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5-10 At a meeting of the Federal Reserve Bcard held in the office of the Board on Tuesday, June 24, 1919, at 11 A.M., PRE3E2T: The Mr. Mr. Mr. Mr. Vice-Governor Miller Hamlin Williams Broderick, Secretary. PREIZMT ALSO: Dean Gay of Harvard University. Dean Gay stated to the meeting that Mr. J. H. Williams, formerly Research Assistant to nr. Willis, was engaged in preparing an article for the Harvard Economic Journal, and desired to include in it certain statistics relating to foreign balances owed by the United States and its nationals, and foreign balances owing to the United States and its nationals, to which he had access while engaged in work for the Board, but to transcribe which, for the purpose of publication, he had not found it possible to obtain permission from the Statistical Section of the Division of Foreign Exchange. Voted that the Director of the Division of Foreign Exchange be instructed to afford to Yr. Williams facilities for reviewing and transcribing statistics bearing upon debts awed by or to the United States or its nationals, internationally, upon the understanding that Mr. Williams will submit his complete manuscript to the Board and publish no part thereof unless and until approved by the Board. (;It this point Dean Gay withdrew from the meeting). The minutes of the meetings of the Board held on Juno 19th, 20th and 21st were read, and on motion approved. Memorandum by Secretary dated June 16th, submitting re- -2_ port of the committee appointed by the Conference of Governors in re operation of the leased wire system. Tabled until July 1st. The Vice-Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank Promissory notes secured oy Government obligations; rate 41,' on 4'; on paper paper secured by certificates of indebtedness and 4' secured by Liberty bonds or Victory notes, as follows: Amount Maturities Chicago Chicago Chicago Cleveland $5,000,000 5,030,000 6,000,300 5,000,000 11-15 days June 20th (Cleveland Philadelphia.. (Chicago 10,0oU,000 5,000,000 June 23d Richmond June 23d Philadelphia Bank Rediscounting Date June June June June 18th 18th 19th 19th Philadelphia Richmond Dallas Philadelphia With (Yinneapolis10,300,000 )Minneapolis 5,000,000 (Cleveland 10,000,000 St. Louis 10,000,330 15 days 11-15 days 10-15 days 7-11 days 11-15 days 15 days Noted. The Vice-Governor reported the purchase of special 2% certificates of indebtedness of the United States for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: For Federal Eeserve Bank of: St. Louis' Chicago Date June 20,1919 June 2I,1919 Amount ',i500,000 1,000,000 51.2 -3Approved. Telegram dated June 23d from Governor of the Federal Reserve Bunk of Dallas, and letter dated June 23d from Supervising Architect Trowbridge, requesting reopening of the question of the character of bank building to be erected by the Federal Reserve Bank of Dallas. It was voted that, subject to the approval of the Federal Reserve Bank of Dallas Governor, the be advised that it is, the Board's desire.that.the plans for the new bank building be executed along the lines heretofore approved by the Board. Memorandum by Mr. Smead dated June 21st, in regard to ratio of Government deposits plus paper under rediscount with Federal Reserve Bank to holdings of United States War Obligations plus paper secured by such obligations. Ordered circulated. Applications of the following banks for authority to accept drafts and bills of exchange up to 10L6 of their capital and surplus, under the provisions of Section 13 of the Federal Reserve Act: Portland National Bank, Portland, Maine. First National Bank, Kansas City, Mo. Approved. Memorandum by Secretary dated Juno 23d in re power of Chairman Zunts of the Board of Directors of the New Orleans Branch of the Federal Reserve Bank of Atlanta, to accept for 51.3 -4the Atlanta Bank, conveyance of the Commercial National Bank property at New Orleans, and also to execute lease thereof. Voted that, subject to the approval of the General Counsel, Mr. Zunts be advised that as his resignation as Chairman of the Board of Directors of the Now Orleans Branch has not yet been accepted by the Federal Reserve Board, the Board considers him official and de jure chairman of the Board of the New Orleans Branch. Memorandum by Mr. Strauss dated June 23d in re custody of records of the Statistical Section of the Division of Foreign Exchange. Tabled to June 25th. Memorandum by General Counsel dated June 23d, suggesting that member State Bank and Trust 'Companies report dividends on form similar to that now required by the Comptroller of the Currency to be filed by National banks. Approved. Memorandum by Statistician dated June 21st, in re effect on reserves of June 21, 1917 amendments, and of opening of branches of Federal Reserve Banks in certain cities. Ordered Circulated. Memorandum by Secretary dated June 23d, recommending approval of saltry of 46,000 per annum for Mr. William Willett as Cashier of the Federal Reserve Bank of Boston, effective July 1, 1919. Approved. Letter dated June 18th from the Chairman of the Federal Reserve Bank of Boston, advising of the election of Frederick M. Drew as a group 2 director of that Bank. Noted. Letter dated June 20th from the Chairman of the Federal Reserve Bank of Kansas City, reporting activity of Oklahoma banks looking to the establishment in that State of a Branch of the Federal Reserve Bank of Kansas City. Noted. Letter dated June 23d from Deputy Governor Peple of the federal Reserve Bank of Richmond, submitting an analysis of the loans of that Bank. Ordered circulated. RLPORT6 OF COMMITME NO. 1: Dated June 24th, recommending admission of State 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 June 20th, recommending granting to the Director of the Division of Analysis and Research three months leave of absence without pay, beginning July 1, 1919. Approved. Dated June 20th, recommending leave of absence without pay up to and including July 31, 1919, for Miss Louise E. Peiffer. Approved. 515 -6The Vice-Governor reported the reserve positions of the various Federal lieserve banks. Noted. At 12:40 P.M., the meeting adjourned. Approved: Vice-Governor.
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