Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, August 29, 1919, Volume 6, Part 3

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At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on
Friday, August 29, 1919, at 3 P.M.,
PRESENT: The
Mr.
Mr.
Mr.

Governor
Strauss
Miller
Chapman, Acting Secretary.

Business was presented and disposed of as follows:
Letter dated August 27th from the Chairman of the
Federal Reserve Bank of Boston, enclosing letter from the
Merchants National Bank of Pew Bedford, Massachusetts, in re
conditions imposed by the Board as a precedent to granting
fiduciary powers.
Voted that the Board waive the requirement
that the Merchants National Bank dispose of
stocks criticized by the National Bank Examiner.
Telegram dated August 29th from the Governor of the
Federal Reserve Bank of Dallas, advising that with the approval of the Federal Reserve Board, it is the intention of
that Bank to utilize the services of express companies or
local representatives as a medium for the immediate collection
of checks on all non-par remitting banks of the Eleventh Federal Reserve District.




Voted that the Board interpose no objection
to the plan proposed, provided it has the approval of the Directors of the Federal Reserve
Bank of Dallas.

The following report was presented:
Mr.
Dated August 28th, advising of the resignation of
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11, 1919, and recommending the appointment of Mr. 0. B. Morrissette, effective
September 3, 1919, at a salary of $1,500
per annum.
Approved.
At 3:1u P.M., the meeting adjourned.

Acting Secretary.
Approved: