The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
661 At a me*ting of the Federal Luserve Board held in the office of the Board on Tuesday, August 3, 1920, at 11 FRE3ENT: The Mr. . 1.1r. Lir. Governor Platt Hamlin Chapman, Secretary. PRE3E2T ALSO: Mr. Logan, General Counsel Mr. Angell, Assistant Counsel.. Llinutes of meeting of the Board held July 29th were read, and on motion approved. Business was presented and disposed of as, follows: The Governor submitted for approval, proposed letter to be sent to all Federal Leserve Agents in tlic event the the Treasury should request the Board to announce .;erutary.of . the removal with certain limitations of the exis Inc restrictions upon exchange transactions with 2Pussia, and the importation of Russian paper currency. Approved, and ordered submitted to the Treasury Department for its approval. The Governor reported the reserve positions of the several Federal Le, rve BallXs as at close of business July 31st, and the status of rediscounts between Federal Reserve s as of the same date. Th Governor reported rediscount transactions, pur- suant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates it sal:.e as those borne by ertificates, with minimum af 5-1/2;!. m6 5: on pper secured by Liberty bonds and Victor; notes, '3110WS: ,„;61th 3ist _Dallas Amount ith Bank Rediscounting Late '1 New Yor7‹ • Lichmond Laturities r n, Io tel. The Governor rel-:)Ited redlount transaction, pursuant to authority heretofore vested in hi.% .7'imber bank promissory notes secured by Government obligations: rates sair. s those borne by certificates, with minimum of 5-1X), as follows: Date Lrlount Bank 29th 1:ansas -Ity N(.%. .'r") (1ry, ' , , 12-14 d72,y.:. 1Toted. The Governor reported rediscount transactions, ur sant to authority heretofore vested in him; mcmber bank promlssory notes secured by Government obligations: rate 7 on com- mercial 'paper, as follows: Date Ban' Pedi;countilIL July 29th Hansas City july 25th ,Ltlanta Noted. ith New Yor-ic 'Boston Amount 2‘laturities „009,897.76 60-158 days 1,055,20 15 days f K ^ The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Governnent olAigations: rates on paper secured by certificates of indebtedness, and on paper secured by Liberty bonds and Victory notes, as follows: ' Amount Bank Eediscountinr Date July 30th July 30th July 31st St. Louis Minneapolis Minneapolis :,;5,000,000 Boston 1,500,000 New York Cleveland 1,000,000 Maturities ';:ithin 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 EY;', on commercial parer, as follows: Bank Eediscountial Date July 29th July 31st Atlanta Atlanta ';;ith Amount Maturities Cleveland Cleveland 32,000,000 3,000,000 15-85 days 16-90 days Noted. The 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 5-1/4, 664 -4and 7,;:: on commercial paper, as follows: Bank Redis• counting Date July 30th Dallas ith Amount New York 33,500,000 Maturities Noted. The 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 5-1/4, and 5-3M on paper secured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Date July 29th Dallas Cleveland Amount Maturities 04,000,000 11-15 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 5-1X, and 65 on commercial paper, as follows: Date July Aug. July Aug. 30th 2d 30th 2d Bank RediscountinR Atlanta Kansas City Atlanta Kansas City Noted. With Cleveland Claveland Cleveland Cleveland Amount Maturities 7-15 days 3987,500 12-14 days 1,000,000 50-85 days 440,000 5,004,306.92 37-133 days • 665 The Governor read a letter addressed to him under date of July 27th by the President, Kansas City Motor Car Dealers Association, Kansas City, Missouri, protesting against the newspaper report of speech made by the Chairman of the Federal Reserve Bank of Kansas City, discouraging the loaning of money to the automobile industry. The Governor also read a reply by him under date of July 30th. Noted. The Governor read a letter addressed by him under date of July 31st to the Governor, Federal Reserve Bank of Atlanta, in re treatment by that Bank of so-called packers' paper. Noted. Letter dated July 12th from Deputy Governor Harrison Of the Federal Reserve Bank of New York, recommending ap- proval of the employment at a maximum fee of 440,000 of special counsel to the Inter Federal Reserve Bank Pension Fund Committee. Voted to approve a maximum fee of 47,500 per annum. Letter dated July 20th from Vice-President Neilson of the Mercantile Bank of the Americas, in re financing of the Cuban sugar 'crop by means of acceptances. The Governor submitted for consideration of the Board, draft of reply by him under date of July 23d. 6613 -6Referred to 1.1r. Hamlin for report. Letter dated July 26th from the Chairman, Federal Reserve Bank of New - York, recommending the employmant of Mr. George A. Brakeley on a three months' tentative 'basis at the rate of 000 to .,;800 per month, to prepare material to acquaint the public with the discount policy of the Federal Reserve Bank, the reason for the increase or decrease in the market value of Liberty bonds, and the principles which should guide borrowers in making demands at this time upon their banks. Referred to 1.1r. Miller for report. Application of the First National Bank, New Haven, Connecticut, for authority to accept drafts and bills of exchange up to loo;: of its capital and surplus, under the provisions of Section 13. Approved. EZPORT$ OF COUIITTEE NO. 1: Dated August 3d, recommending 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. Dated July 29th, recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. , 667 Dated August 2d, recommending approval of the following increases in salaries of employees of the Board, under the new plan of classification of employees as set forth in the auxiliary minute book on salaries as of this date: From To Miss Frances M. Mooney .1,440 1,730 1,660 Mrs.Lulu C.Richardson 1,560 1,500 Er.Lorne C. Comley, Approved. Dated August 3d, recommending approval of appointment of Mr. E. W. Baker as Stenographer in the Board's Division of Examination at :,;1,500 per annum, effective upon reporting for duty. Approved. Dated August 2d, recommending approval of adjustments in salaries of employees of the Houston Branch of the Federal Reserve Bank of Dallas, with aggregate increase of C1270 per month. Approved. Dated July 31st, submitting resignation of Mr. George L. Hamilton as Federal Reserve Examiner, effective at the close of business, August 31, 1920. Accepted. Dated August 2d, recommending approval of emplOyMentof Mr. John H. Mariano in the Board's Division of Analysis and Research for a period of sixty days, at the rate of :::1,600 per annum. Approved. Dated July 29th, recommending approval of salary of :,;3,000 per annum for Mr. Samuel A. Moore as National Bank Examiner. Approved. Dated July 31st, recommending approval of salary of '.,'3,300 per annum for Mr. Granville Y. McClerkin as National Bank Examiner in the 10th Federal Reserve District. Approved. 668 _8_ Dated August 2d, recommending approval of .salary of 2,400 per annum for Mr. Russell T. August as National Bank Examiner in the Second Federal Reserve District. Approved. Dated August 2d, submitting list of changes made in the National Bank Examining force during July, 1920. Noted. Letter dated July 29th, from the Federal Reserve Agent at Dallas, recommending modification of the record so as to show the salary of Yr. J. L. Hernann, Manager of the Transit Department of the Federal Reserve Bank of Dallas at $3,300 per annum instead of 33,600 per annum. Approved. Letter dated July 24th from the Chairman, Federal Reserve Bank of St. Louis, advising of the election of Messrs. S. F. Gilmore, E. C. Adams and F. N. Hall as Assistant Cashiers of that Bank, at their present salaries. Noted. Letter dated August 2d from the Railway Loan Advisory Committee to the Board, recommending that the Board approve a loan of $300,000 to the Western :jaryland Railway Company, under the provisions of Section 210 of the Transportation Act of 1920 Approved. At 1 P.M., the meeting adjourned. Approved: Secretary.
@FedFRASER