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Cr' At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on Tuesday, September 9, 1919, at 11 A.M., PRESaT: The Mr. Mr. Mr. Governor Miller Williams Chapman, Acting Secretary. Business was presented and disposed of as follows: The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 11% on paper secured by certificates of indebtedness and on paper secured by Liberty bonds and Victory notes, as follows: Date Bank RediscountinP ZApt.4th. Sept.5th 6ept.5th Sept.6th Sept.8th Richmond Philadelphia Dallas Atlanta Richmond With St.Louis Chicago Chicago Cleveland Chicago Amount 5,000,000 5,000,000 2,000,000 3,000,000 10,000,000 Maturities 11-15 days Noted. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business September 6th, and the status of rediscounts between Federal Reserve banks as of the same date. The Governor reported the purchase of special 2?'0 certificates of indebtedness of the United States for deposit with: the Comptroller of the Currency as collateral for Federal Reserve -2bank notes, as follows: For eederal Reserve Bank of: Chicago San Francisco New xork New xork Richmond Date Amount Sept.4th $1,000,000 it 1,000,000 2,000,000 Sept.5th 1,000,000 Sept.8th 200,000 Sept. 8th Approved. Memorandum by the uovernor dated September 9th,recommending consolidation and renewal, for a period of one year commencing October 1, 1919, of leases covering space at present held by the Board in the iiational Metropolitan Bank Building, Washington. Approved. Letters of the Philadelphia Rational Bank of Philadelphia, and the Chase National Bank of New xork, making application for permission to invest in the stock of the oreign Credit Corporation of New xork, now organizing for the purpose of engaging in international and foreign banking. Approved, with the understanding that the investment in the stock of the oreign Credit Corporation is to be limited to an amount equal to ten per cent of the capital and surplus of the investing banks, such 1010 to include the amount invested by such banks in stock of corporations similar to the ioreign Credit Corporation. Telegram dated September 9th from the uovernor of the eederal Reserve Bank of Dallas, inquiring as to the 1I'S") 6 :j• . C -3eligibility for rediscount of a certificate of deposit. Referred to The Governor for report. The following reports were submitted: Dated September 9th, recommending admisoin 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 September 8th (3 reports) recommending changes in stock at Federal Reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated September 7th, recommending employment of one ad- • ditional stenographer in the Division of Analysis and Research at the rate of ;1,200 per annum for a period of thirty days only, subject to subsequent confirmation at the end of that time, if desired. Approved. Dated September 5th, recommending increase in salary from 4;3,900 to 0,200 per annum of Mr.7..C. Roberts as National Bank Lxaminer in Sixth Federal Reserve District, effective September 1st. Approved. At 11-45 the meeting adjourned. Acting Secretary. Approved:
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