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At a meeting of the Executive Committee of the Federal Reserve Board, held in the office of the Board on Tuesday, August 12, 1919, at 11 A. L., PRESE%T: The Governor .Mr. Strauss Hamlin Mr. Chapman, Acting Secretary. Application of the Federal Reserve Bank of New xork for permission to open and maintain a banking account with the Bank Of Spain, a corporation established under the laws of the Kingdom Of Spain, having its principal place of business in Madrid, Spain; to appoint the said bank its correspondent, and to establish the said bank as its agent in the Kingdom of Spain. Approved. Tne Governor submitted a copy of his letter dated August 8th addressed to the Chairman of the Banking and Currency Committee of the Senate with respect to the relation of Federal Reserve notes in circulation to commodity prices, and stated that before sending this letter he hau submitted it to, and received the approval of the Secretary of the Treasury, the Comptroller Of the Currency and the Vice-Governor of the Board. Application of Atlantic National Bank for authority to accept drafts or bills of exchange drawn on it by banks or bankers in Porto Rico for the purpose of furnishing dollar exchange. Approved. Application of Lumberman3National Bank, Houston, Texas, for authority to accept drafts and bills of exchange up to 10070 of its capital and surplus, under the provisions of Section 13 of the Federal Reserve Act. Approved. The Governor reported the status of rediscounts between Federal Reserve banks as of the close of business August 9, 1919, and the reserve positions of the several Federal Reserve banks as of the same date. The Governor reported rediscount transactions, pursuant to authority neretofore vested in him; member bank promissory notes secured by Government obligations; rate 0 on paper se0 on paper secured 45/ : cured by certificates of indebtedness and 4by Liberty bonds and Victory notes, as follows: Date Bank Rediscounting With Maturities 410,000,000 5,000,000 11-15 days Minneapolis Minneapolis 2,000,000 7,000,000 15 days 11-15 days (Chicago Richmond.....)St. Louis (Minneapolis Approved. 5,000,000 5,000,000 10,000,000 Aug. 7th Richmond (Chicago (St. Louis Aug. 8th Aug. 9th Dallas Philadelphia Aug.11th Amount It ft Tne uovernor reported the purchase of special 2P certificates of indebtedness of the United States for deposit with the Comp'croller of the Currency as collateral for Federal Re- -3serve bank notes, as follows: For Federal Reserve Bank of: Cleveland New York Kansas City Chicago Richulond Minneapolis New York Atlanta Date August August August August August August August August 7th 7th 7th 7th 8th 9th 11th 11th Amount 1,000,000 1,000,000 500,000 1,000,000 500,000 500,000 1,000,000 500,000 Noted. Memorandum by Acting Secretary dated August 11th, recommending approval of leases with Pioneer Warehouse, Brooklyn, for space to care for the files of the Division of Foreign Exchange. Approved. Letter dated August 5th from the Chairman of the Federal Reserve Bank of San Francisco, submitting recommendation of the Directors of that Bank that it be permitted to establish a branch at Los Angeles, California. Tabled for the meeting of the Board to be held August 13th. Letter dated August 7th from Consulting Architect Trowbridge, submitting for approval estimate of the Thomas Bruce Boyd Company, Inc., to provide furniture and equipment for the new bank building of the Federal Reserve Bank of Dallas, amounting to ;216,776.60, together with telegram dated August 11th -4from Mr. Trowbridge, advising that such bid is acceptable to the officers of the Federal Reserve Bank of Dallas. Approved. Telegram dated August 12th from Consulting Architect Trowbridge, recommending that the contract let for the new Federal Reserve bank building at Dallas be amended so as to include a dining room and hospital equipment, at a cost of 02,619.44. Approved. Letter dated August 5th from the Chairman of the Federal Reserve Bank of San Francisco, suggesting the substitution of greenbacks for Federal Reserve bank notes outstanding. Tabled for meeting of the Board to be held August 13th. Letter dated August 7th from the Governor of the Federal Reserve Bank of Minneapolis, commenting upon check clearing plan to be discussed at the conference to be held on AugUst 18th. Noted. Letter dated August 9th from the Governor of the Federal Reserve Bank of Cleveland, commenting upon check clearing plan to be discussed at the conference to be held on August 18th. Noted. -5_ Letter dated August 5th from the Chairman of the Federal Reserve Bank of St. Louis, requesting approval of the designation of the following as special examiners of that Bank: L. E. Wittenberg G. W. Berri C. M. Stewart E. J. yovy L. H. Bailey H. L. Trafton A. E. Debrecht F. P. McGuire G. A. Rehme S. B. Jenks V. S. Fuqua C. E. Martin Frank Hall Lawrence Arthur John M. Lynch Approved. Letter dated August 5th from the Cnairman of the Federal Reserve Bank of San Francisco, requesting approval of the designation of the following as special examiners and assistant examiners of that Bank and its branches: Head Office Examiners: William A. Day, Ira Clerk, Other Title Deputy Governor Asst. Deputy Governor Asst. Examiners: E. H. Tucker, H. S. House, Geo. C. Dankworth, A. B. Nordling, G. A. Schmidt, E. J., uriffin, D. C. Armanino, C. h. Shaw, Asst.Federal Reserve Agt. Auditor Clerk, Dept.of Examination Relief of Branch Cashiers Clerk, Discount Dept. Assistant Auditor Clerk, Auditing Dept. Assistant Cashier -6Spokane Branch: Examiner: Chas. L. McLean, Other Title Manager, Spokane Branch Asst. Examiner: L. W. Norton, Auditor, Spokane Branch Portland Branch: Examiner: C. L. Lamping, Manager, Portland Branch Asst. Examiner: A. B. Mason, Auditor, Portland Branch Seattle Branch: Examiner: C. J. Shepherd. Manager, Seattle Branch Asst. Rvnminer: J. E. Beale, Auditor, Seattle Branch Salt Lake City Branch: Examiner: Chas. H. Stewart, Manager, Salt Lake City Branch Asst. Examiner: William F. Cox, Auditor, Salt Lake City Branch Approved The following reports were submitted: Dated August 12th, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated August 8th (3 reports) recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Aoproved. -7Dated August 11th, recommending approval of the following increases in salaries of the War Savings Organization of the Federal Reserve Bank of hichmond: To From 42,100 41,80o Thomas C. Bolt, 1,650 1,600 L. M. Lee, 780 650 Miss N.Van Deventer, 624 572 Mrs.M.H.Coleman, 676 624 Miss Louise Walke, 520 572 Mrs.v.F.Smith, 1,000 936 Miss C. Wimbish, 728 624 Miss Kate Hechler, 728 624 Mrs. C. L. Spence, 728 624 Miss Esther Woods, 728 624 Miss Anna Ryan, 728 624 Miss Grace Powell, 652.60 600.60 Miss M. V. Zink, 1,800 1,600 Win. E. Shackelford, 1,320 1,200 Miss A.P.Steinlein, 3,000 2,880 Frank C. Wood 728 624 Miss G. Thierman, 1,200 1,092. Mrs. L. E. Mosby, 1,080 910 Miss H.A.Rothbert 1,980 Miss Ella H.Barnette, 1,800 1,980 1,800 Mrs. C.B.Eldridge, 2,280 2,100 J. W. Durnam, 1,980 1,920 Miss Lois Ervin, 2,100 1,680 Miss M.G.Shotwell, 1,920 1,800 Whitzell, M. Miss Miss Elise Whitehurst, 899.60 1,000 2,400 1,920 R. J. Moorehouse, 2,100 1,920 v. W. lates, Approved. Dated August 11th, recommending appointment of L. C. Berry as Messenger on the Board's staff, effective August 16th, vice Lynwood Trueheart, transferred to the Division of Reports and Statistics, Berry's salary to be on the basis of 840 per annum for a temporary period of 60 days with a 4240 bonus effective October 16th, in the event his services prove satisfactory. Approved. -8Dated August 7th, reporting the following changes in the National Bank Lxamining force during the month of July, 1919: Sherrill Smith transferred from Federal Reserve District No. 7 to No. 2 and appointed Chief Examiner July 7th. ueorge J. Stevens resigned in District No. 4, effective July 31st. Thomas H. Davis appointed in District No. 5, July 8th. Charles A. Stewart appointed in District No. 5,July 16th. James B. ureenfield resigned in District No. 7, effective July 31st. John T. Sawyer, Jr., appointed in District No. 7, effective July 16th. William E. Fair resigned in District No. 10, effective July 20th. Noted. Dated July 28th, submitting request of the Union Trust Company of Providence, R.I., for a change in the conditions of its membership in the Federal Reserve System, and recommending that action be deferred pending the receipt of report of the next examination of the institution. Approved. Dated August 8th, advising of the appointment of P. A. brown as Assistant Cashier of the Federal Reserve Bank of Cleveland at a salary of3,200 per annum, effective August 1, 1919, subject to the approval of the Board. Approved. At 12-10 2.11., the meeting adjourned. Acting Secretary. Approved:
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