The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a meeting of the Federal Reserve board held in the office of the board on Friday, Januari 16, 1V2O, at 11 A.M., PRESENT: true mr. Mr. Mr. Mr. Vice-Governor Miller timmlin Moenlenpan Cnapman, Secretary. Minutes of the meeting of the board neld January 15th were read, and on motion approved. business was presented and disposed of as follows: Special order business, the election of directors on behalf of tne Federal eserve board to serve on tne board of directors of tne Oklanoma City branch of the Federal Reserve bank or Kansas City, was presented. =me vice-uovernor stated that the special committee appointed by the uovernor, consisting of Messrs. miller, fiamlin, Moeulenpan and nimself, recommended tne appointment as anon directors of messrs. J. m. berry, Vice-President, Central National bank, Tulsa, Oklanoma, and William /lee, ?resident, Security national Bank, Oklanoma City, Oklanoma, and added that tne uovernor had requested nim to state to tne meeting that tne recommendation of tne committee met witn nis approval. On motion duly seconded, the recommendation of tne committee was ratiried and approved, and tne vice-Governor was requested to ascertain wnetner or not the appointments would De agreeaule to the suggested appointees. -2_ The vice-uovernor reported rediscount transactions, pursuant to autnority neretofore vested in nun; member bank promissory notes secured by uovernment obligations, rate 4-3/47,, as follows: Date 'tank Hediscounting Jan.14tn Jan.15tn Philadelphia Pniladelpnia Witn Maturities Amount 11-15 days Cnicago 42,b00,00U St. Louis 6,500,000 :Noted. rtie Vice-uovernor reported rediscount transaction, pursuanu to authority neretofore vested in nim; member bank promissory notes secured by uovernment obligations, rate 4-3/470 on paper secured by certificates of indebtedness, and b-1/4 on paper secured by Liberty bonds and victory notes, as follows: Date bank itediscounting dan.15th Kansas City Witn Chicago Amount 45,000,000 Maturities 11-15 days Noted. memorandum by mr. Wyatt dated Januar4 14LA in re application of A. A. Kramer for permission to serve as a director of three banks in Kansas City under tne provisions Of no Kern Amendment of the Claiton Aot. Referred to Mr. Hamlin for report. -3Memorandum by mr. Wyatt dated January 15tn, in re application of James T. McMillan for permission to serve at tne same time as a director of tne First and Old Detroit rational Bank, the Detroit Savings bank, and Wie Union Trust Company, all of Detroit, micnigan. Voted,tuat in view of the fact that the Federal Reserve Agent at Chicago recommended disapproval of the application because the banks affected are in substantial competition, and the furtner fact tnat in 1916 tne Federal Reserve Board granted Mr. McMillan permission to serve as a director of tne First and Old Detroit National bank, and the Detroit Savings bank, the attention of the Federal Reserve Agent at Cnicago be directed to tne situation, and tnat ne be requested to review his recommendation in tne lignt of the recommendation of his predecessor in office and the board's action thereon. Letter dated January 10th from Assistant Federal Reserve Agent at Minneapolis, forwarding text of Firth Annual Report of the Federal Reserve bank of Minneapolis, covering tne year 1919. Ordered circulated. Telegram dated january 15th from the Cnairman, Federal Reserve Bank of boston, recommending onanges in discount rates. i Referred to tne Vice-uovernor to state tne position of tne board. Letter dated January 13th, addressed to tne Secretary _62 -4of tne Treasuro by Mr. J. b. Strocx, criticizing tne situation witn respect to discount rates. Referred to tne Vice-Governor for reply. REPORTS OF COMMITTEE NO. 1: Dated Jan. 16th, recommending admission of State institutions as set fortn in tne auxiliary minute book as of tnis date, subject to tne conditions stated in the individual reports attacned to each application. Approved. Dated Jan. 12th, recommending approval of salary of 42,400 per annum for Mr. L. L. Madland as National Bank Examiner in the rinth Federal Reserve District. Approved. At 11-30 A.M., tne meeting adjourned. Secretary. Approved: vice-uovernor.