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691

At a regular meeting of the Federal Reserve
Board held in the office of the Board at 11.00 a. m.,
Thursday, September 2,
PRESENT:
Mr. Hamlin, presiding,

Er. Harding

Er. Williams

Mr. Miller

Mr. Warburg

Mr. Willis, Secretary.

The minutes of the meetings of the Board of
August 19, (2 meetings) August 20th and September 1st;
and the minutes of the meetings of the Executive Committee of August 21st, August 23d, August 24th and. August
25th were read and approved.
The application Of the First National Bank of
Holly, Colorado to reduce its capital stock from

50,000

to (25,000 duly recommended by the Acting Comptroller of
the Currency, and by Mr. Harding, was approved.
Applications for power to exercise certain fiduciary
functions duly approved by Counsel and recommended by Mr. Harding, were approved as follows:




First National Bank
First National Bank
First National Bank
Continental National Bank
First National Bank
First National Bank
First National Bank

Calexico, Cal.
Orland, Cal.
Mountain View, Cal.
Los Angeles, Cal.
Pleasanton, Cal.
Wilmington, Cal.
Visalia, Cal.

692




in so far as relates to the functions of registrar only,
but not as to trustee, executor, and administrator.
Applications from certain banks in Oregon to
exercise the functions of trustee, executor, etc., were
referred back to Counsel with request to report fully as
to the nature of the Oregon Ism which in his judgment
prevents the granting of full powers.
On motion it was decided to invite Hon. Carter
Glass to confer with the Board informally on Friday, September 3d, or if not able to be present on that date then
on some day during the week beginning September 5th.
After communicating with Mr. Glass, the Secretary
reported that Mr. Glass would be unable to attend the Board
meeting on September 3d, but would be happy to accept the
invitation for some day during the week of September 5th,
notifying the Board in advance.
On motion the Secretary of the Board was authorized
to cancel the approval previously given to the application of
the Fergus Falls National Bank of Fergus Falls, Minnesota, for
trustee powers, on the ground that Counsel of the Minneapolis
Reserve Bank had held that such authority could not be granted.
It was further voted to ask the Counsel to report more fully
concerning the status of banks in the Minneapolis District

693

with reference to the exercise of trustee powers.
On motion applications for additional stock
in Federal reserve banks, duly recommended by Ian Harding, were approved as follows:
DISTRICT No. 1.
First National Bank

Derry, N. H.

Shares.
1

DISTRICT No. 4.
Farmers National Bank
Union National Bank.

Cynthiana, Ky.
Summerville, Pa.

9
2

St. Paul, Va.
Columbia, S. C.

2
60

Lakeland, Fla.
Coal Creek, Tenn.
Nashville, Tenn.
Atmore, Ala.

3
2
81
1

DISTRICT No. 5.
St. Paul National Bank
Palmetto National Bank
DISTRICT No. 6.
First National Bank
First National Bank
Tennessee-Hermitage Nat'l.
First National Bank
DISTRICT No. 7.
First National Bank
First National Bank
Farmers National Bank
Old National Bank
First National Bank
Franklin County National Bank

Dwight, Ill.
Casey, Ill.
Inwood, Iowa.
Ft. Wayne, Ind.
Fowler, Ind.
Brookville, Ind.

3
1
1
3
3
1

Seward, Nebr.
Alex, Okla.
Eufaula, Okla.

3
3
2

DISTRICT No. 10.
Jones National Bank
First National Bank
State National Bank




694




DISTRICT No. 11.
Madill National Bank
Farmers national Bank

Shares.
Madill, Okla.
Manor, Texas

3
3

The Secretary of the Board presented the usual
weekly discount rate notices from the several Federal
reserve banks.

On motion the same were laid on the table

until the afternoon meeting.
0 An amendment proposed by Mr. 71arburg to Regulation J. relating to Bankers' Acceptances was given preliminary consideration and on motion laid on the table
pending the afternoon meeting of the Board.
Papers relating to the appointment of Mr. C. H.
Mosher, as assistant to Federal Reserve Agent Rich of
Minneapolis, were considered and laid on the table awaiting the return of Vice-Governor Delano.
A letter from Federal Reserve Agent Miller, inquiring as to his power to place funds, in his hands as
Reserve Agent, in the Treasury or a Subtreasury for safe
keeping, was read and on motion laid on the table until
a later date.
On motion at 12.30 p. m., the meeting adjourned
to meet at 3.00 p. m. this day.

APPROVED:

Secretary.

Chairman.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102