Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, December 4, 1918, Volume 5, Part 4

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At a meeting of the Federal Reserve Board, held
in the office of the Board on December 4, 1918, at 11 A.M.,
PRESETZT: The
Mr.
Mr.
Mr.
Mr.
Mr.

Governor
Jtrauss
Miller
Hamlin
7;illiams
Broderick,

ecretary.

The minutes of the meetings of the Board .hold on
December al and 3d, were read, and on motion approved as
amended.
The minutes of the meetings of the Gold L..xport
Committee, held on December 5d and 4th, were presented
and approved, and the action therein set forth ratified.
Yornin.cr business was presented and disposed of
as follows:
Application of the Mellon rational Bank of
Pittsburgh, Pa., for authority to accept drafts and bills
drawn on it up to 10Z of its capital and surplus, under
the provisions of Jection 13.
Approved.
,..pplication of the Dexter 7orton rational Bank,
oattlo,7.ashington, for authority to accept drafts and
bills drawn on it up to 1.30;',a of its capital and surplus,
under the provisions of Section 13.




Approved.

-2Alpplication of the National Bank of Commerce.,
1",orfo1k, Virginia, for authority to accept drafts and
bills drawn on it up to 10,)

of its capital and surplus,

under the provisions of section 13.
Voted to defer action until receipt
of report of next examination, in view of
many items criticised in report of examination of October 12, 1918.
Letter dated November 29th, from the Governor
of the Federal Reserve Bank of Chicago, suggesting the
appointment of a committee of transit managers of Federal
Reserve Banks to confer with the Committee of the Clearing House Section of the American Bankers' Association,
for the purpose of evolving a plan for the ready identification of collection items of banks on the inter-district
par list.
Referred to the Secretary with power.
The Governor reported the following rediscount
operations between Federal Reserve Banks pursuant to
authority heretofore vested in him:




December 2d, by Federal Reserve Bank
of Minneapolis for Federal Reserve Bank
of Dallas, I5,000,030 member bank 15 day
notes, secured by Government obligations,
at rate of 4.
December 2d, by Federal Reserve Bank
of Chicago for Federal Reserve Bank of
Atlanta, 7,500,000 member bank 15 day col-

-3lateral notes, secured by Government obli
tiors, at rate of 4.

_

December 3d, purchase by Federal Reserve
Bank of Chicago, from Federal Reserve Bank of
Philadelphia, at 4.11., of $5,000,000 bunkers'
acceptances indorsed by Federal Reserve Bank
of Boston, and ”,000,000 bankers' acceptances
indorsed by Federal Reserve Bank of Philadelphia.
Noted.
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:Date

New York,
Philadelphia,
Richmond,

Aount
m

Dec. 2, 1918 4499,000
Dec. 3, 1918 1,0J0,000
it
999,000
500,000

Approved.
Letter dated December al, from Governor of the
Federal Reserve Bank of Cleveland, asking authority to declare a 0 dividend for the period July 1, 1918, to December 31, 1918.
ALDpreved.
REPORTS OF COMMITTEE /70. 1:
Dated December 4th, recommending admission of State institutions as set forth in the auxiliary minute book as of this date,




fi

-4subject to the conditions stated
in the individual reports attached
to each application.
Approved.
Dated December 2d,(3 reports) recommending changes in
stock at Federal Reserve Banks as
set forth in the auxiliary minute
book as of this date.
Approved.
Dated December 3d,recommending action on applications
for fiduciary powers as stated in
the auxiliary minute book as of this
date.
Approved.

(1

Dated December 2d,recommonding approval of the application of Levi L. Maloney of Wilmington, Delaware, for permission
to serve at the same time as director of Peeples rational Bank,
Middletown, Del., and as director
of the Security Trust & Safe Deposit Co.,Wilmington, Del.
Approved.
CHANGES IN .:4TAFF:
Dated November 26th,recommending approval of increase
in salary of National Bunk lilminer Ward Y. Buckles, Federal Reserve District ro.9, from 33,900
to 11.,200 per annum, effective
December 1st.
Approved.
Dated December 3d,

recommending probationary appointment of L. B. Davis as Stenographer
and Typewriter in the Division of
Reports and Statistics at $1,500
per annum, effective upon reporting for duty.
Approved.

Dated December 3d,

recommending that indefinite leave




5
of absence with Pay be granted
to Mr. John V. Lhea, Jr., of the
Board's staff.
Referred to the Governor
with power.
Dated rovember 29th, recommending approval of the following appointments at the Fedoral Reserve Bank of Chicago:
Position
Name
Lzsistunt to Governor
B.G.McCloud,
Cashier
S.B.Cramer,
A.H.Vogt,
Lssistant Cashier.
Approved.
At 12:05 P.M., the meeting adjourned..

Approved:

A



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