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At a regualr meeting of the Federal Reserve
Board held in the office of the Board on Wednesday,
May 8, 1v18, at 11 A. M.,
PRESENT:
Mr. Harding, presiding,

Mr. Hamlin,

Mr. Miller,

Mr. Willis, Secretary.

Mr. Delano,
The minutes of the meeting of the Board
held on Monday, May 6, were read and, on motion, approved*
The minutes of the meeting of the Executive
Committee held on May 7, were read and, on motion,
approved and the action therein set forth ratified.
The minutes of the meetings of the Gold
Export Committee held on May 7 and 8 were presented
,
and, on motion, approved and the action therein set
forth ratified.
The minutes of the meetings of the Capital
Issues Committee held on April 27, May 1, and May 3,
were presented and, on motion, approved, and the
action therein set forth ratified.
A memorandum of the Chief of the Division
of Statistics re the practice of the New York Fed-




761




eral Reserve Bank in treating three months paper
-day paper" was presented and it was agreed
as "90
that the practice is a proper one, no paper to run
over 92 days.
A. memorandum of Counsel approving a form
of request and indemnity for packing house acceptance paper in use by Cudahy Bros., was read and, on
motion, accepted, the Secretary to send notice accordingly.
Various cormuni -tions re trade acceptances
were presented and the Secretary directed to reply
informally.
A letter from Federal Res rve.Agent Wills,
suggesting that one of the directors of each branch
of the Federal Reserve Bank of Cleveland be authorized to act as Assistant Federal,
Rese ve Agent in
order to have a relief on the vault combination,
was read and the appointment approved.
Governor Harding presented business as fol-

tter from Bank Commissioner Williams,
of Vermont, suggesting that legislation pending in
Congress be suspended pending a conference with State

bank representatives.

It was agreed that the Gover-

nor reply informally.
A request that he be relieved from service
on the gold export committee; approved and Mr. Warburg
was designated to serve in his place on the Committee.
Reports of Committees were presented and,
on motion, approved as follows;
No. 1.
Dated May 8, recommending the m)ointment of Miaa M.
H. IVella (Division of Foreign Exchange)
as stenographer at $1,200 per annum,
and Miss L. H. King, clerk in the same
at $900 per annum, effective in both
cases May 8th.
No. 2.
Dated May 9, recommending admission of state institutions upon conditions named by the
Committee in each case as follows;
Savings Investment & Trust Co. of East Orange,
East Orange, New Jersey.
270 shares in the Federal Beserve Bank of New York.
Scandtnavian-American Bank, Seattle, Wash.
900 shares in the Federal Reserve Bank of San Francisco.
It was agreed that when the Scandinavian Trust
Company is informed that its application is granted, the
communication be accompanied by a letter written by the
Governor requesting the reduction of the loans of
Director Lindberg to reasonable figures.







No. 3.
Dated May 7, recommending grant of powers as trustee,
executor and administrator to the National Bank of Commerce of Shawnee, Okla.
It

7, recommending changes in capital stook of
Federal Reserve Banks as follows:
Applications for original stock.

District No. 6.
American National Bank

Bridgeport, Ala.

District No. 9.
Citizens National Bank

Streeter,

District No. 11.
First National Bank
District No. 12.
First National Bank

Shares
18
18

22

22

Lamesa, Texas.

21

21

Glendale, Arizona.
Total

33

3'
94

N.

Dak.

Applications for surrender of stock.

Shares
15
15

District No. 10.
Marietta National Bank

Marietta, Okla.

District No. 11.
First National Bank

Ganado, Texas.

16

Huntington Beach, Cal.
Medford, Oregon.
Total

8
12

District No. 12.
First National Bank
First National Bank

16

20
51




Applications for additional stock.
District No. 3.
Fruit Growers National Bank
First National Bank
First National Bank
Pitman National Bank
Catawissa National Bank
First National Bank
Peoples National Bank
First National Bank
Glenside National Bank
Valley National Bank
Union National Bank
Central National Bank
Farmers National Bank
Solebury National Bank
Union National Bank
Second National Bank
Philadelphia, National Bank
Tradesmens National Bank
First National Bank
South Betnlehem National Bank
District No. 4.
First National Bank
Butler County National Bank
National Bank of
Colonial National Bank
First National Bank
Oil City National Bank
Parnassus National Bank
Pleasant Unity National Bank
First National Bank
First National Bank
First National Bank
First National Bank
Western Bank & Trust Co.
Central National Bank
First National Bank
First National Bank

15
Smyrna, Del.
Mays Landing, N.J. 1
1
Minotola, N. J.
6
Pitman, N. J.
1
Catawissa, Pa.
3
Dallastomm, Pa.
Edwardsvilie, Pa.
3
Gallitzin, Pa.
3
Glenside, Pa.
3
3
Green Lane, Pa.
Minersville, Pa.
3
Mount Union, Pa.
4
3
liew Holland, Pa.
.1
A,
New Hope, Pa.
Philadelphia, Pa. 30
60
Reading, Pa.
Philadelphia, Pa. 600
Philadelphia, Pa. 150
3
Saxton, Pa.
South Bethlehem,Pa. 6

45
Charleroi, Pa.
30
Butler, Pa.
6
Brookville, Pa.
Connellsville, Pa. 3
30
Greensburg, Pa.
9
Oil City, Pa.
2
Parnassus, Pa.
Pleasant Unity, Pa. 3
2
Russellton, Pa.
3
Bethesda, Ohio.
2
Bradford, Ohio.
2
Bremen, Ohio.
Cincinnati, Ohio. 75
I
Columbus, Ohio.
1
Dalton, Ohio.
Dillonvale, Ohio.
6
220

900




District No. 4. Cont'd.
First National Bank
First National Bank
Citizens National Bank
First National Bank
First National Bank
Lancaster National Bank
First National Bank
Peoples National Bank
National Bank of Commerce
Loveland National Bank
First National Bank
First National Bank
First National Bank
Madison National Bank
First National Bank
Mahony National Bank
Auglaize National Bank'
First National Bank
First National Bank
Somerville National Bank
Second National Bank
First National Bank
Orrville National Bank

220
Bro't. for'd.
3
Fostoria, Ohio
1
Galion, Ohio.
Ironton, Ohio
3
2
Ironton, Ohio.
1
Kingston, Ohio.
1
Lancaster, Ohio.
Lewisville, Ohio.
3
1
Lodi, Ohio
Lorain, Ohio.
3
1
Loveland, Ohio.
1
New Bremen, Ohio.
1
New Carlisle, O.
New Comerstown, O. 1
Richmond, Ky.
9
Barbourville,Ky.
3
Youngstown, Ohio. 60
Wapakoneta, Ohio.
5
29
Wadsworth, Ohio.
Upper Sandusky, 0. 3
Somerville, Ohio.
1
Havana, Ohio.
30
Portsmouth, Ohio. 15
Orrville, Ohio.
3

District No. 8.
First National Bank
Cotton Plant, Ark. 28
First National Bank
19
Stuttgart, Ark.
State National Bank
Texarkana, Ark.
First National Bank
Huntingburg, Ind.
2
Illinois State Bank
East St. Louis, 111-12
First National Bank ,
Fairfield, Ill.
3
Hillsboro National Bank
Hillsboro, Ill.
3
Waverly, Ill.
3
First National Bank
White Hall National Bank
White Hall, Ill.
3
First-Hardin National Bank
Elizabethtown, Ky. 26
Farmers National Bank
3
Glasgow, Ky.
21
American-Southern Nati Bank.
Louisville, Ky.
First National Bank
2
Corinth, Miss.
First National Bank
Bethany, Mo.
3
First National Bank
Braymer, Mo.
23
Union & Planters Bank & Trust Co Memphis, Tenn.
420

900

400

577
1,877




Bro't for'd
District No. 9.
Fairmont, Minn.
National Bank
Citizens
The YellowstJnu Valley Bank and
Sidney, Ilont.
Trust Company of
District No. 10.
First National Bank
First National Bank
First National Bank
Craig National Bank
First National Bank
First National Bank
First National BaLk
2oudre Valley National Bank
First National Bank
RUgo National Bank
_First National Bank
First National Bank
First National Bank
Longmont National Bank
First National Bank
First National Bank
First National Bank
Rocky Ford National Bank
First National Bank
Farmers National Bank
Stockgrowers National Bank
Exchange National Bank
Farmers National Bank
American National Bank
First National Bank
El Dorado National Bank
Home National Bank
Citizens National Bank
Farmers National Bank
Humboldt National Bank
Commercial National Bank
Citizens National Bank
Moffat Bros' National Bank
Peoples National Bank
Fir3t National Bank
Neodesha National Bank
Farmers National Bank
First National Bank
First National Bank
Solomon National Bank

1,877
9
A

1
Ault, Colo.
Cedaredge, Colo.
1
Center, Colo.
Craig, Colo.
1
do
6
Eads, Colo.
Ft. Collins, Colo. 3
Ft. Collins, Colo. 6
12
Gunnison, Colo.
Hugo, Cob.
2
Johnstown, Colo.
2
La Jam, Colo.
6
Lamar, Colo.
3
Longmont, Colo.
3
Mancos, Colo.
15
Colo.
Lontrose,
1
Olathe, Colo.
3
Bocky Ford, Colo.
6
Saguache, Colo.
9
Sterling, Colo.
6
Ashland, Kans.
15
Atchison, Kans.
1
Atwood, Kans.
1
Augusta, Kans.
3
Ellis, Kans.
6
El Dorado, Kans.
3
Eureka, Kans.
18
Ft. Scott, Kans.
15
Goodland, Kans.
5
1-tumbo1dt, Kans.
3
Hutchison, Kans.
Independence, Kans150
20
Lamed, Kans.
Kansas City, Kans. 7
9
Natoma, Kans.
1
Neodesha, Kans.
Phillipsburg, Kans. 1
1
Potwin, Kans.
Prairie View, Kans. 1
Solomon, Kans.
360

12




District No. 10. Cont'd.
German National Bank
Union Stock Yards National Bank
First National Bank
Drovers National Bank
Citizens National Bank
First rational Bank
Beatrice rational Bank
First National Bank
First rational Bank
First National Bank
First National Bank
First National Bank
First National Bank
Coleridge National Bank
First National Bank
Central National Bank
City National Bank
Creighton National Bank
Farmers & Merchants Natl. Bank
First National Bank
First National Bank
First rational Bank
Hartington National Bank
FirstVational Bank
First National Bank
Nebraska National Bank
Live Stock National Bank
First National Bank
First National Bank
Scottsbluff National Bank
Stanton National Bank
First National Bank
Sounders County National Bank
State Bank of Wayne
First National Bank
First National Bank
First National Bank
State National Bank
Bartlesville National Bank
First rational Bank
First rational Bank
American National Bank
Farmers National Bank
Cleveland National Bank

360
Bro't fortd.
Victoria, Kans.
1
3
Wichita, Kans.
1
Golden City, Mo.
Kansas City, Mo.
6
Harrisonville,
3.
Adams, Nebr.
3
6
Beatrice, Nebr.
6
do
Belden, Nebr.
3
Burwell, Nebr.
3
6
Charron, Nebr.
Chappell, Nebr.
6
3
Coleridge,. Nebr.
dO
1
Columbus, Nebr.
13
Columbus, Nebr.
9
Crete, Nebr.
3.
Creighton, Nebr.
1
Fremont, Nebr.
1
Friend, Nebr.
8
6
Gresham, Nebr.
Harrison, Nebr.
3
Hartington, Nebr.
3
Hershey, Nebr.
1
Humphrey, Nebr.
9
60
Omaha, Nebr.South Omaha, Nebr. 60
Ponder, Nebr.
1
Pilger, Nebr.
3
Scottsbluff, Nebr. 1
6
Stanton, Nebr.
University Pl.Nebr. 3
2
Wahoo, Nebr.
Wayne, Nebr.
3
1
Winnebago, Nebr.
1
Cimarron, N. Mex.
Ado, Okla.
30
Ardmore, Okla.
3
Bartlesville, Okla.60
Beggs, Okla.
3
6
Blanchard, Okla.
Bristow, Okla.
2
Cherokee, Okla.
11
3
Cleveland, Okla.
724

1,889

1,889




District No. lo. Cont'd.
First National Bank
First National Bank
First National Bank
City National Bank
Farmers National Bank
National Bank of Commerce
First National Bank
Security National Bank
First National Bank
Citizens National Bank
Farmers National Bank
American National Bank
Shawnee National Bank
Stillwater National Bank
Farmers National Bank
First National Bank
Tonkawa National Bank
Exchange National Bank
Liberty National Bank
National Bank of Verden
First National Bank
First National Bank
Citizens National Bank
First National Bank
Casper National BankStock Growers National Bank
Stockmens National Bank
Shoshone National Bank
Powell National Bank
First National Bank
First National Bank
Sheridan National Bank
First National Bank
Citizens National Bank
First National Bank

District No. 12.
First National Bank
Calexico National Bank
First National Bank
First National Bank
Hollywood National Bank
First National Bank

724
Bro't for'd
3
t, Okla.
Drumrigh
2
Eldorado, Okla.
1
Okla.Fairfax,
12
Guymon, Okla.
Holdenville, Okla. 3
1
Hollis, Okla.
1
Kusa, Okla.
Okla. City, Okla. 12
15
Okmulgee, Okla.
30
Pawhuska, Okla.
6
Ponca City, Okla.
2
Sapulpa, Okla.
60
Shawnee, Okla.
1
Stillwater, Okla.
2
Tecumseh, Okla.
3
Thomas, Okla.
1
Tonkawa, Okla.
180
Tulsa, Okla.
3
Tulsa, Okla.
3
Verden, Okla.
Wyo. 3
Green River,
2
.
Lovell, Wyo.
-3
on, Wyo.
Torringt
1
Basin, Wyo.
30
Casper, Wyo.
12
Hawlins, Wyo.
15
Casper, Wyo.
3
Wyo.
Cody-,
2
Powell, Wyo.
18
Lander, Wyo.
3
Sheridan, Wyo.
3
Sheridan, Wyo.
3
Shoshoni, Wyo.
18
Cheyenne, Wyo.
2
Thermopolis, Wyo.

Yuma, Ariz.
Calexico, Cal.
Corcoran, Cal.
Fairfield, Cal.
Hollywood, Cal.
Imperial, Cal.

4
15
3
3
9

4
31

1889

1183




District No. 12. Cont'd.
Red Bluff National Bank
National Bank of
First National Bank
First National Bank
First National Bank
First National Bank
American National Bank
First National Bank
First National Bank
First National Bank
Citizens National Bank
First National Bank
First National Bank
United State National Bank
Live Stock 'National Bank
First National Bank
Whitman County National Bank
Tekoa State Bank

31
Bro't for'd
1
Red Bluff, Cal.
3
Riverside, Cal.
San Pedro, Cal.51
Barbara, Cal 15
Santo
Visalia, Cal.
18
Filer, Idaho,
12
Idaho Falls, Idaho. 3
15
Jerome, Idaho.
1
Nampa, Idaho.
Newdale, Idaho.
3
Salmon, Idaho.
18
Heppner, Oregon.
Joseph, Oregon.
McMinnville, Ore.
3
North Portland, Ore.2
Mt. Vernon, Wash. 21
Rosalia, Wash.
3
1
Tekoa, Wash
Total

Governor Harding suggested that there be held a
general hearing, of the various local interests in the
Atlanta district desirous of having a branch bank established at specified points.

On motion, it was agreed

to set such a hearing for Saturday, May 18, at 10 A.
M., all parties concerned to be notified and invited
to be present.

Any director of the Atlanta bank de-

sirous of attending the hearing should be invited to
attend and one representative of each of the cities desiring the establishment of a branch.
Jr. Hamlin presented a letter from Professor
Adolph Cohn, asking for material regarding the finan-

3072

203
3,272




pae.ts.9 fr1.

cial aspects of the war.

The Secretary was directed

to supply-any data that might be available.
On motion, at 12:25 P. M., the Board adjourned.
APPROVED:


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102