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24:3 At a meeting of the 2edera1 Reserve Board held in the office of the Board on March 31, 1919, at 11 A. M., PRESENT: The Mr. Mr. Ur. Mr. Governor Miller Hamlin Broderick, Secretary. Lorning business vas presented and disposed of as follows: Letter from Er. Kent dated March 29th, regarding the earmarking of gold up to :10,000,000 for the Javasche Bank, . covering shipments of goods from Java to the United States Referred to the Governor for reply to Er. Kent and advice to the Federal Reserve Bank of New York, the Board in principle being favorpaably disposed to the arrangement in antici ions condit tion of lifting the embargo when are more propitious,- the details to be left to the Federal Reserve Bank of New York. The minutes of the meeting of the Board held on d. March 26th were read, and on motion approved as amende . ComThe minutes of the meetings of the Gold .:Iport apmittee held on March 29th ancL31st were presented and proved, and the action therein set forth ratified. The minutes of the session of Federal Reserve Agents with the Board held on December 5, 1918, and of the sessions of the Advisory Council with the Board on February 17th and 18th, 1919, were ordered circulated. The Governor-reported the purchase on March 29th of 244 special 2 certificate of indebtedness of the United --.;tates for ,1,000,000 for the 2edera1 Reserve Bank of Philadelphia, for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes. Approved. The Governor reported the following rediscount transations pursuant to authority heretofore vested in him: March 28th, for the. Federal Reserve Bank of Philadelphia, 410,000,000 member bunk 15 day collateral notes secured by Government oblications - rate 4% - as follows: 5,000,000 by Federal Reserve Bank of Minneapolis; 5,0j0,000 by Federal Reserve Bank of Chicago. March 20th, of Dallas by the cage, :„35,000,000 notes secured by for the Federal Reserve Bank Federal Reserve Bank of Chimember bunk 15 day collateral Government obligations; rate 470. March 31st, of Dallas by the cago, ç5,O0O,0U0 notes secured by for the Federal Reserve Bank Federal Reserve Bank of Chimember bank 15 day collateral Government obligations; rate 4%. March 31st, for the Federal Reserve Bank of Richmond by the Federal Reserve Bank of Minneapolis, $10,000,000 11 to 15 day member bank collateral notes secured by Government obligations; rate 470. March 31st, for the Federal Reserve Bank of Philadelphia, !1.0,000,000 member bank 15 day collateral notes secured by Government obligations,- rate 40 - as follows: 45,000,000 by the Federal Reserve Bunk of Cleveland. i- ;i5,000,000 by the Federal Reserve Bank of Minneapolis. Mrch 31st, for the Federal Reserve Bank of Dallas by the Federal Reserve Bank of Cleveland, :5,000,000 member bank 15 day collateral notes secured by Government obligations, rate 4:0; (Gold settlement transfer April 1st). A-)proved. Letter from the rational Park Bank, rew York, dated in March 20th, making application for permission to invest stock of the Park-Union Foreign Banking Corporation to the extent of ,1,125,00u. 4proved. Letter dated Larch 29th from the Secretary of the _.,rest =',„sriculture, regarding the assignment of a clerk to of Service for a limited period to assist in retabulation by Fedstatistics and estimates of crops, live stock, etc., eral Eeserve Districts. Referred to the Secretary with instructions to submit same to Dr. 7;i1lis for his opinion as to whether or not the information desired is of sufficient importance to warrant the assignment of a clerk to compile the statistics by districts. Letter dated March 28th from the Secretary of Agriculture, suggesting that a statement be issued by the Governor, endorsing the system of Federal liaensed and bonded warehouses, and recommending that the Federal Reserve Banks accept as security for rediscounts, warehouse receipts issued under the United States 7:arehouse Act and Regulations in 246 -4°reference to loans secured by ordinary warehouse receipts. Referred to the Governor with instructions to forward copies to the Federal Reserve Banks of Richmond, Dallas, Atlanta and St. Louis, requesting an expression of opinion as to the desirability of establishing a preferential rate in favor of loans secured by warehouse receipts issued by warehouses operating under Federal license. Letter dated March 25th from the Federal Reserve Agent at Dallas, enclosing copy of letter from the Dallas Clearing House Association regarding charges on collection items in the City of Dallas. Referred to the Governor .for the preparation of reply, after consultation with General Counsel, such reply to be submitted to the Board at its meeting on Wednesday, April 2d. The 6ecretury was instructed to wire the Federal Reserve Banks, inquiring as to their practice in re handling collection items payable elsewhere than at banks. 4.1e:Lander Draft of proposed letter prepared by Mr. ; B. Trowbridge, outlining the functions and duties of the Consulting Architect. Referred to Mr. Miller for revision. Letter dated March 28th from the Governor of the Federal Reserve Lank of Philadelphia, regarding payment of special compensation to Mr. ,. H. Charlton. Voted not to approve increase in the salary of Mr. Charlton, but to approve of his reimbursement by the Federal Reserve Bank of Philadelphia for reasonable attorney's fees incurred in his defense under an indictment arising out of alleged misconduct of his official duties with the Bank. Proceedings of the Conference with Governors, March 20th, 21st and 22d, 1919. Referred to the Governor and Secretary for report on Wednesday, April 2d. Letter from the Federal aeserve Agent • at San Francisco, dated March 20th, regarding the employment of Mr. Edward Elliott in connection with State bank membership campaign. 2eforred to the Governor for reply. R;O C=I%REOT OTE Dated March 31st, recommending the 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. Dated March 31st, recommending action on applications for fiduciary powers as stated in the auxiliary minute book as of this date. Approved. Dated March Z7th, recommending approval of the application of Mr. R. L. Griggs for permission to serve at the same time as director and secretary of the Northern National Bank, 'Duluth, Llinn., and as director of the First rational Bank, Virginia, Minn. Approved. Dated March 29th, recommending increases in salaries of employees of the Division of Reports and 248 -6Statistics, effective ;..pril 1, 1919, as follows: To From i4,200 •1,11Ju Chapin, Mrs. :alma L. 1,120 1,000 Miss Dorothy L.Wooden, approved. Memorandum dated March 29th from Dr. Willis, submitting the resignatiorsof Mr. M. H. Harris and Mr. 1„. H. Langston from the Division of .analysis and Research, effoctive April 1, 1919. Approved. Letter dated March 2Gth from Mr. William Y. Johnson regardinc his application, heretofore denied by th Board, for permission to serve under the Clayton Lct in connection with the Hackensack :Tational Bank and the Hackensack Trust Company, both of Hackensack, New Jersey. On motion duly seconded, action was suspended for a reasonable time, pending determination of the matters referred to in the letter. Letter dated March 25th from the Cashier of the First National Bank, Deadwood, South Dakota, reluesttng. that Mr. Ben Baer be not required to furnish the detailed information called for in blanks to be filed in connection with application for permission to serve at the same time as a director of the First rational Bank of Deadwood, south Dakota, and as president of the American rational Bank, St. Paul. 241-- -7Referred to the ,Governor for reply, to the effect that the Board has no power to waive the requirement referred to and sucgestinf; that the bank supply the information called for and send the blank to Mr. Baer. Letter dated March .27th from the Comptroller of the Currency, requestinL approval of a salary of 0,000 per annum from Mr. a. 3. Congdon as 1%,tional Bank L:kaminer-ut- Large. Approved. At 1:05 P.M., the meeting adjourned. ApdrOVed:
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