Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 12, 1919, Volume 6, Part 1

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106

At a meeting of the Executive Committee of the
Federal Reserve Board held in the office of the Board on
February 12, 1919, at 11:40 A.M.,
PRESENT: The
Mr.
Mr.
Ur.

Governor
Miller
Hamlin
Broderick, Secretary.

Morning business was presented and disposed of as
follows:
The Governor reported the purchase on February 11th,
of special 2;.O certificate of indebtedness of the United
States for $500,000, for the Federal Reserve Bank of Philadelphia, for deposit with the Comptroller of the Currency
as collateral for Federal Reserve bank notes.
Approved.
The Governor reported the following rediscount
transaction, pursuant to authority heretofore vested in him:
February 11th, by Federal Reserve Banks
of St. Louis and Chicago, for Federal Reserve
Bank of Boston, 45,000,000 each of bankers'acceptances endorsed by the Federal Reserve Bank
of Boston; rates, 4-1/8i; for 45 to 60 day paper,
and 4-1/4"; for 61 to 90 day paper.
Noted.
Letter dated February 3d, from the Federal Reserve
Agent at San Francisco, submitting application of the First
National Bank of Van Nuys, California, for reduction of reserve requirements against demand deposits, from ten to seven
per cent.




-2Approved.
l'.emorandum by the Secretary dated February 10th, in
re acceptances of the International Banking Corporation,
New York.
Eeferred to the Secretary.
/14;overnor
Letter dated February 8th, from Deputy '
Sailer, Federal Reserve Bank of New York, requesting approval of plan of special mail service between that bank and
'ashington, and advice as to action necessary to make th...;
plan effective.
Voted to approve plan. Secretary to
reply as to action necessary.
:emorandum by Statistician, dated February 10th,
requesting authority to issue the weekly Federal aeserve bank
statement as at close of business Thursday, February 21st in
view of legal holiday February 22d.
Approved.
Voted that the offices of the Federal Reserve Board be closed on Saturday, February 22,
7ashington's oirtnday.
REPORTS OF COJMiTTEe NC. 1:
Dated February 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.




-3-Dated February 11th (3 reports) recommending changes in
stock at Federal 1-:eserve banks as set
forth in the auxiliary minute book as
of this date.
Approved.
Dated February 12th, recammendin6' action on applications
for fiduciary powers as stated in the
auxiliary minute book as of this date.
Approved.
Dated February 11th, recommending approval of application
of Edward J. Turner for permission to
serve at the same time as director of
the Rutherford 1:Ational Bank, Rutherford, r.ew jersey, and the Hackensack
Trust Company of Hackensack, Yew jersey.
Approved.
Dated February 10th, recommending approval of application
of G. Colesberry Purves for permission
to serve at the same time as director
of the Philadelphia Yational Bank and
the Fidelity Trust Company, both of
Philadelphia, Pa.
loprovedDated February lita, recommending further investigation of
the application of W. Averill Harriman
for permission to serve at the same
time as director of the Fourth Street
1:ational Bank of Philadelphia, Pa.,
the Harriman rational Bank, 1:ev, York,
and the uuaranty Trust Company of New
York.
Referred to the Secretary for report.
Dated February 12th, recommending approval of the a2pointment
of '4. H. Fletcher as Examiner of the Federal Leserve Bank of Cleveland and as
Special Lxaminer of the Federal Reserve
3oard, at a salary of ti2,700 per annum.
Approved.
Dated February 12th, recommending approval of the appointment
of 0. A. Carlson as Examiner of the Federal




109

-4Reserve Bank of Minneapolis and as
Special Examiner of the Federal
Reserve Board, at a salary of 44,000
per annum.
Approved.
Dated February 10th, recommending increase in the salary
of Telegraph Operator Mulranen from
4140 to 4150 per month, effective
February 16th.
Approved.
Other business was presented and disposed of as
follows:
The Governor reported the reserve positions of the
several Federal Reserve banks.
Letter dated February 10th, from the Federal Reserve Agent at Boston, submitting form of application for
employment criticized by Congressman Fitzgerald as calling
for statement as to religion of applicants.
Referred to Mr. Hamlin for report.
At 12:20 P.M., the meeting adjourned.

Approved:




Gover