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1268 a regular meeting of the Federal Reserve Board held in the office of the Board on August 13, 1918, at 11:20 Harding, presiding :111or :r. Hamlin Williams Mr. Broderick, Acting Secretary.. The minutes of the meeting of the Board held on august 9th Lore read and on motion approved, as amended. The minutes of the Gold 1.:xport Committee meetings held on ugust 10th, 12th and 13th were presented for approval and the action therein set forth ratified. Voted that effective September 1, 1918, Mr. J. A. Broderick, now Acting Secretary and Chief Lxaminer, be and he hereby is appointed Secretary of the federal Reserve Board, and that his duties shall be in charge of the administrative details of the work of the Board and the direction and general supervision of the v.ork of examining federal Reserve Banks and applications made by state Banks for admission to the 43tem. Voted that Mr. Broderick be authorized, with the approval of the Governor, to visit the various federal Reserve Banks from time to time and to report as to the methods, management and policies of such institutions. Voted that Assistant Secretary Adelson be authorized to assume full charge of all examination work in the absence or disability of the Chief aminer. 126, -2- Voted that effective Lugust 13th, T. Chapman be to act as appointed Assistant to the Secretary of the Board, with the such pending the determination of his future status Board. . At this point Lir. dilliams withdrew from the meeting Morning business was presented and disposed of as follows; Letter, dated August lJth, from Gibson County Bank, Bank in re non-member bunk borrowing from Federal Reserve reupon security of Treasury certificates of indebtedness; ferred to Governor Harding for reply. Letter, dated August 11th, from Governor of Federal schedule Reserve Bank of Eew York, in re correction of time of float of Federal Reserve Banks and suggesting a study situation. Governor stated that on previous day a letter had ng memobeen addressed to all Federal Reserve Banks, enclosi Division. randum of analysis made by the Statistical Johnston, Letter, dated August 12th, from senator E. S. L. Lillett, .e.ith further reference to communication from C. S.D., in re President of the Stockgrowers' Bank, Ft. Pierre, of interest payment by Federal Reserve Bank to member banks reply. on their reserve balances; Governor to Federal Letter, dated August 9th, from Governor of rates. Reserve Bank of Cleveland, in re discount Noted. A.210 -3- Telajram dated August 13th, from Federal Reserve Agent, an Francisco, in re revision 'of discount rates. Governor directed to reply that Board was inclined to view sugstraight raise of 1/2 of 1, as somewhat drastic and to gest making rate for all maturities 4 by Government obligations; & notes; on notes secured on member banks 15 day collateral on trade acceptances, all maturities; 5, an ma- months turities 16 - 90 days and leaving agricultural six paper unchanged at 5L:. Telegram from Federal Reserve Agent, St. Louis, in ed re establishment of a brunch at Little Rock, Ark.; referr to the Governor for reply. Telegram dated August 12th re discount by Federal of 4i5,000,000 Reserve Banks of Philadelphia and Cleveland for the Federal each of Bankers' Acceptances and Receivables ties at rate of Reserve Bank of Richmond, 30 - 90 day maturi 470. Approved. Trust Letter from the 3eoretary of the Guaranty re custodian of Company of New York, dated August 9th, in t which drafts goods stored in warehouse of borrower agains e Act; to be drawn under Section 13 of the Federal Reserv Reserve Board. also memorandum of Counsel of the Federal make The Board approved the principle that to r, lette in to ed referr ts eligible, warehouse receip given be must or accept the representative of the -4- actual and legal control of the warehouse in which the goods are stored and not have more access to the goods. Governor to reply. Letter, dated August 9th, from Federal aeserve Agent, Boston, in re financial statements by borrouers. roted. Letter of acceptance dated August 9th, by Jesse H. L:etcalf, of appointment as Class "C" Director of Federal Reserve Bank of Boston. Noted. :.:emorandum of expehditures by sub-Committee on Capital Issues of an Francisco, amounting to ,P29.75; voted usual course, Acting Secretary to report back at next meeting. Memorandum dated ugust 7th, by W.T4Chapman, in re plan of publicity; voted that all statements for the press shall be approved by the Governor before released for publication. RI:TORTS OF OOLMTTLI, NO. 1: Dated August 13th, application of New Netherland Bank of New York, N.Y., for permission to accept up to 1U0i: of capital and surplus. Approved. The following additions to the Board's staff '0,ere approved: Name Position Lliss Leila Huey, Stenographer, Secretary's Office, salary Date Lffective 0.,320 Aug.12,1918 1Z2 Division of Foreign Exchan.ge: Name Miss Katherine Thompson, Miss Rose M. Stafford, Miss Mabel Ellis, Position Salary Clerk, Clerk, Clerk, ,720 780 840 Date Effective Aug.12,1918 Aug.19,1918 Aug.13,1918 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. At 1:10 2.1.1., the meeting adjourned. Acting Secretary. Approved: Govern()
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