Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, November 25, 1918, Volume 5, Part 4

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At a meeting of the Executive Committee of the
Federal Reserve Board, held in the office of the Board on
November 25, 1918, at 11:50 A. M.,
PRESENT; Mr.
Mr.
Mr.
Mr.

Harding, presiding
Strauss
Hamlin
Broderick, Secretary.

Business was presented and disposed of as follows:
Letter dated November 20th, from the Governor, Federal Reserve Bank of Boston, and reply by Governor Harding
Of rovember 23d, in re discouragement of use of gold coin
for Christmas presents.
Voted that the Governor be authorized to
send all Federal Reserve Agents a letter urging the discouragement of the use of gold as
a circulating medium.
Letter dated November 20th, from Deputy Governor
Hoxton of the Federal Reserve Bank of St. Louis, in re
designation of Little Rock, Arkansas, as a reserve city,
effective December 16, 1918.
Voted that the Board rescind the action
taken at its meeting on Nevember 14th, designating Little Rock as a reserve city, and that
the Comptroller of the Currency be notified
accordingly.
Letter dated November 19th, from the Cashier of
the Federal Reserve Bank of Dallas, in re habitually deficient reserves of certain member banks in the 11th Federal
Reserve District.




-2Secretary to reply, approving course
pursued by the Federal Reserve Bank in imposing penalties for deficient reserves and
instructing the Bank, as a matter of record,
to continue to keep the Comptroller of the
Currency advised.
Letter dated November 22d, from Assistant Cashier
of the Federal Reserve Bank of New York, in re designation
of Mr. F. M. Quintana to act as substitute for Ambassador
awn, resigned, in executing drafts on the Argentine credit.
Referred to Governor.
Memorandum received from Central Union Trust
Company of New York, recommending that member banks forwarding items for "collection direct" to various Federal
Reserve Banks, be requested to have printed on all items a
symbol identifying the item as belonging to its particular
Federal Reserve District or branch.
Secretary directed to send copy to
all Federal Reserve Agents for their information.
REPORTS OF COMMITTEE NO. 1:
Dated November 25th, 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.
CHANGES IN STAFF:
Dated November 22d, recommending increase in salary of




-3National Bank Examiner William R.
Young, Federal Reserve District No.
8, from 2,400 to $2,700 per annum,
effective December 1, 1918.
Approved.
Dated November 21st, recommending increase in salary of
Mr. Arthur H. Weed, Attorney and
Secretary of the Federal Reserve
Bank of Boston, from $200 to 400
per month, effective November 1st.
Approved.
.At 12:30 P.M., the meeting adjourned.

Approved: