Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, September 15, 1919, Volume 6, Part 3

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4'

Lt a meeting of the Federal Reserve Board held in
the office of the Board on Monda4r,'September 15, 1919, at
3-30 ?•14.1
FillaUrT: The
Mr.
Ur.
Jr.

Governor
Strauss
Miller
Hamlin

Nr. Chapman, Z.cting Secretary.
Business was presented and disposed of as follows:
Letter dated '..ieptember lZthfrorn the American Foreign
Banking Corporation, requesting that the agreement with that
Corporation be amended so as to permit it to have liabilities
in the form of deposits and acceptances combined up to twelve
times its paid in capital and surplus instead of six times, as

now provided.
Aporoved.
(41t this point mr. 'illiams joined the meeting)
- ...,'CRTO OF COIXITTL1 E0. 1:
Dated September 15th,recommunding 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.
4proved.
Dated September 12th (2.reportS) recommending changes in
stock-at Federal Eeserve banks, as set
forth in the auxiliary minute book as
of this date.
Approved.




-2-Dated September 15th, re3ummending action on applications for
fiduciary pcmers, as set forth In the
auxiliary minute book as of this date.
Approved.
7-)ated September 15th, recommending approval of application of.
Charles L. :.ayerly to serve at the same
time as President and c director of the
First National Bank, Chattanooga, Tenn.,
and of the First National Bank, Fort
Payne, Alabama.
Lpproved.
Dated ..;eptember 15th, recommending approval of application of
Channing M. Wells to serve at the same
time as a director of the 7orcester
Bank & Trust Company, 7:orcester, Mass.,
and au Vice-president and a director of
the Southbridge National Bank, Southbridge, Mass.
Approved.
*2:ate& September 10th, recommending increase in salary from
c-2,400 to .:;,3,000 per annum, of Mr. John
W. Barrett as National Bank 4xaminer,
effective September 15, 1919.
Approved.
Dated. September 11th, submitting resignation of Mr. Ammon L.
Smith as Statistical Accountant in the
Division of Reports and'Statistics, of-'
fective at close of business, September
11, 1919.
Noted.
Other business was presented and disposed of as follows:
Letters dated September 12th and 13th from tne Chairman
of the Federal Eoserve Bank of Atlanta, in re appointment of
Directors of, and assignment of territory to)the Nashville BranCh
Of that Bank.




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Referred to th,- Governor for report.
Letter dated „:eptember 9th from Mr. R. LI. O'Hara,
Manager of the Bill Department, Federal Reserve Bank of Tew
York, requesting rulin

of the Board as to eligibility for re-

discount of acceptances to be drawn under proposed credit to
be granted to the - estern Electric Company by the National
Bank of Commerce in Yew York for the installation of 4 telephone cable in France.
Referred to the Governor for reply.
TeleP'ram dated L;eptember 12,th from rr. Hamlin and
reply by Mr. Miller of same date in re efforts made to secure
for the Federal Reserve Bank of Boston the protection of Federal troops during the prevalence of riot conditions In that
city.




Toted.
At 4-35 P.M.., the meeting adjourned.

acting Secretary.