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At a. meeting of the Federal Reserve Beard held in the office of the Board on Tuesday, January 6, 1920, at 11-55 21-LEjENT: The Mr. Mr. Mr. Mr. Mr. Mr. Governor Strauss Miller Hamlin Moehlenpah Chapman, Jecretary. Minutes of meetings of the Board held on January 2d and 5th were read, and on motion approved as amended. Business was presented and disposed of as follows: _Lotter dated :„acember rAth from the Chairman, Federal Reserve Bank of Kansas City, advising of the selection of :Arectors of the Oklahoma City branch of that Bank, and suggestinL the names of suitable candidates for appointment to the branch bank board by the Federal Leserve Board. Ordered to lie on table pending reply from Federal Reserve Agent Ramsay in response to suggestion of the selection of a representative of Tulsa to servo on the Oklahoma City branch board. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate 5:; on commercial and agricultural paper, as follows: Date Dec. 31st Bank Rediscountin 1:ansas City ., .mount ; Dallas 47,5J3,U00 Maturities 30-90 days Th'.1 Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate 4-3-4%, as ,follows: Date Jan.2d Bank Rediscounting 7iith (Dallas Philadelphia.... (Chicago Amount Ilaturities ,0u0,uo0 3,0,e00 11-15 days rated. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate 4-3/4% on paper secured by certificates of indebtodness and 5 on paper secured by Liberty bonds and Victory notes, as follows: Date Jan.3d Bank Rediscountinr z Kansas City ith Amount Chicago ,7,5,0u0,ue0 ::aturities 11-15 days Noted. The Governor reported the reserve positions of the several Federal Reserve banks as at ;;lose of business January 3d, and the status of rediscounts between Federal Reserve banks as of the same date. The Governor read telegram addressed to him under date of January 6th by the governor of the 2edera1 Reserve Bank of Kansas City, advising that he is informed that the president -3of the Kansas City Live .;tock Lxchange had telegraphed to Secretary Glass, protesting against increase of discount rates, claiming discrimination against the live stock and cattle interests. (At this point Mr. joined the meeting) Memorandum by 1.1r. Jacobson dated January 2d, analyzing war paper holdings of Federal heserva banks. Ordered circulated. Letter dated December 24thfrom the Chairman, Federal Reserve Bank of Dallas, submitting for approval scheiule of salaries of officers and employees of that Bank, effective January 1, 1920. Approved with the exception of the Increase recommended in the salary of 'Jr. L.P. Talley, Deputy Governor and Cashier, and the increase recommended for Mr.Oam E. Lawder, Manager of the Houston Branch, upon the understanding that the Governor advise the Chairman of the Federal eserve Bank of Dallas that the Board feels that the offices of Deputy Governor and Cashier should be responsibility of two individuals, but would be willing to approve appropriate salaries for the respective offices upon receipt of recommendations of the Board of Directors of that Bank, upon the "further understanding that the Governor inform Mr. Ramsay that the Board withholds action upon the increase recommended in the salary of the Manager of the Houston Branch pending receipt of report of efficiency of management of that Branch in the light of the recent shortage in the accounts of its receiving teller,and collection department. (At this point Mr. Miller withdrew from the meeting) -4Letter dated December 29th from the Assistant Federal Eeserve Agent at Kansas City, submitting for approval schedule of salaries of employees of the Fiscal Lgency Department of that Bank, effective January 1, 1920. Approved. . Letter dated December 31st from the Governor of.the Federal Reserve Bank of Philadelphia, requesting an expression of the 3oard's views as to a proposed increase in the fee paid to directors for attendance at executive committee meetings. Voted to approve the proposed increase to :;:20 per meeting in the fee of directors attending executive committee meetings. Letter dated January 3d from the Director, Division of Analysis and Research, reuesting approval of the appointment of the following clerks in that Division for a period of sixty days at salaries at the rate of .$1,200 per annum: J. M. Chapman A.L.myth Miss Myrtle Powell nhis Referred to Mr. Miller and Yr. Moehlenpah for such action as they may desire to take. Memorandum by Mr. 7;yatt dated January 3d, submitting for approval letters for signature by the uovernor in re reported violations of the Clayton Anti-Trust Act. -5Approved. Letter dated December 21th from the Director of the Division of Analysis and esearch, submitting a progress report on the investigation into the slanes and wages paid by Federal Reserve banks to employees receiving ;5,eee per annum or less. Ordered circulated. Letter dated December 18th from the Chairman, Federal Ileserve Bank of 3an Francisco, with respect to the action of the Bank of Italy, .3Lin Francisco, a member bank, in acquiring national bunks and operating same as its branches, together with memorandum by Yr. Ho;;.ton dated December 29th. Referred to the Governor for reply, and ordered that the Comptroller of the Currency be furnished a copy of the correspondence. Letter dated January 3d from the Chairman, Federal Reserve Bank of Atlanta, containing an explanation of the item of ;$2.86 in connection with the Liberty Loan campaign appearing on its 7ovomber, 1919, expense report. In view of the explanation contained in Yr. LcCord's letter, no objection was made to the expenditure. -6Letter dated January 2d from 1,r. . 2. Sailer, Deputy Governor, Federal Reserve Bank of rew york, submitting a statement of the profit and loss account of that Bank for the six month period ending December 31, 1919. Ordered circulated. REPORTS OF CM:LITTLE 110. 1: Dated Jan. 6th, recommending changes in stock at Federal Reserve bunks, as set forth in auxiliary minute book as of this date. Approved. Dated Jan. 6th, recommending action on application of Edric Eldridge to surve at the same time as Director of the Citizens Rational Bank, as President and Director, Jamaica Plain Trust Company, and as Director and President, Pioneer Cooperative Bank, all of Boston,Llass. Approved. Dated Jan. 6th, recommending action on application of Gamble to serve at the same time as Vice-President of the Irving Trust Company of Vow York City, and as Director of the Richmond Borough Rational Bunk of Stapleton, Staten Island, and of the Tottenville Rational Bunk, Tottenville, Staten Island, raw york. Approved. Dated Jan. 6th, 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. At l-25 P.L1., the meeting adjourned. Api,?roved: Secretary.
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