The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
it a meeting of the Federal Reserve Board held
in the office of the Board on Larch 26, 1919, at 11
2E—a-47n: The
r.
Yr.
Lx.
Lr.
Governor
:i11er
Hamlin
Broderick, L;ecretary.
The minutes of the meeting of the Board held on
:larch, 24th were read, and on motion approved as amended.
The minutes of the meetings of the Gold uport Committee held on Larch 25th and 26th, were presented and approved, and the action therein set forth ratified.
Lorning business vas presented and disposed of as
follows:
Letter dated March 24th from the Comptroller of
the Currency, suggesting amendment of the text of the Fifth
Annual Report.
Ordered gassed to file.
Letter dated March 25th from the Comptroller of
the Currency, in re attendance of Mr. J. H. Case, Deputy
Governor of the Federal Reserve Bank of Few York, at a meeting of banicers held in Elmira, Yew York, on February 22d.
Referred to the Governor for investigation and report.
The Governor reported the following rediscount
transactions pursuant to authority heretofore vested in him:
Larch 24th, for the Federal Reserve Bank
4r)
C-Ik,
of Richmond, 10,0J0,000 member bank 15 day
collateral notes secured by Government obligations - rate 4; - as follows: .5,000,00.) by
the Federal Reserve Bank of Chicago, and
45,000,00O by the Federal Reserve Bank of
Cleveland.
March 24th, for the Federal Reserve Bank
15 day
of Dallas, ,37,500,000 member bank 11 to
aoblig
collateral notes secured by Government
the
by
00,000
tions - rate 42; - as follows: :;p5,0
u,000
Federal Reserve Bank of Chicago, and ,2,50
s.
apoli
Minne
by the Federal Reserve Bank of
ve
March 24th, purchase by the Federal Reser
of
Bank
ve
Reser
Bank of Boston from the Federal
0,000 bankers' acceptances.
Kansas City, .4,00
Toted.
ve
Telegram dated Larch 22d from the federal Reser
ing for the
Agent at Dallas, in re proposed new bank build
Federal Reserve Bank of Dallas.
roted.
Letter dated Larch 22d from the Treasurer of the
ns for sale
United States,'transmitting list of applicatio
ve Act, for
of bonds under section 18 of the Federal Reser
the quarter endint, Larch 31st.
Voted that no allotment beimade.
Letter dated Larch 20th from Assistant Federal Reof the City
serve Agent Gidney, row York, in re conversion
Company.
Bank, Syracuse, rew York, into the City sank Trust
The Secretary was instructed to ask ar.
("Df7tfi
f;ri
Gidney to sugc;est to the City Bank Trust
Company that they address a letter to the
Board advising' of the conversion, at v_Lich
time the Board will give its approval, this
action being necessary in view of the condition that a member bank shall not change
the nature of its assets or broaden its
functions without the consent of the Federal
Reserve Board.
Laemorandum of General Counsel dated March 24th,
First
recommending approval of the application of the
sion to ex1:—tional Bank, Llarinette, nsconsin, for permis
ercise fiduciary powers.
.:roved.
of
Letter dated March 15th from the Comptroller
of rethe Currency, in re suggested change in the method
deeming Federal Reserve bank notes.
Referred to the Governor for advice to
the Treasurer of the United States.
the
Letter dated March 24th from the uovernor of
al
Federal Leserve Bank of Philadelphia, requesting approv
ing
of increase to 1 180 per month for ten months, beginn
on.
March 1st, in the salary of Mr. 7illIam H. Charlt
eferred to General Counsel for opinion.
e
Telegram dated March 24th from the Federal Reserv
of Mr. Lverett
Agent at San Francisco, advising of the death
Federal Reserve
Ames, Director of the Portland Branch of the
Bank of San Francisco.
143
231
On motion duly seconded, it was voted to
appoint Mr. Miller a committee to recommend the
name of a suitable successor to Mr. Lmes.
•
Letter dated February 24th from the Federal Reserve
Agent at Dallas, in re charge against reserve account of
the First rational Bank of Del Rip, Texas.
Ordered circulated and docketed for the
meeting of the Board to be held on Friday, March
28th.
Letter dated :larch 13th from the Federal Reserve
Agent at Minneapolis, in re site for new bank building for
the Federal Reserve Bank of Yinneapolis.
Referred to the Governor for reply.
Letter dated March 17th from the Federal Reserve
Agent at Dallas, in re operations of the El Paso Branch of
the Federal Reserve Bank of Dallas.
Referred to the _;ecretary for report.
Letter dated March 25th from the Mellon !ational
4
heBank, 2ittsburgh, Pennsylvania, in re refusal of Federal
at"
serve Bank of Atlanta to collect items marked "Payable
a bank.
Referred to the Governor for reply.
Letter dated March 24th from the Governor of the
Federal Reserve Bank of Philadelphia, recommending the payment
of the following bonuses to the employees designed as part of
232
-5their compensation for the calendar year ended December 31,1916:
„?'450
To Mr. Gamon,
Mr. McIlhenny, 400
400.
Mr. Davis,
Approved.
Proposed lease by the Federal Reserve Board of rooms
nos. 711. , 712, 713, 718 and 719 in the rational Metropolitan
Bank Building, from the L. F. Fox Company.
Referred to the Governor with power.
EL2ORT6 OF COMMITTi!I: NO. 1:
Dated March 26th, recommending admission of State institutions as set forth in the auxiliary
minute book us of this date, subject to
the conditions stated in the individual
reports attached to each application.
Adproved.
Dated March 24th (3 reports) recommending changes in stock
at Federal Reserve banks as set forth
in the auxiliary minute book as of this
date.
Approved.
Dated March 26th, recommending action on applications for
fiduciary powers as stated in the auxiliary minute book as of this date.
Approved.
Dated March 24th, recommending approval of the application
of J. 2. Whatley for permission to serve
at the same time as director and active
president of the American rational Bank,
Oklahoma City, as director of the National Bank of Commerce, Hollis, Oklahoma, and as director and inactive vice
president of the Blair State Bank, Blair,
Oklahoma.
Approved.
233
ication
h 24th, recommending approval of the appl
arch
Dated Marc
e
of J. 1. ishburn for permission to serv
Merat the same time as director of the
,
chants National Bank, Los Angeles, Cal.
,
Cal.
h,
the first rational Bank, Long Beac
.
Cal.
les,
and the Home Savings Bank, Los Ange
Approved.
Dated March 22d,
recommending approval of the application
serve
of J. H. Ingerson for permission to
Cedar
the
of
ctor
at the same time as dire
Iowa,
ds,
Rapi
r
Ceda
,
Rapids rational Bunk
inn.
th,M
Dulu
,
Bank
onal
and the First Nati
Approved.
i;2,700
approval of salary of:
Dated March 21st, recommending
fey,
Grif
A.
lle
Orvi
Er.
per annum for
National Bank Examiner, heretofore approved at i2,400 per annum.
Approved.
oval of designation of
Dated March 25th, recommending appr
Special Mail Clerk in
as
Henry McDowell
es as Chief Messenger,
duti
addition to his
ry from 41,000 to
sala
his
in
and increase
e April 1, 1919.
ctiv
effe
m,
1,100 per annu
.
Approved
osed of as
Other business was presented and disp
follows:
h 26th, in re
Memorandum by General Counsel dated Marc
Reserve Agent at San
letter of March 14th from the Federal
ce relating to
Francisco, transmitting certain corresponden
Chinese Nationalist propaganda.
Ordered that copies of the correspondence
be forrarded to the Department of State and to
Mr. Kent.
, in re
Memorandum by General Counsel dated March 21st
234
-7time certificates of deposit.
Voted that reply to It. Curtiss be made
strictly in accordance with the present regulation, under which notice of withdrawal is manda
it.
depos
of
es
ficat
certi
time
to
tory as
in re
Memorandum by general Counsel dated March 25th,
in Connecticut for perstatus of applications of certain banks
mission to act as assignee.
Approved.
Memorandum by the Secretary dated March 26th, recom
of the 7,altham
mending changes in condition of membership
Trust Company, Waltham, Mass.
Approved.
that the GovOn motion duly seconded, it was voted
Tennessee, and Atlanta,
ernor be authorized to visit Memphis,
the expense of the Board.
Georgia, during the month of April, at
Lt 1105 A.M., the meetirg adjourned.
•
Secretary.
1
@FedFRASER