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6")r At a meeting of the Federal Reserve Board held in the office of the Board onTednesday, July 14, 1920, at 11-15 A.M., PRESENT: The The Mr. Mr. Mr. Mr. Chairman Governor Moehlenpah Platt Williams Emerson, Assistant Secretary. PRESENT ALSO: Mr. Logan, General Counsel Mr. Angell, Assistant Counsel. Minutes of meeting of the Executive Committee held July 13th were read, and on motion the action of the Committee therein set forth was ratified. Business was presented and disposed of as follows: The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business July 12th, 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/e on paper secured by certificates of indebtedness; 4 on paper secured by Liberty bonds and Victory notes, and 7% on commercial paper, as follows: Date July 12th Bank Rediscounting .Dallas Noted. With Amount' Boston 4)4,500,000 Maturities 62- The Governor submitted draft of letter to Mr. J. E. Crane, Manager, Foreign Department, Federal Reserve Bank of New York, advising of the distribution to be made of the net profits arising out of the shipment of silver dollars to the Orient by the International Banking Corporation, the Park:Union Foreign Banking Corporation and the Asia Banking Corporation, under the agreement with the Federal Reserve Board dated December 6 1919. Approved. The Governor submitted memorandum from Assistant Counsel Angell with reference to subscriptions to Federal Reserve Bank stock by newly organized National banks, together with draft of letter to Chairman Ramsay with reference to the application of the Picher National Bank, Picher, Oklahoma, for stock in the Federal Reserve Bank of Kansas City. Approved. Letter dated July 7th from the Chairman, Federal Reserve Bank of San Francisco, recommending approval of the establishment at that Bank of progressive penalty rates for deficient reserves of member banks, in accordance with the Board's letter (X-1584) of June 13, 1919. Approved. Letter dated July 7th from the Chairman, Federal Reserve Bank of San Francisco, submitting a list of changes in -3the designation of certain officials of that Bank and its branches. Approved. Letter dated July 10th from the Chairman, Federal Reserve Bank of Atlanta, advising of the resignation of Mr. Bradley Currey as Manager of the Nashville Branch of that Bank, and submitting for approval of the Board the appointment of Mr. J. B. McNamara, at present Cashier of that Branch, to be Manager, at a salary of $3,600 per annum, and the appointment of Mr. Joel B. Fort as Cashier of the Branch at a salary of $2,400 per annum. Approved. Letter dated July 12th from the Chairman, Federal Reserve Bank of Chicago, advising that it has been deemed desirable for the Assistant Federal Reserve Agent at the Detroit Branch to carry on hand a reserve stock of approximately $15,000,000 in Reserve notes, and that as there is not sufficient vault space in the Detroit Branch to permit, it is proposed to rent suitable vaults for this purpose from the Wayne County !: Home Savings Bank of Detroit. Referred to the Governor with power. Telegram dated July 14th from the Chairman, Federal -4Reserve Bank of Philadelphia, advising that the Board of Directors of that Bank at a special meeting held today had alopted the following resolution: RESOLVED,: that it is the judgment of the Board that the proposition submitted by the Governor for a change in discount rates on member banks collateral notes would be an injustice to many subscribers to Government obligations, who have sold and taken their losses in the general public interest, and would be a step backward in the orderly and desirable process of liquidation, and that for these reasons the proposition be disapproved. Noted. On motion duly made and seconded, the Governor was authorized to advise the Chairmen of the Federal Reserve Banks of Atlanta and Dallas that as it is believed that the plan of granting special rates on member bank collateral notes secured by Government' war obligations in one district would invite pressure for like action in other districts, and as there are so many possible complications, the Board desires further tire to investigate the matter from the standpoint of the System as a whole; that this will require some time, and that no action may be taken in any event until absent members of the Board return. The Governor was also authorized to advise the Chairmen that meanwhile the policies of their Banks should be shaped without reference to the Board's ultimate action on the pending proposition, and that as Federal Reserve Agents they need not make any change in the established practice re- 62.7 -5garding security for Federal neserve notes. RF.PORTS OF COrnITTFE NO. 1: Dated July 14th, 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. Dated July 13th, recommending approval of applications of the following to serve at the same time as officers or directors of the Cherry Creek National Bank, Cherry Creek, N.Y.; and the Farmers & Mechanics Bank, Jamestown, N.Y.: U. P. nobertson Harold E. Crissey Approved. Dated July 13th, recommending approval of application of James K. Ottle:T to serve at the same time as President and . Director, Fourth National Bank, and as Treasurer and Director of the Atlanta Savings Bank, both of Atlanta, Ga.; also as Class A Director of the Federal Reserve Bank of Atlanta. Approved. Dated July 13th, recommending approval of application of P. Sharer to serve at the same time as President and Director of the First National Bank, and of the First Trust & Savings Bank, both of Zanesville, Ohio; also as a director of the Citizens Trust & Savings Bank, Columbus, Ohio. Approved. Dated July 13th, 'recommending approval of application of Claud Gatch to serve at the same time as Director and Vice President of the Central National Bank, and of the Central Savings Bank, both of Oakland, California. Approved. (At this point Mr. 7:illiams joined the meeting) 608 -6Dated July 12th, recommending approval of the employment of a computer in the Division of Analysis and Research for thirty days at l3O per month. Approved. Dated July 13th, recommending for approval, increase in salary from $1,500 to $1,800 per annum for Mr. M. H. Rice, Statistical Assistant in the Division of Analysis and Research. Approved. Memorandum dated July 13th by the Executive Secretary, with reference to four letters of July 8th from the Chairman, Federal Reserve Bank of Dallas, on the subject of bonus payments to employees of that Bank, and recommending certain in,creases in salaries. On motion duly made and seconded, it was voted to disapprove the recommendations of the Federal Reserve Bank of Dallas that bonus be granted to officers of that Bank below the rank of Deputy Governor receiving salaries in excess of $5,000. Voted further to approve the payment of quarterly bonus to employees of the Federal Reserve Bank of Dallas at the same rate paid during the six months ending June 30, 1920, for the quarters ending September 30 and December 31, 1920, and to approve the increases in salaries of employees of the Federal Reserve . Agent's Department, and of the employees of the Federal Reserve Bank proper, as recommended in Yr. Ramsey's letter of July 8th. Dated July 9th, recommending approval of increases in salaries of employees of the Federal Reserve Issue and Redemption Division, effective July 1, 1920, as follows: -7From W. J. Tucker, j52,250 7% K. Durnbaugh, 1,800 Helen P.7edderburn, 1,640 Searing T.Dashiell, 1,500 1,440 Thomas J. Thl. .cray, Ho3t,-2, Otts 1,320 Lillian H. Hicks, 1,320 Annie M. Staton, 1,260 Martha J. Martin, 1,140 Martha Garrison, Gertrude F.Croe, 1,140 Minnie H. Forsythe,. 1,140 1,080 George A.Gailes, 1,260 Helen M. Beattie, 1,260 Julia Kinsolving, 1,260 Fannie P. Meade, Susan U. Snead, 1,320 Lillian U. Stanowsky,1,260 1,140 Theresa Barrow, Margaret M.Bicknell, 1,140 Madeline C.Emerson, 1,200 1,260 Mary E. Everett, 1,200 Gott, Alys E. 1,140 Bertha E. Handy, Elizabeth C.Jenkins, 1,200 1,"00 S.Louisa Mas)n, 1,140 Posina Mordecai, 1,260 Mary C. Mulvihill, 1,200 Julia D. Murphy, 1,200 Ruthette H. Penn, 1,200 Faille L. Tharp, 1,140 Fannie H. Young, Lillian F.Aucusterfer,1,140 1,140 Ruth Murphy, 1,140 H. Audrey Herron, 1,080 S. Myrtle Heale, Caroline B.Quesenberry,1,060 Pauline C. Fred, 1,021 Clara I:. Reddington, 1,020 To 2,500 2,040 1,880 1,740 1,620 1,260 1,500 1,500 1,500 1,400 1,400 1,400 1,320 1,500 1,500 1,500 1,500 1,500 1,400 1,400 1,400 1,400 1,400 1,400 1,410 1,400 1,400 1,400 1,400 1,400 1,400 1,400 1,380 1,380 1,360 1,320 1,320 1,260 1,260 630 -8From $1,140 Cobb, Lilybec C. 1,140 Ada F. Crafford, 1,140 Evp, M. Devine, 1,140 Annie M. Drewett, 1,140 Dorothy M. Reeder, 1,140 Mau E. Sheffer, 1,020 Belle H. Bohn, 1,020 Addie K. Burchard, 1,020 M. Fellows, Virginia 1,020 Furniss, Natalie 1,020 Dorothea A. Herd, 1,020 Virginia B. Hereford, 1,020 Virginia King, 1,020 Mary L. Soule, !. To 91,320 1,320 1,320 1,320 1,320 1,320 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 Approved. Dated June 28th,recommending that the official designation of certain employees of the Federal Reserve Issue and Redemption Division be changed to the following: Asst. Chief of Division William J. Tucker, Teller Walter K. Durnbaugh, Asst. Teller Searing T. Dashiell, Asst. Teller Thomas J. Murray, Asst: Teller Otis IL Hester, Chief Bookkeeper Lillian H. Hicks, Bookkeeper Annie Y. 3taton, Bookkeeper Martha J. Martin, Bookkeeper Martha Garrison, Clerk Record Forsythe, H. Minnie Typist Croe, E. Gertrude George Arthur Gailes, Clerk Approved. At 1-45 p.n., the meeting adjourned.. Approved: P‘, Chairman.
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