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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 'w.r. TT 4/7 V TTJT! SrPT-ti uo 43alu ol 4 1-,)TLTiocpr panog. au4 *ivy Og'IT qn uoT4ow uo .saaqwaw aqq. Jo ATTraauaS atm jo uoTquaq, -qn au4 STSuoals (mow squalupuawn sti,4 Mc 004 auop aq prroo 2umil'un aati4alia eas pur sasroh uqoq Jo salq1Tw -woc, Souaaarc pur Supturs aliq Jo unwaTru. OUT laS ati 47.10. 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