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402 a meeting of the 2ederrd 1- eserve 1:..oard held in the office of the Board on Tuesday, May 20, 1919, at 1/:30 2REiT.: The Mr. Mr. Mr. Mr. Governor Miller Hamlin Williams Broderick, ..;ecretary. The minutes of the meeting of the Board held on May 16th were read and on motion approved. The minutes of the meeting of the Lxecutive Committee held on Lay 19th were road and on motion approved. The minutes of the meetings of the Gold aport Com- mittee held on May 19th and 20th were presented and approved, and the action therein set forth ratified. Morning 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 4, on paper secured by certificates of indebtedness, and 4,1;07 on paper secured iv„, ijberty bonds or Victory notes, as follows: Date May 19th May 20th Bank Rediscounting Dallas Philadelphia With Chicago Cleveland amount ;5,J00,000 5,e,),),000 Maturities 1-15 days 1-16 days Toff:el. On motion duly seconded the Governor wLs authorized 403 • to visit New York on 7iednesday, May 21st, at the expense of the Board. Letter dated Llay 17th from the Chairman of the Federal Reserve Bank of ainneapolis, submitting for approval of the Board, recommendation of the Directors of that Bank that it be authorized to purchase as a site for building for that Bank a parcel of land in Minneapolis, 165 by 155 feet, at a price not to exceed $600,00J. Approved. At this 2oint hr. James B. Forgan, a Director of the Federal Reserve Bank of Chicago, joined the meeting upon invitation of the Governor, and advised the Board that it was the purpose of the Executive Committee of the Federal Reserve Bank of Chicago, at an early date, to recommend to the Board increases in salaries of the Chairman and Governor of that Bank. Letter dated hay 19th from the Chairman of the Federal Reserve Bank of New York, stating the reasons why it had been deemed wise to send to Buffalo 40 employees of the Federal Reserve Bank of rew York to comprise the initial organization of the Buffalo Branch. Noted. At 1:15 2.., the meeting adjou Approved: Secretary.
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