Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 24, 1919, Volume 6, Part 1

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At a meeting of the Federal Reserve Board held in
the office of the Board on February 24, 1919, at 11 A.M.,
PRESENT: The
Mr.
Ur.
Mr.
'Ir.

Governor
Miller
Hamlin
Williams
Broderick, Secretary.

Morning business was presented and disposed of as
follows:
The Governor reported the purchase on February 21st,
of special 2), 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.
Letter dated February 18th from the Union Trust Company of Maryland, Baltimore, Maryland, suggesting that the
privilege of borrowing from Federal Reserve banks on Government securities be granted to non-member banks, for the purpose of facilitating the victory Liberty Loan.
Referred to the Governor for reply.
EEPORTS OF COMMITTEE PO. 1:
Dated February 24th, recommending appointment of U. a. Ball
as Stenographer at the rate of $1,320
per annum, effective upon reporting
for duty.
Approved.
Dated February 19th, recommending appointment of Madison P.
Coe as clerk, at the rate of $1,200 per




-2annum, effective upon reporting for
duty.
Approved.
Other business was presented and disposed of as
follows:
On motion duly seconded Mr. George L. Harrison, at
present Assistant Counsel of the Board, was appointed General
Counsel at a salary of 48,500 per annum, effective upon the
resignation of Yr. M. C. Elliott, at present General Counsel.
On motion duly seconded Mr. M. C. Elliott was appointed Consulting Counsel of the Board for the remainder of
the year 1919, at a salary at the rate of 0,000 per annum,
effective upon his resignation as General Counsel of the Board.
Letter dated February 17th from the Federal Reserve
Agent at San Francisco, in re prospective membership in the
System of the Lumbermens Trust Company, Portland, Oregon.
Referred to General Counsel for opinion.
Letter dated February 21st from the Federal Reserve
Agent at Richmond in re prospective manbership in the System
of the Bank of Commerce 8: Trusts, Richmond, Virginia.
Referred to the Governor for reply.
(At this point Mr. Williams joined the meeting).
Letter dated February 21st from Third Assistant Postr.'

master General Dockery, in re use by Federal Reserve banks of




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franked envelopes for transmission of circulars of the
Division of Foreign Exchange.
Referred to the Governor with power, after
consultation with General Counsel.
Letter dated February 20th from the Federal Reserve
Agent at Chicago, in re availability to his office of details
of reports of National Bank Examiners.
Referred to the Governor for reply.
Letter dated February 21st from the Assistant Cashier
of the Federal Reserve Bank of Richmond, in re application
of lusher & Company for license as Dealer in Foreign Exchange.
Referred to the Director of the Division
of Foreign Exchange for report.
The Governor read correspondence received by him in
connection with his investigation of the alleged connection
of directors of the Federal Reserve Bank of Kansas City with
an oil stock selling enterprise.
Voted that the Governor request the Federal Reserve Agent at Kansas City to forward
to the Board a copy of the printed prospectus of
the corporation in question.
The minutes of the meeting of the Board held on February 10th were read and on motion approved.
The minutes of the meetings of the Executive Committee
held on February 12th, 14th, 17th, 19th and 20th were read
and on motion approved.




140

-4The minutes of the meeting of the Gold Lxport Committee held on February 11th, 12th, 13th, 14th, 15th, 17th,
18th, 19th, 20th, 21st and 24th were presented and approved,
and the action therein set forth ratified.
At 12:30 P.M., the meeting adjourned.

Approved:




c_
Governor