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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.