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872 At a reular meeting of the Federal 2oserve Board held in the of,.'ice of the Board at 11:00 a. m. on 7,:onday, October 18, PR=T: Lat. Hamlin, Dresidinl; Mr. Warburg Mr. Delano :r. :flier 1,:r. Harding 1.-x. 'anis, :.'ecretary. The minutes of the meeting of October 15, were read and approved. The question of access to reports made by national bank exalliners concerning the condition of member banks was informally discussed. On motion it was voted that during the approaching absence of Mr. "arburg and Yr. Harding on their visit to Linneapolis, 1.".r. Miller act in place of Lai. Warburg, as a member of the Committee of Audit and Examination. On motion upon the report of the Committee on state banks without recommendation the application of the First National Bank of Harrisburg, Oregon, for fiduciary powers was approved. On motion upon the recommendation of Li'. Harding the folLwing application for stock in the Federal 873 Reserve Bank of Atlanta was approved: Farmers 'National Bank Jnelbyville, Tennessee, 69 shares. On motion upon the reconLiendation of 2.1r. 'larding the following applications for the surrender of stock in Federal reserve banks were approved: DIJTRIOT No. 2.'L3iiares. Union rational Bank Prenchtown, N. J. 6 DIJTaICT No. 3. First National Bank jchaefferstown, Pa. 4 DioTRICT No. 4. Farmers & Llerchants Nat'l Bank Rockwood, Pa. 1 DIJTRICT No. 8 American-jouthern Nat'l Bank Louisville, Ky. 108 On motion, the recommendation of the Division of Audit and Examination that the reports of the Jtate Banking Department of Lichigan be accepted with reference to the Counercit.i.1 and Javings Bank of Albion, Michigan, -under the usual conditions was approved. Warburg reported favorably to the proposed order authorizing the establishment of branches and sub- 874 branches of the National City Bank in Chile, and on motion the order was approved and the Secretary directed to enter it on the minutes of the Board as follows: FEDERAL 111;1SERVE BOARD. iiyaileA. UNIT;1D 3T.',.TES In the Latter of the Application : - of - :APPILCATION• THE NATIONAL CITY BANK 02 NEW YORK.: for leave to open a Branch in the Republic of Chile, with its main office in the City of Valparaiso. TO THE 2::DERAL 112.SEIIVE BOARD: The Application of The National City Bank of shows: respectfully York New I. Your Petitioner is a corporation organized and existing under the National Bank Act of the United States, having its principal office and place of business at No. 55 Wall Street, Borough of Manhattan, New York City, and having an authorized and issued capital of Twenty-five million Dollars, (4;25,000,000); and it has duly signified in writing its acceptance of the terms and provisions of the Federal Reserve Act, approved December 23, 1913, in accordance with Section 2 of the said Federal Reserve Act. Your Petitioner desires to open a Branch for II. the conduct of your Petitioner's foreign business in 875 the Republic of Chile, with a main office in the City of Valparaiso. Your Petitioner's Board of Directors has heretofore set aside for the conduct of your Petitioner's foreign business in the Republic of Chile, the sum of One million Dollars ()l,000,000). III. It will probably be necessary also, in order to provide adequate banking facilities for the various portions of Chile, to establish subbranches, agencies or offices in the Cities of Antofagasta and Santiago, Republic of Chile. At each of these places and at other places in Chile there are considerable American business interests which should be served by the said Chile Branch. IV. It will be impossible to foretell how much capital will be required at any one of these sub-branches, agencies or offices. The amount of capital required at each of these sub-branches, agencies or offices will undoubtedly vary from time to timx) in accordance with local industrial and commercial conditions. For this reason, it would not be advisable to allot a specific amount of capital to each of thesp offices. Your Petitioner accordingly desires that the said sum of One million Dollars (1,000,000), set aside as aforesaid, be treated as set aside by your Petitioner for the conduct of its banking operations in the Republic of Chile, with the main Branch at Valparaiso, Republic of Chile. WHEREFORE, Your Petitioner prays for an order authorizing your Petitioner to establish the said Chile Branch, with the main office in the City of Valparaiso, Republic of Chile, and with subbranches, agencies or offices of the said Branch at Antofagasta and Santiago, Chile, or at either of the said places. THE NATIONAL CITY BANK OF NEW YORK. By P. A. VANDERLIP, Attest: President. G. E. GREGORY, Cashier. The jecretary of the Board read a letter of Pedral 2esel.ve Atint Wills, of Cleveland, inquirinL: about the rate to be established for open market operations under the Board's recent letter. The letter of LI'. was noted, and on motion, laid on the table for the time being. 1,:r. Harding stated to the Board the substance of reports which he had received concerning . the purcnase of 'State of Georgia warrants said to be contemplated by the Federal Reserve Bank of Atlanta. After discussion the Secretary was directed to telegraph to Federal 2eserve Agent Wellborn and Examiner Broderick indicating to both that any purchase of warrants must comply with Regulation F, as well as with Jection 14, and asking Mr. Broderick for additioqal information. The Jecretary submitted drafts of the proposed telegrams and the same were approved and ordered sent. On motion the purchase of warrants of the village of Thpakoneta, Ohio, made by the Federal serve Re— Bank of Cleveland, notwithstanding the popula- tion of the place in question was not up to standard 877 set by Regulation 2, was approved. On motion the purchase of warrants in the cities of Eau Claire, -asconsin and Bloomington, Illinois, made by the 2ederal Resei.ve Bank of Chicago were approved. The Secretary of the Board read a letter froll the Pederal Reserve Bank of Chicago in explanation of the bill for legal fees lately settled by that bank. The letter was informally discussed and laid on the table pending further investigation. The Secretary of the Board presented certain papers relating to vault couditic_ins at .Philadelphia and the salle were referred to Mr. Warburg for informal investigatiL)n. A memorandum with reference to the advertising of the Badger state Bank of Milwaukee, Wisconsin, transmitted by the Comptroller of the Currency was ordered referred to the Pederal 2eserve Bank of Chica„;.0 for inquiry and report, the Comptroller to be advised of the fact. On motion at 12:15 p. m. the Board adjourned 878 to moot on Tuesday, October 19, at 11:00 a. m. Secretary. APPROVED: Ohairrnan.
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