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At a meeting of the Federal Reserve Board held in the office of the Board on Wednesday, June 30, 1920, at 11 A.M., PReSENT: The The Mr. Mr. Mr. Mr. Chairman Governor Moehlenpah Platt Williams Chapman, Secretary. 110,9ENT ALSO: Mr. Logan, Assistant Counsel Mr. Angell, Assistant Counsel Minutes of meeting of the Board held June 29th were read, and on motion approved. Business was presented and disposed of as follows: The Governor read a statement of facts prepared by Assistant Counsel concerning a plan to finance Cuban sugar planters during the "dead season" by the issuance of certain three month acceptances. Voted that acceptances under the plan as submitted would not be regarded as eligible by the Federal Reserve Board, and that a letter be sent to the American Foreign Banking Corporation defining the position of the Board. Letter dated June 28th from the Chairman, Federal Reserve Bank of Atlanta, submitting for comment by the Board, proposed revised banking laws for the State of Georgia, suggested by the Country Bankers' Association of Georgia. The Governor submitted for approval, draft of reply by him dated today. Approved as amended. (At this point Assistant Counsel withdrew from the meeting) . _2_ of the The Governor reported the reserve positions of business June 28th, several Federal Reserve Banks as at close al Reserve Banks as and the status of rediscounts between Feder of the same date. transaction, pursuant The Governor reported rediscount him; member bank promissory to authority heretofore vested in s: rate 5-1/2% on paper notes secured by Government obligation ss, as follows: secured by certificates of indebtedne Bank Rediscounting Date June 28th Chicago With Amount Cleveland $8,000,000 Maturities Within 15 days Noted. The Governor reported rediscount transaction, pursuant d in him; member bank promissory to authority heretofore veste obligations: rate 5-1/2 on paper notes secured by Government tedness, and 5-3/45 on paper secured by certificates of indeb , as follows: secured by Liberty bonds and Victory notes Bank Rediscounting Date June 28th Kansas City With Cleveland Amount $3,000,000 Maturities 10-14 days Noted. n, pursuant The Governor reported rediscount transactio him; member bank promissory to authority heretofore vested in s: rate 5-1/eo on paper notes secured by Government obligation -3secured by certificates of indebtedness and 6% on paper secured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Date June 29th Kansas City Richmond With Maturities Amount 7-15 days 11-15 days 06,000,000 Boston Cleveland 10,000,000 Noted. The Governor reported rediscount transactions, purpromissuant to authority heretofore vested in him; member bank 27g on sory notes secured by Government obligations; rate 5-1/ paper secured by certificates of indebtedness; cured by Liberty bonds and Victory notes, and 4 on 745 paper se- on commercial paper, as follows: Date June 29th Bank Redscounting With Minneapolis Boston Amount Maturities 01,500,000 Noted. Letter dated June 29th from the Chairman, Federal Reserve Bank of Philadelphia, giving reasons for requesting that tion with prescribing the Board reconsider its action in connec be charged at this time on the rate of 5-1/2 as a maximum to of indebtedness. paper seciired by United States certificates Ordered docketed for meeting of the Board to be held on Thursday, July 1, 1920. Applications of the following banks for authority to -4accept drafts and bills of exchange up to 100c/0 of their capital and surplus, under the provisions of Section 13: National Bank of Baltimore, Baltimore, Md. The 'Western National Bank, Baltimore, Md. Approved. RETORTS OF COMMITTEE NO. 1: State institutions, Dated June 30th, recommending admission of ary minute book as auxili the as set forth in the conditions stated to subject of this date, ed to each attach reports dual indivi in the tion. applica Approved. Dated June 30th, recommending approval of applications for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. Dated June 29th, recommending reconsideration and approval of salaries of employees in the Division of Analysis and Research, effective July 1, 1920, as follows: To From e $1,800 $2,500 Miss FaithWilliam 2,400 3,000 F. M. Jones, Approved. Dated June 30th, recommending approval of salary of $2,500 per annum for Mr. Harold L. George as Secretary to the Comptroller of the Currency, effective July 1, 1920, vice Mr. O. Vt. Birckhead, resigned. Approved. al of increases in Dated June 29th, recommending approv es of the Ceneral Counsel's employe salaries of 1, 1920,as follows: July ve office, effecti To From $2,750 $2,600 y, Bradle Mr. C. S. 2,500 2,200 W. F. Cox, 1,920 1,860 n, Crogha M. O. Mrs. 1,800 1,680 Dyer, A. Sara Miss Approved. -5Dated June 28th, recommending adjustment of salaries of employees of the Board in accordance with new plan of classification of the Board's employees, effective July 1, 1920, as set forth in the auxiliary minute book on salaries as of this date. Approved. At 2-10 Pal" the meeting adjourned. secretary. Approved: ni ( j VIC P14-4.%•.-Chairman.
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