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;1 -------oo0oo---Liinutes, Federal Reserve Board July - De. 1 9 20 586 At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, July 1, 1920, at 11-20 A.M., PRESENT: The The Mr. Mr. Mr. Mr. Chairman Governor Moehlenpah Platt Williams Emerson, Assistant Secretary. FELSENT ALSO: Mr. Logan, Assistant Counsel Mr. Angell, Assistant Counsel Minutes of meeting of the Board held Wednesday, June 30, 1920, were read, and on motion approved as amended. (At this point the Chairman joined the meeting) Business was presented and disposed of as follows: The Governor submitted for approval of the Board, draft of letter to the American Foreign Banking Corporation, defining the position of the Board in connection with its ruling as to the ineligibility of acceptances drawn under a six months acceptance credit proposed by the above mentioned corporation, for the purpose of financing certain steps incident to the preparation of the Cuban sugar crop for export to the United States. Approved. Letter dated June 29th from the Chairman, Federal Reserve Bank of Philadelphia, recommending for the approval of the Board, establishment of discount rates at that Bank of 5-3/45 and 6 for discounted bills, including member banks' 15 -2day collateral notes, secured by Treasury certificates of indebtedness bearing interest rates of 5-3/4% and 6%, respectively. On motion duly seconded, it was voted to approve the rates recommended for the Federal Reserve Bank of Philadelphia, and to advise all other Federal Reserve Banks of the Board's approval of these rates for the Philadelphia Bank. Letter dated June 30th from Yr. George Foster Peabody, a Director of the Federal Reserve Bank of New York and member of its Executive Committee, advising of recommendation of the Committee for approval by the Board of the purchase by that y Bank of two lots with buildings thereon, adjoining the propert recently purchased by that Bank upon which to erect a storage building. On motion duly seconded, the Board approved the purchase by the Federal Reserve Bank of New York as recommended in letter of Mr. Peabody. Memorandum dated June 29th from the Chief, Division of Examination, recommending adjustments in salaries of the following Federal Reserve Examiners and Assistant Federal Reserve Examiners, effective July 1, 1920, as indicated: Examiners: James G. L. G. A. R. n. Buchanan, Jr., Hamilton, Augherton, Chapman, From $4,500 4,800 3,600 3,300 To $5,000 5,000 4,000 3,600 -3Assistant Examiners: V. J. Gruud, Frank J. Drinnen, P. A. Gordon, J. C. Noell, Claude Morton, A. R. Kraft, R. B. Chamberlain, C. H. Ball, A. J. Schopp, Alfred Boysen, From $3,300 2,400 3,300 3,000 2,700 2,700 2,500 2,000 1,800 2,400 To: $3,800 3,000 3,600 3,300 3,000 3,000 2,800 2,200 2,100 2,700 Approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business June 29th, and the status of rediscounts between Federal Reserve Banks as of the same date. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5-1/4 on paper secured by certificates of indebtedness, 4 on paper secured by Liberty bonds and Victory notes, and 7c/flo on commercial paper, as follows: Date June 30 Bank Rediscounting. Dallas Vith Boston Amount Maturities $1,500,000 Noted. Letter dated June 25th from :Miss N. T. Steger, Stenographer in the Division of Examination of the Board, requesting that she be granted four months leave of absence 589 -4without pay, from July 5 to November 6, 1920, inclusive, together with memorandum of the Chief of Division, recommending disapproval. Request disapproved. REPORTS OF COMMITTEE NO. 1: Dated July 1st, recommending admission of State institution, as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to the application. Approved.. Dated July 1st, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Other business was presented and disposed of as follows: Letter dated June 29th from the Assistant Treasurer of the United States, advising that no applications for the sale of bonds under Section 18 of the Federal Reserve Act have been received from National banks for the quarter ending June 30, 1920. Noted. Letter dated June 26th from the Governor, Federal Reserve Bank of Chicago, transmitting report of a committee appointed at the Governors Conference held April 7-10, 1920, for the purpose of st:„457ing the question of the issue and -5redemption of Federal Reserve currency. Referred to the Executive Committee with power. Telegram dated July 1st, from the Chairman, Federal Reserve Bank of Atlanta, requesting approval of discount rates at that Bank of 5-3/e0 and ero on discounted bills, including member banks' 15 day collateral notes secured by Treasury certificates of indebtedness bearing interest at 5-3/45 and 6%, respectively. Approved. At 1-20 P.M., the meeting adjourned. Assistant Secretary. Approved: 1, /41/k/ / Chairman.
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