The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a meeting of the Executive Committee of the iederal Reserve Board, held in the office of the Board on Tuesday, September 30, 1919, at 11 A.M., PRESENT: The Mr. Mr. Mr. Vioe-Governor Miller Hamlin Chapman, Secretary. Business was presented and disposed of as follows: The Vice-Governor reported the purchase of special kb certificates of indebtedness of the United States for deposit With the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows; Vor Federal Reserve Bank of: Date Sept.19th Sept.20th Sept.24th Richwond, New York, Chicago, Amount $200,000 500,000 1,000,000 Approved. The Vice-uovernor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 4% on paper secured by certificates of indebtedness and 4i% on paper secured by Liberty bonds and Victory notes, as follows; Date Sept.22d Sept.24th Bank Rediscounting Richmond Dallas Atlanta Dallas With Minneapolis $5,000,000 4,000,000 Chicago 5,000,000 Chicago 4,000,000 Chicago (Chicago (Minneapolis Sept.25th Dallas Amount Chicago 5,000,000 6,000,000 4,000,000 Maturities 11-15 days ti -2Bank Rediscounting Date Sept.25th It Sept.26th Sept.29th Sept.27th Philadelphia Richmond 4-Achmond Dallas Philadelphia Atlanta Atlanta With Amount $7,000,000 Chicago 5,000,000 Chicago 5,000,000 Chicago 3,000,000 Chicago 10,000,000 Chicago 2,500,000 Chicago ainneapolis 2,500,000 Maturities 11-15 days ft ft Noted. The Vice-ciavernor reported the reserve positions of the several federal Reserve banks as at close of business September 27th, and the status of rediscounts between Federal Reserve banks as of the same date. Application of the following banks for authority to accept drafts and bills of exchange up to 100p of their capital and surplus, under the provisions of Section 13 of the Federal Reserve Act: Henderson National Bank, Huntsville, Ala. Uitizens Trust Company, Savannah, ua. Canal-Commercial Trust & Savings Bank, !New Orleans, La. Approved. Correspondence in re eligibility for rediscount by Federal Reserve banks of cotton factors' paper; together with letter from the uhairman, Federal Reserve Bank of St. Louis, dated September 23d, submitting financial statement of cotton factors. -3Ordered circulated and docketed for tae meeting to be held on Thursday, October 2, 1919. Letter dated September 23d from the President of the Continental Isrust Company, Pittsburgh, Pa., and reply by the vernor dated September 25th, in re clearing facilities of State member banks at Pittsburgh. Ordered circulated. Letter dated September 24th from Arthur Berenson of Boston, suggesting modification of the Edge Bill. Ordered circulated and docketed for the meeting to be held on Thursday, October 2, 1919. me Secretary reported that jr. Hamlin's term of office as a member of the Executive Committee of the Joard would expire today. voted that ir. A. C. Miller be appointed a member of the Executive Committee of the iward to serve until December 31, 1919. The following reports were submitted: Dated September 30th, recommendin6 admission of State instiuutions 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. Approved. Dated September 30th, recommendin5 ap2roval of the application of the 4..erri11 Trust Company, bangor, iviaine, to establish a branch at Dexter, Maine. Approved. -4Dated September 26th, recommending changes in stock at rederal eserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated September 24th, recommending that idr. Armitt Coate be appointed by the Federal Reserve bank of Philadelphia, to assist in connection with State bank membership work in that District. Approved. Dated September 22d, requesting approval of increase in salary from 43,000 to 43,300 per annum of la*. Reginald Y. Hodgson as /National bank Examiner in the uth Federal Reserve District, effective October 1,1919. Approved. Dated September 25th, requesting approval of increase in salaries from 4a,020 to ,p1,140 per annum of each of following employees in the rederal Reserve Division of issue and Redemption: effective October 1, 1919: Julia D. Yurphy Ruthette Id. Penn Hallie L. Tharp Alys E. Gott S. Louisa Lason Emily S. Waters Rosina Liordecai Approved. Dated September 25th, advising of increase in salaries from ip900 to ,1:1,020 per annum of each of following employees in the Federal Reserve Division of Issue and Redemption, effective October 1, 1919, in accordance with previous approval: Pauline C. Fred Clara Y. Reddington Otis Y. heater 'Noted. -5Dated Sept. 25th, advising of the resignation of hr. J.E. Bizzell fks Assistant federal heserve Examiner on the Eastern force. Noted. Dated Sept. 26th, recommending payment of additional compensation covering 11 days to ikiiss Pearl Crawley, Clerk-Counter in the Division of Issue and hedemption, absen by reason of illness. Approved. Dated Sept. 26th, recommending approval of appointment of idrs. Anna B. Sloane as Translator in the Division of heports and Statistics, effective September 29, 1919, at 31,500 per annum. Approved. Dated Sept. 30th, recommending approval of application of Irving W. Cook to serve at the same time as a director of the first National Bank of Provincetown, ass, and as director and President of the first :;ational Bank, New Bedford, idass. Approved. Dated Sept. 30th, recommending approval of applications of Arthur Iselin and hidley Watts to serve at the same time as directors of the Chemical National Bank of New xork City and the Industrial Bank of New xork. . Approved. Dated Sept. 30th, recommending approval of application of irederic A. „milliard to serve at the same time as a director of the Chemical National Bank, the uuaranty Trust Company, and the Industrial Bank of New xork. Approved. Dated Sept. 30th, recommending approval of application of Darwin P. Kingsley to serve at the same time as a director of the Citizens National Bank of New xork City, the New xork City Trust Co., and the Industrial Bank of New xork. Approved. -6Dated Sept. 30th, recommending approval of application of Everett B. Sweezy to serve at the same time as Vice President of the first National Bank of New xork City, and as director of the Industrial Bank of New xork. Approved. Other business was presented and disposed of as follows: Memorandum by ueneral Counsel dated September 29th, giving adverse opinion upon request of the federal Reserve Bank of Boston that it be permitted to subscribe $10,000 to a fund for "Defenders of Public Safety". Referred to Mr. Hamlin for report. Letter dated September 26th from Secretary of the federal Reserve Bank of Chicago, submitting vote of the Board of Directors of that Bank, providing for the payment of extra compensation to officers and employees of that Bank, including the federal Reserve Agent's Department, as of October 1,1919, on the following basis: Annual salary 41,500 or less: - 20;0 of total salary received during current year to Oct. 1, 1919; Annual salary over $1,500 and not more than $3,000:15i0 of total salary received during current year to October 1, 1919; Annual salary over $3,000 and not more than $5,000:10/0 of total salary received during current year to Oct. 1, 1919; Minimum payment in one class not to be less than the maximum in the next lower class. Approved. Letter dated September 26th from the Chairman of the Federal Reserve bank of Atlanta, advising of action of the Directors of the Lashville Branch of that Bank in electing the Manager thereof, and an Assistant Federal Reserve Agent at Nashville. Referred to the (iovernor with power. Letter dated September 26th from the Secretary, Federal Reserve bank of Chicago, submitting for approval, resolution of the Directors of that bank, to expend 4700,000 in the acquisition of fifty feet of land adjoining the site heretofore acquired by that bank. Tabled for the meeting to be held on Thursday, October 2, 1919. Telegram dated September 29th from the Oklahoma City Clearing House Association, expressing the belief that the banks of Oklahoma are entitled to have the Federal Reserve Bank Directors at Kansas City explain the discrimination against Oklanama Qity in favor of other cities in which Federal Reserve branches have heretofore been established. Referred to the uovernor for reply. Telegram dated September 29tn from the Oklahoma City Clearing House Association, quoting telegram addressed by that Association to the Federal Reserve Bank of Kansas City, protesting against increased charges imposed by that Bank on bank -8transfers, and the increase of the time allowance between Kansas City and Jew xork from two to three days. Eeferred to the Uovernor for reply. Memorandum by Statistician dated September 18th, submitting an analysis of the open market rate and federal lieserve Bank discount rate for ninety day paper in New xork, 1914-1919. Ordered circulated. At 12-05 P. ., the meeting adjourned. Secretary. Approved: Vice-uovernor.
@FedFRASER