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At a regular meeting of the Federal Reserve Board held in the office of the Board on Friday, June 7, 1918 at 11 A.M., ?RESENT: Mr. Harding, presiding, Mr. Delano, Mr. Hamlin, Mr. Williams, Mr. Miller, Li'. il1is, Secretary. The minutes of the meeting of the Board held on June 5th were read and on motion approved. The minutes of the meetings of the Gold Lxport Committee held on June 6th and 7th were presented and on motion approved and the action therein set forth ratified. The minutes of the meetings of .Committee Mo. 4 held on June 1st and June 5th were read and ordered passed to file. Governor Harding announced that he had been informed that the Lquitable Trust Company of New York, on behalf of Messrs. Lusher & Company, had informed the Federal Reserve Bank of New York that it would close at once with the proposed plan of providing exchange at 4.98, to liquidate the obligations of the concern referred to. Governor Harding raised the question of a proposed meeting of the Board to discuss a recent statement made by 1001 the Comptroller re guaranty of deposits and there ensued a discussion of the guaranty question in general. A letter written by Mr. Williams to Mr. Delano under date of June 6th in reply to a communication from the latter was read. Gen ral consideration of methods of protecting creditors of failed banks was engaged in. Mr. 7;illiams at this point withdrew from the meeting. .i, letter from the Federal Reserve Bank of St. Louis re collection charges was referred to Committee No. 1. A memorandum from Assistant Secretary Adelson re code telegrams was read and the discontinuance of such telegrams except in specific cases as suggested in the memor ndum, was authorized. A memorandum of Counsel re the statusof J. V. Padula, was referred to Committee No. 3. Reports of Cummittees were acted upon as follows: No. 1. Dated June 7th, recommending the appointment of Charles H. - Martin as National.Bank Lxaminer at ,p,OUJ per annum; approved. Dated June 7th, recommending the institution of a daily gold settlement plan; referred to the x,xecutive Committee with power. No. 3. Dated May 29th, recommending changes in stock at Federal Reserve banks as follows: ) District No. 41.4p1ications for surrender of stock: First National Bank, Bentleyville, Pa., 15 shares. District No. 5. Manchester National Bank, Richmond, Va., 98 shares. Dated June 3d, recommending a plan for the discount of cold storage warehouse paper; laid on the table. On motion the Fiscal Agent was directed to issue to Uiss M. E. Smith of the Board's staff a check for services and accrued leave up to the time of her leaving the staff. The Secretary having recommended that entries in the minutes relating to fiduciary powers and changes in stock be segregated in a separate minute book with proper cross reference in the minute book itself, the change was on motion authorized. On request of Mr. Hamlin a letter from T. P. Martin, Jr., re a branch bank in Oklahoma was referred to the Kansas City Committee. An application from the Fedeml Reserve Bank of Philadelphia for power to declare a dividend to June 30, 1918, was referred to the Philadelphia Committee. A letter from the Federal Reserve Bank of Atlanta re a circular recently sent out by Lssistant Secretary Leffintotell regarding the deposit of income and excess profits taxes was presented and noted. Upon recommendation of Mr. Delano on behalf of Committee No. 2 it was voted to modify Condition No. 2, approved by the Board on May 24th in the case of the Peoples Trust & Savings Bank of Perry, Iowa, so that that institution may be admitted on the modified terms determined by the Committee. It was informally agreed that no further reply to the last letter of Musher ,f'c Company previously referred to the Executive Committee need be sent, at least under present conditions. A letter sent by the Division of Foreign Exchange to Federal Reserve banks re the control of Italian exchange was presented and ordered circulated. -On motion at 12:15 P. M., the meeting adjourned. APPROVED: Secretary, Chairman.
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