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At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, July 22, 1920, at 11-10 A.M., PRESENT: The Mr. Mr. Mr. Mr. Governor Moehlenpah Platt Williams Chapman, Secretary. Minutes of meeting of the Board held July 21st were read, and on motion approved. 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 20th, 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: rates same as those borne by certificates, with minimum of 5-1/2%, and 5-3M on paper secured by Liberty bonds and Victory notes, as follows: Date Bank Rediscounting July 21st Dallas Vith Amount Maturities Cleveland $4,00,000 11-15 days Noted. The Governor reported rediscount transactions, pur- 646 -2suant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates 5-1/e0 on paper secured by certificates of indebtedness, and qr, on paper secured by Liberty bonds and Victory notes, as follows: Bank Bealscounting Date July 20th July 21st St. Louis Minneapolis Amount With Maturities 14,000,000 Within 15 days 2,500,000 11-15 days New York Cleveland Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates same as those borne by certificates, with minimum of 5-1/e7, and 7,`" on commercial paper, as follows: Bank Rediscounting Date July 20th Atlanta Atlanta Amount Maturities 1 991,500 2,067,000 11-15 days 7ith New York New York Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates same as those borne by certificates, with minimum of 5-1/e7, and 6, on paper secured by Liberty bonds and Victory notes, as follows: Date Bank Rediscounting Dallas July 20th Noted. Vith New York Amount Maturities 42,000,000 11-15 days 647 -3Letter dated July 19th from the Chairman, Federal , Reserve Bank of Dallas, recommending the following Increases in salaries at that Bank: Credit Department: , Mrs. D. W. McNulty, F. B. De7,oss, From .:1110 100 To l25 per month •I 125 Department of Analysis, Statistics IC Reports: G. H. Doerner, C. J. Richardson, 125 135 150 150 It It Approved. Letter dated July 21st from the Chief, Division of Examination, recommending that, effective August 1, 1920, the salary of Mr. J. F. Herson, Chief Federal Reserve Examiner, be increased from 47,500 to 9,0O0 per annum. Approved. REPORT OF COMMITTEE NO. 1: Dated July 22d, recommending admission of 3tate 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. At 12-30 P.M., the meeting adjourned. Secretary. Approved: Go v"We
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