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At a meeting of the Federal Reserve Board held in the office of the Board on December 11, 1918, at 11 PRESENT: The Mr. Mr. "Jr. Mr. Governor Strauss Miller Hamlin Broderick, Secretary. The minutes of the meeting of the Board held on December 9th were read, and on motion approved as amended. The minutes of the meetings of the Gold Export Committee, held on December 10th and 11th were presented and approved, and the action therein set forth ratified. Pursuant to vote at meeting of Board held on December 9th, the question of the election of Class "C" directors of Federal Reserve Banks and Government directors of branches of Federal Reserve Banks, was considered as special order business, and it was voted that the following named gentlemen be elected Class "C" directors of the Federal Reserve Banks named, for the period January 1, 1919, to December 31, 1921: Name Federal Reserve Bank of: Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Mr. Mr. Mr. Mr. Mr. Mr. Allen Hollis George Foster Peabody Charles C. Harrison H.P.Wolfe Howard Bruce i.dward T. Brown Chicago, Mr. William A. Heath (Mr. Miller not voting) 199 -2Name Federal Reserve Bank of: St. Louis, Minneapolis, Mr. W.Mc. Martin Mr. William H.Lightner Mr. R. H. Malone Kansas City, (Mr. Miller not voting) Dallas, San Francisco, Mr. W. N. Newsome Mr. Walton N. Moore On motion duly seconded, it was voted that all present Chairmen and Federal Reserve Agents, and Deputy Chairmen, be continued in office for the calendar year 1919. On motion, duly seconded, the following gentlemen were elected directors of branches of Federal Reserve Banks for the calendar year 1919: Federal Reserve Bank of Cleveland (Cincinnati Branch) Mr. Judson Harmon Mr. Charles A. Hinsch (Pittsburgh Branch) Mr. J. D. Callery Mr. T. H. Given Federal Reserve Bank of Richmond (Baltimore Branch) Mr. Waldo Newcomer Mr. William Ingle Federal Reserve Bank of Atlanta (New Orleans Branch) Mr. James E. Zunts Mr. Albert P. Bush Mr. P. H. Saunders -3(Jacksonville Branch) Mr. J. C. Cooper Mr. Fulton Saussy (Birmingham Branch) Mr. W. H. Kettig Mr. Oscar Wells Federal Reserve Bank of Chicago (Detroit Branch) Mr. John Ballantyne Charles H. Hodges Federal Reserve Bank of St.Louis (Louisville Branch) Mr. F. M. Sackett ?.Ire Charles L. Hoge (Memphis Branch) Mr. T. K. Riddick Mr. S. E. Ragland (Little Rock Branch) Mr. Moorehead Wright Mr. George W. Rogers Federal Reserve Bank of Kansas City (Omaha Branch) Mr. P. L. Hall Mr. E. 0. Madmen Federal Reserve Bank of Dallas (El Paso Branch) Mr. W. N. Turney Mr. A. P. Coles -4Federal Reserve Bank of San Francisco (Spokane Branch) Mr. Peter McGregor Mr. G. 1. Toevs (Portland Branch) Mr. Nathan Strauss Mr. Everett Ames (Seattle Branch) Mr. Charles H. Clarke Mr. Charles E. Peabody (Salt Lake Branch) Mr. Joseph L. Rawlins Mr. C. G. Wright On motion duly seconded, it was voted to defer action on the election of Government directors of the Denver Branch of the Federal Reserve Bank of Kansas City, until the meeting of the Board to be held on Friday, December 13th. The Governor reported the following rediscount transactions pursuant to authority heretofore vested in him: December 10th, by Federal Reserve Bank of Chicago for Federal Reserve Bank of Atlanta, 45,000,000 member bank 15 day collateral notes secured by Government obligations, at 4-,L. December 11th, by Federal Reserve Bank of Minneapolis for Federal Reserve Bank of Boston, 440,000,000 member bank promissory notes secured by Government obligations, at 4; and 44,600,000 bankers' acceptances indorsed by Federal Reserve Bank of Boston, at 4-1/4%. Noted. Application of Seaboard National Bank, Seattle, Washington, for authority to accept drafts and bills of exchange up to 10° of its capital and surplus, under the provisions of Section 13 of the Federal Reserve Act. Approved. Letter dated December 4th, from Messrs. Shearman & Sterling, submitting applications of the National City Bank of New York for permission to open branches in Belgium, Switzerland and Portugal. Voted that the following orders be spread upon the minutes of this meeting: In the Matter of the Application of THE NATIONAL CITY BANK OF NEW YORK, for leave to open a Branch in BELGIUM. ORDER GRANTING LEAVE TO ESTABLISH A BRANCH IN BELGIUM, The National City Bank of New York having, on or about December 4, 1918, filed an application with this Board for the purpose of obtaining authority to establish a Branch, with its main office either in the City of Antwerp or in the City of Brussels, Kingdom of Belgium, and with a sub-branch, agency or office in the other of the said two Cities, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefomit is, ,r1 -6- ORDERED, that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a Branch with the main office either in the City of Antwerp or in the City of Brussels, Kingdom of Belgium, and with a sub-branch, agency or office in the other of the said two Cities, if it shall seem advisable to the officers of the Bank. In the Katter ) ORDER GRANTING LEAVE ( TO ESTABLISH A BRANCH Application of THE :&2IONAL CITY ) IN SWITZERLAND. ( BANK Ci NEW YORK, for leave to . ) in SWITZERLAND open a Branch of the The National City Bank of New York having, on or about December 4, 1918, filed an application with this Board for the purpose of obtaining authority to establish a Branch, with its main office in the City of Zurich, Republic of Switzerland, and with sub-branches, agencies or offices, if it shall seem advisable to the officers of the Bank, in the Cities of Berne and Geneva, or in one of the said Cities, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORDERED, that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a Branch with its main office in the City of Zurich, Republic of Switzerland, and with sub-branches, agencies or offices in the Cities of Berne and Geneva, or in one of the said Cities, if it shall seem advisable to the officers of the Bank. 15() -7In the Matter ) ORDER GRANTING LEAVE ( TO ESTABLISH A BRANCH Application of THE NATIONAL CITY ) IN PORTUGAL. BANK OF NEW YORK, for leave to ( open a Branch in PORTUGAL. of the The National City Bank of New York having, on or 4, 1918, filed an application with this Board December about for the purpose of obtaining authority to establish a Branch, with its in office in the City of Lisbon, Republic of Portugal, and with a sub-branch, agency or office in the City of Oporto, If it shall seem advisable to the officers of the Bank, and the said application having been considered; and it appearing that the said application is properly made under the laws of the United States of America and should be granted, Now, therefore, it is ORDERED, that the said application be and it hereby is approved, and that the said Bank be and it hereby is authorized to establish a Branch with its main office in the City of Lisbon, Republic of Portugal, and with a subbranch, agency or office in the City of Oporto, if it Shall seem advisable to the officers of the Bank. The Governor reported the following purchases of special 2;,; certificates of indebtedness of the United States for deposit with the Comptroller of the Currency as collateral for Federal Reserve Bank notes: For Federal Reserve Bank of: New York, San Francisco, Minneapolis, Date Amount Dec.10,1918 $3,000,000 ft 498,000 Dec.11,1916 500,00J Approved. Lemorandum by Counsel dated December 7th, in reply -6to memorandum by Assistant Cashier of the Federal Reserve Bank of St. Louis, in re release of trust receipts or shipping documents securing acceptances. Ordered circulated and docketed for meeting December 13th. REPORTS OF COMMITTEE NO. 1: Dated December 11th (2 reports) recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. Dated December llth,recommending action on applications for fiduciary powers as stated in the auxiliary minute book as of this date. Approved. Dated December llth,recommending approval of contracts for installation of two extension telephone stations, Division of Foreign Exchange, New York, at annual cost of Approved. CHANGES IN STAFF: Dated December 10th,submitting resignation of Yrs. Laura N. Matter, Clerk, Division of Reports and Statistics, effective December 21st. Noted. At 12:30 P.M., the meeting adjourned. Secretary. • Approved:
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