Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 21, 1919, Volume 6, Part 1

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133

At a meeting of the Executive Committee of the
Federal Reserve Board held in the office of the Board on
Friday, February 21, 1919, at 11 A.M.,
PRESENT: The
Mr.
Mr.
Mr.
Business

Was

Governor
Miller
Hamlin
Broderick, Secretary.

presented and disposed of as follows:

The Governor reported the purchase, on February 19th,
of special 24 certificate of indebtedness of the United
States for 4;1,000,000, for the Federal Reserve Bank of
Boston, for deposit with the Comptroller of the Currency
as collateral for Federal Reserve bank notes.
Approved.
Report of discount rates received from various Federal Reserve banks; no changes recommended.
Noted.
The Governor reported the following rediscount
transactions, pursuant to authority heretofore vested in him:




February 20th, by Federal Reserve Bank
of Chicago for Federal Reserve Bank of Dallas,
$5,000,000 member bank 15 day collateral notes
secured by Government obligations; rate 4%.
February 20th, by Federal Reserve Bank of
Chicago for Federal Reserve Bank of Philadelphia,
45,000,000 member bank 15 day collateral notes
secured by Government obligations; rate 44.
Noted.

-2Report dated February 21st, 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.
Report, February 21st,recommending action on applications
for fiduciary powers as stated in the
auxiliary minute book as of this date.
Approved.
Report, February 21st,recommending changes in stock at Federal Reserve banks as set forth in
the auxiliary minute book as of this
date.
Approved.
Report, February 20th,recommending approval of application
of Philip T. Dodge for permission to
serve at the same time as director of
the Bank of New York and trustee of
the New York Trust Company, both of
New York City.
Approved.
Report, February 21st,recommending increase in salaries of
employees of the Auditing Department
of the Federal Reserve Bank of Philadelphia, as follows:
From
To
Name
$1,600 per annum
41,080
Warren T. Locker,
"
1,600
1,400
Elmer J. Rea,
Approved.
Other business was presented and disposed of as follows:
Application of the International Trust Company, Boston,
for authority to accept drafts and bills of exchange up to
100A of its capital and surplus, under the provisions of Section 13 of the Federal Reserve Act.




135

_3_
Approved.
Letter dated February 18th from Assistant to the
Director General of Railroads Clagett, in re railroad deposits of the Union Bank Trust Company of Du Bois, Pa.
Noted.
Letter dated February 19th from the President of the
First National Bank of Janesville, Wisconsin, in re circular of Lewis & Company, stating participation in oil companies' stock selling enterprise by directors of the Federal
Reserve Bank of Kansas City.
Referred to the Governor for reply.
Letter dated February 19th from the iederal Reserve
Agent at Yew York, in re creation of reserve

as foundation

for self-insurance plan.
Referred to General Counsel for opinion.
Letter dated February 20th from the Federal Reserve
Agent at Philadelphia, in re railroad deposits of the Union
Bank & Trust Company of DuBois, Pa.
Noted.
Letter dated February 17th from the Assistant Federal
Reserve Agent at Dallas, in re building plans of that bank.




Noted.
Letter dated February 20th from the Federal Reserve

136

-4Agent at New York, requesting approval of the purchase by
the Federal Reserve Bank of New York of the Bishop property,
No. 23 Liberty Street, at a price of 476,350.
Approved.
Letter dated February 19th from the Federal Reserve
Agent at St. Louis, in re eligibility as Class "B" Director
of Mr. Rolla Wells, formerly Governor of the Federal Reserve
Bank of St. Louis.
Referred to the Governor for reply.
Press statement of the Research Institute, Washington,
D. C., dated February 23d, in re regulation of prices.
Referred to the Bulletin Committee.
At 11:45 A.M., the meeting adjourned.

Approved: