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At a postponed meeting of the Federal Reserve Boacd held in the office of the Governor on Saturday, March 23, 1918, PRESLET: Harding, pres ding rburg Mr. Mr. Delano, Mr. Hamlin, Mr. Mr. Willis Secretary. The minutes of the meeting of the Board held on March 20 *ere read and, on motion, approved. The minutes of the meetings of the Gold x- port Committee held on ',larch 2. and 23 (two meetings) were presented and, an motion, approved and the action therein set forth ratified. The minutes of the meeti,gs of the Capital issues Committee held on March 15, 18 9 were presented and, on motion, approved and the action therein set forth ratified. Mr. Harding read an opinion of the Attorney General relative to the interpre Ltion of the clearing and collection provisions of the Federal Reserve Act, which was ordered circulated. Mr. Harding further presented business as follows: S A telegram from Senator Owen relative to a branch in Oklahoma, and from various Oklahoma banks relative to the treatment of oil paper, which were noted. A letter asking the Secretary of the Treasury for a sum of 2l,385.98 for the ex?enses of the Div- ision of Foreign xchange to June 20, 1918. The letter was approved. A memorandum of Counsel re the status of Certain drafts submitted by the Cassidy-Southwestern Commission Company. The memorandum was approved. L letter from Federal riesorve Agent Hardy, enclosing a letter from Swift Company and a form of draft submitted by'the latter, which were referred to Committee No. 2. A letter addressed by Er. Harding to Federal Reserve Agent Ramsey of Dallas declining the application of the First National Bank of Amarillo, Texas for power to act as agent of non-member banks asking for rediscounts. The letter was approved and the application of the First National Bank of Amarillo accordingly declined. The question of directors at El Paso coming up, the Dallas Committee reported favorably to the Qr1 -, appointment of Messrs. W. V. Turney ard E. P. Coles, and, on motion the two nominees were declared elec- ted, tile Secretary to give notice accordingly. A telegram from Federal Reserve Agent Perrin stating that the Bank of an Francisco had had an opportunity to acquire a considerable volume of abraded gold from local banks, was read and the matter referred to the Governor for reply. 11 letter from the Comptroller of the Currency re the loss of the lower halves of 463,500 Federal ileserve notes shipped from the New Orleans branch to the Treasurer of the United states, was read and referred to Committee No. 3 o consqlt with Counsel. - An opinion of nr. J. P. Cotton re the right of the Federal Eeserve Board to'requi e banks in one part of a reserve city to carry a higher reserve than banks located in outlying districts, was presented and ordered circulated. On motion, authority to order 500 bound copies of The Index Digest was granted. Mr. Harding stated that he had appeared before the House Banking and Currency Committe re- garding H. R. 10,104 and had expressed the views • of the Board regarding this bill which is intended to carry into effect the Board's recommendations for Changes in the Federal Reserve Act. A memorandum from the Assistant Treasurer of the United States, transmitting arplications of Federal Reserve banks to transfer 21; bonds to Reserve banks, was presented and the Secretary directed to say that no apportionment of bonds will be made. Mr. Harding stated that the safe belonging to the Board, formerly used for gold certificates, had been loaned to the Comptroller of the Currency. A telegram from Federal Reserve Agent Perrin re a conference of California state banks considering membership in the Federal Reserve System, was read and it was agreed to name Monday, April 8 as the date for an interview with a committee representing the California state banks. A letter from J. H. Boyd, submitted by Mr. re the retention of proceeds of Liberty bonds in the district where they originate, was read and noted. On motion, reports of Committee 'No, 1 were approved as follows: Dated Ma oh 23, approving the schedule of salaries for the Baltimore branch of the Richmond bank at .1%0,920. ft ft ft 22, recommending the appointment of Miss Minnie Hatfield in the Division of Foreign Exchange In New York, at 7)720 per annum, effective March 25. , recommending the appointment Of Lrs. Florence Marsa in the Division of Foreign Exchange at New York at a salary of $960 per annum, effective March 25, 20, recommending certain changes in the office and . staff of the Governor in the file room. Reports of Committee No. 2 were, on motion, aporoved as follows: Dated. March 2z, approving the applicbtion of the National Bank of Commerce, Baltimore, Maryland to accept up to l00r70 of its capital and surplus. ft ft 22 approving the application of the Bank of New York, New York, for authority to accept up to 100% of its capital and surplus. approving the application of The U. S. National Bank of Portland, Ore. for permission to invest in stook of The Lmerican Foreign Banking Corporation up to ?l3,600. On motion, the following state institutions were admitted upon conditions named by the dommittee 1 in each case: Carroll County State Bank, Mt. Carroll, Ill. 45 shares in the Federal Reserve Bank of Chicago. ';.illiams Valley Bank, M.11iamstown, 2a. 57 shares in the Federal Reserve Bank of Philadelphia. Alto State Bank, Alto, Texas, 20 shares in the Federal Reserve Bank of Dallas. Parma State Bank, Parma, Idaho. 75 shares in the Federal eserve Bank of San Francisco. Commercial Bank Trust Co., Laurel, Miss. 75 shares in the Federal Reserve Bank of Atlanta. American Trust Co., St. Louis, Mo. . 669 shares in the Federal Reserve Bank of 'St. Louis. On motion, reports of Committee No, 3, recommending Charges of stock in Federal Reserve banks were approved as follows: Applications for additio-Lal stock. Shares 1 1 2 District No. 4. First National Bank Farmers National Bank North Balto., O. Haviland, Ohio. District No. 5. First National Bank Farmers & Merchants N. B. Barquier National Bank Harrisonburg, Va. Onley, Va. Warrenton, Va. District No. 6. Citizens National Bank Farmers & Merchants N. B. First National Bank Athens, Tenn. Enterprise, Ala. 6 Clarksville, Tenn. 15 District No. 12. First National Bank San Diego, Cal. Total 84 6 30 120 99 2CiO 200 344 , rt Applications for additonal stock. District ro. 7. First National Bank Interstate National Bank First National Bank First National Bank First rational Bank First National BankGalesburg National Bank First National Bank * Hopedale National Bank Joliet National Bank , First National Bank National Bank of First National Bank First National Bank Central rational Bank First National Bank First National Bank Ridgely National Bank First National Bank Taylorville 'National Bank First rational Bank Farmers National Bank First National Bank Ithaca National Bank Union National Bank First National Bank Michigan Nationai Bank St. Johns rational Bank Peoples National Bank First National Bank Abram Rutt rational Bank First National Bank First National Bank Secirity NationL1 Bank First National Bunk Creston National BankFirst National Bank First National Bank Cambridge, Ill. Hegewisch, Chicago, Illinois. Chrisman, Ill, Danvers, Ill. Dwight, Ill. Famhurst, Ill. Galesburg, Ill. Granville, Ill. Hopedale, Ill. Joliet, Illinois. Lockport, Ill. Mattoon, Iii. Nauvoo, Ill. Peoria, Ill. Peoria, Ill. St. Anne, Ill. Secor, Ill. Springfield, Ill. Stronghurst, Ill. Taylorville, Ill. Villa Grove, 111. Warsaw, Ill. Flint, Mich. Ithaca, Mich. Muskegon, Mich, Richmond, Lich. 3t. Clair Heights, Michigan. St. Johns, Mich. Albia, Iowa Cambridge, Iowa Casey, Iowa Centerville, Iolla. Chelsea, Iowa. Cherokee, lova Conrad, Iowa. Creston, Iowa adon, Iowa. Fairfield, Iowa. 15 3 1 6 3 1 45 2 1 30 1 45 1 15 39 3 30 14 2 2 30 15 10 9 6 6 9 9 2 3 1 1 1 6 376 19/ District No. 7. Cont'd. First National Bank First National Bank First National Bank First National Bank Farmers National Bank First National Bank Red Oak National Bank Shenandoah National Bank Continental National Bank First rational Bank Villisca National Bank Peoples National Bank Fayette County N. B. Citizens National Bank City National Bank First National Bank The National Bank First National Bank First National Bank Bright National Bank First National Bank German - American N. B. American National Bank Union County National Bank Lowell National Bank State National Bank First National Bank Delaware County National Bk. Farmers National Bank Lawrence National Bank Rushville National Bank Farmers & Merchants N. B. First National Bank Discount & Deposit State Bk. Bankers Loan & Trust Co. Security Trust & Savings Bk. State Bank of Austin St'ate Bank Union Trust Co. First-Merchants Natl Bank First National Bank Citizens National Bank Commercial National Bank Bro't for'd Gilmore City, Iowa. Greenfield, Iowa. Kanawha, Iowa. Lawler, Iowa Owage, Iowa. Prescott, Iowa Red Oak, Iowa. Shenandoah, Iowa. Sioux City, Iowa State Centre, Iowa. Villisca, Iowa. Tiaukon, Iowa. West Union, Iowa. Winterset, Iowa. Auburn, Ind. • Aurora, Ind. Brookville, Ind. Cayuga, Ind. Covington, Ind. Flora, Ind. iortville, Ind. Fort Wayne, Ind. Kewanha, Ind. Liberty, Ind. Lowell, Ind. Lowell, Ind. Mishawaka, Ind. Muncie, Ind. New Castle, Ind. No. Malchester, Ind, Rushville, Ind. :7 4abash, Ind. Wakarusa, Ind. Kentland, Ind. Sioux City, Iowa. Cedar Falls, Iowa. Coloma, Mich. Chicago, Ill. Chicago, Ill. Lafayette, Ind. Fennithore, Wis. Grand Rapids, Wis. Madison, :is. 375 1 9 5 2 15 3 30 6 2 3 1 4 3 8 1 1 5 1 9 1 1 5 0 30 2 3 4 6 3 6 15 6 2 3 2 2 3 120 180 2 1 2 881 Bro't For'd..... District No. 7. Cont'd. First National Bank First National Bank National Manufacturers Bank First National Bank First National ,Bank First National Bank Citizens National Bank First National Bank First National Bank Appl cat lo 881 1 Ma, ille, Wis. la Menasha, Vas, 7 Neenah, Wis. 1 Oconomowoc. Wis. Port Washington, is,3 2 Seymour, Wis. Stevens Point, Wis. 3 4 Viroqua, Wis. 3 7.auwatosa, Wis, 917 for oricinal stock. District No. Clement on National Bank Clementon, N.J. 9 District No. 5. yarning, S. C. 18 District No. 7. First National Bank Cuba, Illinois. District No. 10. Allen National Bank Citizens National Bank Allen, Okla. Torrington,'iym. 17 8 25 District No. 11. Citizens National Godley, Tex. 15 15 Jerome, Idaho. Total 27 27 126 District No. 12. Jerome National Bank Applications fo 18 0.1••••••••• surrender of stock. District - No. 2. Peoples National Bank Hackensack, N.J. District No. 4. First National Bank Loudonville, 0. 180 180 19 19 199 Lhares District No. 7. iirst National Bank iirst National Bailk Merchants National Bank District No. 104 First National Bank Bro't for'd........199 Hammond, Ind. 15 lihelbyville, Iowa 9 Burlington, Iowa 15 238 Indupendence, Eans.120 Total...... . .6. 120 358 On motion, at 4:45 P. M., the Board adjourned. APPROVED:
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