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At a meeting of the Executive Committee of the
Federal Reserve Board, held in the Board Room on October
17, 1918, at 11:15 A.M.,
PilL,SiNT: ',Ir.
Mr.
Mr.
Mr.

Harding, presiding
Hamlin
Miller
Broderick, Secretary.

The minutes of the meeting of the Board held on
October 15th were read and on motion approved, subject to
approval by an additional member of the Board.
The minutes of the meetings of the Gold Export Committee held on October 16th and 17th were presented and approved, and the action therein set forth ratified.
Morning business was presented and disposed of as
follows:
Applications of the following banks to accept drafts
and bills drawn on them up to 100:; of capital and surplus,
under the provisions of Section 13 of the Federal Reserve
t, were approved:
'Zxchange National Bank, Spokane, Washington;
Spokane & J.:astern Trust Co., Spokane, .ash.;
First National Bank, Milwaukee, Wis.
Governor Harding presented printer's copy of
Comptroller's report of condition of national banks as of
August 31, 1918.




Noted.
Letter dated October 14th, from Federal Reserve

88

Agent at Chicago, recommending the appointment of Mr.

William

H. White, at present Examiner for the Federal Re-

serve Bank of Chicago, as Assistant Federal Reserve Agent
in place of Mr. Mark A. Lies, who intends to join the
military service.
Voted to approve the appointment and
fix bond in the sum of i.50,00() running to the
United States.
Letter dated October 14th, from the Director of
the Division of Foreign Exchange, requesting authority to
lease from the Federal Reserve Bank of New York, or agent,
the seventh floor of No. 37 Liberty Street, at $5,000 per
annum, with recommendation of approval by Assistant Secretary Adelson, dated October 15th.
Approved.
Memorandum by Chief Clerk, dated October 16th, in
re inoculation of employees against Spanish influenza and
Pneumonia.
Noted.
Governor Harding reported the purchase on October
16th of a :1,000,000 two per cent certificate of indebtedof the United States for deposit with the Comptroller
of the Currency, as collateral for Federal Reserve bank
notes of the Federal Reserve Bank of Chicago.




Approved.

38

Discount rate sheets of the Federal huserve Banks
Of:

Boston
New York
Philadelphia
Cleveland
Richmond
Chicago
St. Louis
ninneapolis
San Francisco

No changes recommended.
noted.
huport by Assistant Secretary Adelson, dated
October 16th, with respect to the work of the Division of
Foreign .4i.xchange at New York.
=
Ordered circulated.
Report by Assistant Secretary Adelson, dated
October 16th, of visit made by him to the Federal Reserve
Bank of Atlanta, and its branches.
Ordered circulated.
Letter dated October 15th, from Reginald W. Beall,
Offering for sale to the Board the Woodward Building at
the corner of loth and H Streets, N.W., Washington, D.C.,
With reply by Governor dated October 16th.
Noted.
Opinion of Counsel dated October 17th, in re acceptance credit desired by the International Products Company.




Approved.

1'7;1

-4The 6ecretary submitted synopsis of responses received to the Board's letter of October 2d (".:-1237) in re
payment by Federal Reserve Banks of expense incident to
transfers of currency to and from Federal Reserve Banks.
Noted. Voted that Federal Reserve Banks
be requested to report monthly all shipments
of currency made pursuant to the terms of the
Board's instruction, including deliveries of
carrency to banks at Federal Reserve points.
The Secretary submitted several letters received
from Federal Reserve Agents in response to Board's circular
letter No. 1245 of October 5th, in re reserve requirements
Of banks in outlying districts of central reserve and reserve cities it oursnance of the terms of Seetion 11(k) of
the Federal Reserve Act as amended September 26, 1918.
Letter dated October 9th, from Federal Reserve
Agent, Chicago, submitting recommendations as to the Cbloa00
District.
Referred to Mr. 1. 111er for investigation
and report.
Letter dated October 11th, from the Federal Reserve
Agent at Boston, submitting recommendations as to the Boston
District.
Referred to Mr. Hum1in for investigation
and report.
Voted that Counsel be instructed to submit formal
┬░Pinion as to the right of the Federal Reserve Board to




C

-5discriminate as between banks in outlying sections of
central reserve and reserve cities, pursuant to the provisions of L;ection 11(k) of the Federal Reserve Act as
amended 3eptember 26, 1918.
Voted that Counsel proceed with the preparation of
regulations of the Federal Reserve Board, series 1918,
such regulations to include regulations covering exercise
Of trustee power and reserve requirements of banks located
in outlying districts of centrcl reserve cities pursuant to
the provisions of the Lot of September 26, 1918.

REPOLT6 OF COLUITTLL NO. 1:
Dated October 7th, recommending admission of '
3tate instituauxiliary
tions as set forth in the
minute book as of this date, subject
to the conditions stated in the individual reports attached to each application.
CHANGLS IN 3TAFF:
Dated October 15th, resignation of 1.1r. Collins .Mason as
atenographer.
Accepted.
Dated October 17th,recommending increase in salary of niss
Lfirma C. Hallock, 'Stenographer in Research 'section of Division of Foreign
Exchange, New York, from 14,200 to $1,380
per annum, effective October 17th.
Approved.
At 12:40

the meeting adj

rned

Zecretary.
Approved:




Gover

r.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102