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At a regular meeting of the Federal Reserve Board held in the office of the Board on Wednesday, June 5, 1918, at 11:45 A.M., PRESENT: Mr. Harding, presiding, Mr. Hamlin, M. Warburg, Mr. Miller, Mr. Delano, Mr. Willis, Secretary. The minutes of the meeting of the Board held on June 3d were read and on motion approved. The minutes of the meetings of the Gold Export Committee held on June 4th and 5th were presented and on motion approved and the action therein set forth ratified. A letter from Governor J. Z. Miller re the discount rate situation at Kansas City, with special reference to large discounters, was read, and it was agreed that Governor Harding reply, expressing the views of the Board. A letter from Mr. J. F. Curtis re the Foreign Trade Banking Corporation and the operations of Mr. Max May was presented and ordered circulated. Letters from Messrs. Passmore and Talley re collection charges on checks at Philadelphia and Dallas were considered and referred to Committee No. 1. A letter from Mr. A. E. Walker re the managership of the proposed branch at Birmingham and reply of Governor Harding thereto were read and noted. A letter from Musher & Company, dated June 4th re transfer of gold to London at par was read and discussed, and on motion the letter was referred to the Executive Committee with power to reply. At this point Mr. Williams entered the meeting. The Secretary was directed to transmit a formal acknowledgment of the letter of June 4th from Musher & Company. It was further agreed that the Equitable Trust Company as the licensed for the Musher gold export transaction be notified of the cancellation of the license as of June 10th. At this point Mr. Williams withdrew from the meeting. A report of the Secret Service Division of the Treasury re the recovery of lost Liberty Bonds at Boston was presented and referred to the Boston Committee. A memorandum of the Chief of the Division of • Statistics re the taking over of gold and silver export and import statistics, was read, and it was agreed t(T authorize the Secretary to arrange for the transfer of these statistics to the Board's statistical division. an announcement for publication in the "Federal Reserve Bulletin" re the establishment of a system of business indices, was read and approved, subject to modifications in the language. Reports of Committees were approved as follows: No. 1. Dated June 3d, recommendin the appointment of three clerks at OW, one at 060, and one temporary clerk at Z960 in the Division of Issue, effective on assuming duty. Dated June 5th,recommending the appointment of Caroline IS. Wing (Division of Foreign Exchange) at 41,300 per annum, effective June 5th. Dated June 3d, recommending the approval of appointments and salaries at Philadelphia as requested in the letters of the bank dated Lay 29th and May 31st. Dated June 5th,recommending salary and expense adjustments relating to the installation of the private wire service to Federal Reserve banks. No. 2. Dated May 31st,recommending the granting of 10070 acceptance powers to the American National Bank of . Terrell, Texas. Dated June 5th, recommending the admission of state institutions upon terms named by the Committee in each case, as follows: Bellevue Realty Savings 6: Trust do., Bellevue, Pa., 105 shares in the federal Reserve Bank of Cleveland. eils-Hine Trust Co., Savannah, Mo.; 62 shares in the Federal Reserve Bank of Kansas City. The Bank of Oregon City, Oregon City, Utah; 90 shares in the Federal Reserve Bank of an Francisco. Ogden Savings Bank, Ogden, Utah; 180 shares in the Federal Reserve Bank of San Francisco. Security State Bank, Dillon, Idontana; 32 shares in the Federal Reserve Bank of Linneapolis. Montgomery Co. Trust Company, Amsterdam, Yew York; 180 shares in the Federal Reserve Bank of reew York. :To. 3. Dated June 3d, recom:Iending powers as trustee, executor, administrator, and registrar for the Montana 1:ationa1 Bank of Billings, :.:ont. A report of r. Hamlin re cold storage paper was presented and laid on the table. Governor Harding presented business which was acted upon as follows: A letter from Senator Sheppard re the cattle paper situation; referred back to Mr. Harding for reply. A letter from Governor Seay re the question of conditions surrounding the deposit of income and excess profits taxes on banks; referred back to :r. Harding for reply. A telegram from the Chattanooga Clearing House banks re exchange charges in the ktlanta district; voted that their representatives be given a hearing on Tuesday, June 11th, Mr. Harding to send notice accordin61y. On motion, at 1105 P. U., the meeting adjourned. A2PROVED: Chairman.
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