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448




.r.'&t a .regular

eeting of the Federal

eserve Board,

held in the office, of the Board, on Wednesday, April 25,
at 11 a.m.,.
PaESELT:
Harding, presiding,

Mr. Delano,.

?lr. Warburg,

Mr. *Lille

Yr. Hamlin,

Yr. Willis, Secretary.

The minutes of the meeting of the Board held on
23 were read and approved.
The minutes.of.

,
meeting of the Executive >smmit.

tee held on April 23 were read and :rproved, and the action
therein set forth ratified.
The luestion of the establishment of a bmnch of
the 7eder3l

eservcBan1 of,San Francisco for the Pacific

northwest, made a special order for this meeting, was taken
up and a telegram from Federal aeserve Agent Perrin, dated
April ZIA, read as' follows:
"i,t special directors meeting today by vote six
ayes one rrly it was voted subject to approv,1 of Federal deserve Board to proceed to establish three full
fledged branches at Seattle, Portland and Spokane.
Dohrmann and 7.Tc;Jregor were absent in subsequent informal discussion. It was decided to vike no record
should be first opened or
of instructions us to
how long time should elapse before opening °there but
the view was expressed that that phase was administrative

and should be left to discretion of lovernor who indicated that first woald be opened at Spokane and the
others as quickly as e.aally favorable conditions
were offered. President of Spok-ne Jlearing goose
ired th,..,t all state banks of that city h.ve arced
to apply for rrembershir in branch locIted at Spokane.
second .1alton 7.-oorE reacthes rew York. i*.ddress
nn -ay
.1ton r. DooreDry loods Comps_tny, 72 Leon-rd L'tr(et,
12 you desir to discuss this or other matters with
him. He would willingly ran don to .;ashington on
your request.
4iftur discussion, !:r.

iiler move,i to approve the

action of the 7:'ederal Reserve Bank

51rancisco as set

forth in the above telegram, the secretary to notify the
b-Ink accordingly.

The motion prevailed.

letter from 7edera1 Reserve . gent Rich addressed
to Deputy Jompt oller of the Jarrency vane with referene
to an order for Aderal reserve notes and 4 letter of the




governor of the Beard to

r. Rich on the same subject v-iere

read,
- and noted.
letter from the Bank of :,.;ommerce of Jackson, 7enn.,
with reference to the limit of capital reqaired for state
member banks in the smaller Cities was read., and ordered referred to the Law ',7ommittee to consider a possible amend7...cnt to the

oservefct designed to cover the subject.

Tett,:r from gonorable John Burke with reference




to lo.ns on: 77r:Ain storcd.

elevators was read and refer-

red to the lovernor of the Board for rep17.
3,11L;-' rih:tional Ban: of

letter from thc

, with reference to nottfic:.ctions. as to ,...the
•ount- which it might lie :considered safe to loan on -cotton,
and it was a3Teed th:L.t no further action need. . be taken.
ha1rin of the Com-

, ;arb7argas
report from L:r. ',
.
p

,
' rlittee on Investments with reference to•.;,i:plan-prorosca
regarding domestic -accelneee

by Berhhrd, • 1:cholle

1411y to Llo to tHInv
t.,) be by hi-

r,

r

'was re7ad

arawn a3-ainst bills of

1i

tr).

stoe',7

•

ordered

,-)r a

Th'nd

of the

i-)rt

deral reserve

dUj r,(r:-Iended, by the •C,lorrn_ittee on. Eember :anctl:tate fn1s•
alTrovf:d as follows:
'ions f

iti:ens

L1()

:7"...arrcnder of Stook,

Te.v.ts,
:innsboro, Text
Total

39

ock.
Thar s.

District 7:0, 5.
Loaisa,

Nationl

36

36

60

60
105

District
first

Fqsa, OkTh.

ioin1 P- ,ank

District 17f. is.
.7utionL 1

nk
^ot::J

# •• • •

'or ,dditional :7tock.
iiit'iCt

Shuns

a.

Second rationA.

300 300

Boston,

District'
7:.erchnts nation%1 ink
IrvintOn Yat1onn.1 Bark
YeT).nsbarg National Bank
7irst 1:ationa1 TUrk
First .7:„_Aion.:11 Bank
Second TTational Bank
atl Bk of north 17udsOn
First YaL1o11:.,1 Fank
Somerset "..7ational Ft,ank
TTational 7„xciangc an17
Iramatin 7ationa1 Bank.
Bank
First 7"'"ational iank
First 7..Ttiona1
ank
11:.:11ey
-Jerry reek 7%tional Fni
Ontario 7.7„ationLA .Bank
Bank
Copenhacn
Frmers 17tional Bank




2,sbary lUr

,

37

Yeansbur,
•,, •
.7"i11town, 7.3.
rhillirsbarf„
.,
Troboken,
estwood,
3arksr,
Boonville,

j.

0ato, ".Y.
0entm1 !'",iaarc
.2entr:,1 1,1 211cy,
,)herry 3reek,
ilifton fTprinr2
Jo1)enha7en, :.Y.
.
Deposit,

1
1
4
lE
21
1
6
1.
3

•

•

1
1
1




?irst rational Bank
First National sank
First National Bank
National Bank of
tion15ank
?irst
:irst Ntional Bank
ounty Tank
Nati
.7irst Ntiona.1 Bank
?irst Nation1 Bank
0oa1 and Iron Natiomil Bank
of ::Jity of New York
7irst 7ation•,1 I7ank
Crotft,m National 'Bank
Harrim%n. National :Bank
?irst National Sank
7irst National Bank
North ::Ireek National Bank
National Bank of
7irst National Dank
?irst National Bark
7ottcnvi11e•Nationa1 Bank
''irst National Bank
7ationl Bank
Caen LTat ional auk

East Islip, 7.Y.
genoa, N.Y.
Heavelton,
•
Islip, 7.Y.
7.7.
Jamston, 7.7.
T....acona, N.Y.
Y.arlboro, 7.1.

2
6
0
9
30
3
9

160
New York, 1J.Y.
3000
Nov; York, T7. Y.
00
7ew York, N.Y.
300
rev; York,Norfolk, r.y.
do
N.Y.
North
?ort Jervis, N.Y..
217:odus, N.Y..
2outhampton,N.Y., 7
Totte11ville,- 1%Y.'
..150
rTtic, 7.Y.
-H6 34 E65

District No. 5.
:erch%nts 1.7tiona1 Bank

lichmond, Ya.

120

District No. 6.
?irst Nat tonal
?irst 7ation,1 Bank
ian Nationa.1 Bank.
?irst National Bank of -cadia
Parish at
.;ity Nation,a Bank
tIouston National Bank
ti
rcnt
rners
Jitizens National Bank
Ocntral Nation:1 Balk
?araers National Bank
l'irst National Bank

Brookhaven, 1.1ss.
Janton, Ni,s.
Na.
Baton

1
3
9

0rowley, La.
Decatur, :la.
Dothan,
raiterprise, Pla.
Linevilic, .1a.
New Decatur, 2,1a.

0
4
le

Icottsboro,

1
6

120

District 7To. 6.

(Jon.)

Firt 7„tional Bank
tion1 B,
Jity
7irst 7-tion .1
First -.ioi 1
'
First "atio!,
?irst -atioL,1
'First - Aior 1
.
FALI) F-tion
3ibb
Forth 7,
'?irst 7atio!_1
First rat1on:.1
7irst rational
'
First ration.A.
ration,1
':crch_rts -atl Tink
7.rers
Jitiz(ns 1'ation%1 hank
7-Jry N„..tiond
Jity rational Eanl.
Third rationl Ba.lk

';111,.
- Int, lorda, ?LA.

:..acon, Ta.
do
-(- .ticello, qa.
ids, la,
;t..tcsboro, k.
.t-st 7oint, 71a.
_.Tinton, la.

9
7
3
1
3
3
4
7
60

1

15
1
8
1
Tenn.
3
mcrn.
Johnson )ity,.7cnn. 3
60
7noxvi11e, 7(2nn.

District Th. 7.
900
:ji:(.1ao, Ill.
Fort Dearborn rational Bank
3
Ill.
,
jhicLo
t1
6'ashin7ton 'ark 17at1on,
Ill.
Dolton,
Firc.t rationd
I.eaoy, Ill.
First rational Bank
nville,ill. 9
:orriso
First rationd
1
111.
fam,
*..3.idt
l
3ity rationa
60
d,
Ill.
lockfor
Bank
ion'
Tat
d
loJkfor
1
:."omtne,. Ill.
?irst
1
Ind.
jayuL!:,
l
rationa
'qrst
1:‘,.
ik
an
:.t'eric
Clerma.n
0rystf..t1 Lake, 10 n 1
7;'armerc 7ation..1
30
Des 'Mines, Ioa
Valle7 I t1onn1 T. 6
Farri7ut.
irst rational T",
60
Dodr2c, IOT:A
7irst - tional ?,
3
7onroe, Iowa
::.onroc - tio I
17
Iowa
Perr7,
tional
7
Perry
ti
Io
First Yation 1 -







District ro. 7.

( 'on.)

Yirst National Bank
.
Black 7awk 7ational Bank
?irst 1ation%1 Bnk
Jommercial 7ational Bank
First Nation:.a Bank
44.merican National 3ank

BiOLX lapids,Ia.
• Waterloo,'Iowa
BucITAmn, 1,7ich'.
St. Jose'ii. Bich.
Darlin3.ton, is.
;is.

e)
1
15
1
6
13 11

District 7o. 11.
"Iirst National Bank
:;ational Bank of'.
first rational Bank.
7irst rational Bank
'irstrational Bank
:ia.rtlett rational Bank.
first National Bank.
Citizens rational Ba:r
rational Bank
City National Bank
Farmers rational sank :
.;ltizens rationl Bank
First aate Bank
, First rational .Bank
-American National Bank.
. Hogs ton ratl Iixchanx Funk
iqrst ratioll.a.1 Bank
ratioal Bank.Bank
:atioL_1
:ational
:1no rational
rational
Arst rational
aoar
,
-. irst National
Yirst National Bank
:..1r3t National Bank
:irst National

54
0arlsbad,
12
rlsbad,
3
i.c1r6se,
1
Tex.
3a11in:c.r, Tex,.
Bartlett, ,7ex.
Brownsville, Tex. 30
Bra:inwood, 7cx.
6
3
Bynam, Tex.
6
aarktville, Tex.
2
cooper, Tex.
15
Crandall, Tex.
4
Ihdlas, Tex.
9
:;'loyd!Aa, Tex.
t. Arth, Tex.
60
120
qoaston, ?ex.
7ort Arth, Texas 120
3anado, 7exas
aatesville,' Tex.
6
15
Gonz!Aes, Tex.
:Tuv;.:,()L..., 'ex.
03
71ano,
6
6
'ZOySe. h.
3
:1c:a, Tex.
3
f3.1)
. ar,
1
7.,1oka, Tex.
15
Thornton, 7ex.
iohitu ?alls,Te2-:... 15
1 6229
,;infield,
- 7e:.

letter from '?ederal deserve .nsent Jayreference to membership of :Tew York trust conTanies in the

P••••

Federal Reserve

ystem, was read, and after disc.lssion

it was agreed that the 3overnor of the Board write to
the fjhairman of the Trust Company section of the
asking for the vieNs of the trust companieb with reference to the best coarse of action.
On motion it was voted that the article or circular relating to accounting printed in the 7edera1 ileserve
Bulletin for :pril be reprinted, and scnt out

a2 a

separate

pamphlet to those who apply for it.
Jr..,arbarg presented a report on the recent examiners report as to the condition of the Yew York lecerve
Bank, in the form of a letter addressed to Federal Reserve
Agent Jay asking ..:hat action had been taken by the bank
with reference to the criticisms expressed by the examiner.
The report was noted and ordered passed to file.
On motion, it was agreed that in the future it should
be the practice of the Chairman.of each Committee on Operation to write a general letter of comment on examination
reports addressed to the bank of which he is in charge.
A telegram from 1.7.r. Ldward nillott accepting his appointment as a Class J Director in the Federal Aeserve Bank

4




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