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At a regualr meeting of the Federal Reserve Board held in the office of the Board on Wednesday, May 8, 1v18, at 11 A. M., PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Miller, Mr. Willis, Secretary. Mr. Delano, The minutes of the meeting of the Board held on Monday, May 6, were read and, on motion, approved* The minutes of the meeting of the Executive Committee held on May 7, 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 May 7 and 8 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 April 27, May 1, and May 3, were presented and, on motion, approved, and the action therein set forth ratified. A memorandum of the Chief of the Division of Statistics re the practice of the New York Fed- 761 eral Reserve Bank in treating three months paper as "90-day paper" was presented and it was agreed that the practice is a proper one, no paper to run over 92 days. A. memorandum of Counsel approving a form of request and indemnity for packing house acceptance paper in use by Cudahy Bros., was read and, on motion, accepted, the Secretary to send notice accordingly. Various cormuni -tions re trade acceptances were presented and the Secretary directed to reply informally. A letter from Federal Res rve.Agent Wills, suggesting that one of the directors of each branch of the Federal Reserve Bank of Cleveland be authorized to act as Assistant Federal,Rese ve Agent in order to have a relief on the vault combination, was read and the appointment approved. Governor Harding presented business as fol- tter from Bank Commissioner Williams, of Vermont, suggesting that legislation pending in Congress be suspended pending a conference with State bank representatives. It was agreed that the Gover- nor reply informally. A request that he be relieved from service on the gold export committee; approved and Mr. Warburg was designated to serve in his place on the Committee. Reports of Committees were presented and, on motion, approved as follows; No. 1. Dated May 8, recommending the m)ointment of Miaa M. H. IVella (Division of Foreign Exchange) as stenographer at $1,200 per annum, and Miss L. H. King, clerk in the same at $900 per annum, effective in both cases May 8th. No. 2. Dated May 9, recommending admission of state institutions upon conditions named by the Committee in each case as follows; Savings Investment & Trust Co. of East Orange, East Orange, New Jersey. 270 shares in the Federal Beserve Bank of New York. Scandtnavian-American Bank, Seattle, Wash. 900 shares in the Federal Reserve Bank of San Francisco. It was agreed that when the Scandinavian Trust Company is informed that its application is granted, the communication be accompanied by a letter written by the Governor requesting the reduction of the loans of Director Lindberg to reasonable figures. No. 3. Dated May 7, recommending grant of powers as trustee, executor and administrator to the National Bank of Commerce of Shawnee, Okla. It 7, recommending changes in capital stook of Federal Reserve Banks as follows: Applications for original stock. District No. 6. American National Bank Bridgeport, Ala. District No. 9. Citizens National Bank Streeter, District No. 11. First National Bank District No. 12. First National Bank Shares 18 18 22 22 Lamesa, Texas. 21 21 Glendale, Arizona. Total 33 3' 94 N. Dak. Applications for surrender of stock. Shares 15 15 District No. 10. Marietta National Bank Marietta, Okla. District No. 11. First National Bank Ganado, Texas. 16 Huntington Beach, Cal. Medford, Oregon. Total 8 12 District No. 12. First National Bank First National Bank 16 20 51 Applications for additional stock. District No. 3. Fruit Growers National Bank First National Bank First National Bank Pitman National Bank Catawissa National Bank First National Bank Peoples National Bank First National Bank Glenside National Bank Valley National Bank Union National Bank Central National Bank Farmers National Bank Solebury National Bank Union National Bank Second National Bank Philadelphia, National Bank Tradesmens National Bank First National Bank South Betnlehem National Bank District No. 4. First National Bank Butler County National Bank National Bank of Colonial National Bank First National Bank Oil City National Bank Parnassus National Bank Pleasant Unity National Bank First National Bank First National Bank First National Bank First National Bank Western Bank & Trust Co. Central National Bank First National Bank First National Bank 15 Smyrna, Del. Mays Landing, N.J. 1 1 Minotola, N. J. 6 Pitman, N. J. 1 Catawissa, Pa. 3 Dallastomm, Pa. Edwardsvilie, Pa. 3 Gallitzin, Pa. 3 Glenside, Pa. 3 3 Green Lane, Pa. Minersville, Pa. 3 Mount Union, Pa. 4 3 liew Holland, Pa. .1 A, New Hope, Pa. Philadelphia, Pa. 30 60 Reading, Pa. Philadelphia, Pa. 600 Philadelphia, Pa. 150 3 Saxton, Pa. South Bethlehem,Pa. 6 45 Charleroi, Pa. 30 Butler, Pa. 6 Brookville, Pa. Connellsville, Pa. 3 30 Greensburg, Pa. 9 Oil City, Pa. 2 Parnassus, Pa. Pleasant Unity, Pa. 3 2 Russellton, Pa. 3 Bethesda, Ohio. 2 Bradford, Ohio. 2 Bremen, Ohio. Cincinnati, Ohio. 75 I Columbus, Ohio. 1 Dalton, Ohio. Dillonvale, Ohio. 6 220 900 District No. 4. Cont'd. First National Bank First National Bank Citizens National Bank First National Bank First National Bank Lancaster National Bank First National Bank Peoples National Bank National Bank of Commerce Loveland National Bank First National Bank First National Bank First National Bank Madison National Bank First National Bank Mahony National Bank Auglaize National Bank' First National Bank First National Bank Somerville National Bank Second National Bank First National Bank Orrville National Bank 220 Bro't. for'd. 3 Fostoria, Ohio 1 Galion, Ohio. Ironton, Ohio 3 2 Ironton, Ohio. 1 Kingston, Ohio. 1 Lancaster, Ohio. Lewisville, Ohio. 3 1 Lodi, Ohio Lorain, Ohio. 3 1 Loveland, Ohio. 1 New Bremen, Ohio. 1 New Carlisle, O. New Comerstown, O. 1 Richmond, Ky. 9 Barbourville,Ky. 3 Youngstown, Ohio. 60 Wapakoneta, Ohio. 5 29 Wadsworth, Ohio. Upper Sandusky, 0. 3 Somerville, Ohio. 1 Havana, Ohio. 30 Portsmouth, Ohio. 15 Orrville, Ohio. 3 District No. 8. First National Bank Cotton Plant, Ark. 28 First National Bank 19 Stuttgart, Ark. State National Bank Texarkana, Ark. First National Bank Huntingburg, Ind. 2 Illinois State Bank East St. Louis, 111-12 First National Bank , Fairfield, Ill. 3 Hillsboro National Bank Hillsboro, Ill. 3 Waverly, Ill. 3 First National Bank White Hall National Bank White Hall, Ill. 3 First-Hardin National Bank Elizabethtown, Ky. 26 Farmers National Bank 3 Glasgow, Ky. 21 American-Southern Nati Bank. Louisville, Ky. First National Bank 2 Corinth, Miss. First National Bank Bethany, Mo. 3 First National Bank Braymer, Mo. 23 Union & Planters Bank & Trust Co Memphis, Tenn. 420 900 400 577 1,877 Bro't for'd District No. 9. Minn. Fairmont, Bank National Citizens The YellowstJnu Valley Bank and Sidney, Ilont. Trust Company of District No. 10. First National Bank First National Bank First National Bank Craig National Bank First National Bank First National Bank First National BaLk 2oudre Valley National Bank First National Bank RUgo National Bank _First National Bank First National Bank First National Bank Longmont National Bank First National Bank First National Bank First National Bank Rocky Ford National Bank First National Bank Farmers National Bank Stockgrowers National Bank Exchange National Bank Farmers National Bank American National Bank First National Bank El Dorado National Bank Home National Bank Citizens National Bank Farmers National Bank Humboldt National Bank Commercial National Bank Citizens National Bank Moffat Bros' National Bank Peoples National Bank Fir3t National Bank Neodesha National Bank Farmers National Bank First National Bank First National Bank Solomon National Bank 1,877 9 A 1 Ault, Colo. Cedaredge, Colo. 1 Center, Colo. Craig, Colo. 1 do 6 Eads, Colo. Ft. Collins, Colo. 3 Ft. Collins, Colo. 6 12 Gunnison, Colo. Hugo, Cob. 2 Johnstown, Colo. 2 La Jam, Colo. 6 Lamar, Colo. 3 Longmont, Colo. 3 Mancos, Colo. 15 Colo. Lontrose, 1 Olathe, Colo. 3 Bocky Ford, Colo. 6 Saguache, Colo. 9 Sterling, Colo. 6 Ashland, Kans. 15 Atchison, Kans. 1 Atwood, Kans. 1 Augusta, Kans. 3 Ellis, Kans. 6 El Dorado, Kans. 3 Eureka, Kans. 18 Ft. Scott, Kans. 15 Goodland, Kans. 5 1-tumbo1dt, Kans. 3 Hutchison, Kans. Independence, Kans150 20 Lamed, Kans. Kansas City, Kans. 7 9 Natoma, Kans. 1 Neodesha, Kans. Phillipsburg, Kans. 1 1 Potwin, Kans. Prairie View, Kans. 1 Solomon, Kans. 360 12 District No. 10. Cont'd. German National Bank Union Stock Yards National Bank First National Bank Drovers National Bank Citizens National Bank First rational Bank Beatrice rational Bank First National Bank First rational Bank First National Bank First National Bank First National Bank First National Bank Coleridge National Bank First National Bank Central National Bank City National Bank Creighton National Bank Farmers & Merchants Natl. Bank First National Bank First National Bank First rational Bank Hartington National Bank FirstVational Bank First National Bank Nebraska National Bank Live Stock National Bank First National Bank First National Bank Scottsbluff National Bank Stanton National Bank First National Bank Sounders County National Bank State Bank of Wayne First National Bank First National Bank First National Bank State National Bank Bartlesville National Bank First rational Bank First rational Bank American National Bank Farmers National Bank Cleveland National Bank 360 Bro't fortd. Victoria, Kans. 1 3 Wichita, Kans. 1 Golden City, Mo. Kansas City, Mo. 6 Harrisonville, 3. Adams, Nebr. 3 6 Beatrice, Nebr. 6 do Belden, Nebr. 3 Burwell, Nebr. 3 6 Charron, Nebr. Chappell, Nebr. 6 3 Coleridge,. Nebr. dO 1 Columbus, Nebr. 13 Columbus, Nebr. 9 Crete, Nebr. 3. Creighton, Nebr. 1 Fremont, Nebr. 1 Friend, Nebr. 8 6 Gresham, Nebr. Harrison, Nebr. 3 Hartington, Nebr. 3 Hershey, Nebr. 1 Humphrey, Nebr. 9 60 Omaha, Nebr.South Omaha, Nebr. 60 Ponder, Nebr. 1 Pilger, Nebr. 3 Scottsbluff, Nebr. 1 6 Stanton, Nebr. University Pl.Nebr. 3 2 Wahoo, Nebr. Wayne, Nebr. 3 1 Winnebago, Nebr. 1 Cimarron, N. Mex. Ado, Okla. 30 Ardmore, Okla. 3 Bartlesville, Okla.60 Beggs, Okla. 3 6 Blanchard, Okla. Bristow, Okla. 2 Cherokee, Okla. 11 3 Cleveland, Okla. 724 1,889 1,889 District No. lo. Cont'd. First National Bank First National Bank First National Bank City National Bank Farmers National Bank National Bank of Commerce First National Bank Security National Bank First National Bank Citizens National Bank Farmers National Bank American National Bank Shawnee National Bank Stillwater National Bank Farmers National Bank First National Bank Tonkawa National Bank Exchange National Bank Liberty National Bank National Bank of Verden First National Bank First National Bank Citizens National Bank First National Bank Casper National BankStock Growers National Bank Stockmens National Bank Shoshone National Bank Powell National Bank First National Bank First National Bank Sheridan National Bank First National Bank Citizens National Bank First National Bank District No. 12. First National Bank Calexico National Bank First National Bank First National Bank Hollywood National Bank First National Bank 724 Bro't for'd 3 Okla. t, Drumrigh 2 Eldorado, Okla. 1 Okla.Fairfax, 12 Guymon, Okla. Holdenville, Okla. 3 1 Hollis, Okla. 1 Kusa, Okla. Okla. City, Okla. 12 15 Okmulgee, Okla. 30 Pawhuska, Okla. 6 Ponca City, Okla. 2 Sapulpa, Okla. 60 Shawnee, Okla. 1 Stillwater, Okla. 2 Tecumseh, Okla. 3 Thomas, Okla. 1 Tonkawa, Okla. 180 Tulsa, Okla. 3 Tulsa, Okla. 3 Verden, Okla. 3 Wyo. Green River, 2 . Lovell, Wyo. -3 Wyo. on, Torringt 1 Basin, Wyo. 30 Casper, Wyo. 12 Hawlins, Wyo. 15 Casper, Wyo. 3 Wyo. Cody-, 2 Powell, Wyo. 18 Lander, Wyo. 3 Sheridan, Wyo. 3 Sheridan, Wyo. 3 Shoshoni, Wyo. 18 Cheyenne, Wyo. 2 Thermopolis, Wyo. Yuma, Ariz. Calexico, Cal. Corcoran, Cal. Fairfield, Cal. Hollywood, Cal. Imperial, Cal. 4 15 3 3 9 4 31 1889 1183 District No. 12. Cont'd. Red Bluff National Bank National Bank of First National Bank First National Bank First National Bank First National Bank American National Bank First National Bank First National Bank First National Bank Citizens National Bank First National Bank First National Bank United State National Bank Live Stock 'National Bank First National Bank Whitman County National Bank Tekoa State Bank 31 Bro't for'd 1 Red Bluff, Cal. 3 Riverside, Cal. San Pedro, Cal.51 Barbara, Cal 15 Santo Visalia, Cal. 18 Filer, Idaho, 12 Idaho Falls, Idaho. 3 15 Jerome, Idaho. 1 Nampa, Idaho. Newdale, Idaho. 3 Salmon, Idaho. 18 Heppner, Oregon. Joseph, Oregon. McMinnville, Ore. 3 North Portland, Ore.2 Mt. Vernon, Wash. 21 Rosalia, Wash. 3 1 Tekoa, Wash Total Governor Harding suggested that there be held a general hearing, of the various local interests in the Atlanta district desirous of having a branch bank established at specified points. On motion, it was agreed to set such a hearing for Saturday, May 18, at 10 A. M., all parties concerned to be notified and invited to be present. Any director of the Atlanta bank de- sirous of attending the hearing should be invited to attend and one representative of each of the cities desiring the establishment of a branch. Jr. Hamlin presented a letter from Professor Adolph Cohn, asking for material regarding the finan- 3072 203 3,272 pae.ts.9 fr-1. cial aspects of the war. The Secretary was directed to supply-any data that might be available. On motion, at 12:25 P. M., the Board adjourned. APPROVED:
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