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235 held in At a meeting of the Federal Reserve Board at il the office of the Board on Earch 28, 1919, PRLSET;T: The Governor Mr. :liner Er. Hamlin Er. 7:111iams Er. Broderick, Secretary. of as Eorning business was presented and disposed follows: of the War The Governor submitted draft of prospectus issue by it of200,000,000 Finance Corporation for the proposed April 1, 1919, and to Series ".&' 13;.; gold bonds to be dated it was the desire of mature April 1, 1920, and stated.that Reserve banks act the War Finance Corporation that Federal such bond issue. as its fiscal agents in the flotation of was On motion duly seconded, the Governor banks ve Reser al Feder e advis authorized to that the Federal Reserve Board has no objection s to their acting in the capacity of fiscal agent ction for the oiar Finance Corporation in conne with the sale of its Series "A" 570 bonds in the aggregate principal of ',200,000,000 dated April 1, 1919, and maturing April 1, 1920. The Governor was also authorized to advise rthe Eanaging Director of the War Finance Corpo banks the ing is advis ation that while the Board of its approval of their acting as such agents in this particular case, Federal Reserve banks can not act as fiscal agents in any other transactions of the Corporation without the specific approval of the Board. The Governor reported the purchase of special 2;, deposit certificates of indebtedness of the United States for 0 6.0 for Fedwith the Comptroller of the Currency as collateral eral Reserve bank notes, as follows: For Federal Reserve Bank of: Cleveland St. Louis Cleveland Date Mar.26,1919 Var.27,1919 tar.27,1919 Amount i1100,000 500,000 5u0,000 Approved. Report of discount rates at the several A)deral Reserve banks; no changes recommended. Noted. The Governor reported the follomlng rediscount in him: transaction pursuant to authority heretorore vested March 27th, for the Federal Reserve Bank of Philadelphia by the Federal Reserve Bank of Chicago, -5,000,000 member bank 15 day collateral notes secured by Government obligations; rate 4. Noted. Letter dated February 24th from the Federal Reserve ;;gent at Dallas, in re charge against the reserve account of the First National Bank of Del Rio, Texas. Ordered tabled for the meeting of the Board to be held on Wednesday, April 2d. Copy of press statement by the 3ecretary of the Treasury, dated "larch 25th, in re designation of Honorable . John rkelton Williams as Comptroller of the Currency. Noted. 23'7 -3Letter dated March 25th from Assistant Federal Reserve Agent pear, Boston, transmitting application of the to accept drafts 2irst rational Bank of Boston for authority Sweden. for the creation of dollar exchange in Voted to decline as opposed to the Board's present policy. g). (At this point Mr. ";illiams joined the meetin or The Governor stated that he had conferred with Govern York, and with Mr. Strong of the Federal Reserve Bank of New ting Architect of the FedA. B. Trowbridge, at present Consul t to theappointeral 'Reserve Bank of New York, with respec ect of the Federal Rement of the latter as Consulting Archit be willing to underserve Board, and that Mr. Trowbridge would of ,;6,666.66 per take the additional work at a compensation annum. Voted to approve the appointment of Mr. of A. B. Trowbridge as Consulting Architect at salary the a at Board e Reserv l the Federa rate of 46,666.66 per annum, effective April 1, 1919, with such allowance for office expenses as the Executive Committee of the Board may determine. Voted further that the Governor notify the Federal Reserve banks of Idr. Trowbridge's appointment and instruct them to submit to him such data as he may request concerning their building plans. The minutes of the meeting of the Board held on March 26th were read,and on motion approved. 23.8 -4t ComThe minutes of the meeting of the Gold Epor and approved, and mittee held on March 27th were )resented ied. the action therein set forth ratif the Letter dated March 2.5th from the Director of of statistics by FedBureau of the Census, in re tabulation eral Reserve Districts. Loferred to the Statistician. ve Letter dated March 19th from the Federal Reser sed establishment of emAgent at San Francisco, in re propo al Reserve Bank of San ployees' welfare fund at the Feder Francisco. . Referred to the Governor for reply al Reserve Letter dated March 20th from the Feder yment of :Ir. Edward Elliott Agent at San Francisco, in re emplo rship catzpaign, and as in connection with State bank membe of San Francisco. Counsel of the Federal Reserve Bank Ordered circulated and docketed for the next meeting of the Board. Letter dated March 27th from the Mercantile Bank of to establish a branch the Americas, advising of its intention at New Orleans, La. Noted. Proposed letter to all Federal Reserve Agents dated 239 -5stock. March 27th, in re income tax on Federal Reserve bank Approved. REPORTS .OF COLIIITTEE I:0. 1: of State instiDated March 28th, recommending admission tutions 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. nding changes in Dated March 27th, (2 reports) recomme Banks as set Reserve Federal at stock forth in the auxiliary minute book as of this date. Approved. on applications for Dated Larch 28th, recommending action fiduciary powers as stated in the auxiliary minute book as of this date. Approved. of the application Dated March 27th, recommending approval permission to for Fawkes H. Leslie of serve at same time as director of the Bankers Fational Bank and the Republic State Bank, both of Minneapolis, Minn. Approved. of the application Dated March 27th, recommending approval of 3. R. Kirby for permission to servo at same time as vice president of the rorthern National Bank of Duluth, Duluth, Minn., as president of the First rational Bank, Hibbing, Minn., and as vice president of the First rational Bank, Virginia, Minn. Approved. Memorandum from Dr. Tillis, dated March 26th, advising n of of the resignation of Mr. T. A. Beal from the Divisio 240 Analysis and Eesearch, effective April 1st. Approved. Telegram dated :arch 28th from the Federal Leserv.: Agent at 2an Francisco, inquiring if a corporation organized along lines similar to those of the Discount Cor1 poration of rew /ork would be regarded as engaged principally in international or foreign banking within the meaning of Section 25 of the Federal .7,eservp Act, and if rational banks would be permitted to invest in its stock. Eeferred to the (Jecretary for negative reply. Letter dated March 27th from th?. 2ecretary of the Park-Union Foreign Banking Corporation, requesting that the agreement by that Corporation with the Board be modified by amending the last sentence on page 1 thereof to read as follows: "';ihile the Board will not raquire you to carry abroad cash reserves against deposits abroad, should it appear at any time that your business methods are such as to afford insufficient protection, the Board will formulate such restricting regulations as may be proper in the circumstances." Approved. Letter dated March 25th from the Federal Reserve ,Agent at 2t. Louis, in re offer received for new quarters for the Louisville branch of the Federal ieserve Bank of 241 St. Louis. Referred to the Executive Committee for reply. 25th from the Federal Reserve :arch , Letter dated : at the Little ilgent at St. Louis, in re chances in staff Rock Branch of the Federal ""eserve Bank of St. Louis. I- eferred to the Secretary for report. On motion dulzi seconded the Secretary was instructed to prepare and submit to the Board monthly, a es statement of the earnings, expenses and operations of branch of FederalReserve banks. Letter dated Larch 26th from the Assistant Chief of ment of the Bureau of Foreign and Domestic Commerce, Depart of Commerce, in re business losses by reason of congestion shipping at Rio de Janeiro. Referred to the Bulletin Committee with power. Letter dated March 27th from Deputy Governor Peple, Federal Reserve Bank of Richmond, submitting for approval a report of operations of the Baltimore Branch of the Federal 1 Reserve Bank of Richmond for the period Larch 1, 1910, to Larch 1, 1919, for dissemination among Maryland bankers. Referred to the ;;xecutive Committee with dover. 242 -8At 12:45 .9.11., the meeting adjourned. Approved:
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