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CI A (:).± At a meeting of tne Federal Reserve board field in the office of tile board on Tnursday, January 22, 120, at 11-20 A.M., PRESENT: true Mr. Mr. Mr. Mr. Mr. Mr. Governor Strauss miller Hamlin Moenlenpan Williams DeLamater, Secretary of meeting. Minutes of meetings of tne board held on January 21st were read, and on motion approved as amended.. business was presented and disposed of as follows: Tne Governor reported rediscount transactions, pursuant to autnority neretofore vested in him; member bank promissory notes secured by Government obligations, rate 4-3/40, as follows: Date bank Rediscounti4ti Jan.20th Ricnmond Pniladelphia Amount Cnicago Cnicago ib,U00,000 5,000,000 Maturities 11-15 Noted. 'rue Governor reported the reserve positions of tne several Federal Reserve banks as at close of business January , 20th, and the status of rediscounts between federal Reserve banks as of tne same date. Letter dated January 21st from Governor Passmore of the federal Reserve bank of Philadelphia, notifying tne board $.4 of his intended resignation as uovernor, to taKe effect not later than tne end of reuruary, 1920. Voted. mc. Miller reported tne result of a conversation had uyuim WiL.n Uovernor Calkins of tne Federal Reserve batik of San Francisco witn reference to the condition of the bank of ltalj, and stated tnat uovernor Calkins had recuested that the national bank examiners examine the national uanks controlled by the bank of Italy, simultaneously with tne next examination of the affairs of that bank. Mr. Williams stated that this would ue done. Memorandum dated January 20th by ivir. Auxton, regarding the report of tne Chairman, eederal Reserve bank of Dallas of January titn, concerning tne snortLige in tne clearing house department and receivinL teller's department of tie Houston brain, in whicu hr. boxton su6ge8ted tnat no further action would seem necessary. Approved. A discussion was 'lad of tue form of announcement by tile. board of the rates of discount establisned as a result of its meetinb on January 21st. On motion duly seconded, tue preparation of announcement was referred to the uovernor and ViceGovernor, with power. Memorandum dated January 20th by General Counsel, submitting application of the Texas Bank & Trust Company, Galveston, Texas, for membership in the Federal Reserve System. Approved as recommended. Letter dated January 15th from the Mercantile Bank of the Americas, advising of increase in its capital stock from 5,000,000 to .$10,000,000. Noted. Letter dated January 16th from the Chairman, Federal Reserve Bank of Atlanta, transmitting Annual Report of that Bank for the year ending December 31, 1919. Ordered circulated. Letter dated January 19th from the Chairman, Federal Reserve Bank of Kansas City, transmitting Annual Report of that Bank for the year ending December 31, 1919. Ordered circulated. REPORTS OF COMMITTEE NO. 1: Dated Jan. 21st, recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated Jan. 21st, recommending approval of application of Orion H. Cheney to serve at the same time as a director and President of the Pacific Bank, and as a director of the American Exchange National Bank and the American Trust Company, all of New York, N. Y. Approved. -4Dated Jan. 17th, recommending approval of salary of 42,400 per annum for Mr. William P. Folger as National Bank Examiner in the Fifth Federal Reserve District. Approved. Other business was presented and disposed of as follows: Letter dated January 21st from Consulting Architect Trowbridge, with reference to the selection of contractors for the erection of a structure for the purpose of testing vault construction, and transmitting estimate of Matthews Construction Company of Princeton, N.J., amounting to 465,500, including fees. On motion duly seconded, it was voted to authorize Mr. Trowbridge to engage the firm of Matthews Construction Company upon the basis outlined. Memorandum dated January 20th by General Counsel, to the effect that if a Federal Reserve bank establishes, and the Federal Reserve Board approves a preferential rate upon member bank notes secured by certificates of indebtedness, the Reserve bank may, as a matter of administration, refuse to make an advance on such notes unless the certificates of indebtedness pledged as security are actually awned by the member bank, and unless the Government deposit of such bank, if any, at the time such advance is made is also secured by certificates of indebtedness actually owned by it. Ordered circulated and docketed for the meeting of the Board to be held on Friday, January 23d. Letter of January 12th from the Chairman, Federal Reserve Bank of New York, advising that Messrs. Lee, Higginson & Company had filed with that Bank a statement of financial condition for the purpose of qualifying their acceptances as eligible for purchase by the Federal Reserve Bank in open market transactions. Approved. Memorandum dated January 21st of General Counsel in regard to eligibility of Captain James P. Oyster as a member of the Rent Commission of the District of Columbia, to serve at the same time as Class "B" director of the Federal Reserve Bank of Richmond. Ordered circulated, and referred to the Law Committee for report. Memorandum dated January 16th, with reference to the application for organization of the "First Federal Credit Bank" under Section 25 (a) of the Federal Reserve Act. Law Ordered circulated, and referred to the Committee. Lettur dated January 19th from the Chairman, Federal Reserve Bank of Cleveland, submitting report of committee of -6the Board of Directors of that Bank with reference to the purchase of the Second National Bank Building, Pittsburgh, Pa., at a cost not to exceed „e560,0JJ for the use of the Pittsburgh Branch of the iederal Reserve Bank of Cleveland. On motion duly seconded, it was voted to approve such purchase. At 12-45 2011" the meeting adjourned. Secretary of Lleeting. Approved:
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