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C a meeting of the 2edera1 Reserve Board held in the office of the Board on Tuesday, September 2, 1919, at 11 Add., PRE2ENT: The Yr. Er. Mr. Mr. Governor Strauss Miller Hamlin Chapman, Act ink.; Secretary. The minutes of the meeting of the Federal Reserve Board held on Lugust 28th were read, and on motion approved as amended. Tne minutes of the meeting of the Executive Committee held on August 29th were read, and on motion approved. emorandum by La*. Smead dated September 2d, advising of the appearance of the following expense items in statements of Federal Reserve 3anks: Atlanta "Expense of A.B.Small connection passing new bill State of Florida regarding reserves of State banks Minneapolis "Expense of representatives of various Montana State banks attending conference at 425.53" Helena, Mont., 7-17-19 and inquiring whether or not such expenditures meet with the approval of the Federal Reserve Board. Approved. The Governor reported the purchase of special cer- tificates of indebtedness of the United States for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: .A•••••••••••••••m.p GGS For Federal Reserve Bank of: New York Dallas Chicao Date Amount ug.28,1919 01,000,000 400,000 1,000,000 .L)oroved. The Governor reuorted the reserve positions of the several Federal Reserve banks, and the status of rediscount transactions between Federal Reserve banks as of close of business August 29th. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him: member bank promis- on paper sory notes secured by Government obligations; rate 4,; secured by certificates of indebtedness and 4,1% on paper secured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Date Aug.26th It Aug.29th 4ug.30th Philadelphia Richmond Richmond Dallas ;;ith Amount Chicago Chicago Chicago Chicago , 4 0,000,000 5,000,000 5,000,000 2,000,000 Laturities 11-15 days Noted. Letter dated August 21st from Chairman of the Federal Reserve Bank of New York, in re publicity to be given to C4Mpaipx for additional par points. Voted that there be published in the Federal Reserve Bulletin a statement bearing on the results of the campaign for additional par points, -3such statement to be supported by an outline map of the United States to serve as a graphic illustration of the results thus far accomplished, it being the understanding that such map will be in the nature of a loose insert for the Bulletin. Letter dated August 28th from the Chairman of the Federal Reserve Bank of Atlanta, advising that subject to the approval of the Federal Reserve Board he had arranged with a bonding company to cover by endorsement on bonds of the Assistant Federal Reserve Agents at Birmingham, Jacksonville and Now Orleans, to provide for the bonding of the recently appointed Acting Assistant Federal Reserve Agents at such branch banks. Ap2roved. Letter dated August 26th from the Vice-President of the American Foreign Banking Corporation, New York, requesting permission to become obligated to the War Finance Corporation up to an amount equal to its paid-in capital and surplus. Voted that no objection be interposed. Communication from Secretary of State dated August 26th, transmitting report from American Vice-Consul at Vienna on German-Austrian cotton industry. Ordered circulated. Communication from Secretary of State dated August 29th, transmitting copy of report from the American Consul General at London on a certain commercial enterprise in British agriculture. GGG -4Ordered circulated. Memorandum by the Chief Clerk dated August 30th, recommending renewal of leases of space at present held in the national Metropolitan Bank Building, Washington, D. C. Referred to the Governor with power. Voted that the Governor ascertain whether or not it will be possible to secure additional space in the National Metropolitan Bank Building to accommodate the Division of Reports and Statistics at present housed in the Southern Building, Washington, D.C. Memorandum by Counsel dated August 28th, submitting for approval, form of letter to be addressed to the President of the Commercial National Bank, Washington, D.C., in re application of Guy T. Scott for permission to serve at the same time as director of that Bank, and the Continental Trust Company. Approved, and file ordered circulated. EzPORTS OF COMMITTEE NO. 1: Dated August 27th, recommending approval of salary of 430300 per annum for Herbert C. Houston, to be reappointed National Bank EYaminer and assigned to the 7th Federal Reserve District. Approved. Dated August 28th, recommending approval of application of Luman H. Tiffany to serve at the same time as director and Vice-President, Webster National Bank, Webster, Mass., and director, Park Trust Company, Worcester, Mass. Approved. -J- Dated August 28th, recommending approval of application of William Mee to serve at the same time as director of the Security National Bank of Oklahoma City, Okla., and the First National Bank of Gladbrook, Iowa. Approved. Dated august 28th, recommending approval of application of Josepn E. Hitt to serve at the same time as director of the Central National Bank, St. Louis, Mo., and the Oland National Bank, Witt, Ill. Approved. Datdd August 28th, recommending approval of application of William H. Stickney to serve at the same time as director of the Yetropoli-can Trust Company of Boston, and the Commercial National Bank, Washington, D.C. Approved. Dated August 28th, recommending approval of application of unandler 1.1. Wood to serve at the same time as director of the Metropolitan irust, Company of Doston, and the uommercial .rational Bank, Washington, D. C. Approved. The Governor stated that tne authorization to Assistant Secretary Chapman to sign as Acting Secretary of the Federal iteserve Board expired August 31st. On motion duly seconded such authority was extended until otherwise directed. At 1 P.M., the meeting adjourned. Acting Secretary. Approved:
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