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At a regular meeting of the iederal Reserve Board held in the office of the Board on Friday, November 23, at 3 P. 11., PEESENT: Mr. Harding, presiding, Mr. Williams, 1,1r. Hamlin, Yr. secretary. 11r. Yiller, The minutes of the meeting of the Board held on November 2l were read and, on motion, approved. The minutes of the meetings of the Executive Committee held on November 21 and 22 were presentaa and, on motion, approved and the action therein set forth ratified. A reduction of the capital stock of tile Home National Ban'r: of Cleburne, Texas in the sum of5J,u,.) (from 150,000) duly recommended by the Comptroller of the Currency, was on motion, approved. Governor Harding stated for the ihformation of Mil..er certain questions which had been raised at .the recent meeting of the Federal 2;dvisory Council concerni:g the present reserve requirements, outlining the investigation of reserves which the Board had ordered made by tne Division of Etatistics. The Secretary of the Board read a telegram from Federal Reserve Agent Sawyer of Kansas City naming =behalf of the Federal Reserve Bank of Kansas City the following persons US directors of the Denver Branch:— Er. C. C. Parks, Er. A. C. Poster, Ur. Charles Burkhardt, the latter to se desigunted as manager. On motion, the directors thus named were approved, and it was agreed that Governor Harding notify the two directors Who had already been named to represent the Government on the board of the Denver Branch. The Secretary of the Board having read a letter from the representative of the London Times asking for an annual review of the Board's work, the preparation of such a review was authorized. Changes in discount rates, recommended by sundry ,Federal Reserve Banks were presented, but, on motion, were deferred until the meeting of Uonday, November 26. A letter from Federal Reserve Agent Heath with reference to the by-laws for the proposed Detroit Branch, and the reply of the Governor to the same,. were read and noted. A letter from the First National Bank of Albuquer. flue, N. U. with reference to its transfer to some district other than the Dallas District, was read and the Secretary directed to send acknowledgment to the Albuquerque Bank. On recommendation of Committee No. 2, the Farmers & Merchants National Bank of Troy, Alabama, was authorized to accept up to 100% of its capital uid surplus, Applications for additional stock in Federal Reserve banks, duly recommended by Committee No. 3, were approved as follows: Applications for additional stock. District No. 2. Sherman National Bank New York, N. Y. Shares 150 150 District No. 3. Peoples National Bank Southwark National Bank Mifflin, Pa. Philadelphia, ?a. 3 15 18 District No. 4. First National Bank 2 Hazard, Ky. District No. 5. Murchison National Bank Wilmington, N.C. * Total 120 120 290 Applications for the surrender of stock in Federal Reserve banks, duly recommended by Committee No. 3, were approved as follows: . Applications for surrender of stock. District Eo. 2. First National Bank Clayton, F. Y. Shares 18 Applications for original stock in Federal Reserve banks, duly recommended by Committee No. 3 were approved as follows: District No. 7. First National Bank Wakarusa, Ind. Shares 15 15 District No. 9. First First First First First National National National National National Bank Bank Bank Bank sank Kulm, N. Dak. Brockton, Mont. Fresno, Mont. Galata, Mont. Froid, !lout. Total 15 15 15 18 15 78 93 On motion, the report of Committee No. 3 relative to the discount by member banks of notes executed by directors or attorneys waL,; approved and referred to the Committee on Bulletin with a view to the publication of the circular on the subject on the forthcoming issue. A report of the eamination of the Federal Reserve Bank of St. Louis, transmitted by Chief Examiner Broderick, was, on motion, referred to Mr. Delano for study and report. A report of Committee NO. 3 with reference to the status of la-. Thomas A. Combs of Kentucky, as a director of the Federal Reserve Bank of Cleveland, was presented and approved, and the Secretary directed to transmit the report to the Federal Reserve Bank of Cleveland. A letter from Federal Reserve Agent Ramsey with reference to the question of allowing a bonus of 27, to employees of the Dallas Bank, was, on motion, referred to the Committee on Staff. Upon recommendation of Committee No. 2, the applications of the following named banks for membership in the Federal Reserve System were granted, subject in each case to the conditions of membership named by the Committee in its report on the one: Westminister Bank Union Trust Co., Union & New Haven Trust Co. Brunswick Bank & Trust Co. Citizens Bank of Norfolk, Bank of Kimberly Bloomfield Trust Co. Noel State Bank Westminister S. C. Pittsburgh, Pa. New Haven, Conn. Brunswick, Ga. Norfolk, Va. Kimberly, Idaho. Bloomfield, N. J. Chicago, Ill. fa-7i r.„47,1 f' Grand Rapids Savings Bank Peoples Bank & Trust Co. Oneida County Trust Co. Grand Rapids, Mich. Testfield, Y. Y. Utica, N. Y. On motion at 3:35 P. M. the Board adjourned to meet on Monday, November 26, at three P. M. APPROVED: Secretary. Chairman.
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