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340 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11.40 a. m. on Wednesday, April 21, PRESMIT: Mr. Delano, presiding rr. Mr. Williams Mr. Miller Yr. Warburg Mr. Willis, Secretary. Harding The minutes of the meeting of Monday, April 19, were read and approved. The Acting Governor stated to the Board the general conditions under which the approaching Pan-American conference is to be held, and a general discussion of the plans and of methods of participation therein, ensued. The Vice Governor reported the result of conferences between the special committee named for that purpose, and the Comptroller of the Currency relative to the sending out of revised report forms for national banks, and read to the Board a letter which had been transmitted to the Comptroller. On motion the Board approved applications for 497 shares of the capital stock in Federal reserve banks, duly recommended by Mr. Harding, as follows: Shares. DISTRICT No. 1. Second National Bank Boston, Mass. 300 344 DISTRICT No. 2. First National Bank National Bank of National Bank Redwood National Bank Frontier National Bank First National Bank Milford National Bank National Bank of _Shares. Wolcott, N.Y. 6 Wappingers Falls, N. Y. 1 Walden, N. Y. 3 Redwood, N. Y. 3 Morristown, N. Y. 1 Mineola, N. Y. 1 Milford, N. Y. 1 Cortland, N. Y. 15 DISTRICT No. 4. First National Bank First National. Bank First National Bank Peoples National Bank Southern National Bank Prflstonsburg, Xy. Galion, Ohio Jackson Genter, 0. Lodi, 0. Richmond,, 4y. 4 1 2 • DISTRICT No. 5. First National Bank Peoples National Bank First National Bank First National Bank Marlinton, 7. Va. Salisbury, Md. Portsmouth', Va. Fort Mill, S. C. 3 36 2 -2 Atmore, Ala. Petersburg, Tenn. Eufaula, Ala. Reynolds, Ga. 3 DISTRICT No. G. First National Bank First National Bank East Alabama National Bank First National Bank 1 1 1 DISTRICT No. 7. Citizens National Bank First National Bank Greenwood, Ind. Monrovia, Ind. DISTRM No. 8. American National Bank Bowling Green, Ky. 3. 342 4 Shares. DISTRICT No. 9. First National Bank Detroit, riinn. 3 Dodge, Nebr. Dodge City, Kans. Galena, Kans. White City, Kans. Plainville, Kans. 3 1 3 3 Uvalde, Tex. Miles, To::. Higgins, To::. Bellevue, Tex. El Paso, Tex. - Aylesworth, Okla. Cordell, Okla. Lone Wolf, Okla. Soper, Okla. Calvin, Okla. 6 1 1 3 3 1 1 1 2 1 DI3T7= No. 10. First National Bank National Bank of Commerce Galena National Bank ' First National Bank First national Bank DISTRPJT No. 11. Comrercial National Bank Miles National Bank' Citizens National Bank First National Bank Commercial National Bank • First National Bank Cordell National Bank First National Bank First National Bank Calvin National Bank' DISTRICT No. 12* Continental National Bank Los Angeles, Cal.' 61 The following applications for the right to exercise the functions of trustee, executor, - etc., were approved: Citizens National, Bank Marion National Bank First National Bank First National Bank First"-Hardin National Bank ..Ayers National Bank City National Bank Old State National Bank First National Bank Sedalia, Mo. Lebanon,_Ky. Hopkinsville, Anna, Ill. Elizabethtown, Ky. Jacksonville, Ill. Evansville, Ind. Evansville, Ind. Bellaire, Ohio. • 343 Second National Bank First National Bank National Exchange Bank Merchants National Bank Crocker National Bank First National Bank First National Bank Richmond, Ind. McKinney, Tex. 7aukesha, Tis. Cedar Rapids, Iowa Turners 2alls, Mass. Pittsfield, Ill. Biloxi, Miss. On motion the Board voted to disapprove for the present the following applications for the right to exercise executor and trustee powers, such action having been advised by the committee in charge: Nokomis National Bank Peoples National Bank Farmers National Bank City National Bank First National Bank First National Bank First National Bank National Bank of Carmi First. National Bank Nokomis, Ill. Brattleboro,: Vt. Valparaiso, Ind. Clinton, Iowa. Manistee, Mich. Eureka Springs, Ark. Greenwood, Miss. Carni, Mt. Vernon, Ind. Reconnendations for the reconsideration of executor and trustee aprlications previously suspended or refused, transmitted by Federal Reserve Agents Ingle and Bosworth, were ordered referred to the special committee in charge. 'On motion, applications for Federal reserve notes to the amount of .)440,000 duly recommended by the Committee on Issue and Redemption, were authorized for issue to the Federal Reserve Bank of Richmond as follows: Twenty dollar denomination .0,000 per package tf 200,000 " Fifty " ,)240,000 200,000 Letters from Federal reserve agents relative to rates 344 of discount were presented to the Board. On motion, it was voted that the following rates, named by the Federal Reserve Bank of St. Louis, be approved by the Board: Maturities over 90 days U41 A letter from the Secretary of the Advisory Council, transmitting certain recommendations, was read to the Board, and, on motion, was referred to Er. Miller with the request that a reply be formulated. A communication from Assistant Secretary of the Treasury Ehlburn relating to the redemption of Federal Re- serve notes, and a memorandum from Er. 7. S. Broughton, Chief of the Division of Loans and Currency, Treasury Department, relating to the redemption of Federal reserve bank notes, wore referred to the Committee on Issue and Redemption for consideration. On motion, the application of the Commercial National Bank of :Tew Orleans for power to purchase acceptances up to 100 of its capital and surplus, the same being recommended by Federal Reserve Agent Wellborn, was approved. Er. Miller presented to the Board a lottor from Banic of Commerce and Trust Co., of San Diego, California, expressing a desire to obtain membership in the Federal reserve system. On reported motion, it was voted that the pending applications-be to the Board, and especially that of the institution which had 345 addressed Li% Miller. It was further voted that, if neces- sary, information be obtained from Federal Reserve Agent Perrin relative to the condition of the bank in question as to whether there would be any objection to its becoming a member of the Federal reserve system. The subject was Placed in charge of Mr. Miller with power to act. On motion the application of the Federal Reserve Ban: of Philadelphia for power to continue to hold warrants Purchased by it, but not conforming to the regulations of the Board, was granted as follows: :1000 4125 5000 1000 5000 Wellsville, N. Y. East Aurora, N. Y. Malone, N. Y. Briar Cliff Ilanor, 1. Newark, N. Y. v Papers transmitted by the Comptroller of the Currency regarding the status of the Third National Bank of Fitzgerald, Georgia, having been presented to the Board and duly examined, it was voted as the sense of the Board that, the Federal Reserve Bank of Atlanta having investigated the FitzOrald situation, the Board sees no objection to the Comptroller taking such action in this matter as may seem to him wise. The Vice Govern- r presented an opinion of Counsel with reference to the legality of counting and reporting the ar,ount in the gold settlement fund as pirt of the reserves of the Federal reserve banks. On motion the opinion was ordered 346 transmitted to Federal reserve agents with a letter stating that the Board intended to figure the gold in the proposed fund as cash in vault. The publication of this opinion in the forthcoming number of the Federal Reserve Bulletin was also authorized. The Secretary of the Board outlined briefly the proposed contents of the forthcoming number of the Bulletin, and it was informally agreed that on ilonday, April 26, the Board should make a general survey of the material. On motion at 1.15 p. m. the Board adjourned to meet at 11.00 a. m. on Friday, April 23. 3ecriltary: , APPROVIMy i , Clhai man.
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