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At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on Wednesday, October 1, 1919, at 11 A.M., PRESENT: The Mr. Mr. Ir. Vice-uovernor ailler Hamlin Chapman, Secretary. Business was presented and disposed of as follows: The Vice-crovernor reported the purchase of special 2p certificates of indebtedness of the united States for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: dor Federal Reserve Bank of: New xork, San Francisco, Dallas, Kansas City, Richmond, Date Amount Sept.25th 000,000 500,000 500,000 1,000,000 500,000 Sept.29th Sept.30th ft Approved. The Vice-Lrovernor reported rediscount transaction, pursuant to authority heretofore vested in him: member bank promissory notes secured by uovernment obligations; rate 47 on paper secured by certificates of indebtedness and 47i% on paper secured by Liberty bonds and Victory notes, as follows: Date Sept.30th Bank Rediscounting Dallas ,Noted. With Chicago Amount 42,000,000 Maturities 11-15 days -2The Vice-Governor reported the reserve positions of the several Federal Reserve banks as at close of business September 29, 1919, and the status of rediscounts between Federal Reserve banks as of the same date. Letter dated September 26th from the Chairman of the Federal Reserve Bank of Boston, reporting vote of the Directors of that Bank that it subscribe $10,000 to the fund for the "Defenders of Public Safety", subject to the approval of the Federal Reserve Board, together with adverse opinion by General Counsel dated September 29th. Ur. Hamlin reported that he concurred in the opinion of General Counsel. Contribution disapproved. The following reports were submitted: Dated October lst,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. Mr. Hamlin, to whom was referred at the meeting on yesterday the application of the Citizens Bank of Blackstone, Virginia, for admission to the Federal Reserve System, stated that in view of the action taken by the Board on the applications of the Marshall county Bank of Moundsville, West Virginia, and the Bankers Trust Company of Atlantic City, New -3Liersey, both of whicn had charter powers somewhat similar to taose of the Citizens Bank of Blackstone, virginia, he moved that the application of the Citizens Bank of Blackstone be referred to ueneral Counsel for suggestion as to a ruling to cover this and future cases of a similar character. Motion carried, and Secretary instructed to ascertain and report wnether or not the Board has heretofore approved applications for admission of State banks with powers similar to those held by the Citizens Bank of Blackstone, virginia. Dated October 1, recommending action on applications for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. Dated Sept. 30th,recommending acceptance of resignation of Mr. William 1. Chamberlin as Assistant Accountant in the Division of iteports and Statistics, effective at close of business October 7, 1919. Approved. Dated October 1, submitting list of the following named persons to be detailed to the National Bank hedemption Agency as currency counters, pursuant to the autnority granted by the Board on September 23, 1919: Lulu M. unewning Ellen O. Cranston Martha Luehrs O. Ella Newingham Mary A. quinlan Bertha M. Thomen Mary Wall Anna E. Winter Virginia S. Woodward Margaret Clancy Bertha L. Compton -4Madeline Ficklin urace E. Huntt Lucille Menefee Martha Morrow Josephine E. Phillips Lottie J. Smith Majorie A. 11411 Lucetta Jackson Olga Archer .Noted. Dated September 30th, recommending approval of increase in salaries of iiational Bank FAmminers as follows, effective October 1,1919: To From ยง4,200 3,900 R. Gordon Finney, 3,000 2,400 Earl N. Pettit, Approved. Other business was presented and disposed of as follows: Mr. Hamlin submitted tentative report of the committee appointed to consider the future status of subtreasuries, and requested approval of the submission thereof, confidentially, to all Federal Reserve Agents for their careful consideration and criticism. Approved. Mr. Miller stated that General Counsel had advised him that on liuly 1st he had notified the board that the services of Miss helen Dyer, employed by his predecessor as clerk and typist, are no longer needed in his office, and that he had so informed /..iss Dyer. Mr. Liner added that -5ueneral Counsel felt that the board's attention should be brought to this case, in view of the retention on its payroll of an unnecessary employee. voted that the Secretary notify miss Dyer that her services will be no longer required after the close of business October 31, 1919. At 11-50 A.M., the meeting adjourned. Secretary. Approved: vice-uovernor.
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