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At a regular meeting of the Federal Reserve Board, held in the office of the Board on Friday, April 5, 1918, at 11 A. U., PRESENT: Mr. Harding, presiding, Mr. Delano, Mr. Warburg, Mr. Willis, Secretary. Mr. Miller, The minutes of the meeting of the Board held on April 3 were read and, on motion, approved. The minutes of the meeting of the Executive Committee, held on April 4, were read and, on motion, approved, and the action therein set forth ratified. The minutes of the meetings of the Gold Export Committee, held on April 4 and 5, were presented and, on motion, approved, and the action therein set forth ratified. The minutes of the meeting of the Capital Issues Committee, held on April 1, were presented and, on motion, approved, and the action therein set forth ratified. The minutes of the meeting of Committee No. 4, held on April 4, were read and, on motion, approved. Discount rate changes at Federal heserve Banks were taken up for consideration and letters relating to sug,:ested changes were read. On motion, there were approved: 15-day collaturai commercial paper rates as follows: Boston New York Philadelphia Atlanta 4i10 $t. Louis 4-7 ? Richmond Kansas City... 4'7,a 4' 16-60 days maturities: Boston........ 4 3 New York—. 4 3/4.: Philadelphia.. 4 4 3/4': Richmond Atlanta Chicago St. Louis Kansas City. 4 3/4:7J 44: 01 4 3/4% 4 3/4% 61-90 days maturities: Boston. New York...... Philadelphia.. Richmond 4 4 4 4 3/4% 3/4;01 3/4'.; 3/4;: ; 7 Atlanta 4 3/40 i St..Louis 4 3/4-i Ransas City, 4 3/4:L Over 90 days maturties: Boston New York Philadelphia 5[3. 5;2 57.) Atlanta... 5 'jt. Louis... Knsas City. 1.1ember, bank 15-day collateral notes secured by Liberty Loan obligations: Boston Atlanta 4!) 571 Chicago St. Louis Kansas City New York.. Philadelphia Richmond 470 Notes securdd by bonds and certificates 16-90 days: Boston New York Philadelphia Richmond I417A / 41, 4P 4-.° 44p 4241 40 . Atlanta Chicago St. Louis Kansas City. 4 414 4.4., 4zo Atlanta Chicago St. Louis Kansas City 4e 4.4% 4 4 Trade acceptances 1-60 days: Boston New York Philadelphia Richmond 4,1e-70 4 ,o 11., 4e Trade acceptances 61-90 days: Boston New York Philadelphia Richmond 21; 42 4e 4e 4e Atlanta 4*% 4;1,4 Chicago 4.it St. Louis Kansas City 4t540 Open Market rate: Minimum of 4% in all banks. Thereupon the general rate schedule was ordered a2-: proved as follows: DISCOUNT RATES IN EFFECT'APRIL 5, 1918. MATURITIES Discounts Within 15 days, 16 to including membar bank's col- 60 days lateral notes. Secured by U.S. eta or L. L. bonds. Agricul- Within 15 days, including mem61 to tural a: liveetlk ber banks col. 90 notes. days. over 90 Trade Accept, 16 1 to 61 to 90 to 60 90 days days ds inc. inc. 4-3/4 4-31'4 5 4 4+ 4+ 4 4 4-3/4 4-3/4 5 4 41 4+ 4+ Philadelphia. 4 4-3/4 4-3/4 5 4 4+ 4+ 44 Cleveland.. - 3/4 . " . 4 4-3/4 5 4 4* 4+ 44 4-3/4 5 4 44 4+ 4+ - 4 4+ 43: 4+ 54 4 44 44 44 _ - _ .. _ 5 4 Boston 4 New York Richmond..****** ..40411 . - Atlanta 4 4-3/4 Chicago....*******• - 4-3/4 4-3/4 St. Louie - Minneapolis Kansas City........•. Dallas.********••.••. _ 4-3/4 4-3/4 _ 4-3/4 41111D 410 San Francisco • - roval of further rates in line with The ap ) the foregoing was referred to the Executive Committee with power to act. On motion, the rates thus fixed were ordered effective upon the signing of the War Finance Corporation bill b2; the President. The publication of the Attorney General's recent opinion on the vestion of service charges and clearing was discussed but no action taken. On motion, the opinion of Mr. J. P. Cotton, re the amount of reserves in outlying banks in re,-,erve cities, was ordered transmitted to the federal Reserve Bank of New York. A report of Committee No. 1, dated April 4, re changes in the collection and service charge system in Federal Reserve banks, was read and, on motion, accepted, subject to the followin; changes: No. 1, ap.yroved, the ,date of suspending service charges, however, to be June 15. No. 2, approved, but insert the words "on the collection of checks" after the words "service charges". No. 3 approved. No. 4, approved, but insert instead of the words "shall be based upon the 15-day discount rate", "shall be approximately based as a minimum upon the 15-day discount rate." No. 5, approved. No. 6 approved. No. 7, approved, but add at the end of No. 7 'provided that bankers' acceptances be handled wherever possible as cash itmes." The remainder of the report was approved. Reports of Committees were approved as follows: No. 2. Applications of state_institutions for admission upon conditions named in each case by the Committee, as follows: Glen Ridge Trust Co., Glen Ridge, N. J. 72 shares in the Federal Reserve Bank of N. Y. Ithaca Trust Co., Ithaca, Y. Y. 180 shares in the Federal Reserve Bank of U. Y. Cambridge Trust Co., Chester, Pa. 225 shares in the Federal Reserve Bank of Phila. Union Savings & Trust Co., Cincinnati, 0. 1,800 shares in the Federal Reserve Bank of Cleveland. Central Illinois Trust & Savings Bank, L:attoon, Ill. 90 shares in the Federal Reserve Bank of Chicago. Marathon County Bank, Wausau, is. 84 shares in the Federal Reserve Bank of Cnicago. 2latonia State Bank, Flatonia, Texas. 25 shares in the Federal Reserve Bank of Dallas. First state Bank, Normangee, Texas. 30 shares in the Federal Reserve Bank of Dallas. Guaranty Bank & Trust Co., Beaumont, Texas. 66 shares in the Fedora Reserve Bank of Dallas. St. Anthony Bank 8, Trust Co., St. Anthony, Idaho. shares in the Federal Reserve Bank of San Francisco. Farmers State Bank, St., John, latshington. 17 shares in the Federal Reserve Bank of San Francisco. No. w. Declining the application of Charles C. MacGill and approving that of E. E. Amos under the Clayton Act. Recommending action on applications for fiduciary powers as follows: Applications granted: Union Commerce National Bank, Cleveland, power as registrar of stocks and bonds. Applications suspended: First National Bank, Whitehall, Montana. Montana National Bank, Billings, Montana. First National Bank, Fayetteville, Arkansas. A letter from the Connecticut Bankers Association, inviting Mr. Harding to attend the annual convention, was read and Mr. Harding authorized to attend at the expense of the Board if deemed best by him. A letter from the Federal Reserve Bank of New York, re registration of Government bonds, was read and referred to Mr. Harding for further inquiry. A letter of W. N. Kiehnle in favor of deferred classification for Mr. John Heemsath, was read 576 and approved for transmission. Er. Harding read a memorandum from Er. Hamlin favoring the appointment of Ur. Thompson as assistant secretary of the Board. On motion, at 1 P. Mo the Board adjourned. APPRO ': 0 etary Chairman
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