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At n regular meeting of the Federal Reserve hoard held in the office of the Foard nt 12:40 P. M. . on Voliday, February 18, 1918, PRESENT: Mr. Harding, presiding, Mr. Hiller, Mr. Hamlin, Mr. Delano, Mr. Warburg, Mr. Willis, Secretary. The minutes of the meetings of the Board held on Febru-ry 16 and 18 were presented .nd, on motion, approved and the action therein set forth r-tified. ZS. Upon recommendation of the Secretary of the Board his authority to act as Fiscal Agent was, on motion, revoked. On motien, it was voted that GommitteeNo. 3 report upon possible change in the form of the bond of the Fiscal Agent designed to cover both him and anyone who might be designated to net in his place from time to time. The Secretary of the Board presented discount rnte she (no changes being asked for) which wore noted and ordered passed to file. A letter from Federal Reserve Agent Ramsey, rel_ tive to the method of making examinations of incoming State Banks, was read and, on motion it was voted that Mr. Harding advise Ur. Ramsey that Revel-ye Banks may make their own examinatiens of member banks. A draft of the Syndicate Agreement relating to the financing of the current Cuban crop, tranrmitted by Mr. J. F. Curtis, VP1F ordered referred to Cor:Imittee no. 2. A memorandum prepared by Mr. Warburg, recommending that no action :be taken with respect to the suggestion that Federal Reserve Banks be authorized to receive deposits of State funds, -4110 read and ordered passed to filoA letter from Federal Reserve Agent Jay, regarding the recent ruling of the Coriptroller of the Currency with respect to excess loins when such loans are secured by Government bonds, vine referred to Committee No. 3. A letter from President hianch of the American Bankers' Association, transmitting a letter written by him to the American Tobacco Comp.,ny regarding the use of trade acceptances, wee referred to Comittee No. 2. A letter from Federal Reserve Agent Austin, regarding the recovery of bonds previously lost by the Federal Reserve Bank of Philadclphie, Was presentee anu and noted. Governor Harding presented business which was acted upon as follows: A letter from rr. N. A. Carpenter inquiriLF about certain amendments to the National Bank Act, read and referred to Committee No. 2. A letter from Mr. J. E. Unto, regarding the inability to use certain funds at the Ncr:, Orleans Ernnch, owing to the difficulty of turning over Federal Reserve notes at New Orleans, was read and, on motion, referred to the Governor with power to act. A letter from Federal Reserve Agent Rich, regardinv the sales of Certificates of Indebtedness in the Ninth District, - rend and noted. A letter from the Chief of the War Department, asking that each Federal Reserve Bank detail one clerk to keep watch on suspicious accounts, rend ,Ind referred to Governor Harding with power to vet. Mr. Hamlin called attenlion to the fact thvit the Cnpital Issues Committee had c.rrefully reviewed the schedule of salaries and believed the present schedule the best it could arrange. Reports of Comnittee No. 1 were read and, on me- ri tion, were approved as follows: Recommending the appointment of Mr. J. C. Ould at $1,440, effective February 18 (Board's staff). Recommending the appointment of Mr. Lewis E. Hynes at $1,500 per annum, effective February 19 (Division of Foreign Exchange). Recommending a'salary of $1500 per annum for Mr. A. A. Moore (Board's staff) effective this date. Reports of Committee No. 2 were—presented and, on motion, approved as follows: Recommending that the Farmers Loan and Trust Company of New York Le granted authprity to accept up to 100% of capital and surplus.. • Recommending that the Springfield National Brink be permitted to purchase $34,000 of stock in the American Foreign Banking Corporaticn. Recommending the admission of the following institutions to the Federal Reserve System, upon the Conditions named by the Committee in each case: Security State Bank, Neligh, Nebraska sharee in the Federal Reserve Bank of Kansas City. 18 Union Bank & Trust Co., Baton Rouge, Louisiana. 90 shares in the Federal Reserve Bank of Atlanta. On motion, at 1:05 P. M., the Board adjourned. APPROVED: Secretary Chairman
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