Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 5, 1919, Volume 6, Part 1

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At

meetinp; of the Executive Committee of the

Federal Reserve Board held in the office of the Board on
February 5, L319, at 11:30
PRESENT: The
Mr.
Mr.
Mr.

Governor
Hamlin
Williams
Broderick, Secretary.

Business was presented and disposed of as follows:
:umorandum by the Comptroller of the Currency, dated
February 1st, recommending approval of capital stock of
4500,000 for the First National Bank of New Bedford, Massachusetts, a consolidation of the First National Bank of
New Bedford and the Y.ecaanics National Bank of New Bedford,
with present capital of

2.,000,000 and $600,000, respectively.

Approved.
Telegram dated February 4th, from Mr

7J. E. Newsome,

Deuty Chairman, Federal Reserve Bank of Dallas, requesting
approval of the temporary appointment of :71-. B. 2, Mckinney
as Deputy Governor of that Bank at a salary of

25 per day

when actinG in such capacity.
Approved.
Letter dated January 31st, from Federal Reserve
Agent at New York, requesting approval of the appointment
of 1.1r. Ralph T. Crane as Assistant to the Governor of that
bank at the rate of $10,000 per annum, for the particular
purpose of establishing personal relations with the smaller




9,2

member banks, upon the understandim, that the period of employment shall cease upon the completion of this special
work, and in no event extend beyond December 31, 1919.
ipproved.
Letter dated February 1st, from the Federal Reserve
Agent at New York, in re plan of adjustment of minimum
salaries, salary progressions, salary standardization, pen::ion system, etc.
Referred to the Governor for reply.
The ',;overior reported the following rediscount
transaction pursuant to authority heretofore vested in him:
February 3d, by the Federal Reserve Bank
of Chicago for the Federal Reserve Bank of
Dallas, :4,000,000 member bank 15 day collateral notes secured by Government obligations;
rate 4%.
Noted.
Letter dated January 30th, from Deputy Governor
Treman, Federal Reserve Bank of New York, in re United
States securities pledged with Federal I:wserve banks.
Referred to the Governor for reply.
Checks drawn by ineligible non-member banks on a
correspondent member bank with the words "Payable if desired
at the Federal Reserve Bank of St. Louis" stamped thereon,
with memorandum of General Counsel dated February 3d.




-3Referred to the Governor for reply to
to Lr. Martin's letter of January 22d.
Letter dated January 2jth, from Federal Reserve
,Agent at Gan Francisco, in re suggested amendment to the
Federal Reserve Act specifically to authorize the conduct
of savings departments.
Ordered circulated.
RL2ORT6 CF COLEITT

TO. 1:

Dated February 4th, recommending changes in stock at
Federal Reserve banks as set forth
in the auxiliary minute book as of
this date.
Approved.
Dated February 5th, recommending action on applications
for fiduciary payers as stated in
the auxiliary minute book as of this
date.
Approved.
Dated February 5th, recommending appointment of Liiss
Betty ;;tewart as comptometer operator
in the Division of Reports and Statistics, at a salary of ,1,2J0 per
annum, effective upon assuming duty.
Approved.
Dated February 5th, recommending appointment of VJilliam
E. Burns as Messenger for the Division
of Reports and Statistics at a salary
of ;;840 per annum, effective February
5th.
Approved.
Dated January 6th,
e)




recommending appointment of Eugenu G.
Grady as Special Examiner, Federal Reserve Bank of Richmond, at a salary
of :2,400 per annum.
Approved.

Letter dated February 3d, from Federal Reserve Agent

94

-4at Chicago, in re treatment of Cleveland by the Chicago
Clearing House dIssociation.
Voted that the Governor take up with the
Federal Reserve Bank of Chicago the question
of enlargment of the territory of the Detroit
Branch of the Federal Reserve Bank of Chicago.
Letter dated February 3d, from Federal Reserve Agent
at Cleveland, in re cooperation with State Superintendent
of Banks in the matter of examination of State bank members.
Referred to the secretary for reply.
Letter dated February 3d, from Mr. Charles B.
Rogers, President of the First National Bank of Utica,
Utica, New York, inquiring as to efforts by the Government
to survey South Lmerican countries, looking to the development of American trade.
Referred to Mr. Miller for suggestions
as to response.
At 12:45 P.M., the meeting adjourned.

Approved:




Gover