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At. a meeting of the Federal Reserve Board held in the office of the Board on Friday, May 16, 1919, at 11 A.M., PliSENT: The Mr. Mr. Mr. Mr. Vice-Governor Miller Hamlin Williams Broderick, Secretary. The minutes of the meeting of the Board held on May 14th were read and on motion approved. The minutes of the meetings of the Executive Committee held on May 14th and 15th were read and on motion approved. The minutes of the meetings of the Gold Export Committee held on May 15th and 16th were presented and approved, and the action therein set forth ratified. Morning business was presented and disposed of as follows: Report of discount rates from all Federal Reserve banks; no changes recommended. Noted. The Vice-Governor reported the purchase of special 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 Reserve Bank of: St. Louis Atlanta Approved. Date Amount May 14,1919 $500,000 500,000 May 15,1919 396 -2The ViceGovernor reported rediscount transactions, pursuant to authority heretofore vested in him: member bank promissory notes secured by Government obligations; rate 4; on paper secured by certificates of indebtedness and 4-lo on paper secured by Liberty bonds or Victory notes, as follows: Bank Rediscounting Date With Amount Maturities May 13th Philadelphia (Chicago (Cleveland 440,000,0N 5,000,000 1-15 days May 15th Richmond (Chicago (Cleveland 5,000,000 5,000,000 11-15 days Lay 15th Dallas Chicago 4,000,000 1-15 days May 14th Dallas Chicago 5,000,000 1-15 days Noted. Memorandum by Assistant Secretary dated February 10th in re designation of representative of Board to attend spring meeting of the Executive Council of the American Bankers' Association, to be held at White Sulphur Springs, West Virginia, May 19th-21st. Referred to the Governor with power. Memorandum by General Counsel dated May 14th, in re responsibility in connection with losses on subscriptions to Liberty Loan bonds through the San Francisco Liberty Loan Committee. Referred to Mr. Hamlin for report through the Executive Committee. 397 -3Letter dated May 8th from the Chairman of the Federal Reserve Bank of San Francisco, reporting results of conference held in San Francisco. to determine conditions at the Scandinavian American Bank, Seattle, ':;ashington, and outlining plan of action in connection therewith. Voted that the Vice-Governor be authorized to send to Mr. Perrin the following telegram: "On facts as stated in your letter May 8th we think you have taken proper course in a difficult situation and approve plan outlined by you. Please keep fully in touch with situation and should anything develop to lead you to believe that matter is not being carried out in good faith please advise us at once with recommendation for immediate action as may seem wise in view of facts as they then develop." Letter dated May 10th from the Chairman of the Federal Reserve Bank of San Francisco, in re improvement in assets of the Scandinavian American Bank, Seattle. Noted. REPORTS OF COMMITTEE NO. 1: Dated May 16th, 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 May 16th, recommending action on applications for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. Dated May 15th, recommending temporary employment of telegraph 398 -4Operator for the period June 1st to August 15th, at a salary of 0.40 per month. Approved. Dated May 16th, recommending approval of salaries of employees of the Federal Reserve bank of New York as follows: $2,400 per annum George C. Loomis, 2,4J0 W.J.H.McEntee, Approved. Other business was presented and disposed of as follows: Opinion of General Counsel dated May 15th, addressed to Mr. Robert H. Bean, Executive Secretary of the American Acceptance Council, in re use of trade acceptances to finance various processes of building. Ordered circulated. The Vice-Governor reported the reserve positions of the several Federal Reserve banks. At 12:10 P.M., the meeting adjourned. Approved: 1,644tibtAA,4,4 Vice-Governor.
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