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403 At a meeting of the Federal Reserve Board held in the office of the Board, on S-turday, April 24, 1920, at 11 A.M., PRESENT: The Mr. Mr. Mr. Mr. Governor Miller Moehlenpah Williams Chapritt:t2a, Secretary. Minutes of meeting of the Board held April 21st were and on motion approved. Business was presented and disposed of as follows: The Governor reported that he had had. a successful visit to Pittsburgh, stating that at a meeting with the presidents and vice-presidents of the banks of Pittsbur6i and its vicinity he was assured that such banks would hereafter receive chocks from their customers on banks all over the United States without .charEo. The Governor stated tilt the Board wus in a position to secure the second floor back of the National Metropolitan Bank Building, consistinF of sufficient space to house the Division of Reports and Statistics of the Board. On motion duly seconded the Governor was authorized in his discretion to necotiate the lease for the quarters and to transfer the Division of Reports and Statistics to the quarters named in the event such =WO should, to him, seem expedient. Letter dated April 21st from the Chairman, Fede 1 Reserve Bank, Philadelphia, advising that subject to the approval of the Federal Reserve Board the salary of Deputy Governor Hutt had 404 ••211110 been increased from $12,000 to $15,000 and of,Mr. Dyer Cashier, from $9,000 to $ 12,000 per annum, effective April .1st. Approved. The Governor read and submitted for approval form of questionnaire on acceptances, and requested authority to send same to the Federal Reserve Agents at Boston and, New York:with instructions to distribute them confidentially to banks, banking houses, and dealers in acceptances, Who are in position to answer intelligently the questions contained in the questionnaire, with the understanding that the matter shall not be made public. Approved. Telegram dated April 23rd from the Secretary, Federal Reserve Bank of Chicago requesting approval of rate of 5-3/4 per cent on paper of all maturities secured by United States Liberty Bonds and Victory Notes. Voted to make special order of business meeting of the Board. next at The Governor reported the reserve positions of the Federal Reserve Banks as at close of business April 22nd, and the status of rediscounts between Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 520 on paper secured 405 by certificates of indebtedness bearing the rate of 57:, 5-1/4 on paper secured by certificates of indebtedness bearing the rate of 5-1/42L, and 5-1/2c,; on paper secured. by Liberty bonds and Victory notes, as follows: Bank rodle.9.1W1111Z ,Date With AraCaTt Maturi es Chicago Cleveland $10,000,000 Within 15 days 22nd Richmond Cleveland 22nd Minneapolis Cleveland 5,000,000 it 23rd Kansas City New York 6,000,000 10-15 days tt 23rd Minneapolis New York 3,500,000 11-15 days 23rd. Philadelphia New York 3,500,000 Within 15 days 23rd Chicaqo New York 10,000,000 Within 15 days. Apr. 21st " 10,000,000 11-15 days Noted. Letter dated April 14th from the Chairman, Federal Reserve Bank, San Francisco, sug,le ting method of disposition by the Governme,t of franchise tax paid by Federal Reserve Banks,together with a memorandum by General Counsel, dated April 21st. Noted. Letter dated April 21st from the International Banking Corporation adVisinr: of the opening on April 12th of its branch at Barahona, Dorniniaan Republic. Noted. -4Ir..1-20. T.p OF Cg.'17.7.Iffy Dated, April 24th, r.ecor..-nendin ; - admissi,on of State instit-ctions as set forth in the auxiliary min, .)te book as of this date, subject to the c:).nditions stated n the irdividval reports attached to each icati on. Approved.. Dat3d April 21st, recoendin th:,..t the Federal 17ederve Agent of Atlanta be advised tLt the Boara cannot see rrove the a7rrlication for its way clear to memberdeip of the Citizens Bank of Fort Valley,Ca. Approved. Dated April 24th, reco=:ending canes in stock: at Federal Reserve Banks, as set forth in the auxiliary minute bobll as of this date. Apr roved. Dated April 24th, recomzendincr arrroval of arplleations for fiduciary powers, as set forth in the auxiliary, rAnlJte book as of this date. Approved. Dated Arril 23rd, recomendin ar:,- roval of application of J.C. Burger to serve at the same tire as a director of the Hamilton National Bank of Denver and the First NatiunA Bank of Center, Col. Aprroved.. Dated Anril 23rd, roconz:iendincz al-Trcval of arplic:Ation of Thonas a A. De Vilbiss to serve at the sair,o time director of the Second National Bank o„nd tes Guardian Trust and Savings Bank, both of Poled°, Ohio. Apr rovoa. (At this point 11",r. Williams joined the meeting.) Dated April 21st, recomrcendin arra-oval of application of S.L. Carter to serve at the same tine as a director of the Citizens N;_,:ional Danl.-, of Baltiniore of C.K: :1-ce and Trusts of 2idftmond. and the Approved. -5-Dated April 22n1, recommending approval of application of George W(MMS WilliaTS to serve at the same time a.s a director of the 1Tationa1 Bank of Comm3rce aria the Mercantile Trust and' Deposit Comramy both of Baltimore, upon the understandinf.! that the permission is granted subject to revocation in the near future if upon review of the situation in Baltimore the Board decides that the two institutions are in substantial competition. Arproved. Dated. April 24t;1, rec,omending approval of the employment of four laborers at wages not to exceed *1100 per .annum for detail to the Redemption Division of tk,e office of the Comptroller of the Currency for a period not exceeding five weeks begirininr7 April 25th. Apr-roved. Telegram dated. April 23rd. from the Chairman, Federal Reser-fa Bank, San Francisco submitting report on the Japanese financial situation. Noted. Mae Governor reaa to the meeting draft of a letter by him under 1.,,te of April 22nd to the Chairman, Federal Reserve Bank of Atlanta in ra sagested. disposition of earnings of Federal Reserve Banks amonp: mernbar banks. Ordered that a eery be sent to the Chairs= of each Federal Reserve Bank for the information of his Board of &rectors. At 1.10 P. M. the meeting adjourned. Approved: Secretary.
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