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Reproduced from the Unclassified I Declassified Holdings of the National Archives




October 2, 1919.

Federal Reserve Board,
Washington, D. C.
Gentlemen:
STATISTICAL DIVISION.
The only purchases of acceptances made in
the open market outside of this district by the
Federal Beserve Bank o f Cleveland during the month
of September, 1919, were as follows:
Date
Sept.6

Sept. 15

Dealer from Whom Bought

Amount

Bernard Scholle & Co.,
New YoxfeVN. Y.

$256,585.34

national City Company,4
Boston, Mass.
v'%>taa A
*

350^000.0G
-

606,565.34

Reproduced from the Unclassified I Declassified Holdings of the National Archives




Fodoral

lonaNL
D*

Member

foa? the

wgoK

amounted

mm
paid

fjf& i

2 ,5 6 2 ,2 1 2 * 4 8

loans a n d
of
ps*&til
#3£^4t£^£&$$ iwd
#M*iy

Houoo
a decrease In
f a dt^amss# t» dimaiid <1#*

has suffered fetlt®

from $&# stre&t

Xt is #ittest€$

iieen «t loss ta w b & f c to conductors
aaad a &o#& :1b f & a t m to tl» ■ B m ^ W & f
la ahoe £#86$&&r m & 1 i m q 0 £ * , Aft-er
days it is : ;
-fet m
women imitators* tl»
for tfcfc
titled after M m o $ i lit*

tfa#re t«s»

of
n&t to "station
&
of t h m ©
$ m i& im
of the
will not be

iJ3?®si&ei*t
M
the &i»trlot are
today
at tiiroG o'clock to 0tm.g'M«r m m m ® f
& Mr&et
for ft&n&eaf'fs fcoc^ptamssss* T h e - B e l l e s of afi&©$*ts&ac# of the
tfflritatioss# to $ & % & & & tfels suiting caid %M- number vrho
■&!**
3*ife% on iispd leesdS txs to believe tfcat t f m
Is#

Reproduced from the Unclassified I Declassified Holdings of the National Archives




F E u t R A L RESERVE B A N K OF C L E V E L A N D

Federal Eeaorve Board*
Wtfjfcirigfeor*,. D« 0*

#£♦
Decoder tm 19X8,

a moeeasfal one.
CfcalmoE. of the- Board, vlio h m b o m con­
fined to M s iMSEie^pa account of aioSmess for t o past
few ds$Bf is very laBOh better sad iaopes to b © at hi#
4©sfc b y tiiC' bo||*miBg of tbo weelfc*
% o ..ppli<X'.tion of the Unltod Bar&i&g C©®gm&y,
ClevoliiBd, Ohio*
j received this JBorai&g* M s is
an Ij^stitut Ion t-.^fc the C&airami of the Board has been
m*rld.:ag m to safe ggplioatiosa for iMfeershlgt for quite
p o m t$ x m z m & in c o i ^ q u e m © is® are v e r y stooh pleased
to so© U m t r %Kplie-tiaa*
Wo feopo to be able to getthis application forwarded b y t m l&ior p a t of tl»
weelc* As this bo«K lias not b a m oseaminsd for a«ao fcizafc
tiie state
departaajt &r© e-tartlag MoraLay morn­
ing to iaa3se an examination and we fcope by 33ttxrd&ay to

mminc?*B omimntG a m
p r o b a b ly
forward the report without mitlug for tbe fall oopies
•of tfc& r ^ r t of flaR&a£ii&tlo&»
l^avc t o - bonle

i3aily papcsr© regx>rt >iuito a few $»stais©$ of
labor boiag disoli rged and contracts l>oing cancelled
Inxt ao far it appoarn to liasr© *aad» «© ehofoge in t&e
general oonditloB of labor beistg v e il ©c^lo^M and ro a flw to ro ti are beiisg made gradually*
Y ory t r u ly y o u rs t

/U

£*&&*

JCIi-G.

2

^

tn

^

Reserve Agent*

Reproduced from the Unclassified I Declassified Holdings of the National Archives

F e d e r a l R e s e r v e Ba n k o f C l e v e l a n d
E . R. F a n c h e r , g o v e r n o r

D IR ECT OR S

E dw in B a x t e r , s e c r e t a r y
ACTIN G C A S H I E R




D. C. W i l l s ,

chairm an

F ED ER A L RE S E R V E AGEN T

Ly m a n H. T r e a d w a y ,

d e p u ty chairm an

d e p u ty fe d e ra l r e s e rv e agent

C. H. B a g l e y
S. B. R a n k i n
T h o s . A. C o m b s
W. S. R o w e
A, B. Pa t r i c k
R o b e r t W ardrop
H. P. W o l f e

November 1, 1915*

Hon. H, Parker Willis, Secretary,
Federal Reserve Board,
Washington, D* C,
Sir:Receipt

acknowledged of your letter of

the 30th ult* advising us of the insertion of the
words "with respect to bills of exchange” in the
Board*s letter of October 8th relating to open
market operations*
Very respectfully*

'

Chairman of the Board*

■
Reproduced from the Unclassified I Declassified Holdings of the National Archives

RtSEpVE BUAn*J

7?
m




, 1*18.

S i r :

?.

,

juiL-t
t u t *

/I'

-5 .^

Ml

^

i* to *&¥lM jm WK%% the Board*•

y

JrtHr of October 8 raXatlag to ppaa oarkat ©paratioao, baa baaa •itg£iljL»diflad by tb# i»*artioa
of tin wordt ■witb re^aetto blllaaf aachaaga* on
the last p*9§ of the Xattar aftar tho word* *f m
ta exaroioe the authority graatad aadar Section X4.»
ffcia addltloa data aat altar tho «aa«a of tho Xattar, bat bat baaa introduced far the saka af aXaar*
neat* Tha lottar~aa tfeaa sodifiod aiXX bo officially
pabXiobad ia tbo federal Haaaraa Bulletin far lama*

Raipootfttllyj

Sacratary

Mr. 0. C. VUX«f
Chainaud, Board af Mraatare,
federal Haaarro Beak of Clevelaad.

ru.L

mmmm
Reproduced from the Unclassified I Declassified Holdings of the National Archives

m




October 18, 1915*

V
S ir*
Yotar le t t e r o f October 14 R elating to
the question o f a rat# fo r ©pen maxfeot opera­
tio n s, m s read to the Board at it s meeting tM #
looming#

In answer yon are advised that the

sabject is under carefu l consideration, and that
Information o f the decision w ill be sent yon as
soon as possible*
Re£5>ectlU llyt

Secretary*

Mr* D* C. V illS f
ChairaaB, .Board of D irectors,
Federal Reserve Baa* o f Cle v e le d *

Reproduced from the Unclassified / Declassified Holdings of the National Archives

F e d e r a l R e s e r v e Ba n k o f C l e v e l a n d
E.

R.

E d w in

Fa n c h e r ,

g o v e r n o r

B a x t e r ,

s e c r e t a r y

ACTING

D IR E CT OR S

CASHIER




D.

C.

W i l l s , c h a ir m a n
FEDERAL RESERVE AGENT

Ly m a n H. T r e a d w a y ,

d e p u ty chairm an

D E P U T Y FED ERAL R E S E R V E AG EN T

C. H. B a g l e y
S . B. R a n k i n
T h o s . A. C o m b s W. S . R o w e
A, B . Pa t r i c k
R o b e r t Wardrop
H. P. W o l f e

October 14* 1915»

Hon. H. Parker Willie, Secretary,
Federal Reserve Board
Washington, D. C«
Sir
Your letter of the 8th concerning open market
transactions has been carefully considered by the offi­
cers of this bank and will be called to the attention
of oar Board of Directors at its meeting in Hovember*
Should our Board decide upon limited open market operas
tions, would the Federal Reserve Board approve a maxi­
mum and minimum rate as in bankers acceptances, or would
it be necessary to fix a definite rate?

1 am of the

opinion that the action of our Board will be somewhat
dependent upon the kind of rate they may be permitted
to name*
Very respectfully*