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-oo0oo-- Minutos of tIorv ,o Board July - Detber 1 9 1 9 sit a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, July 1, 1919, at 1U-30 A.1.1. 9 21;iLSLYT: The Mr. Mr. Mr. Mr. ',,c)vernor :Jtrauss Miller ;:illiamu 3roderick, Secretary. By unanimous consent the reading of the minutes of 2reviOus meetings was deferred. Er. Miller stated that he was leaving 7.ashington today for the Pacific Coast, and expected to return by August 12th. The Governor stated that effective today, the Federal 'Reserve Banks of Cleveland and 2hiladelphia had placed the State 'of Pennsylvania on a par basis by reason of the fact that they had adopted the practice of collecting by express, items on banks not on their par lists. The Governor stated that Mr. Tiamlin's term of office as a member of the :„xecutive Committee expired today, and that it would be in order to designate his successor. Voted that in view of the fact that Mr. Miler would be absent until August 12th, Er. Hamlin be designated a member of the Executive Committee to serve during the ensuing quarter year. The Governor reported the purchase of special certificates of indebtedness of the United 3tates for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: -2For Federal Reserve Bank of: Date Richmond, St. Louis, Philadelphia, Dallas, June 26,1919 June 27,1919 It June 30,1919 Amount $100,030 500,000 1,000,000 500,000 Approved. The Governor reported rediscount transactions, pursuant to authority, heretofore vested in him: member bank promissory notes secured by Government obligations; rate 47, on paper secured by certificates of indebtedness and 4e; on paper secured by Liberty bonds and Victory notes, as follows: Bank RediscountillE Data With (Minneapolis *(Chicago Amount Maturities ?5,000,000 5-15 days 10,003,030 15 days June 26th Richmond June 26th Philadelphia Chicago 10,000,000 June 27th Philadelphia Chicago 5,000,000 June 27th Richmond Chicago 5,000,000 5-15 days June 28th Philadelphia Chicago 5,030,900 11-15 days June 30th Richmond... June 30th Dallas June 30th Philadelphia July 1st Richmond 11-15 days If 5,000,000 5,000,000 3,000,000 15 days Chicago 10,000,000 11-15 days Minneapolis 10,000,000 (Minneapolis (Chicago Chicago Ii If Noted. Memorandum by Secretary dated July 1st, submitting for approval draft of letter to be sent to Governors of all Federal -3Reserve Banks dated July 1st, submitting comments by Federal Reserve Board in re report of Governors of Federal Eeserve Banks covering improvements in service and distribution of expenses of the leased wire system. Approved as amended. Memorandum by Secretary dated June 26th, recommending that the Board approve the installation of full duplex circuit between New York, Washington and Chicago in place of circuit No. 3-B, and the employment of an additional telegraph operator in the Washington office. Approved. Letter dated June 25th from the Chairman of the Federal Reserve Bank of Chicago, commenting upon proposed legislation to increase the number of directors of Federal Reserve banks. Voted. The Governor read a letter from the Governor of the Federal lieserve Bank of New York dated June 26th, commenting ,-1 upon the Board's letter of June 19thirequesting an expression of opinion in re suggestion of the abolition of sub-treasuries and the transfer of their functions to Federal Reserve banks. (At this point Mr. Williams joined the meeting). The Governor stated that he was informed by Chairman Platt of the House Banking and Currency Committee that a bill -4embodying sugestions similar to those contained in Governor • Strong's letter had been submitted to his Committee from New York. Voted that the Governor ascertain from Governor Strong if he were the author of the bill submitted to the House Banking and Currency Committee, and if so, to advise him that it was the Board's desire that such matters be presented to Congress by it rather than by individual officers of Federal Reserve Banks. Telegram dated June 30th from the Chairman of the Federal Reserve Bank of Dallas, requesting authority to take a vacation during; the month of August. Approved. Telegram dated July 1st from the Chairman of the federal Reserve Bank of Dallas, requesting that he be authorized to instruct Assistant Federal Reserve Agent Hall to attend meetings of the Board of Directors of the federal Reserve Bank of Dallas in an advisory capacity during his absence on vacation. L.02roved. REPOR% OF COMMITTEE NO. 1: Dated June 26th, recommending the payment of extra compensation to employees of the Board pursuant to provisions of Section 7 of the Act of March 1, 1919, and increases in salaries of employees not affected by such legislation, effective July 1, 191. Approved. _L'._ in salDated June 26th, recommending approval of increases the iedof es employe aries of officers and York. oral Reserve Bank of New Voted to approve subject to approval by Assistant Secretary of the Treasury Loffingwell, under whose jurisdiction comes the work done by Er. Rudd's department, of the increase from 0,00° to 0.2,000 recommended in the salary of Charming Rudd. Dated June 24th, recommending approval of salary of 42,400 per annum for Mr. Thomas H. Davis, National Bank Examiner. • Approved. salaries Dated June 23d; recommending approval of increases in of Bank Reserve Federal the of of employees : as , follows Atlanta To From per annum 2,100 112,000 Clerk, Chief crief, D.Z.Mon " 3,000 2,700 Examiner, C.R.Tidwell, monthly 90 85 Clerk, Cooper, lone Approved. Dated July 1st, recommending approval of appointment of Miss Katherine Snodgrass as Research Assistant in the Division of Analysis and Research at salary of 42,000 per annum, effective upon reporting for duty. Approved. Dated July 1st, recommending approval of increases in salaries of employees of the Federal Reserve Agent's department, Federal Reserve Bank of San Francisco, effective July 1st. Approved. Dated July 1st, recommending approval of salary of 43,000 per annum effective July 1, 1919, for Mr. Vanemin Lamont as Acting Assistant Cashier of the Federal Reserve Bank of Chicago. Approved. Dated July lat, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated -6in the individual reports attached to each application. Approved. Dated Jue 30th,recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. the Dated June 27th,rocommending approval of application of , n-Salem , 71insto achovia Bank and Trust Company city. said in to establish a branch Approved. Other business was presented and disposed of as foilous: Liemorandum by jecretary dated June 30th, advising of withdrawal by the Hub Trust Company of Boston, Massachusetts, of its application for membership in the Federal Reserve System. roted. Lecommendation of the Director, Division of foreign Lxchange, that the records of that Division be transferred to the Pioneer Warehouse, subject to the order of Mr. Crane, Acting Director of the Division, or the ;izecretary of the federal Reserve Board, until such time as the Board might deem it advisable to transfer such records to Washington for permanent custody. Approved. Telegram dated July 1st from Assistant federal Reserve -7• CarlAgent Mosher at Minneapolis in re appointment of O. A. son as Chief Clerk. Referred to the Governor. Letter dated June 26th from the Governor of the Federal'Reserve Bank of rev. York, advising that it will be agreeable to that Bank for Lr. Crane, its Assistant Cashier, to enter upon the duties of Acting Director of the Division of Foreign Lxchange. Letter dated June 26th from the Director of the Division of Foreign Exchange, recommending that 1:.r. J. E. Bizzell be granted leave of absence with pay at his present rate of compensation for thirty days, beginning July 16th. A)proved. • The Governor stated that it was in order to accept the resignation of Mr. J. E. 7unts as a director and as Chairman of the Board of Directors of the New Orleans Branch of the Federal Reserve Bank of Atlanta, and to appoint a successor for him in both capacities. On motion duly seconded Mr. Zunts' resignation was accepted and Mr. P. H. Saunders was appointed Chairman of the Board and Mr. Poole a director of the Mew Orleans Branch of the Federal Reserve Bank of Atlanta. Letter dated June 26th from the Mercantile Bank of the Americas, re.luesting a modification pf its agreement with the Beard co that in no event shall the aggregate of its agoeptanges outstanding plus the total of deposits held by it exceed twelve times the amount of its subscribed capital and surplus, except With the approval of the Federal Reserve 3oard. Approved. Letter dated July 26th from the Chairman of the Fedur41 R serve Bank of Dallas, submitting for a.d2roval action by the directors of that Bank in appropriating a sum not exceeding'4,000 for the year 1919 for use in educational and welfare work among employees. ALYdroved. At 12-30 P.M., the meeting adjourned. Ap,Jroved:
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