed in the manner prescribed by the Committee represent
actual existing values and that in the opinion of said Board none of such assets are carried at an
excessive valuation on the books of said bank.
State banks and trust companies shall also file with their applications for membership copies of
their charters, with amendments, and a digest thereof showing the powers (granted by such charters
and amendments) classified to indicate:
a. Those powers which such banks and trust companies have exercised and desire to continue to
exercise.
b. Those powers which, while granted, have not been exercised and which such banks and trust
companies will not desire nor attempt to exercise as members of the Federal Reserve System.
Third.—In lieu of a special examination of the condition of such bank by a national bank examiner or examiner appointed by the Committee or the Federal Reserve Board,the Committee may accept
a certificate from a duly accredited State examiner or bank commissioner to the effect that the statement filed by the board of directors as aforesaid represents the true condition of such State bank or trust
company and that the capital stock of such bank is in the opinion of such examiner or commissioner
unimpaired, the surplus represents actual existing values and the liabilities are as shown by such statement. The Committee, however, will reserve the right in any case to require a special examination by
a national bank examiner or an examiner selected by the Committee or by the Federal Reserve Board
as a condition precedent to membership in any Federal Reserve bank.
Fourth.—Only those banks which have an unimpaired capital sufficient to entitle them to become
national banking associations under the provisions of the National Bank Act shall be considered as
eligible to membership in a Federal Reserve bank.
In accordance with section 5138, U. S. Revised Statutes, as amended by the act of March 14,
1900, State banks or trust companies in order to be eligible to membership must have unimpaired capital
stock, as follows:
In cities or towns of less than 3,000 inhabitants, $25,000.
In cities or towns of more than 3,000 inhabitants but less than 6,000 inhabitants, $50,000.
In cities of more than 6,000 inhabitants but less than 50,000 inhabitants, $100,000.
In cities of more than 50,000 inhabitants, $200,000.
Fifth.—State banks becoming members as such under the provisions of section 9 of the Federal
Reserve Act and retaining their State charters shall be subject to the provisions of section 9 and to such
other provisions of the Federal Reserve Act as are applicable thereto.
Sixth.—State banks desiring to become members under section 8 of the Federal Reserve Act by
being first converted into national banks in accordance with the provisions of this section, shall become
members as national banks. Where such conversion into national banks is completed before the expiration of 60 days from the passage of the Federal Reserve Act, such banks should file with the Organization Committee the form of resolution prescribed by the Committee to signify their acceptance of
the terms and provisions of the Federal Reserve Act before February 23, 1914. Where such conversion
is not completed before the expiration of the 60 days aforesaid, the board of directors of such banks
shall, in executing the articles of association and organization certificate as required by section 8, at the
same time adopt the resolution prescribed by the Organization Committee as aforesaid, and such resolution shall accompany the organization certificate filed with the Comptroller of the Currency.
Seventh.—Where such conversion is completed after the organization of the Federal Reserve banks,
such organization certificate shall be accompanied by an application to the Federal Reserve Board or to
the Organization Committee for an amount of stock equal to 6 per cent of the unimpaired capital and
surplus of such bank.
Eighth.—Whenever a trust company shall become converted into a national bank under the provisions of section 8 of the Federal Reserve Act and shall desire to continue to act as trustee, executor, administrator or registrar of stocks and bonds, such organization certificate shall, when filed with the Comptroller of the Currency, be accompanied by an application to the Federal Reserve Board for permission
to engage in such business, and no certificate for the conversion of such trust company into a national
bank shall be approved by the Comptroller of the Currency until the Federal Reserve Board has granted
this permission under rules and regulations prescribed by it.
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Federal Reserve Bank of St. Louis
•
•
•
•
3
Ninth.—Whenever-a State bank or trust company with established branches shall make application
for conversion into a national bank and shall desire to retain such branches, such State bank or trust
ocompany shall comply with section 5155, U. S. Revised Statutes, which reads as follows:
"It shall be lawful for any bank or banking association organized under State laws, and having
branches, the capital being joint and assigned to and used by the mother-bank and branches in definite
proportions, to become a national banking association in conformity with existing laws, and to retain
and keep in operation its branches, or such one or more of them as it may elect to retain; the amount of
the circulation redeemable at the mother-bank, and each branch, to be regulated by the amount of
capital assigned to and used by each."
Tenth.—State banks or trust companies applying for membership in the Federal Reserve System
under section 8 of the Federal Reserve Act by conversion into national banking associations, or applying
for membership under section 9 as State banks will, if otherwise found to be eligible, be given a reasonable
time within which to adjust the loans and investments of such banks to conform to the requirements of
the Federal Reserve Act and other laws of the United States applicable thereto. Any bank applying
for membership and having loans to any one person, firm,or corporation in excess of the limit allowed by
the Federal Reserve Act or other loans and investments prohibited by such act shall, before being admitted
to membership, give satisfactory assurance to the Committee or to the Federal Reserve Board that such
loans and investments will be eliminated or made to conform to the provisions of the Federal Reserve
Act and other applicable laws not later than January 1, 1915.
The condition of the applying bank or trust company and the general nature of its business will be
IllEonsidered by the Committee in each case in determining whether such banks shall be admitted to
membership.
Eleventh.—The Committee or the Federal Reserve Board will from time to time adopt and publish
such additional regulations and by-laws as may be deemed necessary and advisable.
W. G. Mc.A.Doo, Chairman,
D. F. HOUSTON,
J. S. WILLIAMS,
Reserve Bank Organization Committee.
o
di
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Federal Reserve Bank of St. Louis
REC'D IN FILES SECTION
APR 2 5 1950 ,
-)
At a meeting of the Reserve Bank Organization Committee, held
•
in the Treasury Building, Washington, D. C., on February 19th, 1914,
•
Mr. William G. McAdoo, Secretary of the Treasury,
Present:
.
T.7 r. David F. Houston,
Secretary of Agriculture,
Mr. John Skelton Williams, Comptroller of the Currency.
Mr. Milton C. Elliott, Secretary of the Committee, acted as
Secretary of the meeting.
•
The Secretary reported that 7,311 National Banks in the con—
tinental United States out of 7,490 had accepted the provisions of the
Federal Reserve Act and signified their intention to subscribe to the
•
•
capital stock of the Federal Reserve Banks to be organized.
The
banks accepting the provisions of the Act, to date, represent more than
92 5/10%, in number, of all National Banks, and 98 2/10% of the aggre—
gate capital stook of all National Banks affected by the Act.
The Secretary called attention to the fact that Regulation
No. 2, heretofore approved by the Committee, had, through inadvertence,
been omitted from the minutes of the meeting.
He was accordingly in—
structed to spread the same upon the minutes of this meeting.
REGULATION No. 2.
•
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Federal Reserve Bank of St. Louis
The Federal Reserve Act provides for membership of banks
operating under State charters as well as membership of national
Eligi—
No new charter is contemplated in either case.
banks.
ble banks become members by becoming stockholders in Federal
Reserve Banks, when their applications have been properly approved
Such subscription to the
and stock has been allotted to them.
capital stock of the Federal Reserve Bank appears to be a matter
Within the province of the Loard of Directors of the subscribing
•
•
S
The Organization Committee therefore deems it unnecesbank.
sary to require as a condition precedent to membership that the
stockholders should. take any formal action.
Inasmuch, however, as the stockholders of a bank have the
legal right, by necessary vote, to force a solvent bank to
liquidate, and if dissatisfied with the action of the Board in
becoming members might exercise this prerogative, banks desiring
to take the precautionary measure of cnvasaing the sentiment of
the stockholders may, by resolution of their boards, submit the
question to the stbckholders either at the next regular meeting
This course Ls, however, not
or at a specially called meeting.
insisted upon by the Organization Committee.
Those national banks passing resolutions of nonacceptance
on or before February 22, 1914, should, as soon thereafter as
convenient, and before the expiration of the twelve months prescribed in the Federal --- eserve Act, submit their action to the
stockholders for confirmation, since nonacceptance of the provisions of the Federal Reserve Act will ultimately involve the
liquidation of such national bank.
Regulation No. 3, prescribing the condftions under which
State Banks and Trust Companies may subscribe to stock and become
members of the Federal Reserve Banks, was submitted and after general
discussion was adopted as follows:
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Federal Reserve Bank of St. Louis
Washington, D.C., February 20,1914.
3.
REGULATION No.
Section 9 of the Federal Reserve Act reads in part, as follows:
"Any bank incorporated by special law of any State, or organized under the general laws of any State of the United States, may
make application to the reserve bank organization committee, pending organization, and thereafter to the Federal Reserve Board for
the right to subscribe to the stock of the Federal Reserve bank
organized or to be organized within the Federal Reserve district
The organization committee or the
where the applicant is located.
Federal Reserve Board, under such rules and regulations as it may
prescribe, subject to the provisions of this section, may permit
the applyin,, bank to become a stockholder in the Federal Reserve
Menbank of the district in which the applying bank is located.
Reserve Board shall
ever the organization committee or the Federal
permit the applying bank to become a stockholder in the Federal
Reserve bank of the district, stock shall be issued and paid for
under the rules and regulations in this Act provided for national
banks which become stockholders in Federal Reserve banks."
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Federal Reserve Bank of St. Louis
Bank
Pursuant to the provisions of this section, the Reserve
following regulations and
Organization Committee has prescribed the
and trust
by-laws specifying the conditions under which State banks
banks.
companies may become members of Federal Reserve
ip
First.- Any State bank or trust company eligible to membersh
Reserve Act and desiring
in a Federal Reserve bank under the Federal
bank to be
to subscribe to the capital stock of the Federal Reserve
the place of business
organized in the district which will include
of
of such State bank or trust company shall submit to its board
in the following form,to wit:
directors for consideration a resolution
Whereas, Under section"2 of the act of Congress known as the
, 1913, it is
Federal Reserve Act, approved on the 23d day of December
be prescribed by the Organizaprovided that: "Under regulations to
States
tion Committee every national banking association in the United
in the United States and
is hereby required and every eligible bank
authorized
every trust company within the District of Columbia is hereby
the passage of this act,
to signify in writing within sixty days after
its acceptance of the terms and provisions thereof;" and
s to be
Whereas, This bank is believed by the Board of Director
subscribe to the capieligible to membership and to have the right to
tal stock of the Federal Reserve Bank to be organized; and
the proWhereas, It is the intention of this Board to apply under
of stock
on
visions of the Federal Reserve Act for its proper proporti
Bank to be organized within the district in
of the Federal Reserve
to be served
which this bank will be located when the geographical limits
by such Federal Reserve Bank have been fixed and announced by the Organization Committee;
be,
Now, therefore, be it resolved, That the president of this bank
and he hereby is authorized, empowered and directed to notify the
apply for an
Reserve Bank Organization Committee that this bank will
the Federal Reserve Bank aforesaid, and if granted,
allotment of stock of
will become a member of such Federal Reserve Bank subject to the provisions of the Federal Reserve Act.
When such resolution has been passed by the board of directors, the
president or executive officer of such State bank or trust company shall
transmit a duly certified copy of such resolution to the Reserve Bank
Organization Committee at Washington.
Second.- When the location of the several Federal banks provided
for in the Federal Reserve Act have been established and the districts
to be served by such Federal Reserve banks have been defined, the committee will cause to be forwarded to such State banks or trust companies, at the same time that applications are forwarded to national
i
banks under the provisions of the Federal Reserve Act, a form of application for an amount of capital stock in such Federal Reserve bank
equal to 6 per cent. of the unimpaired capital stock and surplus of
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Federal Reserve Bank of St. Louis
•
•
such State bank or trust company.
This application must be accompanied by a statement showing the assets and liabilities of
such State bank or trust company listed on forms approved by the
Committee.
These forms will be furnished by the Committee upon
request.
The Board of Directors or a committee composed of not
less than five members of such Board shall certify that in their
opinion the assets listed in the manner prescribed by the Committee represent actual existing values and that in the opinion of
said Board none of such assets are carried at an excessive valuation on the books of said bank.
State banks and trust companies shall also file with their applications for membership copies of their charters, with amendments,
and a digest thereof showing the powers (granted by such charters
and amendments) classified to indicate:
a.
Those powers which such banks and trust companies have
exercised and desire to continue to exercise.
b.
Those powers which, while granted, have not been exercised and which such banks and trust companies will not desire
nor attempt to exercise as members of the Federal Reserve System.
Third.- In lieu of a special examination of the condition of
.
such bank by a national bank examiner or examiner appointed by the
Committee or the Federal Reserve Board, the Committee may accept a
certificate from a duly accredited State examiner or bank commissioner to the effect that the statement filed by the board of
directors as aforesaid represent the true condition of such State
bank or trust company and that the capital stock of such bank is in
the opinion of such examiner or commissioner unimpaired, the surplus
represents actual existing values and the liabilities are as shown by
The Committee, however, will reserve the right in
such statement.
any case to require a special examination by a national bank examiner
or an examiner selected by the Committee or by the Federal Reserve
Board as a condition precedent to membership in any Federal Reserve
bank.
Fourth.- Only those banks which have an unimpaired capital suf.
ficient to entitle them to become national banking associations under
the provisions of the ::ational Bank Act shall be considered as eligible to membership in a Federal Reserve bank.
In accordance with section 5134 U. S. Revised Statutes, as
amended by the act of Larch 14, 1900, State banks or trust companies
in order to be eligible to membership must have unimpaired capital
stock, as follows:
(
In cities or towns of less than 3,000 inhabitants, :25,000.
towns of more than 3,000 inhabitants but less than
In cities or
5,000 inhabitants, '50,000.
•
•
•
•
o
In cities of more than 6,000 inhabitants but lees than
50,000 inhabitants, t100,000.
In cities of more than 50,000 inhabitants, t200,000.
Fifth.- State banks becoming members as such under the provisions
of section 9 of the Federal Reserve Act and retaining their State charters shall be subject to the provisions of section 9 and to such other
provisions of the Federal Reserve Act as are applicable thereto.
•
•
Sixth.- State banks desiring to become members under section 8
of the Federal Reserve Act by being first converted into national
banks in accordance with the provisions of this section, shall beWhere such conversion into national
come members as national banks.
banks is completed before the expiration of 60 days from the passage of
the Federal Reserve Act, such banks should file with the Organization
Committee the form of resolution prescribed by the Committee to signify
their acceptance of the terms and provisions of the Federal Reserve Act
Where such conversion is not completed bebefore February 23, 1914.
fore the expiration of the 60 days aforesaid, the board of directors
of such bunks shall, in executing the articles of association and
organization certifiCate as required by section 8, at the same time
adopt the resolution prescribed by the Organization Committee as aforesaid, and such resolution shall accompany the organization certificate
filed with the Comptroller of the Currency.
Seventh.- Where such conversion is completed after the organization of the Federal Reserve banks, such organization certificate shall
be accompanied by an application to the Federal Reserve Board or to the
Organization Committee for an amount of stock 'equal to 6 per cent. of
the unimpaired capital and surplus of such bank.
Ficrhth.- Whenever a trust company shall become converted into a
national bank under the provisions of section 8 of the Federal Reserve
Act and shall desire to continue to act as trustee, executor, adidnistrator or registrar of *stocks and bonds, such organization certificatd shall, when filed with the Comptroller of the Currency, be accompanied by an application to the Federal Reserve Board for permission
to enrage in such business, and no certificate for the conversion of
such trust company into a national bank shall be approved by the
Comptroller of the Currency until the Federal Reserve Board has granted this permission under rules and regulations prescribed by it.
•
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Federal Reserve Bank of St. Louis
Ninth.- Whenever a State bank or trust company with established
branches shall make application for conversion into a national bank
and shall desire to retain such branches, such State bank or trust
company shall comply with section 5155, U. S. Revised Statutes, which
reads as follows:
"It shall be lawful for any bank or banking association organized
under State laws, and having branches, the capital being joint and
k1
assigned to and used by the mother-bank and branches in definite
proportions, to beco;Ile a national banking association in conformity with existinE; laws, and to retain and keep in operation
its branches, or such one or more of them as it may elect to retain; the amount of the circulation redeemable at the motherbank, and each branch, to be regulated by the amount of capital
assigned to and used by each."
Tenth.- State banks or trust companies applying for membership in the Federal Reserve Syetem under section .8 of the Federal
Reserve Act by conversion into national banking associations, or
applying for membership under section 9 as State banks will, if
otherwise found to be eligible, be given a reasonable time within
which to adjust the loans and investments of such banks to conform
to the requirements of the Federal Reserve Act and other laws of
the United States applicable thereto.
Any bank applying for membership and having loans to any one person, firm, or corporation in
excess of the limit allowed by the Federal Reserve Act or other
loans and investnents prohibited by such act shall, before being
admitted to membership, give satisfactory assurance to the Committee
or to the Federal Reserve Board that such loans and investments will
be eliminated or made to conform to the provisions of the Federal
Reserve Act and other applicable laws not later than January 1, 1915.
The condition of the applying bank or trust company and the general nature of its business will be considered by the Committee in
each case in determining whether such banks shall be admitted to
membership.
Eleventh.- The Committee or the Federal Reserve Board will from
time to time adopt and publish such additional regulations and bylaws as may be deemed necessary and advisable.
W.
D.
J.
Reserve Bank
G. McAdoo, Chairman,
F. Houston,
S. Williams,
Organization Committee.
The Secretary was instructed to forward copies of Regulation
No. 3 to all State Banks and Trust Companies applying for membership.
The Secretary was further instructed to telegraph all National Banks
which had not been heard from at the close of business today as follows:
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Federal Reserve Bank of St. Louis
"The Organization Committee has ruled that under the provisions
Federal Reserve Act, all National Banks are required to accept
of
same and to notify the Organization Committee to this effect on or
before February 23rd and failing to do so shall go into liquidation
Whether National Banks failing
not later than December 22nd, 1914.
to give notice required on or before February 23rd can under any
•
•
•
circumstance be permitted by Board or Committee to enter the system
later, has not been officially passed upon but the unanimous ruling
of Organization Committee is that no National Bank can claim this
National Banks repreprivilege as of right after date mentioned.
98% entire National Banking capital of United States
senting over
have already given notice of intention to accept the provisions of
You are requested to notify Organization Committee immenew law.
if it is the desire of your bank, to accept provisions of
diately
Federal Reserve Act."
•
The Secretary was instructed to send the following telegram,
signed by the Chairman, to the Attorneys General of all the States in
the United States:
•
"The Reserve Bank Organization Committee will be obliged if
you will inform the Committee whether under the laws of your
state it is permissible for state banks desiring to enter the
new system to subscribe to stock of the Federal Reserve Banks.
If not please advise when your legislature next :'eets and whether
or not it is probable that at that time legislation giving such
Prompt and full reply by mail will
permission will be enacted.
appreciated."
be much
•
•
The Secretary reported that a number of requests had been received from State Banks and Trust Companies asking for circulars showing
the advantage of membership in the Federal Reserve System that would
accrue to State Banks and Trust Companies.
After general discussion,
it was decided not to circularize such banks on this subject nor attempt
to induce them to become members of the original organization.
On motion the meeting adjourned.
Secretary.
APPROVED:
•
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Federal Reserve Bank of St. Louis
.411.
Chairman.
•••••••••••••••••••••••••••
10
File Nof4
5.
Office of General Counsel
FEDERAL RESERVE ACT-DUTIES AND POWERS OF THE ORGAki2itirrdNRCOMMe1i3liani.
RESERVE BANK ORGANIZATION COMMITTEE.
Circular No. 1.
WASHINGTON, D. C., February 14, 1914.
In view of the large number of inquiries received from both national and State banks as to
proper interpretation of various sections of the Federal Reserve Act, it is deemed advisable
• the
to explain, as briefly as the circumstances will permit, the operation of this Act in so far as it relates
to the duties and powers of the Organization Committee and the method of procedure adopted
by the Committee. For convenience, these duties are considered in their chronological order.
First. Section 2 of the Federal Reserve Act provides as follows:
"Under regulations to be prescribed by the Organization Committee, every national banking
association in the United States is hereby required, and every eligible bank in the United States
and every trust company within the District of Columbia, is hereby authorized to signify in writing,
within sixty days after the passage of this Act,its acceptance of the terms and provisions hereof."
It will be observed that under the provisions of this section all national banks are required, and
all other eligible banks are permitted, to signify their acceptance of the provisions of this Act within
sixty days from its passage. Banks should not confuse this notice to the Committee with the
formal application for stock to be filed later.
To facilitate compliance with this provision of the Act, the Committee has forwarded to all
national banks a prescribed form of resolution to be adopted by the Boards of Directors of such
banks, and upon request from State banks is forwarding a prescribed form of resolution for use
copies of such resolutions have been received and filed no other
• by such banks. When certified
action by applying banks is necessary until the locations of the several Federal Reserve banks
have been established by the Committee, and the districts to be served by such banks have been
defined.
The Committee is now engaged in holding hearings in various parts of the United States in order
to have before it as much information as possible to enable it to properly determine the locations
of such banks and the districts to be served.
Section 2 further provides as follows:
"When the Organization Committee shall have designated the cities in which Federal Reserve
banks are to be organized and fixed the geographical limits of the Federal Reserve districts, every
national banking association within that district shall be required within thirty days after notice
from the Organization Committee to subscribe to the capital stock of such Federal Reserve bank
in a sum equal to six per centum of the paid-up capital stock and surplus of such bank, one-sixth
of the subscription to be payable on call of the Organization Committee or of the Federal
Reserve Board, one-sixth within three months, and one-sixth within six months thereafter, and the
remainder of the subscription, or any part thereof, shall be subject to call when deemed necessary
•
by the Federal Reserve Board, said payments to be in gold or gold certificates."
This section should be read in connection with section 4 of the Federal Reserve Act, which
reads as follows:
"When the Organization Committee shall have established Federal Reserve districts as provided
in section 2 of this Act a certificate shall be filed with the Comptroller of the Currency showing the
geographical limits of such districts and the Federal Reserve city designated in each of such districts. The Comptroller of the Currency- shall thereupon cause to be forwarded to each national
bank located in each district, and to such other banks declared to be eligible by the Organization
Committee which may apply therefor, an application blank in form to be approved by the Organit
zation Committee, which blank shall contain a resolution to be adopted by the Board of Directors
of each bank executing such application, authorizing a subscription to the capital stock of the
Federal Reserve bank organizing in that district in accordance with the provisions of this Act."
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Federal Reserve Bank of St. Louis
It will be observed from the foregoing that the Comptroller of the Currency will cause to be
forwarded to those banks which have signified their intention to become members of Federal Reserve
banks, a form of application to be executed by such banks after the districts have been laid out and
the location of the Federal Reserve banks definitely established by the Organization Committee.
These forms will be forwarded in due course and in accordance with the further provisions of the
Acti.when•the minimum amount of stock for any Federal Reserve bank has been subscribed the
Committee will designate five banks to execute the necessary organization certificate. Subscriptions
to stock will therefore not be called by the Committee until after these preliminary steps have been
,taken.
NATIONAL BANKS AS MEMBERS.
Attention is called to the fact that all national banks are required to signify, within sixty days
from the passage of the Federal Reserve Act, whether or not they accept the provisions of the Act
and intend to subscribe to the stock of the Federal Reserve banks when organized.
.That within thirty days after the Organization Committee has announced the designation
of cities in whicl- Federal Reserve banks are to be organized, fixed the geographical limits to be
served, and notified such national banks, all such national banks are required to subscribe to
the capital stock of such Federal Reserve banks. These provisions are clearly set forth in the
Federal Reserve Act, and the Committee will expect and require a strict compliance therewith.
A number of banks appear to be under the misapprehension that they are allowed twelve
months' time in which to accept the provisions of the Federal Reserve Act. This limitation, which
is manifestly intended to cause automatically a forfeiture of the charters of those banks failing to
comply with the provisions of the Act, must not be construed as extending the time specifically
set out in the Act within which such banks must take the action above outlined.
•
<,
STATE BANKS AS MEMBERS.
The provisions relating to membership by State banks are, under the terms of the Act, entirely
optional. State banks are not required to signify within any given time their intention to become
members, but are permitted to do so if they desire to become members as soon as Federal Reserve
banks are originally organized.
Two methods are prescribed by the Federal Reserve Act by which such banks may become
members of the Federal Reserve system. First, under section 8, by conversion of State banks
into national banks, in which case the laws applicable to national banks become immediately
operative as soon as such conversion is completed. Second, under section 9 State banks may
become members, as State banks, retaining their State charters, in which case such banks are subject, specifically, to the provisions of the Federal Reserve Act contained in section 9, and to such
other provisions of the Act as are clearly applicable. Banks becoming members as State banks,
therefore, may exercise those powers conferred by their State charters which are not in conflict
with the specific provisions of the Federal Reserve Act.
State banks and trust companies signifying their intention to become members of the Federal
Reserve System before the organization'of the Federal Reserve banks will be permitted to participate in the selection of directors of said Reserve Banks, as prescribed by the Federal Reserve Act.
The Committee has prescribed the regulations under which State banks and trust companies
may become members, and a copy of such regulations, with the forms approved for use by such
banks, will be furnished upon request of any State bank desiring to apply for membership in a
Federal Reserve bank.
M. C. ELLIOTT,
Secretary, Reserve Bank Organization Committee.
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Federal Reserve Bank of St. Louis
•
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMF.NIT
WASHINGTON, D. C.
.4
CD IN FILES SECTION
r
0
APR 2 51950
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
17
(To be incorporated in Minutes of Meeting held February_ 23;
e
l.9-l44- as having been heretofore approved but net spread upon the Minutes.)
REGULATION NO. 2.
The Federal Reserve Act provides for membership of banks operating
under State charters as well as membership of national banks. NO. new
charter is contemplated in either case. Eligible banks become members
by becoming stockholders in Federal Reserve Banks, when their applications have been properly approved and stock has been allotted to them.
Such subscription to the capital stock or the Federal Reserve Bank appears to be a matter within the province of the Board of Directors of
the subscribing bank. The Organization Committee therefore deems it unnecessary to require as a condition precedent to membership that the
stockholders should take any formal action.
Inasmuch, however, as the stockholders of a bank have the legal
right, by necessary vote, to force a solvent bank to liquidate, and if
dissatisfied with the action of the Board in becoming members might exercise this prerogative, banks desiring to take the precautionary measure of canvassing the sentiment of the stockholders may, by resolution
of their boards, submit the question to the stockholderS either at the
next regular meeting or at a specially called meeting. This course is,
however, not insisted upon by the Organization Committee.
Thos n national banks passing resolutions of nonacceptance on or before February 22, 1914, should, as soon thereafter as convenient, and
before the expiration of the twelve months prescribed in the Federal Reserve Act, submit their action to the stockholders for confirmation,
since nonacceptance of the.provisions of the Federal Reserve Act will
ultimately involve the liquidation of such national bank.
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Federal Reserve Bank of St. Louis
I., IN FILEbSEC.C101\
APR 2 7 1950
•
•
At a meeting of the Reserve Bank Organization Ca:Imittee
held at Hew Orleans, La., on February 12
1914.
Present Honorable William G. LeAdoo, Secretary of the
Treasury, David F. Houston, Secretary of Agriculture, constituting a quorom of the Committee.
Er. W. F.Collander.acted as Secretary of the meeting.
The application of the First National Bank of Mite Salon,
Washington to reduce its capital stock from
•
was approved.
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Federal Reserve Bank of St. Louis
On motion the meeting adjourned.
50,000. to
25,000.
REVD IN Fl ES SECTION
APR 2 7 1950
•
At a meetinc of the Reserve Bari: Orcanization Committee
•
held at Austin, Texas, February 9th, 1914.
Present:
Mr.
i11iar
G. McAdoo, SecretLry of the
Treasury, David F. Houston, Secretary of Acriculture, constitutinu
a quorum of the Committee.
Mr. ::. F. Collander acted as Secretary of the meetinc.
The application of the First rational Bank of Marathon,
•
Iowa to reduce its capital stock from v50,000. to
25,060. was
approved.
On motion the meeting adjourned.
•
Secretary.
Approved:
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Federal Reserve Bank of St. Louis
Chair:_an.
•
60
At a meeting of the Reierve Bank Organization Committee
•
held at Nea Orleans, La., on February 12, 1914.
Present:
Lir. William G. ::cAdoo, Secretary ofthe
Treasury, David F. Houston, Secretary of Agricultur.e, constituting
a quorum of the Committee.
Mr. W. F. Collander acted as Secretary of the meeting.
.The application of the First National Bank of White Salmon,
Washington to reduce its capital stock from
50,000. to r 25,000.
•
was al2proved.
On motion the meotirw adjourned.
•
••••
Secretary.
Approved:
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Federal Reserve Bank of St. Louis
.11110.111.,..1•111"
Chairman.
•
6
C'D IN FILES SECTION
APR 2 7 1950
At a meeting of the
•
eserve Bank Orgnl.zation
Committee held at Los Anceles, 3alifornia, February 4,
1914
PIMENT:
71lliam c.LcAdoo, Secretary of the Treasury,
j)avid F. Houston,
Secretary of Icriculture,
constituting a quorum of the Comittee.
•
, 2. Callander acted as Secretary of the
meeting.
The application of the First 7ational Bank of
Canyon, Texas, to reduce its ca-oital stock from :;100,000
to 4. 50,000 was approved.
On motion the :neetir,g adjourned.
jecretary.
APPROVED4
Chairman.
•
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Federal Reserve Bank of St. Louis
In
IN FILES SECTIONt
APR 2 7 1950
410
At a meeting of the Reserve Bank Organization Committee
held at San Francisco, Cal., on February 3, 1914.
Present Honorable William G. licAdoo, Secretary of the
Treasury, David F. Houston, Secretary of Agriculture, constitutin
a quorom of the Committee.
Mr. 7. F.Collander acted as Secretary of the meeting.
111
The application of the Franklin National Bank of Franklin,
Massachusetts to reduce its ca-oital stock fru: ,;200,000.to
110
c100.000. was approved.
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Federal Reserve Bank of St. Louis
On motion the meeting adjourned. .
•
•
'I)IN FILES SECTION
APR 2 7 1950
At a mooting of the .(1,sorve Bank Orcanization
•
Com:A.ttee held at Portland, Orocon, January 30, 1914
PRIISENT:
Ur. William G. :Ickdoo, Secretary of the Treasury,
Mr. David F. Houston,
Secretary of ',criculturo,
constituting a quorum of the Committee.
". F. Callander acted as Secretary of the
•
meeting.
The application of the Vinita :ational Bank of
7inita, Oklahoma, to reduce its capital stock from 0110,000
•
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Federal Reserve Bank of St. Louis
to
55,000 was approved.
On motion the
eetinc adjourned.
Secretary.
APPROVED:
Chairman.
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Federal Reserve Bank of St. Louis
•
•
At a meeting of the Reserve Bant Organization
Connittee hold at 3an Francisco, California, on February
•
3, 1914
=13M:
:tr. William G. LcAdoo,
Secretary of the Treasury,
. David,F. Houston,
Jecretary of Agriculture,
constituting a quorum of the Committee.
L:r• W. F. Callandor acted as Secretary of the meeting.
•
The application of the Prankliu I:ational Dank of
2ranklin, :7assachusetto, to reduce its capita/ stock from
c00,000 to
•
100,000 was approved.
On motion the no.)ting; adjourned.
Jecretary.
APPROM:
Chairman.
•
&N FILES SECTION
I
TDR 2 7 1950 ,
At a meeting of the Reserve Bank Organization Committee
held at St. Louis, Missouri, January 22nd, 1914.
•
Present: :dr. William G. McAdoo, Secretary of the Treasury,
and Mr. David P. Houston, Secretary of Agriculture, constituting a
quorum of the Committee.
Mr. W. F. Collander acted as Secretary of the meeting.
The following form of resolution of acceptance was submit-
•
ted to the CoLl-ittee for use by State banks and Trust Companies in
signifying their intention to become members of the Federal Reserve
system, and after consideration was approved:
•
RESOLUTION OF ACCEPTArCE
b
At a meeting of the Board of Directors of the
of.
(Name of Bank or Trust Company)
(City and
duly called and hold on the
(State in which located)
day of
1914, the following
resolution was offered, seconded and duly adopted:
WHEREAS, under Section 2 of the Let of Congress known
as the Federal Reserve Act, approved on the 23rd day of
December, 1913, it is provided tnat: "Under regulations to
be prescribed by the Organization Committee every national
banking association in the United States is hereby reL,uired
and every eligible bank in the United States and every trust
company within the District of Columbia is hereby authorized
to signify in writing within sixty days after the passage of
this Act, its acceptance of the terms and provisions thereof;"
and
WHEREAS, this bank is believed by the Board of Directors
to be eligible to membership and to have the right to subscribe to the capital stock of the Federal Reserve Bank to
be organized; and
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Federal Reserve Bank of St. Louis
142'
WHEREAB, it is the intention of this Board to apply under
the provisions of the Federal Reserve Act for its proper proportion of stock of the Federal Reserve Bank to be organized within
the district in which this bank will be located when the geographical limits to be served by such Federal Reserve Bank
have been fixed and announced by the Organization Committee;
•
_ NOW, THEREFORE BE IT EESOLVED that the president of this
bank be, and he hereby is authorized, empowered and directed
to notify the Reserve Bank Organization Committee that this
bank will apply for an allotment of stock of the Federal Reserve Bank aforesaid, and if granted, to become a member of
such Federal Reserve Bank sabject to the provisions of the
Federal Reserve Ixt.
I HEREBY CELTIFY that the forefjoin
•
is a true and
correct copy of a resolution passed icr the Board of Directors of this
;
e
association on the date specified, and p-rsuant thereto I hereby
notify the Reserve Bank Organization Committee of the action of said
Board and intention of this association in the premises.
To the 'Reserve Bank Organization Committee,
Washington, D. C.
2-7355
ForL 1.
CEeverse of card;
FILE NO
STATE
CHARTER NO
CITY
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Federal Reserve Bank of St. Louis
Came of Bank or Trust Co.)
(City ox Town)
y.I RECORDS SECTION
At<-1
4;
/
of
At a regular meeting of the Federal Reserve Board held in the office
the Board at 11.10 a. m. Tuesday, January 26.
The fees of the preliminary committee on organization in attending the
meeting of officers and directors on October Oth and the following days were
approved as per schedule submitted.
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Federal Reserve Bank of St. Louis
Page 71
•
REC'D IN FILES SECTION
APR 2 7 1950
At a meeting of the Reserve Bank Organization Committee •
hold in the Treasury Building, -Jashincton, D. C., on January 17,
111
1914,
Present:
Ex. 7i1lian G. McAdoo, Secretary of the Treasury,
Er. David F. Houston, Secretary of Agriculture, constituting a quorum of the Committee.
Eilton C. Elliott, Secretary to the
•
Committee, acted as
Secretary of the meeting.
The Secretary was instructed to prepare and submit a form of
acceptance of the terms of the Federal Reserve Act for use by State banks
and Trust Companies.
The Secretary reported that a number of baalzs applying for membership in the Federal Reserve system had indicated a desire to subscribe an
amount of stock in excess of six per cent of their capital and surplus.
The Committee's attention was called to the fact that in some
instnces six per cent of the capital and surplus of the smaller banks
would constitute an amount Which would not be divisible by one hundred
dollars; and that the Act provided for the issuance of stock in shares of
one hundred dollars each.
After a general discussion the Committee ruled
as follows:
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Federal Reserve Bank of St. Louis
"All banks will be limited to an amount equal to six
per cent of their capital stock and surplus at the
time that formal application is made. Such stock will,
however, be issued in shares of one hundred dollars each,
and if six per cent of the capital and surplus of any bank
amounts to a sum which is not divisible by one hundred,
but contains an excess of a fractional part of one hundred
dollars, any such fractional amount will be treated as
entitling such bank to subscribe to an additional one
share of one hundred dollars, and the number of shares
allotted will be made accordingly."
O•
10
The question of circularizinc banks in order to ascertain
their sentiment as to the location ,f Federal reserve cities and dis-
•
tricts to be served was discussed, and the Secretary was instructed to
prepare and submit to lir. John Skelton Williams necessary forms and mail
the sc;a: to the ban::s.
The Secretary was further instructed to continue to arranse,
frol:1 the office at Washincton, D. C., details of the several hearincs to
be held, notifyinc the Comittee of alc.1 arrancements by wire.
Ur. Milton C. Elliott was am)ointed Actinc Counsel to the
Comidittee, and was instructed to
repare the necessary form of application
for the stock of Federal reserve banks and any other local forms and certificates called for by the provisions of the Act for submission to the
Committee.
LT. Elliott was further instructed to reply tentatively to corresondents asking for interprLtations of provisions of the Act over his
sicnature as Secretary, and to submit by mail any questions demanding an
official ruling, with his vie,.s, for the Comittee's consideration and
action.
The Committee decided to chance the hearing heretofore scheduled
for Houston, Teas, and to hold the same at Austin, Te::as, on February 9th.
On motion the meeting adjourned.
Secretary.
Approved:
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Federal Reserve Bank of St. Louis
•
Chain.,..an.
•
go.
110 AI'
Igr
.
'
Ji
'D IN FILES SECTION
APR 2 7 1950
At a meeting of the Reserve Bank Organization Committee
:gton, D. C., on January 13,
held in the Treasury Building, ITIshi.-
•
1914
Present:
Mr. William G. Mc Ado°, Secretary of the Treasury,
and Mr. David F. Houston, Secretary of Agriculture, constituting
a quorum of the Committee.
Mr. M. C. Elliott, Secretary pro torn,
acted as secretary of the meeting.
On motion Mr. Elliott, the Secretary protem, was authorized
to employ such temporary clerical force as he might deem necessary
to carry on the work of the Organization Committee and to fix salaries of those so employed on a basis commensurate with trio salaries
paid for like services to the employees of the Treasury Department.
He was also authorized to designate a special disbursing
agent to disburse such funds as might be necessary to meet the expenses of the Committee at Washington.
The application of the Citizens National Bank of Salmon,
Idaho, to reduce its capital stock from one hundred thousand dollars
to fifty thousand dollars was approved.
The Secretary protem was instructed to notify Lincoln,
Nebraska, of the hearing to be held there on Jinuary 24; also to notify the Clearing House Association of Omaha that Omaha would be
heard at Lincoln on January 24.
On motion the meeting adjourned.
Secretary pro tem.
Approved:
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Federal Reserve Bank of St. Louis
Chairman.
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Federal Reserve Bank of St. Louis
At a meeting of the Reserve Bank Organization Committee
held in the Treasury building, Washington, D. C. on January
•
16, 1914
Present : Mr. William G. Mc Ado°, Secretary of the
Treasury and Mr. David F. Houston, Secretary of Agriculture,
constituting a quorum of the Committee.
Mr. M. C. Elliott,
Secretary pro tern, acted as Secretary of the meeting.
On motion Mr. Milton C. Elliott was made Secretary to
the Committee and Messrs. W. R. Hollister and W. F. Callander
were made Assistant Secretaries.
The salary of Mr. W. R.
Hollister was fixed at three hundred (000.) dollars per month.
On motion the meeting adjourned.
Secretary fimm=daserN
Approved:
Chairman.
•
3
.............—.0
REC'D IN FILES SECTION
APR 2 7 1950
1..
At the first meeting of the Reserve Bank Organization Corn*
mittea, duly called and held in the Treasury Building, Washington,
D.C., December 26, 1913
Mr. William G. McAdoo, Secretary of the Treasury,
Present:
and Mr. David F. Houston, Secretary of Agriculture, constituting a
quorum of the Committee.
111
On motion Mr. McAdoo was made permanent Chairman and Mr.
H. C. Elliott Secretary pro tem.
The Chairman announced as the first business of the Committee that a decision should be reached as early as practicable
whether or not the Committee should hold hearings in different parts
of the United States in order to determine the proper location of
Federal Reserve Banks, and that announcement should be made to the
After a general discus-
press as early as possible on this subject.
sion it was decided that hearings should be held, and the following
tentative itinerary agreed upon:
January 2d,
Friday,
5th
n
Monday,
7th
"
Wednesday,
19th
"
Monday,
"
26th
Friday,
in
t,
"
"
"
New York
Boston
New York
Chicago
Denver
The following cities were also determined upon as places
in which hearings will be held between January 28th and February 24th,
in the order named:
cisco,California;
leans,Louisiana;
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Federal Reserve Bank of St. Louis
Seuttle,Washington,
Portland,Oregon;
Los Angeles,California;
Atlanta,Georgia;
Houston,Taxas;
Cincinnati 3 Ohio;
San Fran!.
New Or-
Clevaland,Ohio,
o•
and Washington, D.C.
While no specific date was fixed for the hearing at Washington, it was decided to hold this hearing after the return of the
Committee from New York, on January 9th, and before its departure
for Chicago, on January 19th.
After a discussion of the nature of the hearings it was
decided that the Chairman should announce that the Committee would
desire information primarily upon the following three factors:
1st.
Geographical convenience, which involves transportation facilities and rapid and easy communication with all parts of the district.
2nd.
Industrial and commercial development and needs
of each section, which involves consideration of
the general movement of commodities and of business transactions within the districts and the
transfer of funds and exchanges of credits arising
therefrom.
3rd.
The established custom and trend of business, as
developed by the present system of bank reserves
and checking accounts. In laying out the districts and establishing the headquarters for reserve banks, every effort to be made to promote
business convanience and normal movements of trade
and commerce.
It was suggested that in collecting data for the determination of these three factors blank forms should be sent to all national banks and other eligible banks applying therefor, and that each
bank should be requested to indicate the city, other than the city
in which such bank was located, which would afford the most convenient location for the transaction of its business with a Federal Reserve Bank.
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Federal Reserve Bank of St. Louis
In like manner that forms should be prepared and sent
to business organizations such as Chambers of Commerce, Bottrds of
Trade, etc., upon request, so that such organizations might indi-
410
cats their needs and convenience.
On notion the SecTetary pro tern
was instructed to prepare forms for this purpose.
The Chairman was authorized to arrange for the employment
of such clerical assistants as might be deemed necessary, and the
purchase of the necessary office equipment in order that the busi-
•
ness of the Committee might be thoroughly organized without delay.
The following regulation was adopted as Regulation No. 1
of the Committee:
That every national bank shall submit to its Board
of Directors alternative resolutions accepting or rejecting the provisions of the Federal Reserve Act, and shall
have filed with this Committee, within the sixty days prescribed by said Act, the resolution adopted by said Board
as the method of signifying the intention of said bank in
the premises. All other banks eligible to membership may
use a substantially similar form of acceptance and intention to subscribe to the capital stock of Federal Reserve
Banks to be organized.
In accordance with this regulation the Secretary submitted the following form of resolution to be sent to the national
banks, and the same was approved:
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Federal Reserve Bank of St. Louis
At a meeting of the Board of Directors of the
National Bank of.
duly called
and held on
19 1 the folday of
lowing resolution was offered, seconded and duly adopted:
WHEREAS, under Section 2 of the Act known as the Federal
Reserve Act, approved on the 23d day of December, 1913, it is
provided that:
Under regulations to be proscribed by the Organization
Committee every national banking association in the United
States is hereby required and every eligible bank in the
United States and every trust company within the district of
Columbia is hereby authorized to signify in writing within
ti
sixty days after the passage of this Act, its acceptance of
the terms and provisions thereof, and,
WHEREAS, after due consideration of the terms and provisions of said Act it is the,opinion of this Board that said
terms and provisions shall be accepted,
NOW, THEREFORE, BE IT RESOLVED, that the Cashier of this
bank be, and he hereby is, authorized, empowered and directed
to notify the Reserve Bank Organization Committee of the acceptance by this Association of the terms and provisions of
the Federal Reserve Act and of the intention of this Board to
subscribe on behalf of this bank to the capital stock of the
Federal Reaerve Bank to be organized in the district in which
this bank will be located after the geographical limits to be
served by such Federal Reserve Bank have been fixed by the Organization Committee.
I hereby certify that the foregoing is a true and correct
copy of a resolution passed by the Board of Directors of this
Association on the date specified and pursuant thereto I hereby notify the Reserve Bank Organization Committee of the action of said Board and intention of this Association in the
premises.
Cashier.
National Bank of
1111.M.........•••••••••••••
-
To the Reserve Bank Organization Committeo,
Washin7,ton, D. C.
On motion the meeting adjourned.
Secretary p o tem.
Approved:
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Federal Reserve Bank of St. Louis
••••••••••••••
Chairman.
•
4 No,
04'6
Office of General Counsel
Federal Reserve Board.
7TrORANDIN
Services Rendered the Reserve Bank Orr
sanixatJon Committee by
7'. C. Elliott, Secretary.
To actin- as secretary
;
or
nesting°
To visits to Nov York and Boston and arranging for hearings before
Committee
To arran3ini e:r cerreslIondence for attandance o
,
„
time and
places of hearings before Comittee at laashington, Chicago,
St. Louis, Kansas City, Lincoln Vlebraska), Denver (Colorado),
Seattle (.lasl'ington), Portland fOrelon), San Franc3soos
Los
Ani„,elee,(Califernt6, 1.1 .Aso,4ultiLt (Texas), New Orls.Ans
(Louisiana), AtlAnta (Georgia), Cincinnati, Cleveland (Ohio);
Noto:
Then:3 arraaent:; include the attond,ince or
witnesses from forty odd c3ties, 4nd involve,
in L....%ny cases, nrran;
7,ing for the time and place,
including hour, of hearing.
To employing, organizing and supervising .vork of all clericol force,
Including the following dete.ils1
Taking and analyzing vote of banks expressin their preference an to location of Federal Reserve eitelen.
Preparing analytical maps of fJistr5ets as 111,4 sated Ly vote
1
To procuring from all :aational banks renniutjon
;n±'ying intention
to accept or not to accept provisionf7 of act.
To preouring fror oil Natioml banks alplication for stock in Federal
Reserve Banks.
To listing and groupini; according to dietricts and groups all member
banks.
To obtainiev from member leelks eertificates of election of District
Deserve Electors an: nominations of candidates for Class "A"
and Clans "B" directors.
To conducting thirty-six elections for Class "A" and Class "B" directors,
being elections of three groups of eacl, of the twelve districts,
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Federal Reserve Bank of St. Louis
'
'4
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Es-Nergots....
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Federal Reserve Bank of St. Louis
•
•
1* C*
SI:TOW aOCIL:
'
',
c,414117;
.D.oryjc .•
.
,
.
.
4:71N,
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l ggir.RpIO o,
o
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0[ eicucauj cpm"“?.,GT
• •- T V, TAO'
'
(
with
To ';onducting 6enera1 correspondenci .1th bankers and others
Reserve Banks
reference to the organization of the Federal
Note: It is difficult to estimate the exact numbrJr of
letters actually Tritten and received, but the
files will show that the correspOndence in—
cludes several thousand communications.
the act
7
To visits to New York and Richmond to ox. 1ain provisions of
to iyoups of bankers,
the
To daily interviews with bankers and others in connection ;1.th
tee, ex—
organization of banks and. general work of the Commrit
tending over a period of six months
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
0
•
CONDITION
-
*
•
OF APPR0PRIATION-1-i
"EXPENSES OF THE RESERVE Jp.NX -ORGANIZATION' COMMITTEE"..
Appropriation
Expenditures (see attached list)
$100,000.00
78,923.57
Balance
4:1 21,076.43
UNPAID VOUCHERS ON HAND
Chesapeake & Potomac Telephone Co.,
Loving switchboard
Long distance call
Chicago-4
-July- 31,
$ 446.45 k
)6 f=>
ft
Monthly telephone bills for June,
July and August, 1914,
Herman Baumgarten,
Rubber Stamp
.10
Charles A. Xram,
Travelling expenses, Washington to
New York and Return, May 10-12,- - - -
29.50
Government Printing Office,
Account from July 1 to August 9, - - - - 3,219.93
Division of Printing and Stationery,
Stationery furnished from July 1 to
August 10,
Chief Clerk, Treasury Dept.,
Miscellaneous supplies furnished
between July 1 and August 9,
104.83
5.43
3831.
$
)0.
forme
emorhAum of vouchers, opi hand
also haw
e follOing itms, which the
,
Teleph
any in orms me tiave not been
paid,
he vouc7r have ben miSlaid:
istancecp41
-
117,244.72
o7S
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Federal Reserve Bank of St. Louis
42a.
•
•
Expended from appropriation "Expenses of the
Reserve Bank Organization Committee."
Salaries paid birlie4rt and clerical force,
iw "
;4'.
T aveling expenses of Organization Committee,e.4 '
•i4 A 1014,6
et tt
,
tidags
Organization cer ificates (24),
.;:339,236.79
9,453.28
pv
96.75
Telegraph service,
903.82
Telephone service,
40.15
Express service,
2.03
Postage stamps,
50.00
Supplies from Storeroom, Treasury,
27.65
Stationery,
Printing and Binding,
Photostat supplies,
853.36
2,972.98
115.91
Furniture, carpets and equipment,
9,912.31
Velour curtains, rods, etc., and installing,
1,914.68
Treasury rooms alterations,
4,477.00
Services, etc., of Committee in New York in connection with
designing system for Federal Reserve Banks,
8,866.86
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
08,923.57
CONDITION OF POPPTAT
PP.
"ETPFIVT
'
- ----- -----Counsel
01„e of General
Feb,ral Reserve Board,
OF nE RP1FTWE 2ANK frOANTZATTON COMVITTEE.a
Approprt,
,tion
Expaniltures
$100,000.00
7e19 .5?
lit)
7alanco
t 21,076.43
IMPA ID lir.07-!FAS ON HAND
Chos%po.:1.ko & Pota2mc Telephone Co ,
MovInc switchboard
Long 4ict-mic
$ 446.45
c9ils
13.10
Vonthoy tel.!rphone bills for Juno,
July -,nd Augvst, 1914
10.37
Blur.w..rten,
Rubbor
.10
C/mrlos A. Kram,
TravIlling oxpenseo, Washington to
147 York =IA return, Y. .y
,
3
29.50
Governent Printing Office,
Accunt frotll July 1 to Aupruct
Division of Printing and Stationery,
atIonory furninhed from July 1 to
A.u7ust 10,
Chief Clerk, Trsa-ury Dept.,
Miscollaneous 17upplia furniched
beteen July 1 Fuld August 9, -
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
114.83
S
5 6
.44
1,F31.71
•••••
17,'40 •
. g'
•
A
Expanded from appro-prition "Fxpenes of tho
Reserve Bank Organization Committee."
Salftries raid Secretary, Counsel and cleriCal force
$39,236.79
Travelling expanses of Organization Committos incurred
in holding hearings dn Federal resorvo
and districts..... .
9,453.28
96.75
Organization certificates (24)
Telegraph service
'niephono
.
.
rvtce
Expresz serv).cs
Postago ,
nt7a7:1
903.82
40.15
2.03
50.00
Suppliss from Storeroom, Tnasury
. 27.5 -
!7tat1onery
853.36
PrintinF and Binding
2,972.96
Furniture, cripata and eluipmont
9,912.31
Photostat supplies
115.91
Velour curtails, rods, etc. and irolt !ling.
1;914.68
Troasury rooms altrations
4,477.0
?ith
7srvicez, stc. of Committeo in Nei York in connoction .
deni;7nin7 system for Feder.A1 roorvo banks
;
.
8.856.86
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
”3,9-.3,57
LL32 02 VOUCHERS WHICH KR. DELANO HAS DECLINED TO APPROVE.
• 7
/
No, _L2Q
\
Office of General Counsel
Federal Reserve Board.
II.
2
.:11"ober Hand Stamps . • •
8
* 0•10
e--er:115":::-""CTFesrarealr
--r-,3—iTrair77 Dts-45-e.ne,
5
TI
IT
it
TT
IT
6.00
Bill for printing (rendered by the Division of
Printing and Stationery, Treas.Dept) . 3,219.93 ..Telephone rental- Chesapeake
Potomac Tel.Co.
10.37
111
,
1
11
IT
IT
4.75- v//
Dill for moving telephone switchboard
446.45t.
Stationery received from Division of Printing and_
Stationery
. 104.83
V
Sundry articles furnished by the Dept. Storekeeper 5.43-
V
6r,
Traveling expenses for L:r. Charles
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A. Kram
302,20
29.50
$3,831.70
KEPORT OF THE RECjIlVE BANK ORG;iTIZATION
hk.1)
coiluinNa_allaa,MML
.MTVE
FEDE2AL 2.11
4-r4
\\
t
:
Following the passabe of the Federal Roserve .Lot, aproved
December 23, 1313, the Organization Cofa-iittee met and orcanized
on December 26, 1:)13, and begun its work of aesi(plaing not iene than
eig.itor. more than twelve Federal reservo of_ties; defining tho
geo_rai,aical limits of the districts to 'N.. served, :,nd oraanizing in eacq of such cities a Peueral reoervvbi, undo
the ;,,ro-
visions of the Act reforreu to.
It W1443 •.t-A;ormined to be advisable at the fiz-st nocting of
,
the Committee to hold hearines in v.rious parts or the UnitE a
-Lates for tri,J purpose of selecting an._ dizstin„; trio necessary
infomation to enable it to cariv out the purpoac and intent nf
tne Federal itoserveAct.
After fall consiueration a ueci3ion
on April 2, 1314, with the ecmiltrollor
of
1.-:,c,cbed and filed
the Currency.
A copy
of this decision, with an ex.olanatory statcaont E';ivon to the press
on April 10, 1914, is herewith filed for the information of the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Alile the hearings abovc; 1%1:erred to were bein_ held, all
national banks wore cailed upon by ;be Comnitteo to submit to
,
accmti 10; or retheir Board of directors alternate resoliztionm
rojecting the p10v13l01s of ;;he Federal Reserve Act, and filing
.211111.
,scribed by the Act,
with Wie Corraittoo uit4in the sixty days pm
the resolution of it
board, siolifying its intention in to
premises.
:Jractiw:illy without exceFtiou '%kw antional hanksgüfied
their jiu:fjc#
o
bcconia; mmbcrs Of the 3;fstrr1,
tcql. or
twelve nonr-a3co;.taitco ranclutIons were receiveds ItVAlti fCitaid
uO
invc6tication tjat
ach banks had detolIlined.
t.i'D into livid-
,
atiOn prior to t.ieviissace of Ue Act, ane, in no instauce btLAy
.
ono Into liquIC.r4ion on acsoolAnt of' the provisleae
national baak ;
of the Federal :alsQrvo Act.
J
'
Immediately foilowins th.- Mine of °„40 Thcltiori o4 the
Comittee on :pril auk.. fictondnint; the n:dorel
DI-trietc4
aack ti /-cation of tlic Yederal _Amrve BLnks, (311311)1c banks in
each -isizict were w:illed noon to sabscribo their Iropertion of
'
the arilount of stock la toe Federal reserve t11- nk of tanir district.
These subscritions wore received prowtly and on .V..2y 5$ 1914,
mom th..lai the minimum amourt had bGen nibcrbc
and tho thirty urge ttalowed
in ear_iji jtrict
ezzAred, five banks were c.esiG-
nated in each ,eistrict to exocuto the orualti=tion certi-ricr,te in
accordance with the provisions Of the Act.
on the nxmation
of tau certificate In each of the several cef-nral reserve dis,
tricte, 11:e Llember bcaRe in erch. :Astrict wrrr.11( a. 14pon to
select their uistrict reservo °lectors mit, to ocind in their nomineea
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-3
-
for Class A and Class B directors of the various Federal reserve
banks.
The Federal 4serve Doard not .,avilv been orc-nized at
that time, it duly devolved u on the Reserve Baal: Orounization
CeLl,dttee to act as chairman
of the Class A and Class B directors.
This election was closed On August 1st and the following
caadidates have been notified of their election as Class A and
CI= 3 directors of the Federal reserve bnnks.
It is accoraingl* necessary in order to complete the organizavtiou of the several banks, that the Federal .:esere Board should
aiipoint three Class C directors for each of the Federal resorTe
badics, cd
houle designate one of such appointees ehairls.In and
one vice-chLdr!Jan el: each board.
It, is a sumed that the boards
composed of t.le Class A and Class B
ctors already elected and
the Class C diructors to be a.pointed by the l'ederal .
-.eserve Board,
0
will then take charge of and complete the details of the organization of each of the Federal reserve banks by the araoption of the
necessary by-laws aad the selection of their officers and employees;
by procuJela_ the necessary quarters for conJuctiag the business of
the various banks; and by taking such other action as nay be neotlsary to fully equip and establish such banks.
The Comeiittee has received from time to time a number of inquiries relative to qaesUons of ol.eration ratner than tae oraan!..
ization of the Federal reserve banks.
These and other matters
coming peculi,,:xly within the province of the board, will be submitted
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
11
,
114111
not desired
at the Board's pleasure, it beirc assumed. that it is
to have thum inciutlea la the preliminary rei:ort.
104s
Accord/1
of max
4
the Committee will fro* timo to time make further re..ort
un- will
tors which should. be Ixoperly stibuilttwu to the :iJourd
rnakc: its final 1:-.:port wn the:';ecketax,y-
Gf
thu r.Z1t.:asury
iu
:lot,
officially aimetinued, ir, :iwoyee,a,ace th tki;erlabji the
the ootabliehment of the
aviu
functions of the Committee have
zaliteserw boafgai, mud the
fully performeO.•
0.
s•
4
Before the Federal 7osorve 3ank of "Tow York can completely organize and
ho rrepared to perform all of its functionn
it must receive from the Federal
deserve Board, or the Oecrotv.ry of the Treasury, or the Comptroller of the
Currency, the follovincl papers, information, reculations, ralintss, etc.:
•
As to rilny of these matters, the immediate ezer*ise of functions by
the Federal 'llservo lank of Hew York which are authorized by the FedorL1
Reserve Act
may be deferred for
SOE0 time.
All
early assumption, howevo, of
all of thc.) functions awniailzed by lau is desirable and will be greatly facilitated by prompt action on the matters referred to.
1.
A certificate or advice stating the boundaries of the :low York
District, boin
2.
411
flietrict No. 2.
.
.
A certificate s! ecifying the location of the 1:bdoral 'Zesorve :34na1:
of lAstrict PO. 2 as beine the City of Um York.
3. A certified list of the member banks of !Astrict No. 2, which shoull
state thi,7 amount of the carital and surplus of each such member bank, and the
date on which the amount of capital and surplus is ascertained.
4. .A certified list of subscriptions to the cc,pital stoci: of the Fedora/
Reserve Bank of New York by the member banks, which should state the date upon
which the subscription is minde,by each bank.
ti'
5. Either in a separate list or as a part of :TO. 4, a notation of
Increases or decreases in capital stock of member banks or District 1To. 2 since
the date subscriptions were made, together with a list of any banks authorized
for this district since that date, an0 a list of any banks placed. In liquirktion
since that date.
V G.
A list of all National banks in ilstrict No. 2 which have not signi-
fied their intention of becoming members of the Federal Reserve system within
the period Trescribod by the statute. (Vvv,‘,.)
1
7.
Certified copieo of all oranizntion papers pertaining to the Federal
Reserve Bank of 74t1, York.
X 8.
Formal aovico tivt, in the opinion of the Organization Committee, the
amount of cailtal stock subscribed by the member banks
in District no. 2 is suf-
ficient for the Federal Reserve Bank of :Jew York.
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Federal Reserve Bank of St. Louis
9. Certified copies or original papers pertaining to the election of
directors of the Federal Qeservo Bank of .7.0
YoVk of Classes "JO and 'W.
certificate or other Zollm of notlfic tion to the Federal Zosorvo
-( 10.
1:an1: of liew York of the appointi;ent of directors of Ulc,so 'CO
N/ 110
Form of stock certificate to be used by the Ye0eral geserve banks,
and advice as to vs' ether this will be prepared by the Bureau of Eacravina and
•
Printing or by each Vederal
oserve bLnk.
V12. Re8u1ations in resrect of transfers of capital stock.
(:Toto.-If the tatte is literally construed , robably the ririrt
to offer stock for public subscription expire° uTon the orc:nisation of the roderA. "oserve b:nk.s; consequently no rer7u1:1tion
res'ectinc transfers of , took will be required unless tho Orctlnization
Cornittee at this time ';,oulC. determine that the cur,ital stook of
the Fedora/ Reoerve Bank of Few York is insufficient for the
purrosos of the Bank.)
no
regulations, of courso, are required in roe- set of transfers of stock owned by
member banks, which is not transferable.
IA 13.
•
Official a,vice of the establishment of the other eleven Federal
,oserve districts, with boundaries, etc., anti, of the location of the Federal Recorve
banks within those districts.
/14. Official advice of the names end classifications or the directors of all
Federal Reserve banks
and of the officers, no far as they have been aprointed.
P1- 15.
A list of the member banks of each district.
V/16.
Three copies of the printed rerort of the Organization Comittee.
J 170
Official copies of all reculations, notices, orders, etc. not specific-
ally noted pbove and which have been so far issood by the Federal Reserve Board.
V 10.
/
A dencrirtion or injrint of the form and tot of the seal to be adopted
by tho Federal Reserve 'honks
.rovided it is the intention of the Fedora? ,
:oserve
Board that the device of such seals shall be uniform.
19. Approval of py-lmis to ho akiopted by the Federal Tloserve 13,Lnk of New York,
in case it is no intention of the Federal Tieservo Board that all by-laws shall be
uniform.
20.
Colon of the 1st statement mciAle to the Comitroller of the Currency by
all the member
21.
banks of Listrict lb. 2.
Approval of the amount of compensation rroposed to be yvid to the msmbers
of the :oart, of 'iroctors of the Federal Reserve Bank of New York.
(A rTur:Lection in this regard will be formally submitted to the Fede.al
!,Zesorve Board at an early date.)
V/ 22.
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Federal Reserve Bank of St. Louis
i‘ ruling or a praiminary advice from the Federal Reserve Board as to the
••
or'
•
•S.
-3
evidence required by the Federal Reserve Bank of New York to eetablish the amount
of capita/ and surplus of any new member bank, and whether an ezaminationwill be
required prior to the admission of new member banks or to an increase or reduction
in tho amount of stock of the Federal
eserve Bank owned by such member bank
resulting from any cho.nEo in the amount of capital stock or surplus of such member
batik.
v/( 23. Advioe of ouch rules %nd regulationa respecting Stute bank membership
as
may be e.aopted by the Federal :1 eserve Board, and copies of such by-lews as my
1..
be adopted by the Federal Reserve l'ionrd in acting upon aprlications for membership
by State banks, in case it is tLe intention of the Federal Reserve Board to emloy
the Federal Reserve banko in inventicating such arelicatione.
(:Totevill the Federal foserve Board require examinations prior
to admineion, and if so by vliom will they be made ?)
f
411
24.
Advice in respect of the form of note to bo used by tho Federal Bosom
banks aaainst the security of United Utates bonds, and when such notes All be ready
for issue, and by the signature of what officers they will be authenticated.
-The Federal Reserve Bank of New York recommtinds that they be
(Note.
authenticated by the engraved or lithographed signatures of the
Governor and Caahier.)
71- 20.
Instructions from the Secretary of the Treasury in regard to the
handling of the account or neaten:ate of the Treasury 7:epartment of the United States.
) 26.
4
Instructions from the Comptroller of the Currency
or from the Bureau
conducted under the direction of the Comptroller of the Currency, or from the
Federal
eserve
oard throuah such bureau, respecting the issue and regulation of
ITationl currency.
AX270
Form of weekly otatement to be made by the Federal .RoDarve bank° to
the Federal R000rvo Board, advice of the date an of which such otz:temont
made, and w114,..i; matiloa vii1Lo Lz
i1oo oj. to
NA' 28.
shall be
I.
The mount of bond of the Federal Reserve Aent of the Federal Reserve
Bank of how York, the character of the bond,
if a corpor tion bond by *horn the
prmium shall be paid, and advice an to whether the Deputy Federal Reserve Agent
and the third director of Class "0" will also be required to give bonds.
(flete.-2121 three of the Olnos "C'' directors are liable for duty as
Fedora]. Reserve Agent.)
29.
Regulations for the direction of the Federal Reserve Agent in safe-
guarding the custody of Federal :ionerve notes, collateral held for Federal Reserve
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Federal Reserve Bank of St. Louis
o•
v
-4-
notes, gold, any othra, lmful money, a/1.i other voluables held by the Federal !is.erile
ao.
Rules and regulations respecting National bayLle which rag apply to act
as trustee, anrcutor, etc.
(Notes-The Irxikia:; lai of thio ::tate as recently amended probably
prohibits National banks from acting In these capacities.)
110
31.
The amount of co%ensation to be paid to the members of the Federal
Advisory Council.
32.
A definition of the paper eligible for rediscount by the Federal Reserve
030
A ruling as to the limitation to be placed u
,,on Federal Reserve bunks
in the mount of paver issued for (.::,ricultural purposes which such banks coy discount.
34.
Plop:Illations of the Federal Reserve Board in the matter of rediscounts
between Federal Rer.ler'70 banks.
•
135. Regulations reelecting purchases of securities of the United States
or of States or munioiralities thereof.
V 36.
A
ruling or stated policy by the Federal Reserve Board in respect to
c.eco:mts to be opened by Federal Reserve b nks In foreign countries.
(Note.-Unooubtediy no occasion will arise ;:yt once for the establidhment of such accounts generally by FederA. :eserve banks. The 'Taw
York bank, hoevor, might on very short notice find it necessary to
consider establishing some foreign relations and it may be desinble
for the Federal eserve Board to e::Tress their views as to the policy
that should be :,dopted in that re7ard.)
37. A ruling by the 'Aleretary of the Treasury_ as required by the stntute,
as to the amount of the gold redemption fund to bo maintained by the Federn1 Reserve
3aAk of "Tow York aminst Ito note issues.
30. A ruling by the Federal Reserve 3oard as to a rato of interest for
advances of notes, in case it is decided to impose any Interest upon such advances
at the outsets
-F
39.
Regulations of the Federal Reserve Board respecting substitutions of
collateral with Federal Reserve agents.
"I
--
40. Advise of the distinctive numbers applied to notes of the respective
Federal Reserve banks ; end instructions regarding safeguards ac;ainnt counterfeits
and methods of detecting same.
41*
Advice as to the engraving of both classes of notes yhich Fedesal Reserve
banks are alithorized to issue
and as to when a supply of Federal Reserve notes (as
distinguished from Federal Reserve balk notes) has been deposited with the New York
aub-Tressuryi
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Federal Reserve Bank of St. Louis
V
S.
ep •
V
111
410
uit
••••
V 42.
Section 16 of the Federal Reserve Act requires that "every Federal Reserve
Bank shall receive on deiDosit at par from member banks or from Federal Reserve 'Ranks
checks and drafts dram upon any of its depositors, etc."
to contemplate Provi
This is mandatory and seems
al for clearing the checks commencing. with the opening of the
As it will be impossible for the Federal Renerve Bank of New York to undertake any
cleLrin8 at the outset, will
the Federal Reserve Beard make such ruling as nc,r be re--
quired to cover the necessary delay in undertaking this fcacti
/
V 4Z.
A ruling by the Feder:A. Reserve :or rd in the matter of charges to be ma.de by
member banks to their customers.
44.
V 45.
F,,,les in respect of transfers between Federal Reserve banks.
Regulations covering the exercise of Olcartulfs House functions by Federal
Reserve Banks.
4
- 46.
The refunding plan provided by the Federal Reserve }et does not become
operative for two years, and no reference is now made to the various rulings requira(1
from the Federal Reserve Board by the terms of 1. e Statute.
-4,
47. :nnouncement of the Secretary f the Treasury recardinc the establishment of
Federal Reserve Bank
New York, understand
in any district.
,
The Directors of the I ederal Resnrve .%nk of
that no fora of announcement of that character will be made
until the Secretary of the Treasury has been advised thLA the Federal Reserve Bank of
Ste_tuto,
New York is prepared to exercise at least some of the functions required by the
and that the Federal Reserve Board will, by ruling or otherwise, make clear that other
suspendd
functions, for which preparation cannot now be made, will be for the time being
We
Trea3u4y
further understand that the Act does not impose upon the Secretary of the
Statute until the
any obliLation to make the announcement provided by Section 19 of the
business.
bank has been established and has created facilities for transacting its
-+
Section 19 cf the Ctatkte
48. Permission of the ,!ederal Reserve Boar& is required by
lxink in applying fcr or
before a Ilational bank my act as medium or agent of a non-member
receivir4s discount.
not minbers, anc'
In view of the large number of Statt banks which are
and which a little later will revrhich are Conducting their business in the cotton states
necessary that a ruling be made by the
quire discount from New York correspondents it seems
t of business by the hew Yaek
Federal Reserve Board on this matter prior to the copmencemen
49.
banks whose deposited
Reg. la.tions and the penalties to be imposed upon member
rest ryes are permitted to fall below the legal
50. is
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Federal Reserve Bank of St. Louis
concerned in the definition of 'filet
the Federal Reserve Bank of Hew York
S.
lance" mentioned in Section 19 of
-6-
•
S
he Act, and if so, will the Federal Reserve
mal-re an interpretation of the mezinin,L; of thc-t pzIraph.
510
rank; bY
,
,
In prepariw a recomendation in iks-pect of conensc. tion Of diwctar s, a
the refteml a-leserve Board in regard to the provision of :iection 2, to the
effect that "No :iationtl bank examiner shall perform any other service for coensation
,
uhile holdirK; midi office for a j bank or of icert director or employee thereof.,,
5. A rulin; in regard to the pent of inst:11Inents of capital and instalments
Of r servo ddposits
,
nay be rt-i-Oe in cold coin in ros )ect of such abrasion aenists
in toin ten1er4d.
..merican cold coin, after Ps use and tallan from 11/ sections of the country,
-Le abrasion of one-quarter of one per ce!.t
uvula probably show an avera
of tolerance being one4ialf of one per Gent.
the leall limit
The 'federal Reserve Bank cy
York A.11
peesibly receive a considerable aNmnt of Lold coin. Should it receive as mob. Lis
0000000, and the sve?sge abrasion amount to one-quarter of one per cent., the loss
00
would amount to •,:',50.000, and it should be borne in mind, that this loss would be throvn
706.eral Reserve Bank of sew Yolk, where tpld A.11 be receivoi at Its
IrInoipelly upon the 1
legal tender value, that is to say, itsface value Olnlese otherwise i)ossiblo by raline).
Of course the Federal Feaerve
of ilev. York will be oblioad to dilToLle of it
J1.1. in
t-
International settlenents at its bulliJn value
receivable
53. The Federal reserve Act provides tit t initialre,yrents of denoaits
Discount
(liscourrt3by member bLnks /rates must
1-1.4 be made to the (=tent of 50A thereof in
be established actmlly prior to the opening of thebciikø
Thin is probebly the mat
,2?
important decision to be rade' the Directors of the Federal Deserve banks at the time
necessz.* from the Federal
of opening, Fad some advices in that matter will probably be
burliness.
Eiescrve Board before the Federal zeserve Bank of New Yofr, can oren for
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
SECPETARY OF THE TREASURY
W. G. Mc
CRETARY OF AGRICULTURE
DAVID F
I
AMS,COMPNROLLER OF THE. CURRENCY
JOHN SK
ilk
Odb
M. C. ELLIOTT, SECRETARY TO COMMITTEE
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
490
Office of General Counsel
Federal Reserve Board.
•
Sir:
In response to your request, I am inclosing herewith an
additional copy of Circular No. 3 of the Reserve Bank Organization Committee and the Federal Reserve Board.
Respectfully,
Secretary pro tem.
7
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
6*
RY OF THE TREASURY
W. G. MC
DAVID F.
CRETARY OF AGRICULTURE
JOHN SKEL ON WILLIAMS, COMPTROLLER OF THE CURRENCY
T
M. C. ELLIOTT. SECRETARY
TO COMMITTEE
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
.•••
File No.
Otlice of General Counsel
Fetteral Reserve Board.
_
•
Sir:
For your information and guidance I beg to inclose
herewith a copy of Regulation No. 1, prescribing the method
of procedure in appeals from the decision of the Reserve
Bank Organization Committee.
Please advise this office if you desire the petition
heretofore filed treated as though filed under the rules of
procedure laid down by the Federal Reserve Board and set out
in the regulation inclosed, so that the proper notation may be made and the Federal Reserve city notified.
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Federal Reserve Bank of St. Louis
Respectfully,
Secretary pro tem.
ADORES.; REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASFIINGTON, D. C.
•
0
•
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
e
File No,
Mee
Office of General Counsel
Federal Reserve Board.
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
„
1Y),
Sir:
For your information and guidance
I am incolsinl: herewith Rermlation :To. 1
prescribing the procedure in appeals from
the decision of the Reserve Bank Organization Cor:%ittee.
Respectfully,
Secretary.
Form 6.5.
I.
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
••
RESERVE BANK ORGANIZATION COMMITTEE
/ zu
WASHINGTON, D. C.
---- -File No.
Counsel
Office of General
Federal Reserve Board.
•
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
:
Sir
Your notice of increase of your
(capital or surplus) has been received and
noted.
Blank foruis are being prepared for
use in such cases and a copy will be sent
you as soon as received from the printer.
Respectfully,
Secretary.
Form 64.
00
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
,SE
W. G. MC
S
DAVID F
JOHN SKE.- ON
"TARY or THE TREASURY
ECRETARY or AGRICULTURE
JAMS, COMPTROLLER OF THE CURRENCY
M. C. ELLIOTT, SECRETARY TO COMMITTEE
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
-----t
File No.
Counsel
Ottice of General
Board.
Federal Reserve
_4?
Sir:
Acknowledgment is made of your communication
addressed to the Federal Reserve Board, which will
be called to its attention when that body is organized and ready to consider such matters.
Respectfully,
Secretary.
3
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Federal Reserve Bank of St. Louis
00
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMIT-ME
TREASURY DEPARTMENT
WASHINGTON. D. C.
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
Cokoise\
Geixeta‘ Boacc\.
OtfAce ot Resei-ve
Yeaeva\
•
Sir:
By direction of the Chairman, I beg to acknowledge the receipt, with thanks, of your very kind letter
of the 21st, giving the Committee the information desired
with reference to the right of banks incorporated under
the laws of your State to enter the Federal Reserve S;:s-
•
tem.
Respectful*,
Secretary.
Reserve Bank Organization Committee.
Form 36.
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Federal Reserve Bank of St. Louis
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMI1TEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
•
•
e
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
File No.
ral Coticoel
Office Gene
Boast
Federal Reserve
a
•
Sir:
As requested, I beg to acknowledge the receipt of your resolution of acceptance of the
•
Digitized , FRASER
for
co- 1,-rvi,
/
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
provisions of the Federal Reserve Act, which has
ben regularly filed.
Respectfully,
Secretary,
Reserve Bank Organization Committee.
ap
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
RESERVE BANK ORGANIZATION COMMITTEE
/Z0
WASHINGTON, D. C.
(t
en
_______
No. _ _
,
Office of Genera Counsel
Federal Reserve Board.
Fie
•
Sir:
Your letter notifying the Committee that your bank accepts the provisions of the Federal Reserve Act has been received and filed.
in order, however, that our records may
be complete, please fill out and return the inclosed card so
that it may be filed in regular order
other notifica-
tions.
If your Board has not passed this resolution in this
particular fowl), it may do so at its next meeting.
In the
meantime your notification by letter has, as stated, been
filed and will be treated as your acceptance under the provisions of the Act pending the receipt of the inclosed card.
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Federal Reserve Bank of St. Louis
Respectfully,
Oecretary pro tern,
Reserve Bank Organization Committee.
ADDRESS REPLY TO
RESERVE BANK ORGANIZATION COMMITTEE
TREASURY DEPARTMENT
WASHINGTON, D. C.
RESERVE BANK ORGANIZATION COMMITTEE
WASHINGTON, D. C.
•
te.'"
---------No, _ _
Elle
Counsel
Office of General
Federal Reserve Board.
Sir:
In reply to your inquiry as to whether or not it is
necessary for the stockholders of a bank to take any formal
action in
accepting the provisions of the Federal Reserve
Act I beg to inclose herewith, for your information, a copy
of Regulation No. 2, adopted by the Reserve Bank Organization Committee, bearing on this question.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Very truly yours,
Secretary, pro tern,
Reserve Bank Organization Committee.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
