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At a regular meeting of the ?ederal Reserve Board held in the office of the Bo..ird on Wednesday, February 14, at 11 a. m., PRESENT: Mr. Harding, presiding, ':;arburg, 3;:r. 7amlin, 7.1r. 111is, Lecretary. Mr. Delano, The minutes of the meeting of the Board held on Tuesday, ?ebruary 13, were read and approved. The governor of the Board rerorted the result of his session held on Tuesday, February 13, with the Senate Jommittee on Banking and Currency, regarding the proposed ,.mendments to the ?ederal ?eserve Act. tie especially noted that the Ammittee had asked for a draft of 4 further amendment embodying a taxation provision designed to hasten the entrance of State banks into the System. Instruction v.as c;iven to Counsel to prepare such an amendment for transmission to the Senate Committee. - report of the Division of Audit and Examination New regarding the accounts of the Federal Reserve Agent of York, was presented to the Board and, on motion, referred to the Committee on Operation of the of the Federal eserve 6 Bank of New York. Applications for ,lhanges in capital stock of Tederal reserve banks, duly recorriended by the Committee on Vember and state Banks, were approved as follows: Applications for Additional Stock. Oluares. DISTRICT NO. 1. First National Bank Merchants National Bank First National Rank Pejepscot National Bank Canal National Bank Uartford, Conn. New qaven, Conn. Bangor, Maine . Brunswick, Maine Portland, Maine . 540 60 GO 60 723 3 600 603 DISTRICT 70. 2. Bank of Montclair 7'raders Nat'l Bank :frs Buffalo, N.Y. DISTUCT NO. 3. First National Bank 7nion Nationnl Bunk First Natiomi Bank Allentown National Bank second Natiom.1 bank 3iti7ens National bank irst vational Bank 14eh17h Valley National Bank Biglerville National Bank Farmers National Bank First. National Bank Cataissa National Bank National Bank. of Abington National Bank First National Bank First National Bank National Bank of Frankford, Del. Atlantic City, N.J. Perrin7ton, N.J. Allentown, Pa. Allentown, ra. Ashland, ru. Bernville, Bethlehem, Pa. Biglerville,.Pa. Boyerton, Pa. Carrolltown,,Pu. Catawissa, Pa. Chumbersbar, Pa. Mark's,E,ummit, Ya. Clifton Heijits, Pa. Coaldale, Pa. Coatsville, Pa. 1 3 3 15 30 12 4 5 4 6 12 1 3 1 6 3 60 DISTRICT NO. 3. (Cont'd) Danielsville National Bank United States Nat'l Bank First National Bank First National Bank Union National Bank Mohnton National Bank Citizens National Bank First National Bank First National Bank Centennial National Bank Eighth National Bank Market Street Nat'l Bank Nat'l Bank of Germantown National Security Bank Penn National Bank First National Bank Red Lion First Nat'l Bank Ridley Park National Bank First National Bank, First National Bank First National Bank First National Bank Farmers & Traders Kati Bk Luzerne County Nati Bank First National Bank 4estern National Bank Danielsville, Pa. Johnstown, Pa. YcJonnellsburg,Pa. Millerstown, Pa. Minersville, Pa. Yohnton, Pa. /74unv, Pa. New Albany, Pa Newville, Pa. Philadelphia, Pa. do do do do do Port Allegany, Pa. Red Lion, Pa. Ridley Park, Pa. Sayre, Pa. Shippensburg, Spring Grove, Pa. Tamaqua, Pa. Westfield, Pa. Wilkes Barre, Pa. York,. pa. York, Pa. 3 15 3 1 3 3 1 6 30 90 30 15 60 60 9 6 8 18 6 3 18 4 15 19 6 DISTRICT NO. 4. Newport National Bank Second National Bank First National Bank . First National Bank First National Bank Peoples National Bank First Nat'l Bk of Salisbury First National Bank First National Bank First National Bank First National Bank New Florence Nati Bank Newport, Ky. Lexington, Ky. Greenup, Ky. Alicilippa, Pa. Cherry Tree, Pa. Clintonville, Pa. Elk Lick, Pa. Farrell, Pa. Hermanie, Pa. Hooversville, Pa. Marietta, Ohio, New Florence, Pa. 18 16 3 3 6 6 3 1 3 60 1 602 Citizens National Bank Oil City National Bank Wilmerding National Bank Peoples National Bank National Bank of Bank of Athens N.B.A. First NatiOnal Bank Cleveland National Bank Union National Bank City National Bank Commercial National: Bank First National Bunk National Bank of First National Bank First National Bank First National Bank Citizens National Bank First National Bank National Bank Neffs National Bank .Central National Bank First National Bank Commercial National Bank Northern National Bank First National Bank First National Bank First National Bank Farmers National Bank 30 New Castle, Pa. 9 Oil City, Pa. Wilmerding, Pa. Adena, Ohio, 12 Ashtabula, Ohio, 18 Athens, Ohio, 16 Bellevue, Ohio, 840 Cleveland, Ohio, 120 do 18 Columbus, Ohio, 21 Coshocton, Ohio, 2 Dunkirk, Ohio, 11 Elyria, Ohio 15 East Palestine, 0. 1 Geneva, Ohio, 2 Hicksville, Ohio, 4 Ironton, Ohio, 1 Ironton, Ohio, 2 Logan, Ohio, 1 Neffs, Ohio 3 Portsmouth, Ohio, 3 Sardinia, Ohio, 9 Tiffin, Ohio, 60 Toledo, Ohio, 6 Van Wert, Ohio, 3 Wilmington, Ohio, 3 Burton, Ohio, 3 '1,338 Springfield, Ohio, DISTRICT NO. 5. American National Bank Peoples National Bunk Peoples National Bank Farmers & Merchants Natl Bk First National Bank • Citizens National Bank National Bank of Commerce First National Bank First National Bank Madison National Bank Oil Field .National Bank Flat Top National Bunk National Bank of Spartanburg, S.C. Rock Hill, S.C. Prosperity, S.O. Lake City, S.C. Bishopville, S.C. Batesburg, S.O. Williamson, W.Va. Webster Springs' W.Va. Ravenswood, W.Va. Madison, W.Va. Griffithsville,W.Va. Bluefield, W.Va. Herndon, Va. 1 6 2 6 5 1 2 2 2 3 6 DISTRICT NO. 5. (Cont'd) Peoples National Bank First National Bank Boston National Bank Peoples National Bank Central National Bank First National Bank Planters National Bank ScOttsville National Bank National Bank of Farmers & Merchants Ntl Bk First National Bank Peoples National Bank • Rockingham National Bank First National Bank National Bank of First National Bank Peoples National Bank First National Bank Second National Bank First National Bank Peoples National Bank First National Bank First National Bank Wayne National Bank National Bank of First National Bank First National Bank Charlotte National Bank Citizens National Bank National Bank of Merchants National Bank First National Bank County National Bank First National Bunk First National Bank National Bank of Peoples National Bank Second National Bank First National Bank 1 Abingdon, Va. 2 Berryville, Va. 1 South Boston, Va. 2 Rocky Mount, Va. Richmond, Va. 3 Richlands, Va. 300 Richmond, Va. 3 Scottsville, Va. 105 Va. burg, Peters 6 . Onley, Va. 15 Newport News, Va. 1 Lexington, Va. 9 Harrisonburg, Va. 24 Harrisonburg,- Va. 1 Gordonville, Va. 1 Gate City, Va. 2 Fa'rmville, Va. 2 Emporia, Va. 6 Culpeper, Va. 1 Crewe, Va.. Charlottesville, Va. 60 1 Broadway, Va. 1 Blackstone, Va. 15 Goldsboro, Y.% 1 Fayetteville, N.C. Durham, N.J. 3 Uherryville, 30 Charlotte, 17.0. 2 Hendersonville,70,% 30 Rocky Mount, N.C. 9 Raleigh, N.C. 6 Marion, N.O. 2 Lincolnton, N.J. 7 Snow Hill, r.. 6 Aberdeen, Md. 6 Cambridge, Md. Brunswick, Md. 2 Bel Air, Md. 3 Barton, 7,'d. DISTRICT NO. 5. (Jont'd) National Bank of Poolesville National Bank First National Bank Farmers & Vohs Nat'l Bk. Citizens National Bank 'Second National Bank Franklin National Bank Dupont National Bank Meichants 6 Farmers Bank 1 Chesapeake City,Md. Poolesville, Md. 3 Parkton, Id. 6 Frederick, Md. 6 Cumberland, Md. 300 Baltimore, nd. 15 Washington, D. 11 do 1 1,027 Cheraw, S. C. DISTRICT NO. 6. First National Bank Vidalia, la. DISTRICT NO. 7 Albion National Bank Central Trutjt Co. of Ill. GerMan-American Natl Bank Fourth Nationul Bank First National Bank Lincoln National Bank First National Bank Sycamore National Bank National Bank of First National Bunk First National Bank Lawndale National Bank Lewistown National Bank American National Bank First National Bank National Bank of • German-American National Bk Exchange National Bank First National Bank National Bank of First National Bank' First National Bank Orange City Natl. Bunk City National Bank' Clark National Bank 1 Albion, Ind. 900 Chicago, 111. 16 Port Wayne, Ind. Grand Rapids, Mich. 15 15 Beardbtown,111. 15 Lincoln, Ill. 6 El Paso, ,I11. 6 Sycamore, Ill. 3 Colchester, Ill. 6 Dundee, Ill. Gardner, Ill. 9 Chicago, Ill. 9 Lewistown, Ill. 6 Woodstock, Ill. Granville, Ill. Manitowoc, Wis. 6 Shawano, Wis. 5 Leon, Iowa. 2 Pomeroy, Iowa, 5 Bloomfield, 'Iowa, 1 Byersville, Iowa, New TTampton, Iowa, 5 Orange City, Iowa, 16 Clinton, Iowa, 1 Newton,, Iowa, J. DISTRICT NO. 7. (Cont'd) First national Bank First National Bank First National Bank Northwestern National Bank Lverly, Iowa, Coon lapids, Iowa, Fredericksburg, Ia. Sioux City, Iowa, 3 1 15 1,059 Forrest City, Ark. Little Rock, Ark. Hillsboro, Ind. 4ashington, Ind. Bowling Green, Yy. Chaffee, Yo. St.Louis, Mo. 10 6 6 12 2 2 36 74 DISTRICT NO. 8. First National Bank German. National Bank Hillsboro National Bank Washington National Bank American National Bank First National Bank Central National Bank DISTRICT NO. 9. First National Bank First National Bank of .est Minneapolis, First National Bank First National Bank First National Bank First National Bank Merchants National Bank Stockyards National Bank City National Bank First National Bank Farmers & Mchts Natl Bank First National Bank First National Bank . Union National Bank First National Bank First National Bunk First National Bank First National Bank First National Bank Redfield National Bank First National Bank Ontonagon, Mich. 1 1 Hopkins, Minn. 300 'Duluth, Minn. 1 Dawson, Minn. 12 - Cambridge, :inn. 3 Rushmore, Minn. 1 Sauk Centre, Minn. South St.Paul,MAnn. 38 6 Bismarck, N.Dak. 3 Hatton, N.Dak*. 1 Jamestown, N. Dak. 3 Litchville, N.Dak., 1 MoVille, N.Dak. 6 Minot, N.Dak. 3 Castlewood, S.Dak. 1 Freeman, S.Dak. 3 Goodwin, S.Dak. 3 Madison, S.Dak. 1 Midland, S.Dak. 9 Redfield, S.Dak. 6 Wessington, S.Dak. 403 DISTRICT NO. 10. Colorado Springs National Bank First National Bank National Bank of Commerce El Dorado National Bank Galena National Bank First National Bank Gypsum Valley Nati Bank First National Bank Commercial National Bank First National Bank First National Bank Kankato National Bank First National Bank Farmers National Bank St.John National Bank Union Stock Yds.Natl Bk. Park National Bunk National Bank of First National Bank Beatrice National Bank First National Bank Farmers & 1.1chts Natl Bank Live Stock National Bank First National Bank American National Bank Farmers National Bank Germania National Bank Citizens National Bank American National Bank American National Bank Liberty National Bank Union National Bank do do First National Bank Wyoming National Bank First National Bank First National Bank Rawlins National Bank Colorado Springs,Col. 6 6 Florence, Colo. 4 Dodge City, Kans. 3 El Dorado, Kans. 3 Galena, Kans. 6 Kans. Girard, 1 Gypsum, Kans. 3 Kans. Rays City, 30 Kansas City, Kans. 1 Lewis, Kans. 3 Liberal, Kans. 3 Kankato, Kans. 9 Norton, Kans. 2 Phillipsburg, Kans. 3 St.John, Kans. 3 Wichita, Kans. 3 Kansas City, Mo. 3 Ainsworth, Nebr. 15 Atkinson, Nebr. 3 Beatrice, Nebr. 1 Belden, Nebr. 7 Oakland, Nebr. 36 South Omaha, Nebr. 12 7iahoo, Nebr. Oklahoma City, Okla. 22 Oklahoma City, Okla. 3 3 Ponca City, Okla. 1 Sallisaw, Okla. 9 Sapulpa, Okla. 6 Sapulpa, Okla. 21 Tulsa, Okla. 24 do 16 do 19 do 3 Tyrone, Okla. 3 Jasper, iyo. 6 Lander, Wyo. 15 Laramie, Wyo. 3 Rawlins, Wyo. 320 DISTaIJT NO. 12. 3 Hollywood, Cal. Hollywood National Bank 3 Cal. Park, Lamanda First National Bank 120 Cal. Angeles, -Los Bank First National 60 Oakland, Cal. Central National Bank 30 Cal. Pasadena, Bank First National San Francisco, (1.1. 600 Crocker National Bank 30 Santa Paula, 341. Bank First National Idaho, Lewiston, Bank Empire National 3 Nampa, Idaho, 'First National Bank 1 gon, 7alls,Ore Klamath Bank First National 3 Oregon le, McMinnvil Bk. National United States 1 Merrill, Oregon, First National Bank 3J Oregon, Portland, Bank National Peninsula 3O Ogden, Utah, Commercial National Bank 3 .Wash. Dayton, Bunk National Broughton 120 Wash. Seattle, Bank National First 1,940 7,220 itpplications for Original :took.. District No. annettsburg nation:-il Lank ro. ?annettsburg, Pa. 10 16 Dillon, 2. C. 15 15 Grass. Range, Yont. :1hoteau; ront. Torsyth, Mont. Hinsdale, 18 36 15 16 85 martindule, Teac 20 5. ?irst National Bank DISTRICT NO. 9'. First National link First ration.il Bank. Americn National Bank First NatiomA Bank DISTaICT NO. 11. 'art iriale".1tional ELnl: 11 20 140 044 Applic,tions Cor ;Adit1om..1 (-took. Fhares. DnmRICT NO. 1. Fourth-At1L.nt1c Natl sank Boston, !1.1,ass. 300 300 6 6 15 1 £8 DITPRIGT Nn. 4. ?irst National Bank Second National Bank "onons.ahela National Bank 7nion Natioma Bank Ellwood City, Pa. Bucyrus, Ohio. Brownsville, Pa. Summerville, Pa. DISTRICT NO. 5. Peoples Bank First National Bank Peoples National Bank Sumter, S.O. North E,Ast, rd. ,Jonway, S. J. 1 1 2 4 332 letter from Governor Rhoads addressed to Governor Harding with respect to certain phases of-tt4' clearing situation, was tentatively reported by Mt. Delano as chairman of the Committee on Clearing, and referred back to that Committee for further investigation. Mr. Delano reported informally the status .of the work of the Committee on Clearing with reference to engaging a clearing expert. lovernor Harding gave notice that he would appoint !ass Margaret Lanning stenographer in his offi,le, under the re7alations of the Board. +04 On motion it was voted that the cot of - trip to be made by n'r. . J. Miller to 21evel nd for the pur- pose of delivering -n adrel, in th.,A city before the Bunkers' Club of Cleveland. be borne by the Board. A report of the Committee on Staff recommending the transfer of Examiner Wm. J. Schechter from the :'inth to the Seventh Aderal Reserve District, and the ,Appointment of Mr. Claude A. Jubenville as examiner in the Ninth Federal Reserve District, at a salary of 42400 per annum, was approved. On motion a report of the Committee on staff approving the pay-roll of the ?ederal Reserve Bank of Philadell,hia, :is transmitted by 7ederal Reserve Lgent stin under &Au of 17ebrT.try 7th. was, on motion, %pproved, Ltnd the secretary directed to notify r. ustin accordingly. 3overnor Harding read a letter from 7edera1 Reserve Agent Curtiss informing the Board th;..,t, the Aamonwealth Trust Company had paid its subscription Par stock to the Federal Reserve Bank of Boston, Lnd had entered the system. Governor 7arding also notified the Board of the receipt of a telegram from Federal Reserve Agent Wellborn stating that he would mks a visit of inspection to the New Orleans Branch covering two days. Governor Harding presented. a letter from the Romeo Savings Bank of Romeo, Michign, making in4uiry as to its eligibility for membership. The Governor stated that he would refer the matter to Counsel. Governor Harding presented to the Board a letter from the Commercial Trust Company of Philadelphia stating the views of that institution with reference to the relation of trust companies to the Federal reserve system. Governor Harding presented a letter from Acting Governor Treman of New York transmitting a circular letter sent out by Mr. E. J. McDougal. The minutes of a meeting of the Committee on the Clayton Act held at 10.30 a. m. on Wednesday, February 14, were read and approved, and the action therein set forth ratified. Mr. Warburg presented a letter from Federal Reserve Agent Jay stating that he was informed by the Cubtreasurer at New York that the latter would be able to keep about - 425,000,000 of Federal reserve notes in the vaults of the Subtreasury. It was directed that the Secretary notify the Apmptroller of the Jurrency of LLr. Jay's communication, and that the Board approve of the same as a modification of its recent letter with respect to the storage of notes in so far as affects New York. On motion at 12.25 p.m. the Board adjourned to meet on Friday, February 16, at U. a.m. APPROVED: 3ecretary. 11
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