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At g regular meeting of the Federal Reserve Board held in the office of the Board on Friday, May 3, 1918, at 11:20 A. M., PRESENT: Mr. Harding, presiding, Mr. Warburg, Mr. Delano, Mr. Willis, Secretary. Ur. Hamlin, The minutes of the meeting of the Board held on May 1, were read and, on motion, approved. The minutes of the meetings of the Gold Export Committee held on May 2 and May 3, were presented and, on motion, approved and the action therein set forth ratified. The minutes of the meeting of the Capital Issues Committee held on April 27, were presented and, on motion, approved and the action therein set forth ratified. Governor Harding read a draft of a letter addressed to the Federal Reserve Bank of San Francisco re the charging off of the value of buildings now standing on the future site of the San Francisco bank. The letter was discussed and approved for transmission. Discount rate sheets transmitted by various Federal Reserve Banks (no changes suggested) were presented and noted. The Secretary was authorized to write Federal Reserve banks asking for uniform rates one week in advance in sending in rate sheets. A letter from Assistant Secretary Leffingwell re the melting of standard silver dollars, amounting to 23,000,000 fine ounces of silver, and other phases of the silver retirement operation provided for under recent legislation was read. On motion, the Governor was authorized to request the Comptroller of the Currency to prepare Federal"Reserve bank notes of denominations of $1 and $2 in the same proportions already set for the 7,5 notes. Governor Harding laid before the Board an application from the Tulsa Clearing House Association for the establishment of a branch at that point. The Secretary of the Board as directed to reply. The Governor was requested to investigate the cash payment situation at Oklahoma banks before taking any further steps. A memorandum from Counsel dated May 1, re the apportionment of the cost of Federal Reserve 1 bank notes was read and ordered mimeographed and transmitted to Federal Reserve banks. Reports of Committees were presented and approved as follows: No. 1. Dated May 1, re methods of appointing members of the staff of the Board. 2, recommending the appointment of Miss M. H. Root (Division of Foreign Exchange) at $780 per annum effective Ma 3. 11 " 3, recommending appointment of Miss K. Harrold (Division of Foreign Exchange) at $1,200 per annum, effective Hay 6. No. 2. Dated May 2, recommending correction in certificates accompanying oil acceptances suggested by William Foley of the Mercantile Trust Co., St. Louis. Dated " 2, recommending acceptance powers to 100 for the First National Bank of Terrell, Texas. 11 3, recommending the admission of institutions upon terms named by the Committee in each case as follows: Bay City Bank, Bay City, Michigan. 300,shares in the Federal Reserve Bank of Chicago. The Lake Providence Bank, Lake Providence, La. 18 shares in the Federal Reserve Bank of Dallas. Citizens State Bank of Tekoa, Tekoa, Tash. 21 shares in the Federal Reserve Bank of San Francsico. Blackfoot City Bank, Blackfoot, Idaho. 36 shares in the Federal Reserve Bank of San Francisco. No. 3. Dated May 1, recommending avroval of the application of H. A. Chatham under the Clayton Act. It U It 30, recommending that no action be taken re the directors of the Deseret National Bank of Salt Lake City. 1, recommending changes in capital stock at Federal Reserve Banks as follows: Applications for original stock. District No. 5. First National Bank Shenandoah, Va. Shares 20 20 District No. 10. First National Bank Oilton, Okla. Total 15 Applications for additional stock. District No. 2. Somerset National Bank First National Bank First National Bank Cazenovia National Bank Central Valley Nati Bank Conenwango Valley Natl Bk. National Bank of Edwards National Bank First National Bank First National Bank 3. Barker, N. Y. 8 Bay Shore, N. Y. 3 Brushton, N. Y. 2 Cazenovia, N. Y. Central Valley, N.Y.1 Conewango " N. Y. 1 3 Cortland, Y. Y. 3 Edwards, N. Y. Farmingdale, N. Y. 1 Forestville, N. Y. 1 24 15 35 ...24 Bro't for'd District No. 2. Cont'd. 15 Franklinville, N. Union National Bank Goshen National Bank Goshen, N. Y. 6 Citizens National Bank Hammond, N. Y. 1 Harrisville, N. Y. First National Bank 18 Manufacturers National Bank Ilion, N. Y. 3 Swedish American Nat'l. Bk. Jamestown, N. Y. 300 The Bank of New York, N.B.A..New York, N. Y. 3 North Creek National Bank North Creek, N. Y. First National Bank North Rose, Y. Y. Madison County Trust & Deposit 11 Company, Oneida, N. Y. 9 Poland, N. Y. Citizens National Bank 19 Red Creek, N. Y. Red Creek National Bank 1 Salem, N. Y. Peoples National Bank 1 Saranac Lake, N. Y. Saranac National Bank 2 First National Bank Sodus, N. Y. Suffern National Bank 18 Suffern, N. Y. Ticonderoga National Bank 6 Ticonderoga, N. X. Tottenville National Bank Tottenville, N. Y. 1 Wellsville, N. Y. Citizens National Bank Whitesville, N. Y. 1 First National Bank Winthrop, N. Y. 1 First National Bank 2 Bradley Beach, N. J. First National Bank Branchville, N. J. 6 First National Bank Dunellen, N. J. 6 First National Bank 6 Englishtown, N. J. First National Bank 4 Eatontown, N. J. First National Bank 2 Farmingdale, N. J. First National Bank 360 Peoples Trust & Guaranty CO. Hackensack, N. J. 15 Jamesburg, N. J. First National Bank 1 Millburn, N. J. First National Bank 5 Ocean Grove, N. J. Ocean Grove National Bank 856 District No. 5. First National Bank of Southern Maryland, Upper Marleboro, Md. Allendale, S. C. First National Bank do do Rocky Mount, N. C. First National Bank do Planters National Bark Morganton, N. C. First National Bank Honaker, Va. First National Bank Harrisonburg, Va. Rockingham National Bank Culpepper, Va. Culpepper National Bank Readville, Va. Commonwealth 'Rational Bank Fairview, W. Va. First National Bank Welch, W. Va. First National Bank 135 3 13 3 5 15 24 6 6 45 1 1 12 15 District No. 6. First National Bank District No. 11. Nogales National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Caddo National Bank First National Bank First National Bank Merchants National Bank Coggin National Bank First National Bank First National Bank First National Bank Farmers National Bank First National Bank First National. Bank First National Bank First National Bank First National Bank Citizens rational Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank First National Bank Sabinal National Bank First National Bank Sanger National Bank First National Bank City National Bank First National Bank Commercial National Bank City National Bank First National Bank Bro't For'd Alexandria, La. Nogales, Ariz. Arcadia, La. Tinnfield, La. Bolen, N. M. Carrizozo, N. M. Clovis, N. M. Lovington, N. M. Melrose, N. L. Portales, X. M. Tucumcari, N. M. Caddo, Okla. Durant, Okla. Bogata, Texas. Brownsville, Tex. Brownwood, Tex. Cangon, Tex, Cleveland, Tex. Channing, Tex. Cross Plains, Tex. Eagle Pass, Tex. Eldorado, Texas. Fort Stockton, Tex. uorman, Texas. Hawkins, Texas. Higgins, Texas. Hondo, Texas. Lockhart, Texas. Lovelady, Texas. Mabank, Texas. Mansfield, Texas. Marble Falls, Texas. Pharr, Texas. Poth, Texas. Sabinal, Texas. Saint Jo, Texas. Sanger, Texas. Silverton, Texas. Temple, Texas. Troup, Texas. Uvalde, Texas. Wichita Falls, Tex. Wylie, Texas. Total 180 991 180 1 6 2 9 2 44 3 3 9 15 2 3 2 9 6 1 1 3 30 9 2 2 1 3 1 9 2 6 5 1 2 2 5 12 4 13 6 3 6 30 3 284 1,455 Discussion of a recent speech by Senator Owen re foreign exchange ensued. The situtation as affecting the Board was referred to the Executive Committee with the understanding that a general momorandum on the subject be prepared. Mr. Miller asked for authority for Committee No. 4 to take up with the Treasury the revision of the circulation and per capita money statement of the Department. On motion, the authority was granted. W. Hamlin presented the report of examination of the Boston bank and the question of paying acceptances in Boston by Cashiers' drafts. The matter was referred to Committee No. 2, for report. On motion, at 12:37, P. M., the Board adjourned. APPROVED: