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378 At a meeting of the Federal reserve Board held in the office of the Board on 1::ednesday, April 14, 1920, at 11 A.M., =SENT: The Mr. Yr. Yr. Mr. Governor 1:iller Hamlin 7'oehlenpah Chapman, Secretary. Minutes of meeting of the Board held April 17th rere read, ana on motion approved as amended. 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 54 on paper secured by certificates of indebtedness, and 6;4 on coLnercial paper, as follows: Bank Fediscounting Date Apr.nth ft Philadelphia St. Louis Boston Cleveland Amount Maturities 3,000,000 5,000,000 11-15 days 25-90 days !Toted. The Governor reported the reserve positions of the several 7ederal Reserve banks as at close of business April 12th, and the status of rediscounts between Federal Reserve banks as of the same date. The Governor referred to the action of Governors of Federal Peserve Banks in voting against the establishment of f 379 -2so-called clearing centers such as Indianapolis, Des roines, etc., and pointed out the reasons why the maintenance of such clearing centers would be of value to the Federal Reserve System, stating that he would submit to the Board later for its approval, draft of a letter to be sent to all Federal Reserve lanks to provide for the establishment of clearing centers. Application of the Pointe Coupee Trust -Savings Bank, New Roads, La., for authority to accept drafts and bills of exchange up to 1001 of its capital and surplus, under the provisions of Section 13 of the Federal Reserve Act. Approved. Letter dated April 7th from the Federal Reserve Agent at San Francisco, recommending the appointment of rr. J. E. Denny as an Examiner of the Federal reserve Bank of 7an Francisco at a salary of '2,700 per annum, effective April 12th. Approved. -71'OP.T3 OF Oa-TTITIT.7: TTO. 1: 7-' ' Dated April 14th, recommending admission of State institution 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 13th, recommending changes in stock at Federal Reserve Panks as set forth in the auxiliary minute book as of this date. Approved. Dated April 14th, recommending approval of appointment of D. 3cudder as Assistant Statistical Accountant in the Division of Reports and Statistics at *'1,740 per annum, effective April 16, 1920, vice G. T. "olt, resigned. Arproved. Dated April 10th, recommending approval of increase from :;4,200 to ,;:4,500 per annum in salary of Mr. George 77. Goodell as National Bank Examiner in the 10th Federal Reserve District, effective April 15th. Approved. Dated April 12th, rr?commending approval of increase from 3,010 to 33,300 per t-crinum in salary of Yr. Earl 1. Pettit as National Bank Examiner, effective April 16th. Approved. Dated April 7th, advising that salary of 34,600 per annum of Fr. P.B.::otherwell as ljanager, Salt Lake City ranch, Federal Reserve Bank of San Francisco, is the same as that received by him as Assistant Chief Examiner of the San Francisco Bank. Noted. Other business was presented and disposed of as follows: Telegram dated April 9th from the Chairman, Federal Reserve Bank of Cleveland, requesting approval of the following discount rates at that Bank: Member bank collateral notes, maturity within 15 days, secured by Liberty bonds or Victory notes, or by customers notes se5-3/4(:, cured in like manner 381 -43ecured by Treasury certificates of indebtedness, or by customers notes 5-1/4(1, secured in like manner rediscounts, maturity within 90 days, secured by Liberty bohds or Victory notes.5-3X0 Secured by Treasury certificates of in5-1/4 debtedness Trade acceptances 5_3/4 Bankers' acceptances 5 1/27! Open market transactions, bankers' acceptances purchased at rates agreed upon at time of purchase within general limits..5-1/2-6 Telegram dated April 12th from the Governor, Federal Reserve Bank of Atlanta, requesting approval of discount rates on all certificates of indebtedness of 1/e. above rate borne by certificate. After a discussion of the above rates, 7r. ?.Tiller moved that the Board do not approve the rates as submitted, but on official review and determination, fix the rate on paper of all maturities, secured by United States certificates of indebtedness, Liberty bonds and Victory notes, at 5-1X. Voted to make Mr. T:iller's motion special order business at the meeting of the Board to be held at 11 A.m., Thursday, April 15th. At 12-30 P.7., the meeting adjourned. Secretary. 2]-,proved: Gove
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