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At a special meeting of the Federal reserve Board held in the office of the Board on Monday, Anril 12, 1920, at 11 P—M., PFFST-NT: The Mr. Mr. Yr. 1.1r. Mr. Governor Miller Hamlin Mkoehlenpah Milliams Chapman, Secretary. Minutes of meeting of the Board held April 9th were read, and on motion approved. Business was presented and disposed of as follows: Letter dated Aril 10th from the Chairman, Banking and Currency Committee, United States Senate, requesting the views of the Board upon gold production. H. Fill 7o.13201,providing a subsidy upon The Governor submitted for nrnroval, draft of reply by him under date of April 12th. Referred to the Grovernor and Mr. Miller with power. Draft of organization chart of the Federal Peserve Board, containing suggested modifications affecting the Poard's staff. (see auxiliary minute book as of this date) Approved. 7e1egram dated Anril 9th from the Chairman, Federal reserve Bank of Cleveland, recommending changes in discount rates at that Bank. Ordered tabled, mid copies circulated. 368 The Governor reported rediscount transactions. pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations at current rates, as follows: Date Amount Bank Rediscountinn April 9th 'Pichmond 3t.Louis Dallas Boston Yaturities '10,000,000 8-15 days 5,000,000 within 15 days Noted. Telegram dated April 10th from the Federal reserve Bank of Chicago, advising that, effective April 12, 1920, its banking hours will be from 9 A.Y., to 2 P.N. except 3aturday, when they will be from 9 A.-. to 12 noon. Noted. Letter lated kPril 9th from Consulting Architect Trowbridge, requesting that the Board approve visits by himself and his assistant to the plants of manufacturers of vaults for Federal r.eserve banks. Approved. Letter dated April 7th from the Federal reserve Aucnt at :inneapolis, suggesting chance in conditions to be imposed with regard to accumulation of surplus by Ctate banks of 1:ontana applying for membership in the Federal Peserve r3ystem. referred to the committee on qtate Bank Admissions for report. 31;9 -3Letter dated April 6th from Alexander Wall, SecretaryTreasurer of the Robert Yorris Associates, requesting that the Board become a research member of the Robert lorris Associates, who are engaged in an extensive study of credit barometrics, such membership to cost ?;100 per annum; together with letter dated April 7th from the Director, Division of Analysis and Research, recommending favorable action by the Board. On motion duly seconded, it was voted that the Board become a research member of the Robert Norris Associates at 0.00 per annum. Letter dated April 6th from the President, Federal Advisory Council, requesting that the Board submit topics for discussion at the next meeting of the Council to be held in Washington on May 17, 1920. Referred to the Governor for report. Letter dated April 9th from the Federal Reserve Agent at New York, suggesting that the Board publish, instead of a list of banks remitting at par, a list of those banks not remitting at par. Referred to the Governor for procurement from Federal Reserve banks of lists of banks not renitting at par, and report. (At this point Mr. Williams joined the meeting) Letter dated April 10th from Representative Robsion of Kentucky, requesting an expression by the Board in response 370 -4to allegations of coercion in connection with the par point campaign. The Governor submitted for approval, draft of reply by him dated April 12th. Approved. Communication dated April 9th from the Secretary of State, forwarding copy of paraphrase of telegram from the American Consul at London, in regard to the reported intention of the British Treasury of purchasing securities in connection with paying off the British part of the Anglo-French loan which matures in the fall. Noted. REPOPTS OF COF7ITTEE NO. 1: Dated April 12th, 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. Dated April 10th, recommending that the Board approve the application of Eugene V.R.Thayer to serve at the same time as President and Director of the Chase Ilational Bank, as Director of the 7etropo1itan Bank aid of the Yercantile Trust Company, all of New York City, upon the understanding that it is subject to revocation in the near future upon review of the situation in New York with respect to interlocking directorates. Approved, nr. ';illiams voting "No". On motion duly seconded, it was voted that the Clayton -5Act Committee shall review the situation in each Federal 1-!eserve district with regard to interlocking directorates heretofore approved by the Board, ;,ith a view to determining whether or not changes subsequent to approval warrant the Board in discontinuing permissions heretofore granted. Voted further, that the Clayton Act Committee be authorized, in this connection, to sunmon Federal l',eserve Agents to Washington for the purpose of conferring with the Committee, with a view to standardizing and making uniform as far as possible, the Board's consideration of apnlications under the :ern amendment of the Clayton Act. Dated April 9th, recommending that the Board defer action upon the application of D. 7. Staley for permission to serve at the same time as a director of the Globe National Bank and the Central Savings Bank !: Trust Company, both of Denver, Colorado. Apnroved. Other business was presented and disposed of as follows: Letter dated April 9th from the Federal reserve Agent at Boston, suggesting that on account of the difficulty of intelligent comparison of items of current expense of Federal Peserve banks in view of the inclusion therein of the conflicting figures showing the cost of Federal -eserve notes; the latter figuresbe shown separately. Referred to Yr. Jacobson for report. Letter aated April 9th from the Chairman, Federal Reserve Ean",c of Boston, in re accumulation in his hands of Federal -62eserve notes of the Federal -eserve Bank of Boston of the denomination of ,1,())0. referred to :"/.. Emerson for report. On motion duly seconded, the Governor was authorized t notify the Federal -eserve Agent at hew York that it is de- ;1.red 1): the Board that he and hr. Xenzel of the Federal Beore rik of :.ew York, brim- to 7:ashinFton on April 20th a coo-littoe of .!...scoptance bankers of that cit , for the purpose of discussinc with the Board the Leneral question of accent3noes and the rate of discount thereon. The Governor was also authorized to notify the Federal "eserve Agent at T'oston of the :7,ronosed conference, and to invite him to attend the same, accompanied bh such bankers of Boston as may bo interested in the conference. 01 motion duly seconded, the Governor was requested to notify the Federal "eserve :_gent at Bow York that the Board desires to review the situation in New York Lith respect to permissions heretofore granted under the ':ern Amendment of the Clayton Act, and that the Board also desires th::it he come to WushinL-ton on April 20th, prepared to remain a day or two if necessary in order to nresent his views on the ::ev York situation, and to bring with him such data and statistics as he may deem necessary. At 1 P.M., the meeting djourued.
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