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At ft regular meeting of the Federal Reserve Board held in the office of the Board on Monday, February 25, 1918, at 11 a. m., PRESENT: Mr. Harding, presiding, Mr. Wnrburg, Mr. Miller, r. Valais, Secretary. Pr. Delnno, The minutes of the meeting of the Boacci held on February 20 were rend and, on motioll, -pproved. The minutes of the meeting of the 21;xecutive Committee held on February 23 were rend and, on motic,n, npproved, nnd the action therein set forth ratified. Minutes of the meetings of the Cold Exports Committee held on February 21-25 inclusive were presented .1nd on motion, npproved, and the , ction therein set forth ratified. Minutes of the meetings of the Capital Issues Committee held on February 13, 18, nno 20 .Pere presented and, on motion, npproved and the action therein set forth ratified. A memorandum of Counsel re the withdrawal of the Elmhurst Stnto Dank VIP read and, on motion, approved, the Bank to be released ie six months. tions cit A letter from Federal eserve Arent Austin re condi- Philadelphia in the dier of bills deposited as coll-tlral was read and noted. A letter from Federal ileserve Aredt ii5 re divi- dends at ClevelnLd was read and laid on the tab until Wed- nesday, February 27. A memorandum of Mr. Warburg re thp conservation of gold by the Treasury was read and, on motion, ordered sent with a confidential letter to etch Federal Reservg Bank by Covernor Harding. The report of Chief ty,-iner Proderick re the Federal Reserve Bank of Porton 1;itas referred to the Boston Committee. A memoranoum of 1 4r. Warburr re the rate for purchase. and repurchase of United Stats cortificrtes of indebtedness was read and the gene-,,1 rite quert'u discuse(A. the question of rates Cr as mare the ordev for a spccini ing of the Bolin; to he held on Friday, /larch 1, the Covernor to notily the SecrtAary of the Treasury of the action taken. The quel'tion of a statement for the press re rates of interest on bank deposits was referred to the Executive Committ,te with power. Proposed increases of rate at Dallas and a dommuni- cation from Federal Reserve Agent Austin on the same subjec - vere referred to Committee No. A letter from C. R. McKay relative tc reasons why certain banks have failed to subscribe more frcely for certificates of indebto&le,7s was presentcd and orderee circulated. A letter from Governer Wold re activitice of the "Non-PartieRn League" was ordered referred to t}-.e Department of Justice through Mr. Hamlin. A report of Committee No. 1 wp..13 approved as fellows: Dated February 26, recommending a salary of .2,700 per annum for Bank Examiner Patterson, effective March 1, 3A)16. Reports of Committee No. 2 were presented and, on motion, approved as follows: Dated February 1, recommending the admisrice of etnte inFtitutioes on terms hamed by the Committee in each case, as follows: Rhode Island Hospital Trust Cc. PreVidence, R.I. 3,900 shares in the Federal Reserve Bank of Boston. Harvare, Trust Co., Cambridge, Mass. 180 shares in the Federal Reserve Bank of Boston. Dated February 18, granting acceptance powers to 100;: to the Interstate Trust Company, Ne: Orleans. It 21, holding trade acceptances riven by electrical contractors Dated February 2, nuthorizirF the establishing of the Havana brtInch of the American Foreign Banking Corperation, ral order beinF accordingly entered rs follows: AT A STAVID 'MEETING OF THE FI:DIT(AL WiTERM BOARD, held in its office in the City of Lashington, District of Columbia, on February 1.9.1F2. P R E 00.0 Mr. Mr. Mr. Mr. Harding Warburg Delano Miller. In the Mntter cf the Application of the Ameri-*.. ORDER APPROVING APPLICATICV. can Foreign banking Corporation of New York for * permission cf the Feder- * nl Reserve Board to establish n branch in City of Havana, Republic * of Cuba. yo )() The American Foreign Banking Corporation of New ore LII 0 created and organized under the lnwe of New York, having! accoN" into nn agreement with the Federal Reserve Board in with Section 25 of the Federal Reserve Act to conduct bqnking operations subject to the general reguIntione of t4 Board, and. having pursuant to that agreemeilt applied for permission of the Federal Re serve Board to establish a branch in the City of Havana, Republic of Cuba. !ICV, TIIEREFORE, IT IS ORDERED that said applicntion be and it is hereby approveci. The foregoing i a true copy of order this day entered on the records of the Federal Reserve Boerd. Secret-ry Reports of Committee No. 3 were )resented and, on motion, approved as follows: Dated February 13, withholding for the present fiduciary powers requested by the First National Bank of Milford, Delaware. 15, granting the application of F. K. Struve under the Clayton Act. 16 11 re unrestricted endorsements on F. R. Agents' paper, referred to Executive Committee with power to send -1 suitable amendment to the F. R. Act to the Congressional authoritiee. 20, approving the issue of capital stock by the Federal Reserve Bank of Neel York, as follows: ITplic-tior for additional stock. District No. ••••••01/••••••.41... Farmers Loan E Trust Company !ler York, !'• Y. Shares 5,400 Governor Harding read a memorandum of Counsel re the propesed legislation regarding the sta ue of sf,Nings ba ks.in California, which was referred to the Executive Committee. After dis usnion it WRS ngreed thqt Mr. Nnthlin rusher of the Pompeian Oil Company be given n forml henring beforc the Bonrd a written brief nnd npplion- tion to Le first formnlly filed. On motion, it 1:05 the Board adjourned. APPROVED:
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