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At a meeting of the Federal Reserve Board held in the office of the Board on March 24, 1919, at 11 A.M., PREJEET: The Mr. Mr. Mr. Mr. Governor Miller Hamlin Williams Broderick, Secretary. Morning business was presented and disposed of as follows: The Governor reported the purchase of special 2,L 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: Philadelphia Cleveland St.Louis Date Amount Mar.19,1919 ,,1,500,000 500,000 Mar.20,1919 500,000 Mar.22,1919 Approved. Application of the Michigan National Bank, St. Clair Heights, Detroit, Michigan, for reduction of reserve requirements. Unanimously approved. (The Chairman was present for the consideration of this question). Application of the Paterson National Bank, Paterson, Yew Jersey, for authority to accept drafts and bills of exchange up to 100":4; of its capital and surplus, under the provisions of Section 13. Approved. -2Letter dated March 17th from the federal Reserve Agent at Atlanta, advising of the appointment of 1,1r. J. K. Ottle as Governor dro tem. of the Federal Reserve Bank of Atlanta to serve in the absence or disability of both the Governor and Deputy Governor, at compensation equal to that paid to directors for attendance upon Board meetings. A)oroved. Letter dated :arch 14th from the Federal Reserve Agent at an Francisco in re legislation in that District affecting the Federal :.eserve 3ystem. Ordered circulated. Letter dated ::_arch 14th from the Federal Reserve Agent at St. Louis, advising of the resignation of LI'. Hoxton as Deputy Governor of the Federal Reserve Bank of St. Louis and the appointment of LI.. C. n. Attobury, at ?resent Cashier, as Deputy Governor and Cashier, effective April 1st, at a salary of i;8,4OG per annum, subject to the approval of the Board. Approved. Letter dated :.:arch lath from the federal Reserve Agent at Atlanta, advising of the following appointments on the staff of the Federal Reserve Bank of Atlanta, subject to the approval of the Board: 2K.,•2 -3Name Mr. Creed Taylor, Mr. H. F. Coniff, 2alixy (Per Annum) General Auditor,,.$4,000 Assistant Cashier, 3,000 Position Approved. ve Letter dated March 15th from the Federal Reser defalcation reAgent at Dallas, with further reference to ported at the il Paso Branch. Referred to the Chief of the Division of Audit and Examination. of Letter dated Marsh 20th from the Vice President tting for the Park-Union Foreign Banking Corporation, submi n to render approval, form of agreement by that corporatio nal Park Bank its stock eligible for investment by the Natio of row York to the extent of 41,125,000. General Counsel prescribed by reported that the agreement was in the form the Board. Approved. h, PresiLetter dated March 17th from Mr. C. A. Hinsc nnati, Ohio, in dent of the Fifth-Third National Bank, Cinci unt companies. re investment by member banks in stock of disco Referred to theovernor for reply. ve Letter dated March 14th from the Federal Reser nalist propaganda. Agent at San Francisco in re Chinese Natio Referred to the Law Committee for report. 0 -4MilApplication of the 'isconsin National 3ank, ; 0,o,A) in waukee, -Asconsin, for permission to invest ration. stock of the American Foreign Bunking Corpo Approved. ve Letter dated Larch 19th from the Federal 1.eser regulation reAgent ,t l'ew York in re effective date of /14.;overnment obligalating to discount of paper secured by ' on 5200 of tions, in excess of limitation imposed by Secti the :ievised Statutes. Noted. ve Letter dated Larch 19th from the Federal Reser by the Federal Agent at row York in re lines established Reserve Bank of rew York for the purchase of unendorsed bankers' acceptances. Noted. (Lt this point Mr. ",illiarrs joined the meeting). Letter dated March 20th rrom the rational Automobile tion of Chamber of Commerce, Washington, in re classifica passenger automobiles as marketable st&ples. Referred to the Law Committee for report. Memorandum by General Counsel ,:,,ted :arch .1st, in re time certificates of deposit. Ordered circulated and docketed for the meeting of the 3oard to be held on Friday, March 26th. • -5Letter dated March 14th Crom the President of the First Thtional Bank, :A. Paso, Texas, requesting permission to establish a branch of that bank in the City of Chihuahua, State of Chihuahua, L:exico; together with lettor dated Larch 17th from the Federal reserve Agent at Df..11as in connection therewith. iieferred to the ".3overnor for reply. Letter dated LaIrch 21st from Deputy Governor .LcKay, Federal Leserve Bank of Chicago, inquiring if the Board would approve the payment of the sum of :',250 assessed against that bank by the Chicago Clearing House ;ssoliation as its proportion of the fund for meeting the expenses of the jixth National Foreign Trade Convention to be held at Chicago on April 24th. Referred to the Governor for reply, disapproving. Joint letter dated narch 20th, from theuincy Yational Bank, the Rickey lational Bank and the State Savings Loan and ?rust Company, all of '_uincy, Illinois, reemmendinc that iember banks be accorded l, per annum profit through the discount rates of Federal Leserve banks, on sales of Victory Liberty loan notes. Leferred to the Governor for reply. 2' • -6Telegram dated :..lareh 24th, from the iederal Leserve Agent at San Francisco, in re accepting by Federal leserve banks, deposits of notes of National banks. TAferred to the secretary for reply. REPORTS OF COLMITTEE :C. 1: instiDated 1,:arch 24th, recommending admission of State ry auxilia tutions as set forth in the to subject minute book as of this date, ual individ the the conditions stated in reports attached to each aoplication. Approved. Dated "arch 24th, recommending action on applications for fiduciary powers as stated in the auxiliary minute book as of this date. Approved. Other business was oresented and disdosed of as follows: On motion duly seconded it was voted that, pursuant to the Act of Congress approved :71arch 19, 1918, all clocks in the Poard's offices be set forward one hour at two .c..L on the last Sunday in Larch, and that all employees be notified accordingly. Letter dated March 21st from the Secretary of the . Federal Reserve Bank of Chicago, transmitting recc-L:riendations for approval of the following salary increases at that Bank: Dazey, from 4.2,000 to ;2,400 A. 2,000 " 2,500 i. it. Buss, 3,000 2,300 K. Lyle, Approved. 26 -7Letter dated Larch 22d from the Director of the Division of ioreign Exchange, recouriending aoproval of the follwing order, effective April 1, 1919: "rot ice is hereby given that 'dealers' as defined under the Executive Crder of the President of January 26, 1915, until otherwise instructed,may make transfers of funds to persons not enemies or allies of enemies resident in Esthonia, Lettland, Lithunia and 2oland." pproved. Letter dated Y.arch 18th from r. A. L. i1ls, metber District, of the Federal fclvisory Council for the Twelfth ' proposing z, plan for the appointment of "alternate members of the Federal Advisory Council. :ieferred to General Counsel for opinion. The Governor submitted for approval draft of letter addressed by him under date of Larch 22d to Yr. 7enry O. 21o;;er, President of the Fidelity Trust Company, Yansas City, Missouri, assuring that institution of the cooperation and support of the Board in changing from 4 3tate in6titution to a rational bank with fiduciary powers. Approved as amended. On motion duly seconded, it was voted to postpone until the meeting of the Board to be held on 1:.arch 26th, , the ,Ilastion of che employment by the 2idelity Trust Company -8of Mr. M. C. Elliott, the 9oard's Consulting Counsel, in connection with its organization as a ::ational bank. Li'. Hamlin stated that he had received an invitation from Mr. Thomas E. vreen of the speakers' Bureau, Treasury Department :Liberty Loan Organization, requesting that he make public speeches in connection with the forthcoming Victory loan. On motion duly seconded, it w4s voted that members of the Board be authorized, in their discretion, to accept, at the expense of the Board, invitations to make public speeches in connection with the forthcoming Victory Liberty Loan. The minutes of the meeting of the Board held on March 21st were read, and on motion approved as amended. The minutes of the meetings of the sold ,:,:-:port Committee held on 1:arch List, 22d and 24th, were presented and approved, and the action therein set forth ratified. At 12:30 2.:%, the meeting adjourned. Secretary. Approved:
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