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.4Lt a regular meeting of the Federal heserve Board aeld in the office of the !oard on October 22, 118, at 11 P.Ir,T: lir. Harding, presiding Li.. Hamlin ::r. iIliams Zar. Broderick, secretary. The minutes of the meeting of the Board held on October 18th were read and on motion a)proved subject to approval by an additional aienber of the Co:amittee. The minutes of the meeting of the .:;xecutive Cox,mittee held on October 17th were read and approved, and the action therein set forth ratified. The minutes of the meetings of the Gold ....);_port :ommittee held on October 18th, 19th, 21st and 22d were presented and approved, and the action therein set forth ratified, :cfrning business was presented and disposed of as follows; overnor Hardin stated that be was in receipt of advice that it was the intention of the Governor and the Qdera1 7.-ce2orve .1,16ent of the riederel Reserve Bank of 141:111843 City to submit bills against the '.ar Finance Cordoration for fees for attending meetings of the Kansas City Cattle Loan ,igency. ,L;eneral, it was: lifter discussion of the subject in Voted that it is the sense of the Board that officers of the Board and the Federal Reserve Banks should receive no extra compensation for duties performed for other governmental agencies. Governor Harding submitted menorandum of special 2.[:3 certificates of indebtedness of the United States purchased for deposit with the Comptroller of the Currency as collateral for Federal Reserve notes as follows: Federal Reserve Bank of: '6an Francisco Cleveland Date Amount Oct. 19,1918 i;>1,000,000 Oct. 19,1918 1,000,000 Approved. Telegram dated October 21st, addressed by Governor to Federal Reserve Bank of Atlanta, in re policy as to renewal of rediscounts. Approved. Telegram dated October 21st, from Federal Reserve Bank of Dallas requesting rediscount of 4;;7,500,000 member bank collateral notes one to 15 days, secured by Government obligations. Governor Harding reported that he had arranged such rediscount at a rate of 4% as follows: $2,500,000 Federal Reserve Bank,Chicago, ninneapolis, 2,500,000 2,500,000 Cleveland, approved. Applications of the following institutions to accept 'Ago -3drafts and biils of e:csnane uo to lo(0 of their ca,)ital and surplus under the provisions of Section 15 of the 'Federal Leserve Act, were approved: Central State National Bank, ::lemphis, Tenn.; Harris Trust Savings Bank, Chicago, Ill. Report of Examination of the Federal Reserve Bari of Cleveland as of close of business August 17, 1918, with abstract thereof by Secretary, dated October 21, 1918. Ordered circulated. Eeport of examination of Federal Leserve Bank of IlInneapolis as of close of business September 7, 1918, with abstract thereof by Socretar, dated October 21, 1918. Ordered circulated. Draft of telegram dated October 22d, addressed to Governors of all Federal Reserve Banks callinL,- a conference Of Transit and Audit Officers to be held in Chicago about ovember 11th. Approved. Letter dated October 19th, from Federal Reserve gent at 4:A1anta, asking if it is the desire of the Board that the Federal Reserve Bank of Atlanta absorb expenses of the District Capital Issues Committee amountinL, to j.e586.95, incurred prior to :ay 17, 1918. Voted to aoprove such absorption. - -4Opinion of Counsel dated October 19, 1916, in re change of reserve status of banks located in outlying districts of reserve and central reserve cities pursuant to the provisions of Section 19 of the Federal Eeserve Act as Amended September 26, 1918, with particular reference to • the right of the Federal eserve Board to discriminate as between banks in such outlying sections. Approved. After full discussion it was voted that trio Board will not attempt to define such outlying sections in cities In districts other than Boston and Yew York, but that the Board will give consideratiol. to individual applications receivud from such banks as may feel entitled to a chance of reserve requirements, oursuant to the terms Of the new law, such apolications to show location of bank, capital, surplus and profits, and deposits, the latter divided as follows: individual deposits; deposits and collection account of local banks and trust companies, and deposits of out of town banks; applications when completed to be submitted through and accompanied by recommendation of Federal. reserve Lgent. Voted further that Federal P.eserve Agents be authorized to submit direct to the Federal Ileserve Board general applications in behalf of all such banks in their re- -5spective districts without awaiting individual action of banks concerned. Governor Harding presented a letter of Federal Reserve Agent Jay, New York, dated October 11, 1918, defining such outlying sections in his District, and recommending reserve requirements of banks in such sections. Voted to approve subject to approval by an additional member of the Board in order to comply with the requirements of the law that at least five members of the Board shall constitute a quorum for action on reserve requirements Of member banks. Ordered that a copy of :Ir. Jay's letter be inserted in the auxiliary minute book as of this date. Governor Harding then presented letters of October 6th and 17th of Federal Reserve Agent Curtiss, Boston, defining such outlying sections in his District, and recommending reserve requirements of banks in such sections. Voted to approve subject to approval by an additional member of the Board in order to comply with the requirements of the law that at least five members of the Board shall constitute a quorum for action on reserve requirements of member banks. Ordered that a copy of Ylr. Curtiss' letten3be inserted in the auxiliary minute book as of this date. Letter, dated October 18th, from National 3hawmut Bank, B oston/ requesting permission to purchase 750 additional shares of stock of the L:ercantile Bank of the Americas, Inc. Approved. -G Letter dated October 14th, froin Federal lserve .Lgont at Dallas, and replj by Governor dated October 18th, in re dr000sed Increases in salaries at Federal Eeserve :Bank of Dallas. Noted. :Lemerandum by Assistant Secretary Adelson dated October 18th, recommending approval of arrangement made by Director 'Kent of the Division of Foreign Lxohange for the rental of space in his office at 15 Wail Street, New York, to 1Zr. Domenico Gidoni, Delegate of the Institut° Yazionale, whose expenses are paid by the Italian Government, on a month to month basis at luO per month. "2proved. 11r. *;;Illiams presented letter dated October from Deputy Governor Treman of the Federal LeserVe Bank of rew York, it re call for report of sold holdinus of national banks in the next stated report of condition of national banks. Referred to Governor for reply. Governor Eardim,; stated that certain member banks aPParently are unwilling to give to 2edera1 Eeserve . 11,n1te, reports as to their earnint, ;s and dividends and asked the Comptroller of the Currency to request such banks to furnish the information to the Federai Leserve Banks, oailinE their -7attention to the power vested in the Federal Reserve Board by the provisions of Section 21 of the Federal Reserve Act Whereby the Board may require them to furnish the same. Mr. 7;illiams stated that he would be glad to communicate with such banks along this line. Mr. Miller presented letter dated October 17th, from the Federal Reserve Agent at Jan 2rancisco with reference to the effect upon the Board of Directors of that Bank of the Federal Reserve Boz.rd's recent classification Of electoral groups for class "A" and "3" Directors. Referred to Mr. Miller for reply. 01? CO,.IMIM:iL NO. 1.) Dated October 22d, 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. Dated October 19th,recommendation of Clayton Act Committee that Mr. Lucius 7;. Robinson be granted ;Permission to serve at the same time as Director of the Lincoln National Bank, and as Chairman of the Rochester, Board of the Rochester Trust and Safe Deposit Company, Rochester, Y.Y. !_pproved. IN 6TAFF. • Dated October leth,application of Mrs.- Lulu C. Richardson for leave with pay to enable her to engage in emergency relief work in connection with the epidemic of Spanish influenza. Approved. The follovving appointments were recom.nended, and approVed: Zecretary's Office: Addie Conner, John Curtis, Charwoman, Date _4.ffective Salary Pos it ion e4110 wlu per week ,;840 per annum Oct.21,1(J18 Oct.28,1918 1 ),Iyi.'s(22 .1 RE Foreign .L., ,xchange: ass Larion Brown, Mee Irene Pratt, ,:;tenographer and Typist Telephone Opr. & File Clerk, ,900 Oct.21,1918 900 Oct.21,1918 . The following increases in salaries were recommended, and approved.: .§1911.719_ Office: rame Carlisle Johnson, Position Yessener, Increase ,10 per month i.fitetive Eov.1,1918 jf..9.A.9.1'2a1 Reserve sank of Atlanta: J. A. Granberry, :anager, Credit ;::.300 per annum 3urez;a2, The followinf: correction in salary vas commended, and approved: §j071 of ?oreign Exchange: ).ass Alma Islip, appointed October 7,1918, at ',',1,2JU per annum on recommendation of Division; corrected to .1,000 per annum. ,7iated i:ctobor resi6-m,tion of Alfred H. Laning as Federal a.oaerve Lxaminer to take effect at close of business rovember 6, 1918. i.ccepted. 1396 At 12:30 the meetinu adjourned. : Approved: Action referred to in above minutes approved.
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