Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, August 21, 1917, Volume 4, Part 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

At a regular meeting of the Federal Reserve
Board held in the office of the Governor at 11 A. M.
Tuesday, August 21, 1917.
Present:
Mr. Harding, Presiding,

Mr. Williams,

Mr. Warburg,

Mr. Villis, Secretary.

Mr. Hamlin,
The minutes of the meeting of the Board held on
August 15 were read and, on motion, apprpved.
The minutes of the meetings of the Executive Committee held on August 9 and 10 were read and, on motion,
approved and the action therein set forth ratified.
On motion it was voted that the Board would confer with a committee of bankers from Evansville, Indiana,
on Friday, August 24, at 11 o'clock, A. M., the Secretary
to convey information accordingly.
The Committee on Membership having favorably reported, the following state institutions were, on motion, ordered admitted to the Federal Reserve System, upon conditions
set forth in each case in the report of the Committee on
Membership:







Foreman Brothers Banking Company, of Chicago, Ill;
State Bank of Evanston, Illinois;
Peoples Bank of Harrisonburg, Virginia;
Farmers State Bank of Fairview, Kansas.
A report of Chief of Division Broderick relative to the results of a recent visit to Federal Reserve
Banks was presented, and ordered circulated.
A report of Chief of Division Broderick relative
to the apportionment of overhead charges between the Federal Reserve Bank of Atlanta and the Federal Reserve Lank
Branch at New Orleans was presented and, on motion, ordered circulated.
A report of Chief of Division Broderick with respect to proposed changes in staff was presented and, on
motion, approved.

Accordingly, the following appointments

were authorized:
James F. Herson, Federal Reserve Examiner, at $36.00;
J. L. Hamilton, Federal Reserve Examiner, at t3600;
Geo. A.Augherton, Assistant Examiner, at *1600;
Jas. Buchanan,Jr., Kansas City (temporary) $1500;
A. H. Laning was ordered transferred from the Division
of Statistics to the Division of Audit & Examination.
On motion, the Secretary of the Board was authorized to fill vacancies existing in the staff of the Board
by reason of the transfer or resignation of employes as

soon as possible, in accordance with the standing rules
of the Board.
On recommendation of Chief of Division Jacobson, a report submitted by him under date of August 21,
with reference to the condition of the staff of the Division of Statistics, was approved, and accordingly changes
of salary were established as follows, dating from September let:
J. E. Tyler,

1650.00;

J. E. Bizzell, e1650.00.
Letters relating to the purchase of

acceptances

by Federal Reserve banks participating therein were read
to the Board and noted.
A letter from Federal Reserve Agent Rich, with
reference to conditions in the 9th District with respect
to loyalty to this Government and addressed to ir. Hamlin,
was presented to the Board and, on motion, ordered circulated.
A letter from the Federal Reserve tank of Dallas,
relative to the method employed in establishing joint controll of funds at that bank, was presented and, on motion,
referred to Chief of Division Broderick for report.




A letter from Governor Strong of the Federal Re-




serve Bank of New York, relative to the accumulation of
gold in the New York District by the aid of nonmember
banks, was read to the Board and, on motion, it was
voted that the Governor be asked to call the facts stated to the attention of Assistant Secretary of the Treasury
Crosby, and to address a letter to all Federal Reserve
Banks directing their attention to the methods employed
in the New York District.
A letter from Federal Reserve Agent Hardy, with
reference to the methods of supplying currency needs in
the Richmond District was

on motion, referred to Gover-

nor Harding, for such action as he might deem best.
A letter from the Civil Service Commission with
reference to the status of dis;oyal employes was, on motion, referred to Governor Harding.
.

A letter from Federal Reserve A gent Perrin, with

reference to certain suvestione regarding war finances
presented to him by members of the State Council of Defense in California, was, on motion, ordered circulated.
Telegrams relating to the rate of premium on bonds
of assistant federal reserve agents were presented to the
Board, and noted.
A

letter from the Federal Reserve Bank of St.

Louis, inclosing a circular letter relating to the establishment of a new collection department for maturing items,
was, on motion, referred to Governor Harding.
A letter from Governor Fancher, of Cleveland, relative to certain circulars on the subject of gold and credits
for the use of alien enemies, was presented, and after discussion it was agreed that the matter should be briefly described in the Bulletin.
Discount rate sheets for the past two weeks were
presented and ordered filed, no changes being recommended.
An opinion of Counsel with respect to certain
questions arising under the collection system was ordered
circulated.
A, letter from the Federal Reserve Bank of Atlanta
relative to group insurance for employes at Atlanta was
presented and, on motion, the plan was approved.
Changes in stock at Federal Reserve Banks favorably reported by the Committee on Membership were, on
motion, approved as follows:




Applications for original stock:
District No, 66
First National Bank,

Leesburg, Fla.

District No. 7.
Citizens Nat'l; Bank,

Winchester,Ind.

Shares.
18
18

24

24




Applications for original stock: (Con.)
District No. S.
First Nat'l Bank,
First Nat'l Bank,

Farmersburg, Ind.
Junction City,Ark.

District No. 9.
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,

"Wolf Point, Mont.
Whitehall, Mont.
Nashua, Mont,
Roy, Mont,
Hysham, Mont.
Rapelje, Mont,
Brady, Mont.
Bovey, Mont.

District No. 10.
National City Bank

Kansas City, Mo.

District No. 11.
First Nat'l Bank,
Citizens Nat'l Bank
District No. 12.
Farmers k Stock
Growers Nat'l
First Nat'l Bank,

Shares.
17
17

34

17
17
17
15
39
15
17
15

152

1080

1080

Lovington, U.M.
Sour Lake, Tex.

14
24

38

Heppner, Oregon,
Del Rey, Calif.

33
17

50

Total

OM

OM

.11

1393

Applications for additional stock:
District No. g.
Liberty Nat'l Bank

New York, N.Y.

District No. 3.
Penn's Grove N. B.
Chelsea N. B.,
First Nat'l Bank,
Allentown N. B.,
Ashland N.B.
First N.B.
Berwyn Nat'l Bank
Brownstown N.B.
Chestor N. B.
Penna. Nat'l Bank
First Nat'l Bank
First Nat'l Bank
First Nat'l Bank

Penn's Grove, Pa.
Atlantic City, NJ
Frederica, Del.
Allentown, Pa.
Ashland, Pa.,
Bellwood, Pa
Berwyn, Pa.,
Brownstown, Pa.
Chester, Pa,
Chester, Pa,
Claysburg, Pa.
Coaldalo, Pa.
Coalport, Pa.

1800

15
6
2
30
21
3
4
3
3
15
1
1
1

1800




Applications for additional stock: (Con.)
District No. 3. (Con.)
Collegeville, Pa.,
Collegeville N.B.,
Denver, Pa.,
Denver Nat'l Bank,
Dover, Pa.,
Dover Nat'l Bank,
Fleetwood, Pa.,
First Nat'l Bank,
Girardville, Pa.,
First Nat'l Bank,
Greencastle,
Pa.,
Citizens N. B.,
Harleysville N. B., Harleysville, Pa.,
Intercourse, Pa.,
First Nat'l Bank,
Lancaster, Pa.,
Northern U. B.,
Leesport, Pa.,
First N. B.,
Farmers t. CitiPontgomery, Pa.,
zens Nat'l Ban
Bank,
Mount Joy, Pa.,
First Nat'l
First Nat'l Bank,
Nesquohoning, Pa.,
New Cumberland N.B., New Cumberland, Pa.,
Newville, Pa.;
First Nat'l Bank,
Norristown, Pa.,
First Nat'l Bank,
Perkasie, Pa.,
First Nat'l Bank,
Nat'l Bank of
Philadelphia, Pa.,
Germantown,
Southwark Nat'l Bk., Philadelphia, Pa.,
Textile Nat'l Bank, Philadelphia, Pa„
Philadelphia, Pa.,
Union Nat'l Bank,
Market St. N. B.,
Shamokin, Pa.,
Farmers & Mechanics
Tyrone, Pa.,
Nat'l Bank
York, Pa.,
Central N. B.,
York, Pa.,
Western N. B.,
District No. 4.
Peoples Nat'l Bank,
National Bank of
National Bank of
District No. 7.
Washington Park N.B.
Merchants Loan
and Trust Co.,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
City Nat'l Bank,

6
9
1
9
6
9
1
2
9
3
2
15
1
9
3
6
15
15
15
12
30
15
6
55
6

365

Ellwood City, Pa.,
Elyria, Ohio,
London, Ky.,

2
9
1

12

Chicago, Ills.,

6

Chicago, 1113.
Chicago Hts. Ills.
Algona, Iowa.
Bancroft, Iowa,
Clinton, Iowa,

600
15
9
3
126




Applications for additional stock:
District No, 7. (Con.) Des Moines, Ia.
Iowa Nat'l Bank,
Doon, Iowa,
First Nat'l Bank,
Dubuque, Iowa,
First Nat'l Bank,
Dunkerton, Iowa,
First Nat'l -Bank,
Essex, Iowa,
First Nat'l Bank,
Lake City, Ia..
First Nat'l Bank,
Macksburg,,Ia.,
Macksburg N. B.,
rlilford, Ia.,
First Nat'l Bank,
First Nat'l -Bank,
New Sharon,-Ia.,
Randolph, Ia.,
First Nat'l Bank,
First Nat'l Bank,
Sac City, Ia.,
Live Stock Nat'l B., Sioux City, Ia.,
Black Hawk N. B.,
Waterloo, Ia.,
Webster City, Ia.,
Farmers N. B.,
Winterset, Ia.,
First Nat'l Bank,
Commercial It.
Savings Bank,
Albion Mich.,
Avoca, Mich.,
First Nat'l Bank,
Darlington, Wis.,
First Nat'l Bank,
Highland, Wis.,
First Nat'l Bank,
Commercial N.
Madison, Wis.,
Marine N,
Milwaukee, Wis.,
Racine, Ids.,
Am. Nat'l Bank,
District No. 8.
First Nat'l Bank, .
First Nat'l Bank,
Granite City
First Nat'l Bank,
First Nat'l Bank,
Staunton N.B.,
First Nat'l Bank,
Peoples N. B.,
American Southern
National Bank,
First Nat'l Bank,
Central Nat'l Bank,
International N.B.:,
Security N. B.,
District No. 9.
First Nat'l Bank,
First Nat'l Bank,

Con.)

120
4
60
15
6
12
9
12
5
2
9
6
1
30

24
1
30
5
1
30
12

De Witt, Ark.,
Walnut Ridge, Ark.,
Granite City, Ills.
Grayville, Ill.,
Mount Olive, Ills.,
Staunton, Ills.,
Corydon, Ind.,
Washington, Ind.,

18
10
7
1
10
2
3
6

Louisville, Ky.,
Chillicothe, Mo.,
St, Louis, Mo.,
St. Louis, Mo.,
Jackson, Tenn.,

51
6
9
30
1

Bessemer, Mich.,
Ada, Minn.,

6
9

1156

154




Applications for additional stock: (Con.
(Con.)
District No. 9.
Belle Flame, Minn.
Nat'l
Bank,
First
Duluth, Minn.,
Northern N. B.,
Grand Rapids, Minn.
First Nat'l Bank,
Hallock, Minn., .
First Nat'l Bank,
First Nat'l Bank, , Jackson, Minn.,
N. t. of Dodge County, Kasson, Minn.,
Litchfield,.Minn.,
First Nat'l Bank,
Luverne, Minn.,
Farmers N. B.,
Mankato, Minn.,
Citizens
Bk.,
Nat'l
Pipestone,
Minn.,
First Nat'l Bank,
St. Paul, Minn.,
Capital N.B.,
Wells, Mich.,
First Nat'l Bank,
Willmar, Minn.,
First Nat'l Bank,
Winthrop, Minn.,
First Nat'l Bank,
Banker, Mont.,
First Nat'l Bank,
Conrad,
Bank,
Mont.,
First Nat'l
Roundup,
Nont„.
Bank,
Nat'l
First
Scobey, Mont.,.
First Nat'l Bank,
Wibaux, Mont.,
First Nat'l Bank,
Cavalier, N.D.,
First Nat'l Bank,
Linton, N. p.,
First Nat'l Bank,
Taylor, N. 1"),,
First Nat'l Bank,,
Belle Fourche, 5.D.
First Nat'l Bank,
Huron, S.
National Bank of
Eau Claire, Wis.,
Eau Claire N. B.,
District No. 10.
Alamosa N. B.,
Farmers N. B.,
Farmers N. B.,
First Nat']. Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
Citizens N. B.,
First Nat'l Bank,
Longmont N. B.,
First Nat'l Bank,
First Nat'l Bank,
Montrose, N. B.,
First Nat'l Bank,
First Nat']. Bank,
Rocky Ford N. B.,
First Nat'l Bank,

Alamosa, Colo.,
Ault, Co2,o,
Ault, Colo,
Berthoud, Colo.,
Craig, Colo.,
Eaton, Colo.,
Floronce, Colo.,
Glenwood Spgs., Col„
La Jara, Colo„
Longmont, Col.,
Meeker, Colo.,
Montrose, Colo.,
Montrose, Colo.,
Otis, Colo.,
Rifle, Colo.,
Rocky Ford, Colo.,
Rocky Ford, Colo.,

1
210
15
2
2
6
23
.3
30
3
30
3
9
1
6
9
15
4
15
1
2
1
6
6
12

1
3
6
2
2
1
3
6
9
18
6
15
9
2
21
3
3

430




Applications for additional stock: (Con.)
District No. 10. (Con.).
51
Sterling, Colo.,
Logan County U. B.
6
Wray, Colo.,
,
First Nat'l Bank,
1
City,
Arkansas
Kan.
Security N. P.,
1
Kansas,
Atwood,
Farmers'N. B.,
9
Augusta, Kans.
First Nat'l Bank,
2
Kans.,
Belleville,
Nat'l Bank of
a
Kans.,
Dodge City,
Southwest N. B.,
Scott,
Kans.,
Ft. Scott State Pk., Fort
Greenleaf, Kans.,
Citizens N. B.,
2
Kans.,
Greensburg,
Farmers N. E., ,
.
Gypsum Valley
1
Gypsum, Kans.,
National Bank,
Harper, Kans.,
National Bank of
3
Hiawatha, Kans.,
First Nat'l. Bank,
6
Commercial fl..B., , Hutchinson, Kans.,
7
Kansas City, Kans.,
Peoples N. B.,
18
Lawrence, Kans.,'
Lawrence N. B.,
30
Lawrence,. Kane.,
Merchants N. B.,
1
Lyndon, Kans.,
First Nat'l Bank,
6
Olathe, Kans.,
First Nat'l,Bank,,
6
Osborne, Kans.,
Farmers N. B., .
Neodesha, Kans.,
First Nat'l Bank,
3.
Neodesha, Kane.,
Neodesha N. B4,
2
,Nese City, Kans.,
Citizens N. B.
24
Paola, Kans.,
Miami County N.B.,
6
Paola, Kans.,
Peoples F. B.,
Bank,
Nat'l
Kans.,.
2
Potwin,
First
,
Bank,
Nat'l
Spearville,
2
First
Kans.,
Nat'l Bank of
1
Wellington, Kans.,
Commerce,
60
Kansas National Bank Vachita„
15
Winfield Nata ,Bk., Winfield, Kans.,
First Nat'l Bank,
Adrian, Mo.,
1
First Nat'l lank, ,
Excelsior ,Spgs., Mo.,
Commerce Trust Co., Kansas City,-Mo.,
330
Kansas City, Mo.
240
Drivers N. B.-,
Southwest National
Bank of Commerce Kansas City, Mo.,
600
Stock Yds. N. P., .
Kansas City, Mo.,
30
Tootle Lemon N.B., St. Joseph,
30
3
Fidelity N. L., Aurora, Neb.
Bancroft, Neb.,
6
First Nat'l Bank.,
9
First Nat'l Bank,
Bayard, Nebr.,First Nat'l Bank,
Deemer, Nebr.,




Applications for additional stock: (Con.
District No. 10. (Con.),
First Nat'l Bank,
Benedict, Nebr..,
First Nat'l Bank,
Chappell, Nebr,,
Coleridge N.B., ,
Coleridge, Neb..,
First Nat'l Bank,
Columbus, Nebr.,
First Nat'l Bank,
Crete, Nebr..,
First Nat'l Bank(,
Crofton, Nebr.,
First Nat'l Bank,
Decatur, ,Nobr.,
First Nat'l Bank,
Emerson, Nebr.,
First Nat'l Bank,
Friend, Nebr.,
Genoa N. B.,
Genoa, Nebr.,
First Nat'l Bank,
Grand Island Neb.,
First Nat'l Bank,
Greely, Nebr., .
Hartington, Nebr.,
First ravi Bank,
Nebraska N. B.,
Hastings, Nebr.,
First Nat'l Bank,
Havelock, Nebr.,
First Nat'l Bank,
Hay Springs Nebr..,
Hooper, Nebr.,
First Nat'l Bank,
First Nat'l Bank,
Humphrey, Nebr.,
Kearney, Nebr.,
City Nat'l Bank,
Laurel, Nebr.,
First Nat'l Bank,
Laurel, Nebr.,
Laurel N. B.,
Lincoln, Nebr.,
City Nat'l Bank,
Litchfield, Nebr.,
First Patel Bank,
McCook, Nebr.,
McCook Nat'l Bank,
Omaha, Nebr.,
Merchants N. a—,
Omaha, Nebr.,
Omaha Nat'l Bank,
Rushville, Nebr..,
Stockmen's N. B.,
Scottsbluff, Nebr.,
First Nat'l Bank,
Scottsbluff, Nebr.,
Scottsbluff N.B.,
So. Omaha, Nebr.,
Live Stock 11.13.,
Utica, Nebr.,
First fist']. Bank,
Saunders County
Wahoo, Nebr.,
National Bank,
V.akefield, Nebr.,
First Nat'l Bank,
Wakefield, Nebr.,
First Nat'l Bank,
..faet Point, Nebr,,
First Nat'l Ban)c,
West Point, Nebr..,
West Point N. B.,
Sall Miguel N.B.,
Las Vegas, N.M.,
A fton, Okla.,
First Nat'l Bank,
Alva, Okla.,
First Nat'l Dank,
First Nat'l Lank,
Altus, Okla.,
State r9t.1 Bank,.
Ardmore, Okla.,
Beggs, Okla.;
First Nat'l Bank,

2
12
1
1
1
2
2
1
11
1
21
1
1
2
1
2
3
1
3
1
2
6
2
9
150
300
4
18
1
24
2
3
1
6
3
15
15
1
1
1
1




Application for additional stock:

(Con.)

District No. 10. (Con.)
Bristow, Okla.,
American N. B.,
Bristow, Okla.,
American V. B.,
Chickasha, Okla.,
Chickasha N. B.,
Collinsville, N.B., Collingsville, Okla.,
Cordell, Ckla.,
State Nat'l Bk.,
Drumright, Okla.,
First Nat'l Bank,
Duncan, Okla.,
First Nat'l Bank,
Elk City, Okla.,
First Nat'l Bank,
Frederick, Okla.,
First Nat'l Bank,
Frederick, Okla.,
First Nat'l Bank,
First National Bk., Guymon, Okla.,
Hammon, Okla.,
Farmers N. B.,
Haskell, Okla.,
First Nat'l Bank,
Farmers e Merchants
Hennessey, Okla.,
National Bank,
Holdenvil1e, Okla.,
Farmers N. B.,
Holdenville, Ckla.,
First Nat'l Bank,
Nat'l Bank of
Hollis, Okla.,
Commerce,
Kusa,
Okla.,
First Nat'l Bank
Lahoma,
Okla.,
First Nat'l Bank,
Okla.,
Lawton,
First Nat'l Bank,
McA lester, Okla.,
City Nat'l Prank,
Marlow, Okla.,
State Nat'l Bank,
Miami, Okla.,
First Nat'l Bank,
Miami, Okla.,
Ottawa County N.B.
Muskogee, Ckla.,
Exchange N. B.,
Noble, Ckla.,
First Nat'l Bank,
Okemah, Ckla.,
First Nat'l Bank,
Oklahoma City, Okla.
Farmers Y. B.,
Oklahoma Stock
Oklahoma City, Okln.
Yards N. D.,
Oklahoma City, Okla.
Security N. B.,
Oklahoma City, Okla.
Stato Nat'l Bank,
Pawhuska,. Okla.,
First Nat'l Bank,
Ponca City, Okla.,
Farmers N. B.,
Pond Creek, Okla.,
Farmers N. F.,
Ringling, Okla.,
First Nat'l Bank,
Rosston, Okla.,
First Nat'l Bank,
Okla.,
!Soiling,
Bank,
First Nat'l
Okla.
Seminole
First Nat'l Bank,
Okla.,
Shattuck,.
Shattuck N. B.,
,Skintook, Okla.,
Oklahoma N.B.,

2
1
1
2
6
6
1
10
6
5
1
6
1
6
2
6
1
5
1
12
60
2
1
1
6
30
12
24
9
3
1
1
1
2

1
1
1

Applications for additional stock:
District No. 10: (Con.)
Stillwater N.B.,
.Stillwater, Okla.,
Tecumeeh, Okla.,
Tecumseh N. B.,
Tulsa, Okla.,
First Nrit'l Bank,
National Bank of
Commerce,
Tulsa, Okla.,
Waukomis N. B.,
Waukomie, Okla.,
First Nat'l Bank,
Waynoka, Ckla.,
Farmers N. B.,
Yale, Okla.,
tyoming N. B.,
Casper, Wyo.,
First Nat'l Bank,
Graybull, Wyo.,
First Nat'l Hank,
Lovell, Uyo.,
First Nat'l Bank,
Powell, Wyo.,
Sheridan Nat'l, Bank, Sheridan, Wyo.,
First Nat'l Bank,
Termopolis, Wyo.,
District No. 11.
Arizona N. B.,
City Nat'l Bank,
First Nat'l Bank,
State Nat'l Bank,
First Nat'l Bank,
gouston National
Exchange Bank,
Farmers e Merchants
National Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,
Citizens Nat'l Bank,
District No. 12.
First Nat'l Bank,
'First Nat'l Bank,
First Nat'l Bank,
First Nat'l Ennk,
California H. B.,
Central N. B.,
Union Nat'l Bank,
Capital Nat'l Bank,
First Nat'l Bank,
First Nat'l Bank,




(Con.)

1
1
45
6
1
1
1
9
1
2
9
3
13

Tucson, Ariz
Dallas, Tex.,
Detroit, Tex.,
El Paso, Tex.,
Houston, Tex.,

6
300
36
12
60

Houston, Tex.,

30

Kaufman, Tex.,
Kemp, Tex.,
Lockhart, Tex.,
Nixon, Tex.,
Sterling,City,Tex.,
Crosbyton, Tex.,

5
15
12

Claremont, Cal.,
Fowler, Cal.,
Garriena, Cal.,
Los Gatos, Cal.,
Modesto, Cal.,
Oakland, Calif.
Pasadena, Calif.
Sacramento, Cal.,
Hagermnn, Idaho,
Lewiston, Idaho

24
11

3
6
3
1
5
60
18
90
1
30

2613

528




Applications for additional stock:

Con.)

District No. 12: (Con.)
Nampa, Ida..., ,
First Nat'l Bank,
Oregon City, Oregon
First Nat'l Bank,

5
10

232
7290

To t al
Applications for surrender of stock:
District No. 6...
The Pank of
Mobile N.B.A.,

Mobile, Ala.,

District No. 12.
Nat'l Bank of Calif. Los Angeles, Cnl.

120

120

_360

360

Total

480

On motion, the minutes of the meeting of the Committee'on the Clayton Act held August 21, were approved.
On Motion of Mr. Hamlin it was voted:
That in the absence of the Governor and Vice Governor
requisitions for Federal Reserve notes directed to the
Comptroller of the Currency may be signed by any two members of the Board, and when so signed shall be valid on
behalf of the Board or of the Executive Committee.
On motion of

y.T.

Hamlin it was voted:

That in the absence of the Governor and Vice Governor
other members of the Board act as "Acting Executive Officer"
succeeding one another in the order of the expiration of
their terms of office.:
A telegram from Mr. Delano from Denver, recommending a poll of Wyoming banks to determine to which branch of

the Federal Reserve Bank of Kansas City they would prefer
to be assigned was rend, and, on motion, the Secretary Was
ordered to take such a poll.
A letter from Federal Reserve Agent 11,artin was read,
6rd on motion the matters presented by him were acted upon
as follows:
By-laws for the Louisville Branch of the Federal Reserve
Bank of St. Louis, transmitted by Mr. Martin

were approved.

The salary of the manager of the Louisville Branch was
approved at '4,000 per annum, dating from August 15.
The salary of Mr. John T. Moore as cashier of the Branch
Bank at Louisville was approved at t2,100 per annum, to begin
when he commences active service.
Territory was assigned to the Louisville Branch as follows:
All of Kentucky located,in the 8th District, and 13
counties in the State of Indiana, as follows: Dubois, Lawrence, Orange, Crawford, Jackson, Washington, Harrison,
Scott, Clark, Floyd, Jefferson, Switzerland and Perry.
A letter from

the Comptroller of the Currency,

recommending the appointment of Mr. Claude S. Voten as
National Bank Examiner at $2,500, was presented

and, on

motion, the appointment was approved in accordance with the
letter of the Comptroller.







A letter from the Secretary of Agriculture with reference to the establishment of special rates of discount on
warehoused agricultural products was referred to the Governor with authority to consult with the Secretary of Agriculture and secure the appointment of a representative'who
should outline the conditions under which such products
could safely be described and warehoused as a basis for loans.
The following orders from the President rere laid before the Board and directed entered in the minutes:

THE WHITE HOUSE
Washington.
August 10, 1517.
Under the provisions of the Federal Reserve Act (Section 10), approved December 23, 1913, W. P. G. Harding is
hereby designated Governor of the Federal Reserve Board
for a period of one year from the date hereof, or until
otherwise directed.
(Signed) WOOPROW VILSOT:.

THE WHITE HOUSE
Washington
August 10, 191/.
Under the provisions of the Federal Reserve Act (Section 10), approved December 23, 1913, Paul M. Warburg is

hereby designated Vice Governor of the Federal Reserve
Board for a period of one year from the date hereof, or
until otherwise directed.
(Signed) WOODROW WILSON.

On motion, at 12:15 P. M., the Board adjourned.

APPROVED:




8
(2
11

4.0.1111111....

Secretary.
Chairman.