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,At neetin.::: of the I;xecutive Cen.nitt•He of the ioderal at:1601:VC; 3oard held in the office of,tho Board on nesdoy, July .C), 1919, at L2.-45 2.. lv.LNT: The Ciovernor ...Arouse Lir. Chapman, i:.ssistoLt 'ecretary. Business was presented and disposed of as follows: Tde ',:covernor reported the purchase of special certificates of indebtedness of the UnitedAotes for deposit .v,ith the Comptroller of the Currency as collateral for Aideral :Lieserve bank notes, as fellows; 'or odural heserve Lank of. July :dchmond, .Amount Dote ",i5J0,000 LpL)roved. Letters dated July Ld and L.Z. th. from Theodore 211brecht, Vice-2resident and Treasurer, Union Investment Company, Linneapolis, ilinnesoto, rouestini, the views of the 7oard relative to the desirability of certain forei6m ievernment bonds as investments of banks in which the investment Company is interested. J i ileferred to the ,, ,;overnor for reply. The'.;ecretar:,,' stated that the 5'11.: months' notice of viithdravial filed on January 3o, 191:), by the larmers lierchants Bank of 7ickmLLn, Kentucky, will expire today. Voted that the Secretary advise the Chairman of the Federal Leserve Bank of St. Louis that the six months' notice of withdrawal filed by the Bank with the Board having expired, it will be in order for him to take the proper steps.to terminate the membership of the Bank in the Federal Ileserve System. Lemorandum b-," Secretary dated July 29th, advising that among the securities held by the Lmerican Foreign Banking Corporation against outstanding acceptances on June 30, 1919, appear the following items: b.„Third Liberty Bonds, Brazilian Traction,Light 2owor, Interest L:aBute turity 1928 4% 6 :ov.,191-9 Voted that the Secretary advise the American Foreign Banking Corporation that the Federal Leserve Board approves as such collateral the United States Third Liberty Loan bonds, but that the reserve of the Corporation against its outstanding acceptances being sufficient v.ithout the inclusion of the bonds of the Brazilian Traction, Light & Power Company, the Board does not under- . take at this time to pass upon the eligibility of such bonds as security. The following reports were submitted: Dated July 50th, 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. Approved. -0The ;Thve1.7hor'fuderted the reaervu do3ition:3 tiu 2eder...1„.1 'iuserve :.„t 1-06 the i.uutinj • ••••••••=11M.01 • 01 ••••••.•011....,..., ecret4,rv.
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