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At a regular meeting of the Federal Reserve Board held in the office of the Board on Wednesday, June 12, 1918, at 11 A.M., ?RENT: Mr. Warburg, presiding, Mr.Liller, Mr. Hamlin, Mr. 'Lillis, Secretary. Mx. Delano, The minutes of the meeting of the Board held on June 10th were read and on motion approved. The minutes of the meetings of the Gold Export Committee held on June 11th and 12th were presented and on motion approved and the action therein set forth ratified. A memorandum of Mr. Hamlin re the issuance of a statement b.y the Capital Issues :lommittee as to curtailment of bank credits was presented and it was agreed to refer the matter to the :,xecutive Committee, with power. A letter written by Governor Harding to Governor Lorss of Boston, dated June 3d, re the purchase of a bank site and authorizing such purchase, was read and approved. On motion, it was ordered that the question of requesting the Kansas City Bank to apply for suitable rediscount accomodation from other Federal Reserve Banks be referred to the Executive Committee with power. 1031 A letter from Federal Reserve Agent Heath, re membership of the Fletcher Savings &: Trust Co., Indianapolis, was read and referred to the Secretary for reply. ' letter from Federal Reserve Agent Heath re the situation regarding membership in Iowa was read and it was voted that the Vice Governor discuss the Iowa situation with Secretary Houston, who is shortly to address the Iowa bankers. The Secretary was directed to reply to Mr. Heath. A letter from Governor Lynch re opposition to guaranty of bank deposits was read and laid On the table until June 14th. A let,ter from Ur. Jas, A. Zunts re the discount of paper for industries that are classed as non-escential was read and the Secretary directed to reply. Reports Of Committees were presented and approved as follows: No. 1. Dated June 10th, recommending approval of the appointment of Fred Harris, at Dallas, as Assistant Cashier at 43,000 per annum, effective June 4, 1918. Dated June 11th, recommending the appointment of III's. L.C. Hayden (Board's Staff) at 41,200 per annum, effective on assuming duty. Dated June 11th, recommending appointment of Mrs. M. H. Crowley at 0.00 per month for a period of 90 days, effective on assuming duty. Dated June 12th, recommending approval of appointment of A. B. Smith at $2,400 per annum as National Bank Examiner, effective on assuming duty. Dated June 12th, recommending approval of the salary of E. H. Tucker at San Francisco at 450 per month and L. B. Parker at San Francisco, at c'75 per month. Dated June 12th, recommending the appointment of Miss Julia Moore at *83.33 per month effective June 12th (Board's staff). Dated June 12th, recommending the granting of power to pay dividends as follows: Federal Reserve Bank of St. Louis, 6/2 to June 30,1918. Federal Reserve Bank of Chicago, 6% to June 30,1918. to June 30,1918. Federal Reserve Bank of Boston, No. 2. Dated June 12th, recommending the admission of state institutions upon terms named by the Committee in each case, as follows: urant Trust & Savings Uompany, Marion, Indiana, 120 shares in the Federal xeserve Bank of uhicago. Lilley State Bank, Tecumseh, Michigan, 36 shares in the Federal Reserve Bank of Chicago. Tecumseh State Savings Bank, Tecumseh, Michigan, 32 shares in the Federal Reserve Bank of Chicago. Meridian State Bank, Meridian, Idaho, 15 shares in the Federal Reserve Bank of San Francisco. Dated June 10th, recommending changes in capital stock at Federal Reserve Banks, as follows: Applications for additional shares of stock: District No. 5 Citizens National Bank, Havre de Grace, Md. Commercial National Bank,Washington, D.C. First National Bank, Brookneal, Va. First National Bank, Christ iansburg, Va. Galax, Va. First National Bank, First National Bank, Gate City, Va. . The National Bank of Hopewell, Va. Schmalz National Bank, Newport News, Va. First National Bank, Rich;ands, Va, Central National Bank, Richmond, Va. St. Paul National Bank, St. Paul, Va. Waverly, Va. First National Bank, Peoples National Bank, Elkins, W. Va. First National Bank, Newburg, W. VaClark National Bank, Northfork, W. Va. First National Bank, Pennsboro, W. Va. National Bank of Commerce Williamson, 'N. Va. 'Winona National Bank, Winona, W. Va. First National Bank, Albemarle, N.C. Elkin National Bank, Elkin, N.C. Citizens National Bank, Gastonia, N.C. National Bank of Greenville Greenville, N.C. Kinston, N.C. First National Bank, First National Bank, Lenoir, N.C. Tarboro, N.C., First National Bank, First National Bank, Selma, N.C. Bishopvillo, S.C. First National Bank, First National Bank, Cheraw, S.C. Peoples National Bank, Columbia, S.C. Union National Bank, Columbia, S.C. Peoples National Bank, Conway, S.C. First National Bank, Fairfax, S.C. First National Bank, Holly Hill, S.C. Lamar National Bank, Lamar, S.C. Farmers National Bank, Laurens, S.C. National Bank of Leesville, S.C. First National Bank Mullins, S.C. National Bank of Newberry, S.C. Prosperity, S.C. Peoples National Bank, Planters National Bank, Saluda, S.C. First National Bank, Springfield, S.C. St.Matthowt National Bk. St. Matthews, S.C. National Bank of South Carolina, Sumpter, S.C. First National Bank, Wagoner, S. C. First National Bank, alterboro, C.C. Shares 9 150 1 15 4 2 6 9 1 11 2 1 3 2 2 3 3 2 9 3 18 3 15 2 4 2 6 1 5 1 3 8 2 1 2 3 2 2 6 15 1 3 347 Applications for or_irrinal stock: District No. 9 Lincoln National Bank, First National Bank, First National Bank, Linneapolis, :Ann. :ilakoti, N. Dak. 7etersburg, N. Dak. Shares 160 17 24 221 District No. 11 Calera National Bunk, Calera, Okla. 15 15 236 4p1ications for surrender of stock: District No. 8 Trenton, Tenn, first National Bank, 41 3oecial Committee (LIr. Hardily, and 1:r. Delano). Dated June 11th, recommending the establishment of a branch of the Federal Reserve Bank of St. Louis at Memphis. On motion the Jecretary of the Board was directed to have prepared a revised table or chart of directors and officers of Federal Deserve Banks for the Board Room. read a letter from Federal Reserve Agent 2errin, re the question of accepting gold from Federal Reserve Banks subject to a promise to return the gold under certain conditions. It was agreed to refer the letter to Mr. Hamlin for the preparation of a reply. Mr. Miller presented a letter from Governor Lynch re publication of names of banks subscribing to certificates, which was referred to Assistant Secretary Leffingwell for expression of opinion. 10!8 On motion, at 12:45 tht Board adjourned. :3eoretary, Cnalman.
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