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At a meeting of tne Federal Reserve Board neld in tne orrice of tne Board on luesday, January 13, 1920, at 11 A.M., PRESENT: Tne mr. Mr. Mr. Vice-uovernor miller Hamlin moenlenpaa Cnapman, Secretary. PRESENT ALSO: Mr. Hoxton, Executive Secretary. minutes of the meetings or tne board neld on January 9tn and 12th were read, and On motion approved. minutes of tne meeting of tue board neld on Januaro lOtn were read, and on motion approved as amended. business was presented and disposed of as follows: *rne vice-uovernor reported rediscount transaction, pursuant to autnority heretofore vested in nim; memuer bank prc—issory notes secured by uovernment obligations, rate 4-3/47a, as follows; Date tran.9th Bank liediscounting Pniladelpnia With Dallas Amount $b,000,000 maturities 11-lb days voted. Tne vice-uovernor reported tne reserve positions of the several federal Reserve banks as at close of business January lOtn, and tne status of rediscounts between Federal Reserve banks as of tne same date. Letter dated January 10th from the Chairman, Federal Reservc Bank of Atlanta, requesting approval of proposed lease of quarters for the Jacksonville Branch of that Bank for a period of five years from January 1, 1920, at an annual rental of ';'.6,e(.)0. :pproved. Telegram dated January 8th from the Chairman, Federal Reserve Bank of Can Francisco, in re policy to be pursued by that Bank in the review of joint directorships held in that district, pursuant to the provisions of the Clayton Let by permission of the Federal Reserve Board. Voted that the Vice-Governor instruct lir. Perrin that the Board 'would be pleased to have him make his investigation of the situation in this respect in the 12th Federal Reserve District in his oan way, and make report to the Board at the proper time, whereupon the Board will take such action as may appear necessary, allowing directors affected, however, reasonable time within which to conform to the findings of the Beard. Letter dated January 8th from the Chairman, Federal Reserve Bank of Chicago, submitting the fifth annual report of the operations of that Bank covering the year 1919. Ordered circulated. Letter dated JIluary 3d from the Chairman, Federal Reserve Bank of an Francisco, submitting fifth annual re- port of the operations of that Bar, Ordered circulated. covering the year 1919. Letter dated January 7th from the Chairman, Federal Reserve Bunk of Cleveland, submitting fifth annual report of the oderation4 of that Bcall: covering the year 1919. Ordered circulated. Tolegram dated January lZth from the Chairman, Federal Reoerve Bank of Dallas, reluesting expedition of application for membership in the Federal Reserve 13ystem by the Texas Bank and Trust Company, Galveston, Texas. Voted that Yr. liamsey be advised that the Board is favorably inclined toward the application subject, of course, to satisfactory report of examination and to formal agreement by the Bank that charter powers held by it in contravention of the Federal Reserve Act will not be exercised, and suggesting that application be completed in regular manner. Letter dated January 5th from the Chairman, Federal Reserve Bank of an Francisco, in explanation of the declina- tion of that Bank to grant the request of the Broadway Bank, Portland, Oregon, for the establionment of a clearing account with the Portland Branch. Referred to Mr. Miller for reply in line with General Counsel's opinion. Letter dated January 7th from Consulting Architect . Trowbridge, submitting recommendations concerning the character of construction to be used for the new vaults proposed for the Federal Reserve Bank of Philadelphia. Voted to apd rove :,!r. Trowbridge's recommendations. -4REPORTS OF CCL:MITT.6. ro. 1: Dated Jan. 13th, 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 Jan.12th, recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated Jan.12th, recommending approval of applications for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. Dated Jan. 6th, recommending appointment of Mr.C.H.Stewart as Assistant Deputy Governor of the Federal Reserve Bank of an Francisco at $8,030 per annum. Approved. Dated Jan. bth, recommending increase in salary of Mr. ^• J.hepherd, Manager, Seattle Branch, Federal Reserve Bank of an Francisco, from '. ..6,500 to P,000 per annum. Approved. Other business was presented and disposed of as follows: Memorandum by General Counsel dated January 6th, in re suggestion by the Governor of the Federal Reserve Bank of Kansas City that the Board approve a plan whereby Federal Reserve banks may impose a graduated excess charge against member tanks applying for rediscounts in excess of their capital and surplus, -aOrdered circulated and docketed for the meeting of the Board on Thursday, January 15, 192(). Letter dated January 6th from Brigadier Goneral L.C. liarshall, Jr., Chief, Construction Division, war Dopartment, advising that at the reuest of the liacretary of -War the Secret:;ry of the Treasury had •requested the federal Rezierve Balc of Cleveland, subject to approval by the federal Reserve Board, to act az agent for the War Department in holding in escrow a certain contract made by the 4ar Department with the Domestic Coke Corporation, a Delaware corporation, whose home office is at Cleveland. Voted that at the request of tho Secretary of the Treasury the federal Reserve Board grants authority to the federal Eeserve Bank of Cleveland to act as agent of the ;iar Department in holding in escrow a certain contract made by the Department the Domestic Coke Corporation. Letter dated January 12th from Deputy Comptroller Yana, containing a list of changes made in the rational Bank examining force during December, 1919. Yoted. it 12 noon, the meeting adjourned. 6ecretary. _)proved: lice-Governor.
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