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At a meeting of the Federal Reserve Board held in the office of the Board on Wednesday, May 28, 1919, at 11 A.:1., PRESENT: The Mr. Mr. Mr. Yr. Vice-Governor Miller Hamlin Williams Broderick, Secretary. The minutes of the meeting of the Board held on May 26th were read,and on motion approved. The minutes of the meetings of the Gold Export Committee held on May 27th and 28th were presented and approved, and the action therein set forth ratified. Morning business was presented and disposed of as follows: The Vice-Governor reported the purchase on May 26th, of special 2; certificate of indebtedness of the United States for 41,000,000 for the Federal Reserve Bank of Chicago, for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes. Approved. The Vice-Governor 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 LI:i s; on paper secured by Liberty bonds or Victory notes, as follows: 426 With Amount (Minneapolis 5,000,000 (Cleveland 5,003,000 Bank Rediscounting Date May 26th May 26th 9-15 days Richmond Richmond Maturities Chicago 10,000,000 11-15 days voted. Report of examination of the Federal Reserve 3ank of Minneapolis as at close of business May 3, 1919. Ordered circulated. Memorandum by the Statistician dated May 24th, in re loans secured by Liberty bonds and Treasury certificates of indebtedness, together with tabulation showing amounts held by each Federal Reserve bank. Ordered circulated. Memorandum by the Secretary dated May 27th, in re time of payment of dividends by Federal Reserve banks. Noted. Memorandum by the Secretary dated May 27th, in re closing of books of Federal eserve banks on June 30, 1919. . The Secretary submitted for approval form of letter to be sent to all Federal Reserve banks in re treatment of accounts as of the close of business June 30th. Approved. Memorandum by the Secretary dated May 27th, reoom- -3mending approval of the payment ofdividend by the Federal Reserve Bank of Cleveland at the rate of 6 per annum for the period January 1, 1919, to June 30, 1919. Approved. Memorandum by General Counsel dated May 27th, in re exercise of fiduciary powers by National banks in Wisconsin. Ordered circulated and docketed for the meeting of the Board to be held on Monday, June 2d. Memorandum by the Secretary dated May 27th, in re mail schedules in connection with establishment of a branch at Helena, Montana, of the Federal Reserve Bank of Minneapolis. Eeferred to Mr. 'liner. On motion duly seconded it was voted that the Secretary be directed to have an investigation made to ascertain in what manner it might be possible to improve the interdistrict and intra-distriot clearing schedules through cooperation with the Post Office Department in the readjustment Of mail train schedules. R12ORTS OF COIMITTLE NO. 1: Dated May 26th (4 reports) recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated May 27th,recommending action on applications for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. 428 -4Dated May 24th, recommending the granting of 30 days sick leave to Mr. G. W. Holt of the Division of Reports and Statistics. A2proved. Dated May 27th, recommending appointment of Mr. Louis P. Ficks as Stenographer and General Assistant in the Division of Reports and Statistics, at a salary of1,600 per annum, effective upon such data as Mr. Picks assumes duty. Approved. Other business was presented and disposed of as follows: Letter dated May 23d from the Comptroller of the Currency, requesting approval of salary of :3,000 per annum for 'Mr. William P. Dougherty as National Bank Examiner in the Ninth Federal Reserve District. Approved. Letter dated May 22d from the Comptroller of the Currency, requesting approval of increase from $4,200 to 44,500 per annum in the salary of Mr. Thomas M. Williams, National Bank Examiner in the Tenth Federal Reserve District. Approved. Letter dated May 26th from Miss Louise E. Peiffer, applying for leave of absence without pay for five weeks, effective May 26, 1919. Approved. On motion duly seconded it was voted that, in view 429 -5of the legal holiday on May 30th, employees of the Federal Reserve Board be paid for the last half of May on Thursday, May 29th. Letter dated May 27th from Director of the War Loan Organization Franklin, advising that, subject to the approval of the Federal Reserve Board, the Treasury Department desired to request the Governors of Federal Reserve Banks to come to Washington for several days during the week beginning June 8th, for the purpose of discussing fiscal agency matters. The Vice-Governor stated that he had expressed ap- proval on behalf of the Board. On motion duly seconded the action of the Vice-Governor was ratified. VOTED, that the Secretary of the Treasury be informed that it is the view of the Federal Reserve Board that, so far as the financial and banking position of the country is concerned, the restrictions upon the exportation of coin, bullion and currency and dealings in foreign exchange, imposed by executive order of the 2res1dent and administered by the Board, subject to the aoproval of the Secretary of the Treasury, should be removed; and that the Board suggests that, if the Secretary of the Treasury concurs with the Board in this view, he communicate with the President with the view of 4o0 -6securing the President's ap?roval of the action recommended. At 12:20 P.M., the meeting adjourned. Approved: Vice-Governor.
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