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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*