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39 At a meeting of the Federal Reserve Board held in the office of the Board on Wednesday, April 21, 1920, at 10.30 A.M., PRESENT: The Mr. Mr. Mr. Mr. Governor Miller Moehlenpah Williams Chapman, Secretary. Minutes of mectinp., of the Board held April 17th were read, and on motion approved. Business was presented and disposed of as follows: The Governor reported the resrve positions of the several Federal Reserve Barks as at close of business April 19th, and the status of rediscounts between Fedaril Reserve Banks as of the same late. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 5% on parer secured by cortifisates of inlebtelneas, 5-1/, on purer secured by Liberty bonds and Victory notes, and 6=:0 on connercial p,..per, as follows: acilft Bank rolls- WI ti) -11.19Nkat. Maturt ties aglantanc. Apr. 15th St. Louis New York $5,000,000 10-13 lays It 16th Kansas City New York 6,000,000 10-15 days it 16th Minneapolis New York 5,000,000 It 16th P1ilade1.p1Lia New York 5,000,000 11-15 days It 19th Chicago (Cleveland (. .,Tew York 5,000,000 Within 15 15 5,000,000 It 19th Ri-ltmond Cleveland 11-15 lays 5,000,000 11-15 days 398 -2_ p_ikta Ban]c ro1isA9.114111_43, Apr. 20th Wit-4 Arnolan2k altar_i_tte St. Louis Boston 20t4 Philadelphia Boston 5,000,000 11-15 days 20th St. Louie Clsvaland 5,000,000 10-15 days $5,000,000 30-90 days Noted. Letter dated April 20t1 from the Chairman, Federal Reserve azirlr of PhiladalPhia requesting approval of authority to expend $90 per month in the acquisition of additional space made necessary by request for additional statistical information. Approved. Application of the First National Bank, Santa Barbara, Calif. for authority to accept up to 100 of its capital and surplus under the provisions.of Section 13 of the ITederal Reserve Act. Approved. Memorandum by Mr. Hoxton dat,ad April 17th submitting report on topics discussed ri.o. recommendations :17,de by Governors of Federal Reserve Banks in conference in Vadhington April 7th-lOth. Ordered circulated and docketed for Tuesday,April 27th. Letter dated April 9t4 from the Chairmn, Federal Reserve Bank of San Frincisco sul:,esting desirability of amending Federal Reserve Act to authorize rnaymant to miber banks of capital subscriptions and retention by Federal Reserve Banks of earnings until surplus has accumulated to a sum deemed desirble to give the 399 -3Federal Reserve System adevate capital stren8th. Ordered circulated. Memorandm by Mr. Hoxton dated April 17th submitting written reports by Governors of Federal Reserve Banlai in response to Topic 1, sub-section 7-a of the Governors' conference relative to co!=odity hoarding. Ordered circulated. Memorandwa by Mr. Moehlenp. d.L.ited. April 19th submitting letter from the President of the lansas City Live Stock ExChange reviewing the situation of the cattle growers, i.;.nd suggesting that relief bo afforded thraa..r' lowor discount rates. Ordered dirculated. Momorand= by Mr. Hoxton date& April 17th submitting correspondence re cheeeing of credit expansion in the Eighth Federal Reserve District. Ordered circulated. Letter dated Aril 16th from the Secretary, Federal Reserve Bank of Chicago,reqqesting approval of the acceptance of the bid of the TI.J.ITewman Company of $O,000 for the wrocking of buildings on the site of the new Federal Reserve Bank building of alicago. Approved. 400 -4Telegram dated April 20th frorn the Governor, Federal Reserve Bank of Atlanta,suggesting that others in addition to Class A Directors be requested to attend the conference to be held May lath. Referred to the Governor for negative reply. Letter dated Arril 16th from the Chairman, Federal Reserve 3ank of Dallas, reco=onding the payment of attand=ce fees to meLbers of the executive cmnittee of the El Paso Brandh of that bank. Referred to the Governor with power. Letter dated Anril 17th from the Chairman, Fedeml Reserve Bank of Dallas, recommending the payment of a per diem allowance to Class A Directors of that bank attendinL; conference to be held on May 18th. Referred to Governor for negL4ive reply. Letter dated April lath from the Ch..Liman, Federal Reserve Bank of Sz.6n Francisco, re bids received for the steel construction work onthe proposed new bank building of that bank. Referred to the Governor for reply. REPORTS OF commTTEE NO. I. Dated April 21st, recomending 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. 401 Dated April ma, recommending that the First State Bank of Idabel, Okla. be advised that it will be necessary for it to increase its capital to at least $50,000 in order for it to be eligible for membership in the Federal Reserve Syster. Approved. Dated April 21st, recommending Changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book: as of this date. Approved. Dated April 21st, recommending 4pyrova1 of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated April 19th, recomending anproval of application of John C. Cosgrove to serve at taa same time as a director of the First National Bank, Cherry Tree, Pa., Commercial Trust Co., New York City, and First National Bank, Hastings, Pa. Approved. Dated April 19th, recommending approval of application of E.E. Mack to serve at the same time as a director of the Northern National Bank of Cleveland and the George D. Harter Bank of Canton, O. Approved. Dated April 19th, recommending approval of applic,i.tion of Frank Finsthwait to serve at the same time as a director of the First National Bank, Cherry Tree, Pa., Commercial Trust Co. of New York City, and the First National Bank of Hastings, Pa. Approved. Dated April 16th, recommending approval of salary of $5000 per annum for Mr. Edward L. Dodge as Chief of the Examining Division of the Auditing Department of the Federal Reserve Bank of New York. Approved. 402 Dated. April 16th, recorzcanding one month's leave of absence without pay for Miss Mary Johnson, an employee of the Division of Analysis and Research. Approved. Dated April 16 reco=ending approval of the following increases in salaries of employees of the El Paso Branch of the Federal Reserve BLLnk of Dallas: J. L. Strain from $1500 to $1800 rt H. P. Davis 1800 it 2000 W. H. Orcutt ii 1680 ti 2000 J. F. Britton 1680 ft 2000 Approved. At 12.45 P.M. the meeting v.djourned. Secretary. Approved.:
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