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At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, June 24, 1920, at 11 A.M., PE/SENT: The Mr. Mr. Mr. Mr. Governor Moehlenpah Platt Williams Chapman, Secretary. PRESENT ALSO: Mr. Harrison, General Counsel Mr. Logan, Assistant Counsel Minutes of meeting of the Board held Wednesday, June 23d 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 June 22d, and the status of rediscounts between Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 5-1/25 on paper secured by certificates of indebtedness, and 61 on paper secured by Liberty bonds and Victory notes, as follows: Date Bank Rediscounting With June 23d Richmond Minneapolis Boston Cleveland Noted. Amount $10,000,000 2,500,000 Maturities 11-15 days The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 5-1X on paper secured by certificates of indebtedness'; 6 on paper secured .,1 on commercial paper, ) by Liberty bonds and Victory notes, and 7; as follows: With Bank Rediscounting Date June 23d New York Atlanta Amount Maturities /1,250,000 Noted. Application of the Cleveland Trust Company, Cleveland, Ohio, for permission to establish a branch at West Park, a suburb of Cleveland. Approved. Memoranda by the Statistician and the Assistant Secretary in re method of making public the reserve percentages of Federal Reserve Banks. Voted that the Governor instruct the Statistician to publish in the weekly statement of condition of Federal Reserve Banks, figures showing the combined reserve against note and deposit liabilities of each Federal Reserve Bank. REPORTS OF COMMITTEE NO. 1: Dated June 24th, 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. -3Dated June 24th, recommending approval of applications for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. Dated June 24th, recommending approval of application of W. C. Tyrell to serve at the same time as a director of the First National Bank, Port Arthur, Texas, and as Director and Vice-President of the American National Bank, Beaumont, Texas. Approved. Dated June 24th, recommending approval of application of P. A. Heisig to serve at the same time as a director of the First National Bank, Port Arthur, Texas, and of the First National Bank, Beaumont, Texas. Approved. Other business was presented and disposed of as follows: Memorandum dated June 23d by the Executive Secretary, recommending approval of the payment to the employees of the Federal Reserve Bank of Dallas of extra compensation for the period January 1 to June 30, 1920, on the following basis: 20% On salaries of $1,500 or less 15% On salaries over $1,500 and up to D3,000 10% On salaries over 03,000 and up to $5,000 Approved. Memorandum dated June 23d by the Executive Secretary, recommending approval of payment of extra compensation to employees of the Federal Reserve Bank of Richmond for the period January 1 to June 30, 1920, on the following basis: 5t; -425;70 On salaries up to and including .'.1,500 20% On salaries over $1,500 and including $3,000 155 On salaries over $3,000 and including $7,500. and recommending approval of schedule of increases in salaries at the Federal Reserve Bank of Richmond, effective July 1, 1920, submitted by the Chairman of the Bank with his letter of Julie 17, 1920. Approved. Letter dated June 17th from the Chairman, Federal Reserve Bank of Richmond, requesting that the appointment of of that Mr. Henry Schutz as Assistant Federal Reserve Agent to other duties, Bank be revoked, in view of his assignment and requesting approval of the appointment of Mr. Richard July Bradley as Assistant Federal Reserve Agent, effective 1, 1920. Approved. Letter dated June 23d from the Chairman, Federal Ret serve Bank of New York, requesting approval of the paymen that of extra compensation to the officers and employees of Bank whose salaries do not exceed 5,000, for the second quarter of 1920, upon the following basis: 201, On the first 0.,500 or part thereof 155 On the next ,11 500 or part thereof 1o5 On the next $500 or part thereof; no additional percentage on amounts between :2,501 and $5,000. Approved. -5Letter dated June 23d from the Chairman, Federal al recommended Reserve Bank:of New York, submitting for approv ive increases in salaries of employees of that Bank, effect July 1, 1920. Approved. Letters dated June 19th from the Secretary, Federal Reserve Bank of Chicago, submitting for approval the recommendations of the Executive Committee of that Bank for the for payment of extra compensation to the Bank's employees ing basis: the second quarter of 1920, upon the follow 20% On salaries up to $1,500 per annum 153 On salaries over $1,500 and up to $3,000 10% On salaries over $3,000 and up to $6,000 with special adjustment to cover one case of $6,500. The minimum payment in one class not to be less than the maximum in the text lower class, ses in the and submitting list of proposed salary increa Federal Reserve Agent's and Auditing Departments, the Fiscal , and its Agency Department, the Federal Reserve Bank proper Detroit Branch, effective July 1, 1920. Approved. Letter dated June 23d from the Chairman, Federal Rethe payment by serve Bank of New York, requesting approval of nd at the rate of 6% that Bank to its stockholders of a divide June 30, 1920. per annum, for the period January 1 to -6Approved. l Letter dated June 18th from the Chairman, Federa al of the Reserve Bank of San Francisco, requesting approv nd at the payment by that Bank to its stockholders of a divide January 1 to June 30, rate of E4 per annum, for the period 1920. Approved. Letter dated June 22d from the Chairman, Federal Reserve Bank of Philadelphia, requesting approval of the follow Bank, effective June 16,1920: ing increases in salaries at that J. Frank Rehfuss, Jos. Wittman, From $2,200 1,800 To $2,500 2,100 Approved. Letter dated June 23d addressed to the Chief of the on, advising of the raising United States Secret Service Divisi of the Money of notes by Arthur C. Dunkleman, Assistant Chief Division, Federal Reserve Bank of New York. Noted. At 1-30 P.M., the meeting adjourned. Secretary.
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