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fILL.103 At a regular meeting of the Federal Reserve Board held in the office of the Board on Tuesday, October 29, 1918, at 11 A. M., PRESENT: Mr. Mr. Mr. Mr. Mr. Strauss, presiding Hamlin Miller Williams Broderick, Secretary. The minutes of the meetings of the Board held on October 24th and 26th were read and on motion approved. The minutes of the meetings of the Gold xport Committee held on October 25th, 26th and 28th were pro,sented and approved, and the action therein set forth ratified. lat. Strauss, who was sworn in as a member of the Board on October 26th, to serve as such until October 26, 1928, presented a communication from The President under date of October 26, 1918, as follows: "Under the provisions of the Federal Reserve Act (Section 10) approved December 23, 1913, Albert Strauss is hereby designated Vice-Governor of the Federal heserve Board for a period of one year from the date hereof, or until otherwise directed. (Signed) WOODROW WILSON" 1407 -2Morning business was presented and disposed of as follows: Leport of purchase of special 2; 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: Philadelpnia, Date Oct.29,1918 Amount Zi>2,000,000 Richmond, 1,500,000 Atlanta, 2,000,000 Chicago, 2,500,000 St. Louis, 750,000 Kansas City, 2,000,000 Dallas, 1,000,000 San Francisco, 750,000 Letter dated October 22d, from the Federal Reserve Agent, San Francisco in re endorsement by Federal Reserve Banks of paper sold to other Federal Reserve Banks. Ordered circulated and referred to Counsel for opinion. Letter dated October 26th, from Federal Reserve Agent at Linneapolis, recommending change in reserve status of !;orth American Bank of :Linneapolis, in pursuance of re- :1408 _3- cent amendment to Federal Reserve Act. voted that action on all such applications received be deferred until the return of uovernor Harding. Letter dated October 17th, from Federal Reserve Agent, San Francisco, in re reserve requirements of member banks in outlying sections of central reserve and reserve cities. Referred to Mr. Miller. Letter dated October 25th, from Secretary of Federal Reserve Bank, Chicago, enclosing recommendation of the Directors of that Bank for the purchase of a building site at $2,936,149.26. Referred to Mr. Liller for report. Letter dated October 25tn, from President of the Federal Advisory Council, requesting that the board designate topics for discussion at the meeting of the Council to be held in Washington vovember 18th and 19th. Referred to Yr. Miller for report. Application of the Fourth rational Bank of Atlanta, ueorgia, for permission to accept drafts and bills of exchange up to 100 of its capital and surplus, in pursuance -4- of the provisions of Section 13. Approved. Letter dated October 26th, from vice President, National Shawmut Bank, Boston, advising that if Board is not inclined to grant its apblication for permission to accept drafts for the creation of dollar exchange in China and Japan, it prefers to withdraw application. voted to allow withdrawal. TWO letters dated October 26th, from Federal Reserve Agent, Atlanta, in re effort of Director McCrary to secure assistance of his colleagues in securing his reelection. Voted that the Secretary telegraph Mr. Wellborn that the Board is reluctant to believe that such is the case, and that such use of an official position is clearly incompatible with the dignity and standing of the office of a director of a Federal Reserve Bank, and further, to request report of facts and ask that Board's views be communicated to the directors of the Bank. Telegram dated October 28th, from Federal Reserve Agent at San Francisco, asking if Board would look with favor upon cnoosing as Class "A" Director for group 3 banks, a banker not living in or near San Francisco, and advising that some evidence is appearing of a California banker unknown to the Bank's Board, who is making a campaign for himself. Voted that reply be made that the Board feels that the matter is one for the electoral group in question to settle as it thinks best. Memorandum by Statistician, dated October 29th, recommending subletting of Room 902 Southern Building, to National War Labor Board, at annual rental of $1 per square foot (about ;$250 per annum). Approved subject to review by Counsel. REPOhTS OF COMMITTEE NO. 1: Dated October 29th, 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. Dated October 28th, recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. GRANGES IN STA1.Y: Mr. Strauss requested approval of the appointment of Mr. J. P. Moore as his Private Secretary, at a salary of 4$2,500 per annum, effective October 29th. Approved. Dated October 29th, recommending appointment of Mr. A. A. Moore as flold Settlement Clerk at a salary of $1,800 per annum, effective October 29, 1918. Approved. -6Dated October 28th, recommending the following appointments in the Division of Foreign Exchange, New iork: John Cassidy, Office Boy, at $540 per annum, effective October 29th. 1,:rs. Agnes H. Williams, Assistant in the Confirmation of Cables Department at 490U per annum, effective November let. Approved. Dated October 28th, recommending increases of salaries of four telegraph operators at the Federal Reserve Bank of Chicago from 0.,500 to $1,680 per annum, effective Nov. let. Referred to 11.1.. Miller for report. Dated October 28th, approval of appointment of Messrs. 0.J. Netterstram, Frank H. Hanrahan, and Frank A. Lindsten as Assistant Cashiers of the Federal Reserve Bank of Chicago, each at salary of $3,500 per annum. Approved. At 12:30 P.M., the meeting adjourned. Secretary. Approved; Vice-Governor.