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_1246 At a regular meeting of the Federal Reserve Board held in the office of the Board on August 6, 1910, at 3 PRLSLET: 1:r. Harding, presiding Viarburg Mr. Hamlin Er. :diner Mr. Broderick, Acting Secretary. The minutes of the meeting of the Board held on August 1st were read and on motion approved as amended. The minutes of the meeting of the .,,4xecutive Committee held on August 5th were read and approved and the action therein set forth ratified. The minutes of the meetings of the Gold Export Committee held on August 2d, 3d, 5th and 6th were presented and approved, and the action therein set forth ratified. Mr. V:arburg stated that an agreement had been reached with the ;,ar Trade Board and the War Industries Board, with the consent of the Department of state, to discontinue granting of licenses for the exportation of gold to be used in the payment of lexican duties on miscellaneous exports. Governor Harding presented letter from the Ixting Uocretary of the Treasury transmitting correspondence beteen the Treasury Department, the 5tate Department and the T3olivian Linister in re proposed plan for the stabilization of exchange rates between the United States and Bolivia, together with an acceptance from the Bolivian Linister. plan was approved and the Federal The eserve Bank of New York authorized to open an account in accordance with the terms stated.. Lctinj Secretary instructed to forward copy of the plan and correspondence in connection therewith to the Federal Reserve Bunk- of New York for its information and guidance. It was voted that Mr. Jesse H. Metcalf be appointed Class C director of the r'ederal Reserve Bank of Boston for a term to expire December 31, 1919, to fill vacancy caused by the resignation of Hon. Andrew J. Peters. Governor Harding presented telegram received by ti him from the Secretary of the Indiana Bankers' Association, requesting that the Board be represented at the meetin of the .Association to be held at Indianapolis, Septe:aber 18th, and stated that officers of the iederal Reserve Banks of Cleveland and Chicago had expressed opinion that it was desirable to have a member of the Board attend the meetings of the Ohio, Indiana and Illinois Bankers Associations. Voted that the Governor or some other member of the Board be authorized to attend such meeting at the expense of the Board. Referred to Governor for reply. The following matters were presented and action taken .thereon: Letter from Rocky Mountain Auto Trade Association, dated August 2d, in re automobile business on cash basis. LL?)48 -3- Leferred to Governor for reply. Letter from Federal Reserve Agent, T:ew York, dated August 2d, in re rate of discount on long term paper mentioned in Board's letter of July 22d. tive Committee with power. Referred to 1.xecu- Correspondence to be circulated. Letter from Federal Reserve Agent, New York,dated August 1st, advising that 2eoples Trust Company of Brooklyn of had acquired the business of the Bank of Flatbush, also liaBrooklyn, by purchasing its assets and assuming its bilities. Letter further stated that Superintendent of h Banks had authorized the ileoples Trust Company to establis branch office at the office formerly used by the Bank of ilatbush. Approved. Letter from Federal Reserve Bank of New York, dated . August lot, enclosing application of Guaranty Trust Company of New York for permission to accept drafts of the Anglo south American Bank, Ltd., BUUEOS Aires, to run not longer than ninety days and drazn upon them for the purpose of furnishing dollar exchange. Approved. Letter from Federal Reserve Agent, Cleveland, dated August 1st, suggesting changes in revenue lay. vdth respect to collection of items received from the Collector of Internal Revenue. Referred to Governor for consultation -4- :ith Assistant secretary Leffingwell, with recommendation that endeavor be made to secure amendment to law as suggested. - L. Cleveland 5, Company, Los Angeles, Letter from V.. California, dated July 29th, in re banks discouraging purchases of traction engines. Referred to Li.. Yiller. Letter from :;ecretary of state, dated August 1st, transmitting copy of communication from Ambassador iletcher relating to decree of the :exican Government in re silver exports. Referred to Gold xport Committee. Letter from first Eational Bank of Boston, dated - august 2d, transmitting communication from Crimmins & Peirce, protesting the exclusion of that firm from group formed by the cuartermaster General's Department for purchase of wool in the Argentine and requesting that matter be reopened with view to securing admission of Crimmins & 2eirce to group selected. Governor Harding stated that he had taken up the matter with the Chairman of the ';.ar Industries Board and submitted a copy of his reply. Reopening of question ap- proved and Governor instructed to take necessary action. Memorandum by Mr. Warburg, dated August 2d, recommending changes in method of stating reserve, together with draft of confidential letter in connection therewith to be sent to all iederal Reserve Banks. Committee with power. Referred to ixecutive -5- tter, dated ugust 3d, received from the Director of the Division of :Foreign Exchange in re foreign exchange transactions of Musher & Company. Lemorandum from Jacobson, dated Ordered filed. ugust 3d, in re method of reporting investments by Federal Reserve Banks in banking premises and real estate. ,tction ordered deferred until January 1, 1919. Letter from Comptroller of the Currency, dated 4Wgust 2d, advising changes in national bank examining force during the month of July, 1918. Read and ordered filed. Letter, dated July 8th, from James L. ':,ilmeth, Director of the Bureau of Laigraving and printing, in re estimate of number of Sneets probably resluired during fiscal year 1920 for printing of Federal Reserve notes and Federal Reserve currency, together with manorandum in connection therewith prepared by Lssistant ,)ecretary itdelson. Ordered circulated before replying in line 7.ith such memorandum. acting :Acretary submitted report of examination s of Federal Reserve Bank of New York as of close of busines June 1, 1918. Referred to Er. ':;arburg as Chairman of the New York Committee. Telegram from the 1-iecretary of the Federal Reserve Bank of Chicago, advising of the death of Mr. M. B. Hutchison, Class ;) Director of the Chicago Bank. Referred to Governor 1251 -6- fur suitable response on behalf of the Board. Letter from Counsel, dated August 6th, in re inquiry from nurchison National Bank, -Alminuton, N. C., in connection with rediscount of notes of non-member banks by member banks. Referred to Governor for reply. Lotter, dated Lugust 1st, from iederal T:eserve jt. Louis, advising of the election as directors of the :..emphis Branch of the 2edera1 Reserve Bank of Lt. Louis of the following gentlemen: R. Brinkley jnowden, Vice-..'resident, Bank of Commerce Trust Co., John D. 1:.cDowell, Vice-President, Union 31 Planters Bank & Trust Co., Lemphis. John J. Heflin, Assistant Bank Commissioner of the State of Tennessee; resident of Nashville, and the adpointment of the last named gentleman as manager of said branch at a salary of 5,000 per annum. Letter re- ferred to also transmitted forms of by-laws adopted for the nemphis and Louisville Branches of the iederal Reserve Bank of t. Louis. Voted to approve election of directors as . Heflin as nanagor at salary above and appointment of La. stated. Voted also to approve forms of by-laws submitted. The following were elected Government directors of the Memphis Bmnch; 21252 -7- 3. E. Ragland, President, Central riemphis. tate National Bank, T. K. Riddick, Lawyer and Director of the First. rational Bank, Memphis. remorandum from Llr. Jacobson, dated August 6th, in re varters in the Jouthern Building for use of Division of l'wports and statistics. .--proved and referred to Governor and ilcting Secretary for u_eoution of drcper documents. T. Chapman was detailed temporarily, effective August 6th, from the office of the 7ice Governor to the office of the 1,cting Secretary. Mr. Liller stated that he had disoussed with the officers of the Federal Reserve Bank of Sun Francisco the appointment of Lr. . G. jargent as ..xaminer for the Federal Reserve Board, and suggested that :Ir. Jart;ent be taken over by the Board and the bank permitted to use his services at such times as he 1...as not engaged on work for the Board. Re- dum. ferred to Acting Jecretary for preparation of memoran Mr. Miller made a statement with reference to the employment of Li*. George Smithson. Other minutes were presented and disposed of as fen Reports of Committees: No. I Dated August 6th, recommending following changes in Board'u staff. -aJoseph VermLelen, salary 4685 per annum for period August 6th to August 15th, inclusive; 4480 per annum thereafter. Approved. No. 2 Dated August 6th, 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. No. 3 recommending action upon applications for fiduciary powers as stated in the auxiliary minute bopk as of this date. (.None haa for entry). At 5:40 P.L., the meeting adjourned. Dated July 31st, Acting Secretary. Approved:
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