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1281 4‘i,t a meeting of the :;xecutive Committee of the Federal Reserve Board, held in the office of the Board on Tuesday, August 20, 1918, at 11 nESIXT:. Mt. Mr. Mr. Mr. Y.., Harding, presiding Miller 7amlin Broderick, Acting Business was presented and disposed of as foiiews: Letter dated Augyet 16, 1918, from Federal Ileserve 41gent, rew York, in re plan of issuing reserve notes to bank, upon receipt from Viashington and retaining a supply in vaults ftr use in case of current need. elan Ir:as'approved. 4 Letter referred to Governor for reply. governor's correspondence with the Little Rock Clearing House 4ssociation in re establishment of branch et Little Lock. Ordered circulated. Correspondence in re power for ,;old production in California. Referred to Mr. 71iller. Letter dated ,tucust 19th from international Banking Corporation, reque6tinL; statement of the requirementa with respect to the business of the corporation to render its stock eliible for purchase by uLtional banks, under provision of section 25 of the Federal Reserve .act. Divly thereto read and approved. Memorandum by 1:r. Hamlin dated ;olust 16th in re a director of rational :Lhawmut Bank of Boston orvinc simultaneously as a director of the First 1282 Lationi 3:.nk of :'ew York. D.:commendation proved. Le- ferred to Governor for reply. Letter dated August 16th, from Boston Clearing House Association in re charge of 1/10 of 1,; by ::ew York Clearing House 34..rf4.3 on bills payable elsethere than in Uew York. Ordered docketed for next meeting of the 3oard. ve Letter from Deputy Governor of I:ew York Federal Reser Bank and reply by Governor Harding, in re investment by how York institutions in stock of discount company. Eeferred to el. Governor for reply after consultation with Couns ve Correspondence by Governor with Federal Reser 2ra1ce. 1:ew York, in re reciprocal doJosit account 1,-,ith Bank of Ordered circulated. re auMemorandwa by Governor, dated ;Lugust 19th in thority to purchase Treasury certificates, for deposit as security for iederL1 Besurve 3ank notes. L:umorandum dated ,',116ust 16th by 1,pprovod. ,Acrotary, in Clevere railroad notes rediscounted by Federal .Reserve Bank of s. land, and memorandum of Counsel in re railroad acceptance r of March Referred to Sovernor for reply, in line with lette York. 9th, written by lice Governor to 2edera1 1;eserve Bank of row , Te1e_xa-1 dated August lJth, from Federal Reserve Agent from ton to irancisco, requesting authority to increase -3fifteen cents per thousand per day the charge on transfer drafts sold. Governor instructed to reply, expressing ap- proval upon the assumption that Li% Perrin as satisfied of the necessity and desirability after canvassing* the situation. Letter dated August 15th from 2ederal 1:ezerve ,4gent at 1:3nsas City, in re rate of interest on transfer drafts bought. Lead and ordered filed. Letter dated /,,I1L,,ust 17th from the 2riorities Commissioner, in re curtailment of industries. Action post,donod until com- pletion of personnel of the 3oard. Copy ordered sent to Cap- ital Issues Committee. Letter dated aucust 17th from Llexander :.all, Credit Lanager of National Bank of Commerce of Detroit, in re type analysis-financial statements. Referred to Dr. Villis for report and recommendation. Lotter dated June 19th from Hicks, Phelps, Dickson Babbitt, an ALntonio, Texas, in re Title 7 of the ;Lspionae;e Act, and memorandum thereon by Counsel. Counsel authoriLed to communicate NAth Counsel at Dallas. Letter dated August 16th from International Accountants' ',,ociety, Division Tanner-Gilman chools, Inc., Chicago, re- questing Board's attitude as to their reproduction of all or part of Board's pamphlet on "Uniform Accounting", acting Zecretary instructed to advise writer that no objection to such 1284 -4- publication would be made if, in reprinting, the words "Published with permission of Federal Reserve Board" were inserted. Reports of Committee .,:are )resented and acted 'Iooh as follows: No. 1. Dated August 20th, recomnendin, admission of state institutions as set forth in the auxilicry minute book as of this date, subject to conditions stated in the individual report attached to each application. Dated .;:ugust 19th, in re application of First tate Bank of Abilene, Texas, for admission to Federal Eesurve System, with correspondence from Federal Leserve Agent at Dallas. Ordered that conditions of membership heretofore imposed be not waived. Dated August 16th,19th,20th (2 reports Aug.20th) recoramending changes in the stock at Federal Reserve Banks as set forth in the euxiliary minute book as of this date. Dated august 19th, recaanending action upon applications for ,fiduciary powers, as stated in the. auxiliary . minute book as of this date. Dated August 20th, in re chan6es in pay of officers and employees af Federal Reserve sank, Linnoapclis, Approved. Application fr.= the following institutions to accept drafts and bills of exchange drawn on them up to 100;; of their capital and surplus:. Pittsburgh Trust Co., Pittsburgh, Pa. Houston Yational .::xchange Bank, Houston, Texas. 4pproved. The folio ing athiltions to the Board's 8taff were approve Date afuctive Upon reporting Liss Lo u n. Skinner, Sten r.und Typist, Div. of Audit J. A. Hutton, en'r.and Typist, Office of ury, '..larion Curran, Typist, Office of J c et Miss Dorothy Rogers, Record Clerk, iederal 11e801 Redemption Division, At 1245 P. ,ovQrn,/ r1,20( 1,200 4,a1g.21,1911,200 ssue and Aug 14,1918 he meetIng adjourned. Approved: Sept. ,1918 Sala monthly)
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