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a meeting of the Federal Reserve Board held in the offiee of the Governor on Tuesday, September 16, 1919,, at 11 .144., PRE=: The • 1,1r. Mr. • GovJrner Ytr-uss Miller Hamlin Cnapman, iictinj Secretary. :Business was ,presented and disposed of „ On motion duly seconded it was voted that in addition,. to the office of the Jecretary of the Board there be 3reated an office of Executive Secretary of the Board, the duties of such ,officer to be pre.scribud by the Board, 1:emerandum by General Counsel dated. ...:eptember 15th, in re payment by the Federal 11E:Qt.:II-ye Board of salaries of employees on the 7ational Bank Redemption Agetqy force engaged. in the redemption of Federal Reserve notes. 4..pproved. Memorandum by Mr. Paddock dated September 16th in re violation of conditions of admission by the Bankers Trust Company, :Alantic City, New Jersey, and recommending that the Federal Reserve Lgent at Pril1adhi4 be requested to inform the Bakers Trust Company that the Board considers the undertaking of the repurchase agreement referred to in the memorandum would be such a broadening of the functions ef the institution as v,ould require the action of the Federal Ro,erve Board under condition of admission No. 4, and further, that the nature of the transaction does tot Meet with the approval of the Board. Lpproved. The Uovernor reported rediscount transactions, pursuant to authority heretofore vested in him: member bank promissory notes secured by Uovernment obligations; rate 4% on paper cured by certificates of indebtedness and 41-4:;1, on paper secured by Liberty bonds and Victory notes, as follows; Bank Rediscountin Date ,opt.11th Sept.12th t Sept.15th With Lmount 4 Chicago.;2,000,000 Dallas Minneapolis 5,000,000 Richmond Minneapolis 10,000,000 Richmond 3,000,000 Ltlanta Chicago 70000,000 Philadelphia Chicago 5,000,000 St.Louis Richmond Maturities 11-15 days 11 ft It Voted. The uovernor reported the reserve positions of the several Federal Beserve banks as at close of business 2eptember 13th, and the status of rediscounts between Federal Reserve banks as of the same date. The Governor reported the purchase of special cer- tificates of indebtedness of the United ';tates for deposit .with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: 6' For Federal Reserve Bank of: Cleveland Richmond Lmcunt Date 3ept.15th jept.16th „;;Z,J30,000 2J0,000 Approved. Letter dated Ceptember 5th from the Chairman, Federal Reserve Bank of Cleveland, in re method of selecting an architect for nev. bank building of that Bank. Referred to the Governor for reply. On motion duly seconded it was voted that, effective 'jeptember 15th, Mr. ... T. Chapman, at present Acting ;.,ecretary of the Federal Reserve Board, was appointed'Jecretary of the Federal Reserve board. Cn motion duly seconded, Mr. L. G. ..;merson, at present designated as Acting Assistant Jecretary of the Federal Reserve Board, was appointed Assistant 6ecretary of the Federal Recerve Board, effective Juptember 15, 1919. .i,etter dated 3eptember 10th from the .;ecretary of Yderal Rez;erve Bank of Chicago, inquiring whether or not the Board desires any change made in the method of classifying electoral groups for directors of Federal Reserve banks. Referred to Jecretary for reply. ::.emorandum by Jecretary dated 6eptember 16th, advising of an increase, effective 1;eptember 1st, in the charges 1-7) : t: ..2t bet- thu TeL;Thene and the 2,aaurai '1;ve Bard, covrin rvat line te1u2honu circuit teen Bo-oton arai of 2hiladelphia and Ye':i xork, and Deteen on and York direct, reaultinp; in a net e ,-.36 per month in the co:-,t of operation of auun circuit_ and recommendinc', that auch net inCrease be abaorbed by the 2ederL1 Reserve 3o4rd. Appre ed. 11-22 A.n., the meeting adjourned. Govern,:
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