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At a special meetini,; - of the Federal Reserve Board hold in the office of the Board at 11:00 a. m., on Tuesday, March 21, PRESENT: Mr. Hamlin, presiding Mr. Harding Mr. Delano Mr. Miller Mr. Willis, secretary Mr. Allen, Assistant Secretary Mr. Elliott, Counsel Mr. Harrison, Assistant Counsel. PRESENT L.T,301 Mr. E. R. Faucher, Governor of the Federal Reserve Bank of Cleveland, Yr. A. H. Weed, Counsel of the Federal Reserve Bank of Boston. Mr. Weed read a letter from Governor Aiken of the Federal Reserve Bank of Boston, addressed to the Board, with reference to bond purchases in process of consumMation by the Federal Reserve Bank of Boston. Fancher also stated the situation as affecting the Federal Reserve Bank of Oleveland. Discussion ensued. On motion it was voted that the Jecretary of the Board transmit to banks which have made offers of bonds information to the effect that any banks which have made application for the sale of bonds through the Treasurer of the United states prior to March 21, may withdraw such offers prior to the end of the allotment period, provided the Board is so notified not later than the close of business on Larch 28, this action being intended to enable banks which wish to retire from the offering in view of the fact that the allotment would be more than fully taken up, an opl,ortunity to do so. Applications for stock in Federal reserve banks, duly reconuended by Mr. !lard- tag as chairman of the Committee on Member and State Banks, were approved as follows: DISTRICT No. 1. Colonial National Bank Shares. Hartford, Conn. 360 DISTRICT No. 6. National Bank of Sylvania, Ga. 15 Mlmette, Ill. 36 DISTRICT No. 7. First National Bank DISTRICT No. 9. Alcester National Bank Alcoster, J. Dak.20 DISTRICT No. 11. First National Bank Wharton National Bank Texline, Tex. Wharton, Tex. 17 20 Applications for additional stock in Federal reserve banks, duly recommended by Mr. Harding as chairman of the Committee on Member and State Banks, were approved as follows: DISTRICT No. 4. Spring Valley Nat'l Shares. Spring Valley, Ohio. 1 Lnskogoe, Okla. 1 DISTRICT No. 10. American Nat'l Bank DIJTRICT No. 12. First National Bank First National Ban'' Shares. Rexburg, Idaho Rexburg, Idaho 3 3 DISTRICT No. 7. Third National Bank Henry National Bank Farmers First Nat'l Irving Park Nat'l Cedar Rapids Nat'l City National Bank First National Bank Farmers National Bank Black Hawk Nat'l Bank Commercial Nat'l Bank Old National Bank German American Nat'l Lawndale National Citizens Nat'l Bank Citizens Nat'l Bank Commercial Nat'l Bank forget National Bank Greensburg, Ind. 3 12 Henry, Ill. 1 Ninooka, Ill. 3 Chicago, Ill. Cedar Rapids, • Iowa 120 12 Clinton, -Iowa Columbia City, 3 Ind. 3 Knoxville, Ill. 1 Waterloo, Iowa Storm Lake, Iowa 7 Battle Creek, Mich. 45 1 Arlington, Iowa 6 Chicago, Ill. 15 Spencer, Iowa 1 Mulberry, Ind. St. Joseph, Mich. 2 30 Pekin, Ill. DISTRICT No. 10. First National Bank Stilwell, Okla. Applications for the surrender of stocX in Federal reserve banks, duly recommended by LT. Harding as chairman of the Committee on Member and State Banks, were approved as follows: Shares. DISTRICT U. 3. National Bank of Northern Liberties Philadelphia, Pa. 825 DISTRICT No. 11. First National Bank Clyde, Texas. 17 Corvallis, Oregon 45 DISTRICT No. 12. Benton County Nat'l DISTRICT No. 1. The United Nat'l Bank Providence, R. I. 600 Middlesex County Nat' Middletown, Conn. 126 DISTRICT No. 10. Trenton, Nebr. First National Bank Citizens National Bank Tecumseh, Nebr. DISTRICT 18 36 No. 11. First National Bank Traders Nat'l Bank First National Bank First National Bank Bennington Nat'l Bank First National Bank Farmers National Bank First National Bunk First National Bank City National Bank Fort Towson, Okla. 21 Fort Worth, Texas 180 16 Achille, Okla. Aylesworth, Okla. 17 Bennington, Okla. 18 19 Bokohito, Okla. 18 Center, Texas. 18 Kenefic, Okla. 27 Valliant, Okla. Wellington, Texas 36 DISTRICT No. 12. Citizens National B'k Redlands, Gal. 180 The question of the form of amendments to the Federal Reserve Act coming up for consideration, the amendment relating to domestic acceptances was taken under advisement, and after discussion Mr. Miller, Mr. Elliott and Mr. Willis were named a committee to consider and report an alternative draft. The Secretary of the Board having reported the situation as to conferences with the Department of Justice regarding clearings, Mr. Delano, Mr. Harding and Mr. Elliott were named a special committee to consult with the Department as opportunity may offer. A letter from Federal Reserve Agent Curtiss relative to the question of permitting reserves to continue to be held with reserve agents, (in connection with the McFadden Bill in the House of Representatives), was read and noted. A letter from the Corporation Trust Company as to the early publication of the Board's rulings having been read, it was agreed that the Secretary advise the Company that no change can be made. On motion at 1:10 p. m., the Board adjourned to meet at 11:00 a. m., on Wednesday, March 22. Secretary. APPROTED: Chairman.
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