Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, July 29, 1918, Volume 5, Part 3

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at a regular meeting of the ixecutive Committee of
the Federal Reserve Board held in the office of the Board
on July 29, 1918, at 3 P.71.,
PRLSENT:

Mr.
Mr.
Mr.
Mr.

Harding, presiding
Viarburg
Hamlin
Willis, secretary.

11 letter from the Dominion National Bank re exemption
of essential employes from draft was read and the Governor
authorized to reply suggesting that banks take

Up

directly

with the Federal Reserve Bank of their districts the status
of each individual case.
A report from New York re Treasury Certificates of
Indebtedness giving the amounts subscribed was read and referred to Governor Harding for reply.
a memorandum of Counsel re the effect of recent
upon the pay of
)
legislation as to compensation of employes
employes of the Federal Reserve Board, was read and referred
back to Counsel for informal consultation with the Comptroller
of the Treasury.
1). letter from Governor Liorss re agreement of brokers "
to sell certificates of indebtedness at not less than par
and interest was read and noted.
letter from assistant Federal Reserve Agent Post
of 2hiIadelphia, re the need of Federal Reserve notes there,
was read and noted and the Governor authorized to reply
stating that a large order for notes had already been placed..



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1.4
A letter from Governor McDougal re the deposit of
Government bonds as a basis for circulation was read and
noted and it was agreed to ask all Reserve banks possessed
of such bonds to deposit them and take out notes accordingly.
A letter from Federal Reserve Agent Ramsay transmitting minutes of a recent meeting of the Board of Directors
of the Federal Reserve Bank of Kansas City was read and
ordered acknowledged.
A letter from Federal Reserve Agent Hardy re the
appointment of an Assistant Counsel, read, and agreed to
authorize appointment at not over $3,000 per annum.
Reoort of Committee No. 3:
Dated July 29th, recommending changes in stock at Federal
Reserve Banks as set forth in the
auxiliary minute book as of this date.
At 3:52 P.M., the meeting adjourned.

Secretary.
Approved: