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At a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, July 8, 1919, at 11 A. Li., PRSENT: The Mr. Mr. Mr. Mr. Governor Strauss Ilamlin Williams Chapman, Assistant Secretary. Morning business was presented and disposed of as follows: By unanimous consent the reading of the minutes of previous meetings ries deferred. The Governor reported the reserve positions of the several Federal Reserve banks. The Governor reported the purchase of special "7 certificates of indebtedness of the United States for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: For Federal Reserve Bank of: Richmond Mew York Richmond Philadelphia Kansas City Amount Date July July July July July 3,1919 3,1919 3,1919 5,1919 7,1919 :!4;100,000 1,400,u0U 200,000 1,2),000 536,000 Approved. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him: member bank promissory notes secured by Government obligations; rate 4 secured by certificates of indebtedness and 4 on paper on paper ws: secured by Liberty bonds and Victory notes, as follo Bank Rediacountinli Date July 5,1v19 July 7,1919 Dallas Richmond 7;ith Chicago Chicago Lmount 44,000,000 10,W0,000 .7.aturities lb days 11-15 days roted. Letter dated July 3d from the secretary of the Asia ration has applied Banking Corporation, advisinL; that this corpo ssion to to the Superintendent of Banks of Few York for permi , and increase its capital stock from :Z,v,J0,u00 to 44,0o0,0J0 to increase its sur21us from ,CO3,0';),) to'41,000,000. Meted. Federal Letter dated July 5th from the Chairman of the Bank preReserve Bank of Minneapolis, giving reasons why that rather than fers to have Mr. Cass Gilbert act as its architect select an architect by competition. Referred to Governor for reply. (2.,t this point Mr. Williams Joined the meeting) The minutes of the meetings of the Board held on June 26th and July lot were read, and on motion approveu. The minutes of the meetings of the Caunittee held on June 26th and 27th, and July 2d and 3d were read, and on motion approved. Lotter dated June 30th from the Chairman of the 3t. `1/ resolutiol, of Louis Clearing House 2ssociation, submitting n as a central that body, asking that St. Louis' designatio reserve city be discontinued. The :lovernor read reply by him dated July 6d. the FedLetter dated July 3d from the Chairman of the Board eral :Lesurve Bat'a of Philadelphia, advisinL, that wing increases of Directors of that Bank had voted the follo to the approval in salaries, effective July 1, 1919, subject of the Federal Reserve Board: To :,;25,00U 12,000 9,000 9,0ee 7,500 From Llr..;;.2.Passmore, Wm.H.Eutt, Governor, Deputy Governor, Cashier Lpi)reved. r of Letter dated July 2d from Deputy Governor Saile the employthe Federal Reserve Bank of rev; York, reporting ated: ment of the persons named below, at salaries indic A. ocott, Vaughan, C. d Harol Ur. Ur. Andrew B. Foye, C3,000 2,600 4,000 Letter dated July 7th from the Actin,. Director, Board canDivision of Foreii,n Lchange, reauusting that the gn exchange cel all outstanding prohibitions against forei as relating transactions with the e::ception of those stated to Bolshevik transactions. -4ip2roved. ,Ipplication of ::orthv,estern nItional Bank, 2innebills apolis, 1.7innesota, for authority to accept drafts and ,:;e up to 100'; of its capital and surplus, under the of e:Lehan, provisions of Section 13 of the Federal Reserve Let. Approved. Letter dated June 3d from the Chairman of the Fedure.1 Reserve Bank of Minneapolis, requesting the approval of at appointment of R. A. 6mith as Chief Clerk in his office a salary of ;)2,200 per annum, effective July 15, 1919. Approved. REPORTZ 02 00MnITTLL NO. 1: Dated July 8th, recommending approval of application of Otto Bremer to serve at the same time with the American National Bank, City Bank, and Commercial state Bank, all of St. Pau1,11inn. Approved. Dated July 8th, recommendinG approval of application of 1.ugene H. Darrach to serve at the same time with the Indiana rational Bank and the Union Trust Company, of Indianapolis, Ind. Approved. Letter dated July 2d from the Governor, 2ederal Reserve Bank of Linneapolis, requestint; authority to establish a procressiVe penalty for deficiencies in reserves. 7,eferred to Governor for reply, approving. -5At 12-45 the rfleetint; a MIA.i.r.L:d. lit LPP ved:
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