View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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: