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FedAt a meeting of the Executive Committee of the on Tuesday, eral Reserve board held in the office of the board July 15, 1919, at 11 A.M., PRESENT: The Mr. mr. mr. uovernor Strauss Hamlin Cnapman, Assistant Secretary. ine Governor reported tile purchase of special 4. cer- tificates of indebtedness of the united States for deposit Federal with the Comptroller of the Currency as collateral for Reserve bank notes, as follows: For Federal Reserve bank of: Date July July July July July San Francisco, New xork, Pew xork, New xork, Richwond, Amount 4832,000 9th 500,000 10th 200,000 11th 500,000 14th 500,000 14th Approved. The Governor reported rediscount transactions pursuant to authority heretofore vested in him: member bank promissory notes secured by uovernment obligations; rate 0 on paper secured by certificates of indebtedness and 4% on paper secured by Liberty bonds and victory notes, as follows: Date July 10th bank Rediscounting Richmond Philadelphia July 11th Richmond Philadelphia It Dallas July 12th Richmond Eicnmond I With Amount ยง5,000,000 (Chicago (Minneapolis 5,000,000 15,000,000 ehicago Minneapolis 10,000,000 5,000,000 Chicago 2,000,000 Chicago 000 10,000, Minneapolis 00 5,000,0 Cnicago Maturities 11-15 days I, I 15 days 11-15 days 15 days -2noted. memorandum by Secretary dated July 14th, in re status of agreements with foreign banking corporations. Noted. Telegram dated July 12th from Chairman of the Federal Reserve Bank of Atlanta, requesting abrogation of differential rate of 470 on 16 to.90 day paper secured by Fourth Liberty Loan bonds where such paper has been discounted by member banks at a rate not exceeding the coupon rate, effective July 17th. Approved. The Governor stated that it was in order to appoint a Director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland to succeed Mr. T. uart Given, deceased. On motion duly seconded mr. uarrison Nesbit, President of the Bank of Pittsburgh was appointed a director of the Pittsburgh branch of the Federal Reserve Bank of Cleveland. Memorandum by Statistician dated July 14th, in re office space required by Division of Reports and Statistics. Noted. Memorandum by Secretary dated July 14th, submitting for approval draft of letter to all Federal Reserve banks, requesting them to file with the Federal Reserve Board as of August 1, 1919, a complete list of salaried employees of their War Savings organizations, and advising them that all adjustments in salaries and increases in compensation are to be submitted to the Federal Reserve Board for approval in the same manner as in case of other employees of the Bank. Approved. Letter dated July 11th from the American Foreign Banking Corporation, requesting permission to open a branch in Buenos Aires, Argentine Republic. Approved. Memorandum by Secretary dated July 12th, in re report of condition of First National Corporation of Boston, with particular reference to character of reserve against outstanding acceptances. Voted that the First vational Corporation of Boston be informed that while the reserve held by them against outstanding acceptances is adequate without the inclusion of certain shares of the Foreign Bond & Share Corporation, it is not the purpose of the Board to recognize such shares as proper security for outstanding acceptances. Letter dated July 10th from the uovernor of the Federal Reserve Bank of Dallas, submitting data in connection with bids considered in connection with the erection of a new bank building by that Bank. Voted. -4Letter dated July 11th from Deputy uovernor Peple, on of Federal Reserve Bank of Richmond, analyzing the relati e cotton to the loan situation in the 5th Federal Reserv District. Ordered circulated. Suggested draft of letter dated July 11th to Messrs. certain acStetson, Jennings and Russell in re eligibility of ceptances to finance exports to Czecho-Slovakia. Referred to Mr. Strauss for preparation of a statement for the forthcoming Bulletin. Letter dated July 11th from the uovernor, Federal Reof serve Bank of Chicago, explaining the action of the Board of Directors of that Bank in abandoning its announced policy collecting by express, items on banks not on the par list. Ordered circulated. Daily comparison of street loans of reporting vow xork City banks. Voted that the Uovernor, upon the occasion of his contemplated visit to Vew Iork, ascertain whether or not the reporting banks would object to the Board making public in general tabulated form, eliminating details, the figures reported by them. Memorandum of July 11th from Acting Director, Die vision of Analysis and Research, in re criticism of articl page entitled "index of Collection Conditions" appearing on -5547 of the June Federal Reserve Bulletin. Ordered circulated. The uovernor stated that it would appear fitting n that 2r. F. 1. Kent, formerly Director, Division of Foreig The Exchange, should receive a check for O.. autographed by President, as compensation for his services to the Board, which he rendered without remuneration. On motion duly seconded, it was resolved that Mr. Fred I. Kent having rendered invaluable service to the united States and the Federal Reserve Board as Director of its Division of Foreign Exchange, which service was voluntary and without compensation, it is hereby voted that the Fiscal Agent of the Board be directed to issue a check in his favor for ;1. e Letter dated July 14th from Assistant Federal Reserv reAgent Morgan at maw Iork, submitting chart analyzing the call lation between the withdrawal of uovernment deposits, July 9 money, time loans and investments during the period and 10, 1919. Referred to the Bulletin Committee with suggestion that the letter and chart be reproduced in modified form in the forthcoming issue of the Bulletin. The following reports were submitted: tions Dated July 15th, recommending admission of State institu as book minute ary auxili the in forth set as ions condit the t to subjec date, of this stated in tne individual reports attached to each application. Approved. i ( I -bDated July 15th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated July 15th, recommending approval of application of Edward F. Clark to serve at the same time with the First National Bank, and Dollar Savings & Trust Company of xoungstown, Ohio, and the Second national Bank, Warren, Ohio. Approved. Dated July 14th, advising that mr. Roger Baldwin, heretofore appointed as Assistant PlYaminer at a salary of 402,0ou per annum will not report for duty. noted. Dated July 14th, recommending approval of appointment of Alfred A. Boysen as Assistant Examiner at a salary of i,1,2,000 per annum, effective upon reporting for duty. Approved. 'Dated July 14th, recommending approval of recommendation of Directors of the Federal Reserve Bank of Richmond that the salary of Deputy Governor Peple be increased from $10,0J0 to $12,0u0 per annum, effective July 1, 1919. Approved. Dated July 14th, recommending designation of messrs. ueorge A. Augherton and Ralph M. Chapman as eederal Reserve Examiners, effective August 1,1919. Approved. Dated July 11th, recommending approval of salaries of the following employees of the Federal Reserve Bank of New xork: $4,000 per annum herbert S. Downs, " 3,120 Routh, Robert Approved. Dated July 11th, recommending that Mr. J. H. Bizzell, head of the Statistical Section of the Division of -7Foreign Exchange, be granted leave of absence for thirty days, beginning August let instead of July lbth, as heretofore authorized. Approved. Dated July 13th, recommending approval of increases in salaries of officers and employees of the Federal Reserve Bank of San Francisco, effective July 1, 1919. Approved. Dated July 14th, recommending approval of increases of salaries of officers and employees of the Federal Reserve Bank of Dallas, effective July 1, 1919. Approved. The Governor reported the reserve positions of the several Federal Reserve banks. At 12-35 P.M., the meeting adjourned. Assistant Secretary. Approved:
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