The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
907 At a regular meeting of the Federal Re erve Board held in the office of the Board at 11:00 a. in. on Friday, October 29, PRE3E141: Mr. Hamlin, presiding Er. Warburg Yx. Delano Mr. Harding Mr. Williams Er. Miller Mr. Willis, ary• The minutes of the meeting of October 27, were read and approved. /.; On motion it was voted that the Jecretary of the Board notify all Federal reserve agents officially of the change in the wording of the letter relating to open market operations authorized at yesterday's meeting. On motion it was voted that Mr. Williams be permitted to place on file with his former letters relating to his membership on the caanittoes of the Board, a letter received by him from Er. :Liner with reference to the same topic. A letter from Mr. Williams relating to the retention of the letters already written by him as part 908 of the files of the Board, was read and ordered placed on file with precedin,L.2 letters. letter from the Federal Reserve Bank of New York relative to arrangements for new offices for that bank, accompanied by plans, was presented to the Board, and on motion, referred to Lr. 7arburs and Mr. Delano for report. On motion applications for Federal reserve notes, duly recommended b, the Committee on Issue and Redemption, were approved as follows: 000 1 For the Federal ReServe Bank of Cleveland :,;1,000, demmination 20 " to 100 00,000 560,000 400,000 For the Federal Reserve Bank of ',3t. Louis ';3,O00O00 denomination 10 20 ft .::1,200,000 1,000,000 8.00,0o0 Er. Hamlin presented a request from the Robert Morris nub of the Credit Eon's Association that nombers of the Board join the club. The letter was re t-: to LIr. Delano for report, Yr. Hamlin presented a letter from Governor 3trong of New York with reference to the present con- • • or 9 dition of bank reserves. On motion it was voted that the memorandum be copied, and a cony transmitted to each member of the Board. . Hamlin presented a resolution relating to the work of Counsel's office, and the control of the rendering of opinions of Counsel in the future. On motion the resolution was adopted as fol- .1ows: That Counsel shall prepare an indeed volume containing all opinions and memoranda prepared by his office up to and including December 31st, 1915, giving one copy to each member of the Board. That hereafter official opinions of counsel shall be given only upon a vote of the Board; that unofficial memoranda may be given at any time 111)on request of a member, but copies thereof shall be transmitted at the same time to the chairman of the Local Committee for its files; or to any member of the Board; that personal letters or oral statements may be given or made at any time upon request of any member of the Board, the same to be in no way binding upon the writer until put in the form of official opinions. The minutes of a meeting of the Committee on Jtate Banks held on October 28, were read to the Board, and on motion the action of the Committee therein set forth, was approved. As a result of this approval, the following 910 action with reference to applications for fiduciary powers, was ratified: Granted: First National Bank, Newport News, Va. First National Bank, Tuskaloosa, Ala. City National Bank, Oshkosh,. Wisconsin. First National Bank, junction City, Ore. Placed on suspended list: G First National Bank, South-Bend„Indiana. First National Bank, Billings, Ebntana.Seymour National Bank, Seymour, Indiana. First National Bank, Galva, Iowa. Refused: First National Bank, Corvallis, Oregon. Central National Bank, St. Petersburg, Fla. Fir5t National Bank, Grove City, Pennsylvania. Thiteland National Bank, Whiteland, Incriana. First National Bank, Elwood, Indiana. Further as a result of thi approval, the fol•41. lowing action with reference to pending State bank applications, was ratified: Disapproved: Cape Charles Bank, Cape Charles, Virginia. Suspended: Hartwell Bank, Hartwell, Georgia. Tattnall Bank, Reidsville, Georgia. Glennville Bank, Glennville, Georgia. First State Bank, De Yalb, Texas. Lerchants & Farmers Bank, Cheraw, 6. C. 911 Upon reconmendation of the Committee on State banks, the power of the Texas City National Bank to exercise on a permanent basis fiduciary functions with regard to a trust now in its hands, was confirmed. The Secretary of the Board presented the draft of a letter to Federal Reserve Agent Curtiss, • relative to the Federal Trust Company's application. On motion the same was approved and ordered transmitted. On motion it was voted to approve a tion of reduc- 50,000 in the capitalization of the Homer • National Bank of Homer, Now York, the same being recommended by the Comptroller of the Currency, and the 2ederal Reserve Agent of New York. On motion applications for stock in Federal reserve banks was approved an follows: Shares. DISTRICT No. 8. First National Bank Caruthersville, 1o. 30 Brids.er, Montana. 17 DISTRICT No. 9. First National Bank 9-I _ Ghares. 1,IST110T No. 10. Citizens National Bank Greenleaf, Pans. 1-5 On motion applications for additional stock in Federal reserve banks was approved as follows: DISTaICT No. 3. First First First First First First First National National National National National National National Bank Bank Bank Bank Bunk Bank Bank Fairfield, Pa. Bainbridr7e, Pa. Bath, Pa. Everett, Pa. Hallstead, Pa. Lawrenceville, Felton, Del. 1 1 6 1 1 1 DISTUCT No. 4. First National Bank Commercial National Bank First National Bank First National Bank Citizens National Bank Peoples National Bank 1 New Paris, Ohio Upper Sandusky, O. 3 Carlisle, Hy. 1 Barbourville, Ky. Wilminf;ton, Ohio 3 Delmont, Ia. DISTRICT No. 5. Sykesville National Bank Poolesville National Bank Citizens National Bank First National Bank Sykesville, Yd. Poolesville, Nd. Havre de Grace, Md. Broadway, Va. 3 3 4 2 DISTRICT No. 6. National Bank of Commerce Pensacola, Fla. 15 City National Bank Johnson City,Tonn. 1 DISTaICT No. 7. First National Bank Arcadia, Ind. 1. 11 1 91,"a First First First First National National National National Bank Bank Bank Bank Boswell, Ind. Morgantown, Ind. Whiting, Ind. Story City,. Iowa 1 3 1 Hope, Ark. Ilillstadt, Ill. 7 3 Yankton, S. Dak. 3 DISTRICT No. 8. Hope National Bank First National Bank DISTRICT No. 9. Dakota National Bank DISTRICT No. 12. Yuma National Bank Empire National Bank First National Bank First National Bank First National Bank City National Bank Rideout Smith Nat'l Bank First National Bank Placentia National Bank First National Bank First National Bank Continental Nat'l Bank Washington National Bank First National Bank Northwestern Nat'l Bank Security National Bank First National Bank Yuma, Arizona Lewiston, Idaho. Nampa, Idaho Colusa, Cal. Hollywood, Cal. Lang Beach, Cal. Qroville, Cal. Palo Alto , Cal. Placentia, Cal. San Diego, Cal. Yreka, Cal. Los 'Angeles, Cal. Ellensburg, Wash. Pullman, Wash. Bellingham, Wash. Cheney, Wash. Auburn, Wash.. 3 2 3 2 3 3 1 1 2 30 15 36 6 18 1 3 1 DISTRICT No. 3. Berlin National Bank Berlin, N. J. 2 DISTRICT No. 5. Peoples National Bank First National Bank Rowlesburg, Waa. 1 Ravenswood, W.Va. 2 914 DIJTaICT No. 6. First National Bank Sharos. East Point, Ga. 3 Richmond, Vassar, flich. 1 1 Munising, Mich. 1 DIJTAIICT No. 7. First National Bank Vassar National Bank DISTRICT No. 9. First rational Bank of Alcor County 1)I3TRICT No. 12. First National Bank United States Nat'l Bank United States Nat'l Bank North Bend,- Oreg. 2 Newberg, Oreon 1 Eugene, Oregon 53 DIMIJOT No. 2. Central National Bank Bank of New York, Nat'l Banking Association Swedish American Nat'l Bliss National Bank Bath National Bank First National Bank Citizens National Bank First National Bank Buffalo, N. Y. 24 New York City 600 Jamestown, IT. Y. 6 Bliss, N. Y. 1 Bath, N. Y. 2 Alta,liont, N. Y. 2 Onbonta, N. Y. 3 Heuvelton, N. Y. 1 D1JTRICTNo. 7. Farmers National Bank First National Bank FIrst National Bank First National Bank First National Bank First National Bank First National Bank Aurelia, Iowa. Boone, Iowa Exira, Iowa Fort Dodge, Iowa Humboldt, Iowa Logan, Iowa Newell, Iowa 1 1 1 30 5 1 1 915 DISTRICT No. 9. Grafton National Bank Pirst National Bank Shares. Grafton, N. Dak. Libby, Mont. 30 DISTRICT No. 10. First National Bank Commerce, Jkla. 8 DISTRICT No. 2. Citizens National Bank Bloomsbury, N. U. 30 DISTRICT No. 3. First National Bank National Bank of Farmers National Bank First National Bank Market Street Nat'l Bank Seven Valleys Nat'l Bank First National Bank First National Bank First National Bank Central National Bank Farmers & Citizens Nat'l Millersville Nat'l Bank Maytown National Bank Mahaffey National Bank Farmers National Bank First National Bank Union National Bank First National Bank First National Bank Coaldale, Pa. 1 Wyalusing, Pa. Thompsontown, Pa. 1 State College, Pa. 1 3 Shamokin, Pa. Seven Valleys, Pa. 1 2 Ochellburg, Pa. Petersburg, Pa. 1 Nesquehoning, Pa. 1 Mt. Union, Pa. 1 1 Montgomery, Pa. Millersville, Pa. 1 1 Maytown, Pa. 4 Mahaffey, Pa. Lititz, Pa. 3 1 Intercourse, Pa. 30 Huntingdon, Pa. 1 Howard, Pa. 1 Goldsboro, Pa. 916 First National Bank First National Bank First National Bank Catawissa National Bank Brownstown National Bank Farmers Nat'l Bank of Bucks County Haddon Heights Nat'l Bank First National Bank 3 Girardville, Pa. Fredericksburg, Pa.1 1 Claysburg, Pa. 1 Catawissa, Pa. 1 Brownstown, Pa. 4 Bristol, Pa. Haddon Heights,N.J.3 3 Barnegat, N. J. DIJTRIUT No. 4. Central National Bank Farmers National Bank Bank of Maysville, Nat'l Banking Association Columbus, Ohio Somerset, Ky. 2 Maysville, Ky. 1 Vion 2 DIJMICT No. 6. First National 11 a. DISTaICT No. 7. First National Bank :Farmers First Nat'l Bank German American Nat'l Citizens National Bank First National Bank Dearborn National Bank First National Bank 2 Yomenco, Ill. 2 Minooka, Ill. 24 Lincoln, Ill. 2 Cicero, Ind. Mooresville, Ind. 2 Lawrenceburg, Ind. 1 Clay City, Ind. 1 • DI$TRICT No. 8. First National Bank Dieterich, Ill. I 9t7 Security National Bank Jackson, Tenn. DISTRICT No. 9. First National Bank Aitkin Minn.. DISTRICT No. 10. Pirst National Bank Latimer County National Bank Newman Grove,Nebr. 3 Wilburton, Okla. 1 DISTRICT No. 11. Laredo National Bank Laredo, Texas 30 On motion applications for the surrender of stock in Federal resorve banks were approved as follows: DISTR CT No.1 The Llutual National Bank Shares. Boston, Mass. 343 DISTRICT No. 4. plirst National Bank Parkers Lancling,Pa.1 918 DIJTRICT No. 1. ',;i-taro;. Biddeford National Bank Biddeford, Maine 30 DIJ.TaIOT No. 4. First National Bank Aspinwall, Pa. 1 DI3TRICT No. 11. Western National Bank it. Worth, Texas 235 DISTRICT No. 12. -J- alyette National Bank Payette, Idaho. 16 The Jecretary of the Board presented rapers received from the Comptroller of tho Currency, to whom had been referred the letter of Federal eserve Agent Austin relative to the National Bank of Malvern. The documents were received and ordered filed without further action. "iilliams read a letter from Examiner Catch of 3an Francisco stating, that owing to the satisfactory quality of national bank examinations, the an Francisco Clearing House and the state L41- perintendent of Banks had dispensed with its regular examination. Er. Williams stated that he 919 had directed Mr. Gatch to confer with the Clearing House authorities and supply them with all reasonable information regarding the condition of national banks* Mr. Warburg submitted a report relative to a recent letter of Mr. A. R. Jones on trade acceptances. The report was approved, and the Jecretary ordered to act in accordance therewith. Mr. Miller as special comitteeman returned to the Board papers relating to the reserve situation in 'South Dakota, and reported that, in his judgment, no further action was called for. The report was received and the committee discharged. The Secretary of the Board presented the usual weekly discount rate letters, noting that no changes had been asked for. The letters were received and ordered filed* A memorandum from Chief of Division Broderick relating to the definition and classification of organization expenses, was read and 920 on motion referred to the Committee on Audit and xamination. A letter from 2edera1 Reserve Agent Perrin relative to acceptances drawn on was referred to the Committee on Commercial Paper. Yr. Warburg and Mr. Harding who, at the request of the Board, attended the meeting of Governors held at 7jAnneapolis, submitted a report of their visit. The report was received and ordered circulated a_iong the members of the Board. An applicotion from Federal Reserve Agent Wellborn asking.for authority to undertake about 1,000,000 of open market operations through the Branch Bank at New Orleans, was read. On motion the application was referred to a special committee consisting of 11r. Harding, rr. Miller and Mr. Warburg with request that they frame a letter granting the Federal Reserve Bank of Atlanta the power desired, subject to reasonable conditions. The jecretary of the Board presented documents now in hand relating to the question •,, of the purchase of warrants of the Jtate of Georgia. . The letters were laid on the table pending further information. A letter from Deputy Federal aeserve Agent Hackney relative to duties of deputy federal reserve agents, was referred to 1,1r. Warburg and Mr. Hamlin with instructions to draft a reply. :iller stated to the Board the general situation respecting the programme for the forthcoming meeting of federal reserve agents. Jlamlin stated that Assistant Uecretary of the Treasury Ealburn desired to discuss with Governor Strong of New York the question of discontinuing Government depositories in New York, and transferring the accounts to the federal Reserve ,lank of Now York. It was informally agreed that Mr. Malburn should proceed with his ponsideration of the subject. Mr. Warburg made a general rol,ort with reference to the same situation in Philadelphia. It was informally agreed that he should consider the subject further with Federal Reserve Agent 9'2 .ustin. It was informally agreed that a meeting of the Executive Committee of the Board be held on Monday, November 1. On motion at 12:45 p. in. the Board ad,.. journed to meet on Wednesday, November 3, at 10:00 a. m. API'ROV-M: Cha man.
@FedFRASER