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267 At a meeting of the Federal Reserve Board held in the office of the Board on April 7, 1919, at 11:2J A.L1., PRESENT: The Uovernor Mr. :dialer Mr. Hamlin Mr. Williams Mr. Broderick, Secretary. The minutes of the meeting of the Board held on April 4th were read and on motion approved. The minutes of the meeting of the Gold ExportCommittee held on April 5th were presented and approved, and the action therein set forth ratified. tiorning business was presented and disposed of as follows: Letter dated April 3d from the Federal Reserve Agent at Chicago, in re salaries of officers at the Federal Reserve Bank of Chicago. The Governor stated that he had written to Mr. Heath in reply to a personal letter, suggesting that the Board of Directors make tentative suggestions for consideration by the Board in advance of a formal recommendation. Noted. Letter dated April 1st from the Cashier of the First National Bank of Canton, Pennsylvania, with reference to examination made of that Bank by National Bank Examiners. The Governor read copy of his reply to the effect that the Federal Reserve Board had no jurisdiction over examinations made by 268 National Bank examiners. The Governor also read copy of a letter which he had addressed to the Governor of the Federal Reserve Bank of Philadelphia in reply to a letter from him, dated April 4th, regarding the same, matter. Noted. Letter dated March 20th from the Automobile Chamber of Commerce, Washington, in re classification of passenger automobiles as marketable staples, together with memoranda by Mr. Hamlin and General Counsel. Referred to the uovernor for reply to the effect that automobiles are not staples, within the meaning of the Federal Reserve Act. General Counsel stated that he had received a letter from the American Bankers' Association with reference to the exercise of trust powers by National banks, saying that in several States the State authorities were raising objections thereto. On motion duly seconded, General Counsel was authorized to proceed to New York and Rhode Island for conferences with officials of the American Bankers' Association and State officials of Rhode Island, respectively, all necessary steps to be subject to the approval of the Governor. On motion duly was also authorized 'National Acceptance York on April 14th, the Board, a report seconded, General Counsel to attend a meeting of the Council to be held in New but not to in any way bind to be made to the Board and 26Q -3consideration to be given to the question of whether or not it would be desirable to attend further meetings. Letter dated April 4th from the Federal Reserve Agent at New York, reporting the purchase on April 1st of cable transfers for B100,000 at 4.59i for the Bank of England. Noted. Letter dated April 4th from the Federal Reserve Agent at New York, regarding the earmarking of gold for the Javasche Bank. Noted. Letter dated April 4th from the Governor of the Federal Reserve Bank of Philadelphia, containing copy of the receipt from Mr. William H. Charlton for $1,800 paid him in reimbursement for counsel fees and expenses in connection with certain proceedings brought against him by the United States. Noted. Letter dated April 5th from the Federal Reserve Agent at St. Louis, stating that a meeting of the Directors of the Federal Reserve Bank of St. Louis with the Directors of the three branches of that bank is to be held at St. Louis on April 16th, and asking that a member of the Federal 70 -4Reserve Board be present. On motion duly seconded, the Secretary was authorized to attend the meeting in question at the expense of the Board. Report dated April 4th by the Secretary, in re operations of branches of Federal Reserve banks for the year 1918, and for January and February, 1919. Ordered circulated. Applications for authority to accept drafts and bills of exchange up to 10q, of capital and surplus, under the provisions of Section 13 of the Federal Reserve Act, as follows: National Newark and Essex Banking Company, Newark, N.J. l!ercantile Trust and Deposit Company, New York City. Phoenix and Third National Bank, Lexington, Kentucky. Approved. Report by the Secretary on recommendations made by the Governors at their conference with the Board. Approved; referred to the Secretary for the preparation of draft of letter to all Federal Reserve banks. Letter dated April 2d from the Federal Reserve Agent at Kansas City, enclosing examiner's report of condition of the Fidelity Trust Company, Kansas City, and calling attention to statement of the State Examiner to the effect that the slow assets, consisting of non-liquid loans to, and slow 271 -5investments in securities of railroad corporations, are nearly equal to the entire capital and surplus of the Trust Company, which Company is contemplating consolidating with the National City Bank of Yansas City. Referred to the Comptroller of the Currency for his information. Report of examination of the Federal Reserve Bank of Dallas as at close of business February 28, 1919. Referred to the Secretary for report. Letter dated April 3d from Mr. W. H. Kettig, in re suggested amendments to the by-laws of the Birmingham Branch of the Federal Reserve Bank of Atlanta; together with memorandum of April 7th by the Secretary on the same subject. Referred to the Governor for reply to the effect that the Board is prepared to consider any recommendations for changes in by-laws of the Birmingham Branch which may be submitted by the Board of Directors of the Federal Reserve Bank of Atlanta. Letter dated April 4th from the Federal Reserve Bank of New York, asking approval of a salary of 1$2,30J per annum for 1.1r. Eugene G. Blackford, recently assigned to the accounting department of that bank. Approved. Letter from the Federal Reserve Agent at 'Few York, asking approval of salary at the rate of ;7,20u per annum 272 -6for Mr. R. U. Gidney as Manager of the Buffalo Branch of the Federal Reserve Bank of New York, to become effective upon Mr. Gidney's resignation as Assistant Federal Reserve Agent at New York. Approved. Letter dated April 2d from the Federal Reserve Agent at St. Louis, requesting approval of salaries of officers of the Federal Reserve Bank of St. Louis, as follows: J. W. A. J. S. Name W. White, H. Glasgow,Jr., H. Haill, W. Rinkleff, F. Gilmore, Salasx $4,600 2,700 4,500 tf 4,000 Mgr.,Transit Dept.3,000 Position Cashier, Asst. Cashier, Approved. Letter dated April 2d from the Federal Reserve Agent at St. Louis, requesting approval of the payment of 4500 to Mr. Watts as member of the Federal Advisory Council in lieu of fees but not expenses in connection with attendance at the meetings of the Advisory Council. No action taken - referred to the Governor reply. for Letter dated April 5th from the Federal Reserve Bank of San Francisco, requesting approval of the following salary increases: Mr. Lamping, Acting Manager, Portland Branch, from 4250 to $300 per month. 27'6' -7Mr. Greenwood, Cashier, Portland Branch, from ..200 to .225 per month. Mr. Partner, Cashier, Spokane Branch, from .200 to 4225 per month. Approved. Letter dated April 5th from Dr. Willis, regarding the appointment of Lir. J. H. ;illiams of Harvard "University in the Division of Analysis and Research, at a nominal salary of $1.00 per annum. Approved. REPORTS OF COLEUTTEL NO. 1: Dated April 7th, recommending 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. Approved. Dated April 7th, recommending action on applications for fiduciary powers as stated in the auxiliary minute book as of this date. Approved. Dated April 4th, recommending approval of the application of George A. :ditchell for permission to serve at the same time as director of the City Trust Company, Buffalo, New York, and as vice president and director of the State National Bank, North Tonawanda, New York. Approved. Other business was presented and disposed of as follows: Yemorandum dated April 7th from the Secretary, in re 274 -8revision of the weekly Federal Reserve bank statement. Approved. Memorandum dated April 5th from General Counsel, in re applications under the Clayton Act for interlocking directorates in the case of directors of the Hackensack National Bank and the Hackensack Trust Company, both of Hackensack, New Jersey. Ordered circulated. At 1:15 P.M., the meeting adjourned. 3ecretary. Approved:
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