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7:7„,7710.4
At a meeting of the Executive Committee of the Fed• 3oard, held in the office of the Board on
▪ 1_1 1, 1920, at 11-30 A.17—,
2(131";NT: The Governor..
HADaL:1
Kochlpah
1.1r,
3ccretar.
as follows:
and
suwitted 1)...,y the
datea
:uler,7 r.eservc
in 3du1e
jol-
.2!..;!. IL reserves allyst depoits
lars of such deficie.iicies,
3
ivsod that he hai discusse(i
this patter with the Board. of Directors of L..
serve Bank of New Yen:, as well as the rate of
2.edra1
a1ty, if
be assessed on deficiencies in reserves
aL:LI-ct de-nosits under Zection 11 of the Federal P.eserve Act..
TheLi'overlior submitted to the Board a recommendation that:
-
when the reserves held by Federal Reserve banks as..1.iniA deposits fall 1:,elo\-: Z1174, the Federal Eeserve Board Shall establish a ta-..t of
defeie;:cies
per cent per -J-11flu
the ilyionlit of such
(4fon
the resr-Jes fL,11 to 31.',. .Afld. wheL the ro-
- eserve board shall estabserves fall "Llew 30: the iodoral L
lish atr.lx of to . per cent per
until t. 7:Ef ...eserves fall to
,.erl Counsel for rei-)ort.
-2eferred to Ge:.
,
TeleLrain dated :Larch 7,1st from the Chairman, Federal
Boehne,
Feserve '''an",c of 3t. Louis, advising that ".. John
was preparing
1.
Deputy Chairman and Class C rlrector of that 2,k,
to commence a campaign for nomination for Congress, and requesttug the views of the *Board as to whether or not 1.7.r. Boehne
,- such. campaign.
should resign as Class C director whilelaa•kinE,
Voted thrlt the Governor be authorized to advise Mr. Martin that the. Board is of opinion that
a Federal 7eserVe ban:‹ director who becomes a
candidate for public office before t71,-., peorlo
can.
should resign as director upon announcin[:
1
as
of
policy
didacy, in accordance with
1915.
if
seri-,
expressed in its circular No. 21,
The Governor reported rediscount tration, pursuant
promissory
to authority heretofore vested in him; member
on 1.- -2,per se-
notes secured by Government obligations:
cured by certificates of indebtedness, and 5-1/2
on paper se-
cured b7 Liberty bonds and 'Victory notes, as follows:
Date
LIar.71st
with
Amount
Maturities
D.J1las
000, 0
21-15 days
Bank :oilscounting
1-ichmond
Noted.
771,-; ,,70vc7nor reported the reserve positions of the sev
cral Fede,ral 7oserve lia/i7s as at close of business March ZOth,
and t'11,-, status of rediscos
a Yederal 7e-serve banks as
of to '3arie late.
761er:ram dated
Agent at Atlanta
ro
712-,t from the Federal
eserve•
ern,i.e "ding for approval at that Bank the
"." 4-1
'rate of 5 1
, on rediscorit.3 of baW:trs accertances.
Apnroved.
Telecram dated ::arch "1st from the Federal Reserve
Auent at Xansas City, recornendilv- for approval at that Bank
the rate of 5-1
on rediscounts of bankers acceptances.
Approved.
:Temorandum dated Larch 30th by the ::ecret-Iry, recommending that recular blank chec"k„. Le :13.3o‘,3 1
of the Fiscal Agent, and that such check
the custody
be written
rrl iEstlea
from that office.
Approved.
Lotter dated Llarch 71st from the Federal :ecerve Agent
at New York, recorrendinc salary increases for 67 employees
of that Bank, amounting to :5,460 per 'annum, effective April
1
1920, under the plan adopted by the Federal reserve Bank
of New York which became effective January 1, 1920, whefet,
1-loreaser= in tJ-Ilarle3 of ,n-clojees would he considered ainlet11:,/
fl-nivcJrcary of each omploet2's entrance into the Bank.
the
Apurovcd.
:urn
7th front the feelerL1 Reserve
ALJeqt at D.Allas, rocorre1.iin
- 01%aso of "a0 cur
1- ,prov.1 of 1:.
iq the salarj of 1,1; -coretary, ;.r.
Lf('(3t1ve Ayril 1; 10—).
-4Approved.
Telegram dated March 31st from the Chairman, Federal
Reserve Bank of San Francisco, recommending that contract be
let for steel to be used in the construction of the new banX
building for that Bank; also that the Federal Reserve Board
approve the estinate of the American Bridge Company.
7.eferred to the Governor for report.
RYPORTS OF GUM. : T77 NO. 1:
Dated
April let, 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.
Approved.
At 1
Approved:
the meetinc adjourned.
@FedFRASER