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9f) regular meeting of the federal Reserve 2oLrd held in the office of the Board on Idnesday, July lU, lv18, at li :Ir. Harding, presiding hr.4Varburg Llr. Hamlin 1:ir. Delano ir.dillis, .;ecretary Thu minutes of the meetinj of the Board held on June 27th were read and on motion approved. The minutes of the meetings of the -aecutive Committee held on June 28th and 29th, and on July 2d, 3d, 6th and 8th were read and on motion approved and the action therein set forth ratified. .The ainutes of the conference ,,ith Governors of Banks held on July 1st and 2(1 were dresented and referred to LI'. Delano for report. The minutes of the Gold -aport Gommittee held June 28th to July luth, inclusive, were dresented and on motion approved and the action therein set forth ratified. The Beard h.;...ving considered the status of Director Stern of the federal eserve Bank of ,..tlanta who intends to enter the navy, it v.as the sense of the Board that in viev, of his droposed from absence for two years from the District he Should withdraw the directorate, notwithstanding the Board regrets the loss of his services. Governor Harding read a letter from the Comptroller enclosing a letter from Darwin P. Kingsley re a site for the Federal ileserve Eank, Lansas City, and a draft of reply by the overnor addressed to ;:x. Elndsley. The draft was approved for transmission. Governor Hardins- stated the needs of the War iinance Corporation for space and it was agreed to give the temporary use of the offiee occupied by Assil,tant Counsel Harrison to the Counsel of the -iiar 2inance Corporation, subject to change at any time at the pleasure of the hoard. Discount rate sheets at iederal eserve S'anks (no changes requested) were presented and ordered passed to file. 1), letter from iederal aesurve ::gent Perrin re use of gold coin in California was read and referred to Counsel for report as to the point raised. A letter from the Liercantile Bank of the Americas, transmitting a copy of its statement waz3 read and referred to Counsel with question as to the Board's responsibility for examinintj the bank, if any. letter from rx. relson 2tuart submitting his resignation as Chief Clerk was read and on motion accepted, he to be released July 15th. letter from 2ederal Reservegent hamsoy re a bonus system at Dallas was read and referred to Governor Harding for reply, he to nay that the Board is disposed to -3- ft.vor a 20. rate under certain conditions but re,luirinc; the submission of a definite plan. 21 letter from zlederal eserve Agent Ramsey (Dallas) re salary increases at Dallas tas read and referred to Committee r.o. 1 A. letter from 2udural eservo iENnt Ramsey (Dallas) re the expense of moving to A Paso incurred by Paul Li. Ililler was read and referred to Governor Hardint; with authority to approval of the account amounting to it:206.27. ,' .1-ant On motion Lir. John DoLaLater was appdinted Chief Clerk of the T2oard offeotiv July 15th, at his present salary. The •lue:;tiol of reissuing the hoard's regulations was discussed and on motion the Secretary was directed to order an additional sup;)ly of the present edition. The question of larger quarters for the jtatistics Division was referred to the :caecutive Committee for inquiry and report. Loports of Committees were presented and acted upon as follows: lo. 1 Dated July 9th, recommending approval of appointment of Liss Z. L. 3ehmehl (Board's staff) at ,;75 per month, effective .Ally 10th. Dated July 9th, recommending appointment of Liss Lucia Loigs, Division of Foreign 4xchango, at ;720 per annum, effective July 10th. -4- Dated July 9th, recommending approval of a salary of 4)2,700 per annum for L. 0. Challmore., effective on assuming duty as rational Bank KYFminor. Dated July 8th, recommending approval of5,000 per annum .i'ost at Philadelphia. for Lir. A. Dated July 10th,recommending that the 3ecretary be authorized to appoint a Librarian at :0.,2U0 to 0.,440 per annum. Dated July lUth,recommending a salary of $3,300 per annum for National Bank Examiner L. L. Gellerstedt, effective July 16th. Dated July lUth,recommending appointment of irs. Genevieve . Leacham (Board's staff) at 75 per month, effective July 11th. v• g•• Dated July 10th (informal) reapproving admission of The Lodi Trust Company, Lodi, Y. J., on terms already named. ro. 3. Dated July 10t4,recannending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Cn motion of Lr. Delano it was voted to approve the employment of New York F.emmerer by the Federal 2eserve Agent at at :,5U0 per month for not over four months to assist in organizing the Statistical work of the bank. On motion at 3:50 2.:1, the Board adjourned. 410proved: Governor./
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