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At a regular meeting of the Federal Reserve Board held in the office of the Governor on Tednesday, March 6, 1918, at 11 A. M., PRE3LNT: Mr. Harding, presiding, Mr. Miller, Mr. Zarburg, Mr. Willis, Secretary. Mr. Hamlin, The minutes of the meeting of the Board held on March 4 were read and, on motion, approved. The minutes of the meetingssof the Gold Lxports Committee held on March 5 and 6 were presented and, on motion, approved, and the action therein set forth ratified. The minutes of the meetings of the Capital Issues Committee held on February 28 and March I were presented and, on motion, approved, and the action therein set forth ratified. The minutes of the Jo44'sAssion of Federal Reserve Agents and of the Pepteral Reserve Board were reported by Mr. Delano and ordered received zind passed to file. Mr. Harding read a telegram from Mr. George M. Reynolds of Chicago regarding the payment of rates on bank balances and referring to the proposed action by the New York Clearing House Committee in arranging a sliding scale of interest to be paid, on deposits, such scale to be adjusted to the 90-day rate at the Federal Reserve Banks. He also read a draft of a let- ter to President Frew of the Corn Exchange Bank of New York and Chairman of the New York Clearing House Association. M. Harding further read a letter on the interest rate question which he had sent to Mr. E. L. Swearington, President of the Louisville Clearing House Association. The matter was placed in the hands of the Executive Committee for the preparation of a letter to Mr. Frew for the New York Clearing House. Mr. Harding read a letter from Mr. Joseph Wayne of Philadelphia, relative to a circular received from the Comptroller of the Currency, calling attention to the question of usurious rates. The matter was discussed with Counsel and referred to the latter for a report. A letter from !Ir. Heroert Hoover, enclosing a memorandum from the Buyers and Sellers Association of Amarillo, Texas, was presented and noted. A letter from Assistant Secretary Leffingwell, enclosing communications from the cable censor, in/ ,uiring whether messages regarding speculation in foods and securities should be suppressed or not, was read, and it was agreed to say that the Board has devised machinery for supervising foreign transactions in securities. A letter from Federal Reserve Agent Jay, outlining a plan for the sale of securities, was ordered mimeographed and circulated, among reserve banks. A re uest frou the Alien Property Custodian as to the suitability of John R. Willis of Juneau as a depositary officer, was ordered answered with such information as the Board has in its possession. A letter from Treasurer Burke, re loan conditions in North Dakota, was ordered referred to Assistant Secretary Leffingwell. Reports of Committees were approved as follows: No. I No. 2. Dated March 6, appointing Miss G. E. Goombo at 0720 rind Miss H. A. de Iigne at $760 in the Division of Foreign Exchange, effective March 6. If 5, favoring the admission of state institutions as follows upon terms named in each case: Manistee County Savings Bank, Manistee, Mich. MU shares in the Federal Reserve Bank of Chicago. First State Bank, Franklin, Texas, 23 shares in the Federal Reserve Bank of Dallas. First State Bank, I'Veatherford, Texas. 64 shares in the Federal Reserve Bank of Dallas. No. 3. Dated Feb. 19, requesting an opinion from Counsel as to the power of the Board to permit banks in reserve cities to carry lower reserves. " No. 3. 19, requesting an opinion from Counsel re excess loans on bonds of national banks. " March 5, recommending, changes in capital stock as follows: Applications for orig.ina1 stock. District No. 7. Security National Bank Sheboygan, fls. Shares 300 300 District No. 10. Clayton National Bank Clayton, N. Mex. Total 21 21 321 Applications,for additional stock. Shares 5 35 30 District No. 4. Farmers & Miners National Bank, Jefferson County National Bank, Bentleyville, ?a. Brookville, ?a. District No. 5. The National Bank of Peoples National Bank Fairfax, Va. Rock Hill, 3. Car. 6 District No. 6. First National Bank Guntersville, Ala. 4 42 Bro't for'd District No. 6, Cont'd. National Bank of National City Bank of Tifton, Ga. Rome, Ga. 9 9 22 District No. 9. Citizens National Bank . Wolf Point, Monti 1 62 Applications for surrender of stock. District No. 7. Farmers National Bank Shares Virginia, Ill. 50 The appointment of a stenographer recommended by Ur. Miller was referred to the Committee on Staff. On motion, Messrs. Hamlin and Delano were authorized to accept invitations from the Speakers Liberty Loan Bureau to make tours for the purpose of assisting in the placing of bonds, the travel to be at the expense of the Board. On motion, at 12:30 the Board adjourned. APPROVED:
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