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At a regular meeting of tile Federal Reserve
Board held in the office of the Board at 3 p. m. on
Tuesday, October 17, 1916,
PRESEVT:
Governor Harding, presiding,
Mr. Delano
Mr. Warburg
Er. Miller
Mr. Hamlin
Mr. Will lams
Mr. Willis, Secretary.
The minutes of the meetings of the Executive
4.
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Committee on Thursday, October 12, and on Tuesday,
October 17, and the minutes of the meetings of the Board
on Thursday, October 12 (morning), Thursday, October
12 (afternoon), and Friday, October 13, were read and
approved.
On motion, Mr. J. P. Cotton was given the official designation of "Consulting Counsel."
A letter from Assistant Secretary of the Treasury Wilburn, announcing the shipment of conversion bonds
to the owners thereof, was read and noted.
A ClOmmunication from Mr. John, H. Fedder, recently laid before the Board, was taken up and again tabled.
I.
A telegram from Mr. George M. Reynolds, requesting a hearing for Mr. A. W. Harris, and a reply from Mr.
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Harding were read to the Board, and copies of the correspondence ordered sent to Federal Reserve Agent Bosworth.
The Secretary of tie Board read the minutes of
the proceedings of the Committee on Clayton Act, under
date of October 14 and October 17.
The sane were, on
motion, vproved.
The case of Mr. J. Ogden Armour, referred to
the report of the Clayton Act Committee, and presented
to the Board by that Committee withcut recommendation,
was laid on the table.
Tne Gave
or of the Board presented the formal
order relating to the appeal of tie *Wisconsin b:ks, and,
on motion, the Secretary was directed to enter the stus3
the minutes and transmit it to all parties in interef,t.
At a stated meeting of the Federal Reserve Board
;
t1001
duly held at its office in tas City of VlashirlEY
District of Columbia, October 12, 1916,
PRESENT:
Mr. Harding, Governor
Mr. Warburg, Vice Governor,
Mr. Hamlin
In the Matter of Readjusting
the Geographical Limits
of
Districts Nos. 7 and 9 in accordance with the power vested in the
Federal' Reserve Board by Section
2 of the Federal Resca-ve Act.
Mr. Delano
Mr. Miller
Mr. Williams
ORDER Al:1MM iI
1
GRAPHICAL LIMITS OF
RIOTS NOS. 7 1111) 9°
•
("` 01
'HEREAS, the Federal Reserve Board is authorized and empoN:ered
by Section 2 of the Federal Reserve Act to readjust the Federal reserve
districts; and
7aIEREA3, upon further consideration of (a) The petition of certain banks in Wisconsin for the transfer from
district No. 9 to District No. 7 of all that part of Wisconsin
situated in District No. 9 east of the western boundaries of the
counties of Ashland, Price, Taylor, Clark, Jackson, and Monroe;
(b) The answer of the Federal Reserve Bank of Minneapolis;
(c) The briefs of counsel and arguments heard by the Federal Reserve
Board;
it appears to such Board that the convenience and customary course of
business and the best interests of the Federal Reserve system will be
served by a readjustment of the geographical limits of districts Uos.
7 and 9;.
row
THEREFORE, the Federal Reserve Board doth order -
(1) That district No. 7 be readjusted and altered so as to include
the State of Iowa, all that part of 7isconsin located south of the
northern boundary of the counties of Marinette, Oconto, Langlade,
Marathon, and Clark; and east of the western boundary of the counties
of Clark, Jackson, Monroe, Vernon, Crawford, and Grant; all of the
southern peninsula of Michigan, viz, that part east of Lake Michigan;
all that part of Illinois located north of a line forming the southern
boundary of the following counties: Hancock, Schuyler, Case, Sangamon,
Christian, Shelby, aumberland, and Clark; and all that part of Indiana
north of a line forming the southern boundary of the following
counties: Vigo, Clay, Owen, Monroe, Brown, Bartholomew, Jennings,
Ripley, and Ohio;
(2) Th-t district No. 9 be readjusted and altered so as to include
the states of Montana, North Dakota, South Dakota, Minnesota, all
that part of ":isconsin not included in district No. 7, and all that
part of Michigan not included in district No. 7;
(3) That the alterations in districts Nos. 7 and 9 directed in
this order become effective January 1, 1917;
(4) ThLt the Federal Reserve Bank of Chicago and Minneapolis be
notified of the changes made in the districts referred to and directed
to take such action as may be necessary for the transfer of membership of the banks included in the territory affected;
(5) That a copy of this order be filed with the Comptroller of the
Currency in order that the certificate of the Reserve Bank Organization Committee may be properly amended.
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An opinion of Counsel with reference to the
status of a director in the Federal Reserve Bank of
Boston, affected by the transfer of territory to Yew
York, was read and on motion adopted.
The Secretac,-'
was directed to notify Governor Aiken accordl
insert the same in the Bulletin.
Governor Harding informally reported to tTle
Board with reference to certain matters affecting the
Federal Reserve Bank of .1anta which had been referrcd
to him, stating particularly the status of the Atlanta
Bank's recent purchase of real estate intended as a oite
for a new bank ,building.
It was a';:freed that the Governor.
should inform the Atlanta Bank of the Board's feeling in
the matter with special reference to the failure of to
Bank to keep the Board advised as to itsintentions.
An opinion of Counsel, with reference to. loans'
on city real estate up to one-hal:' of the market value
of improvements, was presented, and on motion referred
to the Committee on Law.
On motion of L7r. Tarburg, it was voted that the
f:
action of the Board in the case of Jr.L
Arthur Iselin of
row York who had been authorized to serve on the boards
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of directors of the Lincoln Trust Company and the
Chemical 1:ational Bank of Naw York, be rescinded in
view of new information which had been laid before
the Board.
On motion, applications for stock in Federal
Reserve banks, duly recom:ended by the Committee on
lember and State Bank::', were approved as follows:DISTRICT
O. 2.
Nichols National Bank,
Zhares.
Nichols, N. Y.
1
DISTRICT NO. 5.
Merchants-echanics First Nat'l Bank, Palto.L'.d.
)00
A statement to be issued to the press with reference to the history of the commodity rate at the Federal
Reserve Bank of Linneapolis, ms approved and ordered
oot.
The Secretary's office :,as dire,;ted to employ an
additional messenger, taking the same from the eligible
list.
Executive business having been disposed of., Mr.
-ade H. Cooper, President of the Union Savings Bank of
7ashingten, D. C., and ,7r. C. V. Warden of the Continental
Trust Company, appeared before the Board and presented
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arguments to show that there was no competition between
the two institutions.
They offered to turn over all
existing commercial business now in the hands of the
Union Savings Bank to the Continental Trust Company.
The two witnesses having withdrawn, discussion as to the
case presented by them ensued, and on Motion the Board's
former action with respect to Mr. Cooper was reaffirmed
and information thereof ordered conveyed to him.
On motion at 5:20 P.
the Board adjourned.
Secretary.
@FedFRASER