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At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, July 29, 1920, at 11 PRESENT: The Governor 1.1r. Platt Moehlenpah Mr. williams Mr. Chapman, Secretary. PRESENT ALSO: Mr. Angell, Assistant Counsel. Linutes of meeting of the Board held July 27th were read, and on motion approved. Business was presented and disposed of as follows: The Governor submitted letter addressed to the Secretary of the Treasury under date of July Ud by the UnderSecretary of State with respect to the removal of restrictions upon transactions in foreign exchange between the United States and Russia, and the removal of restrictions upon the importation of naper clareacy into the United States. The Governor also submitted a memorandum on the subject given him in New York yesterday by Yr. J. E. Crane, in charge of the Foreign Exchange Department of the Federal Reserve Bank of Nev. York. After discussion, it was voted that the Governor be authorized to notify Federal Reserve Banks of the issue of a bianket license for trading in Russian'exchange when such blanket license is requested by the Secretary of the Treasury and the Department of State, special licenses, to be required, however, for 656 the 'importation of Russian rouble currency. < The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business July 27th, 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 5-1/4, and on commercial paper, as follows: Date Bank Rediscountinz July 26th Atlanta Atlanta With Boston Boston Amount .366,500 395,000 Maturities 11-15 days 35-88 days Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate qr, on commercial paper, as follows: Bank Rediscounting Date July 27th July 28th Atlanta Kansas City With Cleveland Cleveland Amount Maturities :3,550,000 13-08 days 2,009,798.95 49-75 days Noted. The Governor reported rediscount transaction, pur- C57 -3suant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates same as those borne by certificates, with minimum of 5-1/2,1, and 5-3X on paper secured by Liberty bonds and Victory notes, as follows: Bank RPdiscounting Date July 27th Dallas With Amount Maturities Cleveland $2,500,000 11-15 days 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 5-1/4, and 6,0 on paper secured by Liberty bonds and Victory notes, as follows: Bank: Rediscounting Date July 26th Richmond With Amount Cleveland $10,000,000 Maturities 11-15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates 5-1/4 ,an paper secured by certificates of indebtedness, and .5;4; on paper secured by Liberty bonds and Victory notes, as follows: 658 -4With Bank Rediscolintinp Date July 28th Minneapolis Amount Boston Maturities 11-15 days Noted. EEPORTS OF COYLITTIM NO. 1: Dated July 26th, recommending changes in stock at F6deral Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. Dated July 29th, 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 July 28th from the Chairman, Federal Reserve Bank of New York, submitting recommendation of increases in salaries of employees of that Bank whose anniversaries of employment fall during the month of July, 1920. Approved. Letter dated July 28th from Consulting Architect Trowbridge, recommending that the Federal Reserve Bank of Dallas be authorized to add to its total budget approximately, !1;13,500 to cover the cost of certain extras to be included in the new bank building for that Bank. Approved. Letter dated July 28th from Consulting Architect Trowbridge, recommending that the Federal Reserve Bank of 659. -5Dallas be authorized to build a -garage on the rear of its property at a cost of 4;1 8,000. Approved. :.:emorandum dated July 28th by LIr. Hoxton, recommending approval of increases in salaries of employees of the El Paso Branch of the Federal Reserve Bank of Dallas, as submitted with letter of the Governor of the Bank under date of July 25th. Approved. Letter dated June 20th from Deputy Governor•Talley of the Federal Reserve Bank of Dallas, with regard to acceptances which the red River Valley Trust Company of Paris, Texas, purposes to make pursuant to the provisions of a recent Act of the Texas Legislature. The Governor submitted for approval, draft of reply by him dated July 26th. Aprroved. Letter dated July 28th from the Director, Division of Analysis & Research, submitting correspondence with the Federal Trade Commission in re duplication of effort in securing statistics bearing upon the textile trade in the First Federal Reserve District. Referred to the Governor with power. Recommendation of Mr. 1,:oehlenpah certified by the 660 Governor of the Board, that Mr. G. J. Schoeneran, Private Secretary to Mr. Moehlenpah, be granted an increase in com,pensation at the rate of 3240 per annum, effective July 16, 1920, this being the amount of the bonus to which, in' the opinion of Counsel, he is entitled under the provisions of Section 6 of the Act of May 29, 1920. Approved. Memorandum by General Counsel dated July 29th, recommending that Carlisle Johnson, Messenger assigned to his office, be granted 6-1/2 days additional leave of absence without ray in lieu of the 5-1/2 days heretofore approved. Approved. Letter dated July 26th from Messrs. Chadbourne, Hunt Jaeckel of New York City, in connection with the desirability . of organizing corporations under the Edge Act. The Governor submitted for approval, draft of reply by him under date of July 29th. Referred to the Executive Committee with power. At 1-55 the meeting adjourned. Secretary.
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