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At a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, April 13, 1920, at 11 A.1., PRF3ENT: The Chairman The Governor Mr. Mier Yr. 7amlin Yr. roehlenpah Yr. ':;illians 7:r. Chapman, Secretar. :inutes of meeting of the Board held Aril 12th ,Tere read, and on motion approved. (At this point the Chairman and Er. il1iars oinel the meeting) Business was presented and disposed of as follows: Letter dated April 9th from the Chairman, Federal re- serve Bank of Dallas, recommending approval of increases in salaries of Governor Van :andt from •A5,000 to '18,000 per annum, and of Deputy Governor Talley from 10,000 to i12,000 per annum, effective April 1, 1920. Approved. Telegrams dated April 9th and 12th from the Federal reserve Banks of Cleveland and Atlanta, respectively, recommending changes in discount rates. Ordered tabled. The Governor referred to the action taken by the Board at its meeting on April 7th, in voting to make special order business at the next meeting attended by the Chairman, the question of procuring suitable quarters for the Board outside of the Treasury Buildi On motion duly seconded, it was voted that it is the sense of the Board that permanent quarters of its own .should be obtained for the Boar6, and that authority to this end should be requested of Congress. Voted further, that the matter of securing appropriate action by Congress be referred to the lecretary of the Treasury, as Chairman of the Board, and to the Governor, with power. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5'' on paper secured by certificates of indebtedness, 5-1/2 on paper secured by liberty bonds and Victory notes, and 6`;' on commercial paper, as follows: Bank rediscountinr,- —ith Aprl2th Fichmond Philadelphia Cleveland Boston Date 7t.Louis Amount Maturities .1.0,000,01) 11-15 days 4,010,010 (Boston 7,100,000 31-60 days (Cleveland 5,000,000 61-90 days Yoted. The Governor reported the reserve positions of the several Federal reserve Banks as at do e of business April 10th, and the status of rediscounts betTeen Federal 7eserve Banks as of the same I te. 7 (At this point Mr. Withdrew from the meeting) Letter dated April 7th from the Federal Reserve Agent at Minneapolis, reco=ending changes in conditions to be imposed vith regard to the accumulation of surplu:i upon State banks of Montana applying for membership in the Federal Peserve System. Approved. Letter dated April 9th from the Chairman, Federal 7 serve Bank of Kansas City, recommending approval of salary of ,4,500 per annum for Mr. L. H. Earhart as Acting Manager of the Omaha Branch of that Bank. Approved. TTIDOETS OF 0(1.7ITT77: MO. 1: Dated April 13th, recommending admission of atate 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 12th, recommending changes in stock at Federal reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated April 12th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. AT)proved. (At this -point 7r. T:illiams rejoined the meeting) Dated April 12th, recommending approval of application of P. F. Clark to serve at the same time as a -4director of the Globe National Bank, and of the Colorado State Bank, both of Denver, Colorado: Approved. Dated April 12th, recommending approval of application of W. Irving Bullard to serve at the same time as a director of the Waltham National Bank of Waltham, rass., and as VicePresident, L.erchants National Bank,Boston, Mass. Approved. Other business was 7re3ented aly1 disposed of as follows: Letter dated April 10th.from the Bank of North Dakota, Bismarck, North Dakota, submitting request that it be plaoed upon the mailing list for all publications issued the'ickleral Reserve Board. Approved. At 1 the meeting adjourned. r':ecre ary. Approved: Chairran-
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