The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
a meeting of the Executive Committee of the federal. IZeserve Board held in the office of the 3oard on Thursday, July 31, 1919, at 11 P11T: The Mr. Mr. Li*. Governor Strauss Hamlin Chapman, Assistant Secretary.. Business was presented and disposed of as follows: The Crovernor reported rediscount transctions, pursuant to authority heretofore vested in him: member bank promissory notes secured by Government obligations; rate 4,, on on paper secured by certificates of indebtedness and 4 )per secured by Liberty bonds and Victory notes, as follows: Amount Bank Rediscoun Date July 3oth Philadelphia July .Llot Ilichmond -r;,7,000,000 Chicago 5,000,000 (Chicago Minneapolis 10,000,000 5,000,000 (:Jt.Louis L!aturities 11-15 days tt Report of discount rates from various Federal Reserve banks; no chan6es recommended. Noted. Report of examination of Federal Reserve Bank of New York as at close of business Llay 31, 1)19. Referred to Committee for report. 4 1:,emorandum of Cecretary dated July 30th recommending approval of recluest of the Shavanut Corporation of Boston that the Board modify the agroemont with that Corporation to the extent of permitting aggreL;ate acceptances outstandin6, plus deposits,to an amount not exceeding twelve times its subscribed capital and surplus, instead of six times as now permitted. 4proved. The followin6' reports were submitted: 1$ Dated July 31st, recommending admission of State institutions as sot 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 3yth, recommending modification of conditions of membership of the Bank of Italy, San Vrancisco, Cal. Approved. , ::emorandum by Jecretary dated July 2vth, submittinL, for approval an organization chart outlininL, the manner in which the operating work of the Board shall be conducted in its various divisions, and recomnendation ro organization of work of the Division of Audit and -:xarlination, (See auxiliary minute book as of this date). Voted to a)prove plan of or6anization ap shown upon the chart submitted upon the understanding that if and when committees of the Board are appointed, supervision of the work • of certain divisions now shown as under the su?ervision of the Governor and the Secretary shall be transferred to such committees. Dated July 29th, reco=ending the approval of increase in salary of senior Federal ReserveT.Lxaminer John A1.11 from ',6,0L;0 to .,r7,000 per annum, effective September 1, 1919. Approved. Dated July 30th, recommending that authority bo• granted for the employment of an assistant Federal Reserve,Lxaminer at a salary not to exceed 42,000 per annum for present assignment on State bunk work in the :lashington office, with a view to his being available for field duty from time to time. Approved. . Dated July 30th, recommendinr that authority be granted for the employment of an assistant Federal Reserve Examiner for the ';,estern Force at a salary of 4',2,400 per annum, to take the place of 1.1r. Val J. Grand, transferred to the Lastern Force. Lpproved. Memorandum by Oecretary dated July 30th, requesting f absence with pay for the period AuL;ust 1 to ,luL:ust 1919, inclusive. Apdroved. Voted that, during the absence of the Secretary on vacation, Assistant Secretary Chapman be designated Acting Secretary of the Board. • Letter dated July 29th from the Chairman of the Aderal Reserve Bank of Cleveland, expressinL; the desire that the Board do not impose on telegraphic transfers the it fee referred to in the Board's letter dated July 23d (Z-1624). Voted that the Governor inform all Federal Ileserve banks that in view of the unanimous adverse sentiment of the Federal Reserve banks the Board i11 waive its au3.seation that a charge be imposed upon messazes makii4j teleL;raphic,transfers. The Governor reported the reserve positions of the various Federal Reserve banks. Lt 11-55 1.L1., the meeting adjourned. • sitnt Jecretary. Approved:
@FedFRASER