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At a regular meeting of the Federal Reserve Board held in the office of the Board on Monday, May 27, 1918, at 11 A. M., PRESENT: Mr. Harding, presiding, Mr. Miller, Mr. Warburg, Mr. Hamlin, Mr. Delano, Ur. Willis, Secretary. The minutes of the meeting of the Board held on May 24 were read and on motion approved. The minutes of the meetings of the Gold Lxport Committee held on May 25 and 27 were presented and on motion approved. A memorandum from Mr. Hamlin, addressed to Mr. Aarburg, re the payment of expenses of members and employees of the old Capital Issues Committee, was presented and referred to Committee No. 1. A letter from Mr. J. E. Zunts, re staff changes at the New Orleans branch, was read. ditions at New Orleans ensued. Discussion of con- The matters mentioned were referred to the Atlanta Committee for study and report. A letter from Mr. L. E. Pierson re participation of the Federal Reserve System in in the June mueting of 946: the Trade Acceptance Council, was read and informally discussed. letter from Colonel R. H. Van Daman, transmitting certain correspondence re arbitrage operations in Russian rubles, was presented and referred to the Gold Export Committee. A notice from the Treasury Department re pay• mentof salaries on May 29 was read and on motion the Board's staff was ordered paid on the same date. A memorandum of Counsel, re discount of cold storage paper, was presented and referred to Committee No. 3. Governor Harding stated the outcome of correspondence with Senator Owen re a prospective hearin6 as to a Federal Reserve branch in Oklahoma. Reports of Committees were presented and approved as follows: No. 1: Dated lay 25, recommending the approval of the appointment of Miss H. Ivins at 7.33 per diem, May 27 to May 31, and at i1,200 per annum thereafter. Dated May 22, re conditions governing appointments in the Division of Foreign Exchange in New York. No. 2. Dated /Jay 27, recommending the admission of state institutions to membership in Federal Reserve Banks upon conditions named by the Committee in each case, as follows: Albion State Bank, Albion, iashington,18 shares in Federal Reserve Bank of San Francisco. Northwestern Banking Company, Commerce, Ga.,- 81 shares in the Federal Reserve Bank of Atlanta. No. 3. Dated May 25, recommending appropriate action under the Clayton Act in the eases of J. V. Padula, J. L. Harriman, George Howard, G. C. dwards, S. Z. Poll, Welding Ring, H. C. Mcueen, M. J. Corbett, U. W. Devine, J. A. Sprunt, J. V. Grainger, H. L. Vallers. Dated Lay 21, (tabled May 25), re exemption of the employees of the International Banking Corporation was laid on the table. At 12:30 P. M., the meeting adjourned. APPROVED:
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