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At a meeting of tne Federal Reserve board neld in tne office or the Board on Tnursday, January lb, 1920, at 11 A.M., PRESENT: Trio vice-uovernor M. Miller mr. tiatmliu mr. luoeulenpan Mr. Cnapman, Secretary. Minutes of meetings of the Board neld anuarj 14tu were read, and on motion approved. business was presented and disposed of as follows: Letter dated January 13tu from tne Assistant to tale uovernor or tne Federal Reserve Bank or Cleveland, advising tnat tnat Bank uas a number of member banks whose reserve accounts nave been depleted and wno have been assessed penalties from six to rifteen consecutive months, and requesting approval by tine Board of an increase in tile penalty rates for sucn delinquents of one per cent for eacu consecutive period in Mien depletion occurs. 'rue Vice-uovernor submitted for approval, draft of reply by tne uovernor under date of January lbtn. Approved, and ordered tnat copies of , One reply ue sent to tale uovernors or all otuer Federal Reserve oanks. Memorandum by ueneral Counsel dated January oth, commenting upon suggestion uy tne uovernor of tue Federal Reserve Bank of Kansas City or tire imposition of a graduated -2excess cnarge against member banks applying for rediscounts in excess of their capital and surplus. Referred to General Counsel with request that he obtain opinion of Consulting Counsel and report what, if any, action has been taken by tae board heretofore along similar lines. Application of the brighton bank and Trust Company, Cincinnati, Oaio, a member bank, for authority to operate a orancn at cneviot, Qui°, to be known as its "Cneviot branch". Approved. REPORTS Or COMmITTEE NO. 1: Dated Jan. 15th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dat,ed Jan. 14th, recommending changes in stock at eederal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated Jan. 14th, advising of the appointment of Arthur J. Scnopp as Stenograpner with the Western eederal Reserve Examining force at ;4,800 per annum, effective January 10, 1920, in accordance witn authority granted December 3, 1919. voLed. Dated Jan. 14th, recommending approval of appointment of I?. n. Winkler as Clerk in the boards Gold Settlement Division aG :14,500 per annum, vice John P. halsted, resigned. Approved. At 11-45 A.m., the meeting adjourned. Secretary. Approved: vice-Governor.
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