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130.1 At a regular meeting of the Federal Reserve Board, held in the office of the Board on September 3, 1918, at 11:15 PRESEST: lir, Mr. Mr. Ur. Mr. Harding, presiding Hamlin liiller Williams Broderick, Secretary. The minutes of the meeting of the Board held on August 27th were read and, on motion, approved as amended. The minutes of the meeting of the Executive Committee held on August 28th were read and approved, and the action therein set forth ratified. The minutes of the meetings of the Gold aport Committee held on August 27th, 28th, 29th, 30th and 31st, and September 3d, were presented and approved, and the action therein set forth ratified. —orning business was presented and disposed of as follows: Telegram, dated ,:agust 29th, from the Federal Reserve Bank of Dallas, requesting the Board to arrange for the rediscount of five million dollars of paper. The Governor re- Reported that in accordance with the request, the Federal the serve Bank of Boston had agreed to take two million and to 90 day Federal Reserve Bank of Cleveland three million, 15 maturities, at the rate of 4-3/4 per cent. Approved. The Governor announced that on August 29th he had :1302 purchased two million dollars 2 per cent special Treasury certificates of indebtedness for the account of the Federal heserve Bank of Nea York, to be deposited as security for Federal :eserve bank notes.. The action of the Governor was ratified. /Ir. Hamlin stated that while in Boston he had conferred with the officers and directors of the Eew England Trust Company, and had been advised of their intention to apply for membership. He stated that under the charter of the company and the laws of the state, and its owh by-laws, the Trust Company can purchase its awn stock as agent for account of applicants. The Trust Company wished to be as- sured that this provision would not be interfered with in the event it became a member of the system. It was voted that on the assumption that Counsel of the Federal 71eserve Board advises that it is lawful, Hamlin inform tho Trust Company that the Board would raise no objection to its bylaws, with the understanding that in no event would the Trust Company use its own funds to purchase stock in the company for its own account. The application of the Lierchants and savings Bank of Kenosha, 7,isconsin, for membership was considered and it was voted that the bank be admitted upon condition that it a4,;reu to reduce its dividends to 6,"; and to apply all surplus earnings to the reduction of the book value of its investment securities. ailliams voted in the negative. 17;tatoments of discount rates received from the Federal Reserve Bunks of :Tow York, 2hi1adelphia, Cleveland, Richmond, Jt. Louis, and ::inneapolls. Yo changes recommended. Letter dated august ZSth, from the Federal aeservu Hank of ,,tlanta, advising that the f) /ICA.; rate of 4-1/4 per cent on paper maturing within 15 days (exclusive of paper secured by Government obligations) would be effective on :;eptember 3d. ..otter dated August 26th, from the Comptroller of the Currency, advising the aJpointment of 1:r. J. ,;,rnest Thompson as 7ational Bank ;-,xaminer, and recommending for approval salary of y2,40U per annum. Approved. Letter dated August 31st from the 2uderal Reserve of Agent at Dallas, requesting the a2proval of the Board at a the appointment of Lir. J. H. Blocker as _xaminer, 1 250 per month, Er. Blocker having previously , salary of : and been designated as ;Lxaminer for the months of July August. Approved. 1304 -4- F.I.PORTJ OF COMLITTL..., ro. 1: Dated September 3d, recommendinL; 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 August 31st and September 3d (two reports), recommending changes in stock of Federal Reserve Banks as set forth in the auxiliary minute book as of this date. The following appointments uere approved: Division of Foreign Exchange: Name Position Date iffective Salary ';',2.5U per day Clerk, Idiss Ruth Samuel, Visa !Zildred K. Steib, tenographer, 060 per annum Sept.3,1916 Aug.31,1918 Division of Audit and L,:xamination: Upon recommendation of the :)ecretary, Ur. ugene Nomotay was appointed Assistant to kxaminer ;i11 at St. Louis, at a salary of „dU per month, subject to the approval of xaminers and the Bank at St. Louis. Letter dz!ted August 28th, from Governor, Federal Reserve Bank of Chicago, recommending installation of direct telegraph wire between Chicago and New York; also copy of reply of Governor Karding dated August 30th. Referred to Llilier with view to determining if it would be possible to handle all business satisfactorily with the present 1305 -5- facilities, if a priority schedule was adopted and less urgent messages eliminated. Memorandum dated September 3d from Mr. Jacobson, recommending the leasing of Rooms 901 and 902 in the Southern Building, ':,ashington, D. C. Approved. Voted that the Statistician be given supervisory authority over the Library. At 12:45 P. LI., the meeting adjourned. Approved: Govern
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