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682
At a regular meeting of the Federal
Reserve Board held in the office of the Board
at 11:10 a. in., on Wednesday, June 21,
PRESENT:
Ur. Delano, presiding
Mr. Warburg
Mr. Harding
Mr. Allen, Secretary.
Mr. Williams appeared in person and
stated that he might be counted as present for
the matters listed upon the docket.
The minutes of the meeting of June
19, were read and approved.
Approval was given to the application of the Federal Reserve Bank of Cleveland
to convert 02,b00,000 into 3% thirty-year conversion bonds and 3% one-year Treasury notes,
recommended by Mr. Delano.
Attention was called to a telegram
from the Federal Reserve Bank of Boston stating that it was not their intention to convert
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further bonds at present.
Upon recommendation of the Committee
on Member and State Banks action was taken on
applications for trustee powers as follows:
APiROVED:
Tennessee-Hermitage National Bank,
Nashville, Tennessee.
HELD:
Corsicana National Bank, Corsicana,
Texas.
Commonwealth National Bank, Reedville,
Virginia.
Uron recommendation of Mr. Harding as
Chairman of the Committee on Member and State
Banks the following applications for stock
14v
Federal reserve banks was approved:
Shares.
DISTRICT NO. 5.
Richlands National Bank
Richlands, Va.
9
DISTRICT NO. 7.
Arst National Bank
Derby, lowa
10
DISTRICT NO. 11.
1.
2armers National Bank
Brenham, Texas
60
684
•
Upon recommendation of Mr. Harding as
Chairman of the Committee on Member and State
Banks the following applications for the surrender
of stock in Federal reserve banks was approved:
DISTRICT No. 6.
Shares.
North Georgia Nat'l Bank Blue Ridge, Ga.
18
DISTRICT No. 9.
First National Bank
First National Bank
Eyota, Minn.
Kaukauna, Wis.
18
9
DISTRICT No. 10.
First National Bank
St. Edward, Nebr.25
A memorandum from Counsel submitting correspondence with Mr. Holli•s
N. Randolph, Counsel
for the Federal Reserve Bank of Atlanta, upon the
question, whether a Federal reserve bank may sue
in the United States courts without reference to
the amount involved, was read and the memorandum
dated June 15, 1916 approved.
A letter to Mr. Warburg from the Federal Reserve Agent at New York, relative to memA
bership of State banks in the Federal Reserve
System, was read and noted.
The report of examination of the accounts of the Federal Reserve Agent at Philadelphia, was presented and referred to the Committee
on Operation of the Federal Reserve Bank of Philadelphia.
Memoranda from the Chief of the Division
of Audit and Examination were presented with the
following action:
1.
Examination of Federal reserve banks
and accounts of Federal Reserve Agents,
dated June 20, 1916, approved and ordered to be circulated.
2.
Examinations of member State banks and
trust companies during the calendar
year 1916, dated June 21, 1916, read
and referred to the Committee on Audit
and Examination.
3.
On attendance at the Fifteenth Annual
Convention, Supervisors of State Banks,
Louisville, Kentucky, dated June 20th,
received and ordered to be circulated.
Mr. Warburg presented a memorandum for
the Board on H. R. 15735, a bill introduced by
("c
686
Representative Hill of Connecticut, providing
for the investment of deposits of savings batik
departments of national banks.
This was or-
dered to be docketed for the next meeting of
the Board.
•
At 11:50 a. in., the Board adjourned
to meet at 3:00 p. in., on T
day, June 22.
Secretary.
@FedFRASER