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At a meeting of the Fxecutive Committee of the Federal Reserve Board held in the office of the Board on Thursday, August 12, 1920, at 11 A.M., PRFIENT: The Mr. Mr. Mr. Governor Platt Miller Chapman, Secretary. PEJ.,SENT ALSO: Yr. Logan, General Counsel. Minutes of meeting of the Executive Committee held August 11th were read, and on motion the action therein set forth was ratified. Business was presented and disposed of as follows: The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates 5-1/25 on paper secured by certificates of indebtedness, and 6,77, on paper secured by Liberty bonds and Victory notes, as follows: Date Bank Rediscount init With Amount Maturities Aug.11th Minneapolis Cleveland :',1,000,0T) 11-15 days Noted. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business August 10th, and the status of rediscounts between Federal Reserve Banks as of the same date. REPOPT3: utions Dated Aug. 12th, recommending admission of State instit book minute as set forth in the auxiliary as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. l ReDated Aug. 12th, recommending changes in stock at Federa ary auxili the in forth serve Banks as set minute book as of this date. Approved. of Dated Aug. 11th, recommending approval of application as time same the at serve to J. P. Fitch cial Commer Old the of r office and a director as and sin, Tiscon h, Oshkos National Bank, a director of the First National Bank, Berlin, Tisconsin. Approved. of Dated Aug. 11th, recommending approval of application time same the at serve to Duerr Edward A. ity Commun the of r office and or as a direct as and N.Y., o, Buffal Bank, al Nation President and director of the South 7ide Bank, Buffalo, N.Y. Approved. for Dated Aug. 11th, recommending approval of applications fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. tment Dated Aug. 11th, recommending approval of the appoin Punch Key as of Miss Katherine G. McKenna and s Report Operator in the Division of ive effect annum, Statistics at 41,200 per August 16, 1920. Approved. 681 -3Dated Aug. 10th, recommending approval of salary of :'12,400 per annum for Mr. Edwal F. Shively as National Bank Examiner in the Fourth Federal Reserve District. Approved. Other business was presented and disposed of as follows: The Governor submitted for approval, draft of letter addressed to the Deputy Comptroller of the Currency dated August 12th, in reply to his inquiry as to whether or not tractors and business automobiles could be regarded as readily marketable staples. Approved. Letter dated August 10th from the Counsel of the Federal Reserve Bank of Chicago, advising of his success in preventing the formation of a corporation in Illinois of the title "Federal Reserve Securities Company". Noted. The Governor stated that inasmuch as Mr. Moehlenpah's term of office expired at the close of business August 9th, and the Board is not informed that the President has reappointed him or appointed his successor, it left in doubt the status of Mr. George J. Schoeneman, heretofore assigned as Private Secretary to Mr. Yoehlenpah. After discussion, it was understood that Mr. Schoeneman would be advised that failing a reappointment of Mr. Moehlenpah, his connection with the Board would cease as of the close of business Saturday, September 11,1920. Letter dated August 11th from the Governor, Federal Reserve Bank of Cleveland, requesting authority for that Bank to let contracts for the enlargement of the vaults at its proposed Pittsburgh Branch, at a cost not to exceed 460,000. Approved. At 1 , the meeting adjourned. Secretary. Approved:
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