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68) At a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, August 17, 1920, at 11 A.M., PRESENT: The Mr. Mr. v!r. Mr. Governor Platt Miller Hamlin Chapman, Secretary. PRESENT ALSO: Mr. Logan, General Counsel. Minutes of meeting of the Board held August 13th were read, and on motion approved. Business was presented and disposed of as follows: The Governor stated that in view of the fact that he was advised that certain Federal Eeserve Agents and Governors of Federal Reserve Banks intend to be in ',7ashington during the week beginning October 18th for the purpose of attending the convention of the American Bankers' Association, it would be well to fix a date around that time for a joint conference between the Board and the Agents and Governors. On motion duly seconded, the Governor was authorized to call such conference for Wednesday, October 13, 1920. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rates sane as those borne by certificates, with minimum of 5-1/2;04 , as follows: 690 -2Bank Rediscounting Date Atlanta Aug.ilth With Boston Amount ,T867,000 Maturities Within 10 days Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates same as those borne by certificates, with minimum of 5-1/e0, and 8% on paper secured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Date Aug.12th Aug.13th Aug.14th Richmond Dallas Richmond With Amount Maturities Cleveland Boston Boston $5,000,000 4,000,000 10,01)0,000 8-15 days 11-15 days 11-15 days Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate e on commercial paper, as follows: Pate Aug.12th Aug.14th Bank Rediscounting Atlanta Atlanta Noted. With Cleveland Cleveland Amount '4',3,000,000 2,250,000 Maturities 15-60 days 15-50 days 691 -3The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates same as those borne by certificates, with minimum of 5-1/24, and 5-3/4 on paper secured by Liberty bonds and Victory notes, as follows: With Bank Rediscounting Date Dallas Aug.13th Amount Cleveland $1,500,000 Maturities 11-15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates 5-1X on paper secured by certificates of indebtedness, and on paper secured by Liberty bonds and Victory notes, as follows: With Bank Rediscounting Date Aug.16th St. Louis Boston Amount :5,000,000 Maturities Within 15 days Voted. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business August 14th, and the status of rediscounts between Federal Reserve Banks as of the sane date. -4Letter dated August 12th from the Chairman, Federal Reserve Bank of St. Louis, requesting authority for that Bank to bear the cost of shipment of subsidiary silver and minor coin from that Bank and its branches to its member banks. Approved. Letter dated August 13th from Deputy Governor Adelson of the Federal Reserve Bank of Atlanta, inquiring if that Bank may establish special rates for loans on cotton held in particular classes of warehouses. Approved, provided General Counsel sees no legal objection to same. Letter dated August 16th from the Federal Reserve Agent at Philadelphia, inquiring if that Bank has authority to suspend the rediscounting privilege of a member bank that is chronically deficient in its reserves. Referred to the Governor for affirmative reply. Letter dated August 13th from Consulting Architect Trowbridge, recommending that the Federal Reserve Bank of Dallas be authorized to let a contract for battleship linoleum at a price not to exceed $13,000 to cover certain floors in the proposed new bank building of that Bank. Approved. 04) U.141._) -5_ Memorandum dated August 16th by the Executive Secretary, recommending approval of increases in salaries of employees of the Federal Reserve Bank of Dallas, as submitted by the Chairman of that Bank: with his letter of August 10th. Approved. Memorandum dated August 16th by the Executive Secretary, recommending approval of increases in salaries of employees of the Federal Reserve Bank of Richmond and its Baltimore Branch, as submitted in Mr. Hardy's letter of August 12th. Approved. Memorandum dated August 16th by the Executive Secretary, recommending approval of increases in salaries of employees of the Federal Reserve Bank of Dallas, as submitted with letter from the Chairman of that Bank under date of August 10th. Approved. RETORT; OF COMMITTEE NO. 1: Dated Aug. 17th, 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 the application. Approved. -6Dated Aug.14th, recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated Aug.16th, recommending approval of application of Darwin P. Kingsley to serve at the same time as a director of the Chemical National Bank, the New York Trust Company, and the Industrial Bank of New York, all of New York City. Approved. Dated Aug. 9th, recommending approval of the appointment of Mr. Fred F. Callister in the Federal Reserve Agent's Department at San Francisco at a salary of :$00 per month, with an allowance for moving expenses from Silverton, Oregon. Approved. Dated Aug.12th. recommending approval of the designation of Er. Warren Locker as Assistant Examiner of the Federal Reserve Bank of Philadelphia Approved. Other business was presented and disposed of as follows: The Governor read a letter addressed to him by the Cleveland Chamber of Commerce, requesting that he address that body some time during the latter part of September or the first of October. Voted that the Governor be requested to accept the invitation. On motion duly seconded, Mr. Platt was requested to visit Boston for the purpose of meeting the Directors of the Federal Reserve Bank of Boston.
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