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At a meeting of the Executive Committee of the Federal Reserve Board, held in the office of the Board on Thursday, July 24, 1919, at 11 A.M., PRESENT: The Mr. Mr. Mr. Governor Strauss Hamlin Chapman, Assistant Secretary. Business was presented and disposed of as follows: Letter dated July 14th from the Chairman of the Federal Reserve Bank of Minneapolis, transmitting resignation of Mr. John W. Black of Houghton, Michigan, as a Class "C" director of that Bank. Voted to accept the resignation of Mr. John W. Black as Class "C" director of the Federal Reserve Bank of Minneapolis. The Governor stated that strong recommendations had been made from various quarters that Mr. C. H. Benedict, Chief Metallurgist of the Calumet & Hecla Mining Company, Lake Linden, Michigan, be appointed by the Board as Mr. Black's successor. Voted that Mr. C. H. Benedict be appointed a Class "C" director of the Federal Reserve Bank ot Llinneapolis to serve for the unexpired portion of the term of Mr. John W. Black, resigned. Letter dated July 23d from lion. George P. McLean, Chairman of the Banking and Currency Committee of the United States Senate, submitting for comment by the Board, Senate Bill 1370, recommending abolishment of the office of the -2ons Comptroller of the Currency, and the placing of the functi of his office under the Federal Reserve Board. Referred to la% Hamlin for preparation of draft of reply. Report of discount rates of various federal Reserve banks; no change recommended. Noted. The Vice-Governor stated that the Federal Reserve Bank of New York was in possession of quite a sum of French that rapoleons, upon which there existed today a premium, and it was the desire of the federal Reserve Bank of rew York to dispose of a certain portion of such Napoleons at this time in order to get the benefit of the profit arising from their present sale. Approved. The followint; reports were submitted: Dated July 24th, recommending admission of(jtate 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. Dated July 23d, recomnding changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated July 23d, recommending action on applications for fiduciary powers, as set forth in the auxiliary minute book as of this data. Approved. Dated July 2, reconzaandin approval of application of Adolfo Z;tahl to serve at the same time as a director of the Anglo and London Paris National Bank, San Francisco; the Angle California Trust Company,'San Francisco, and the Mercantile Bank of the Americas, Yew York City. Approved. 4 At 12-10 2.1..,„ the meting adjourned. Assistant Secretary. pproved: ove
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