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At a meeting of the Federal Peserve Board held in the office of the Governor on Tuesday, :rch 16, 1920, at 11 A.:., PRESENT: The Mr. Yr. Mr. Mr. Governor Miller Hamlin Williams Chapman, Secretary. PRESENT ALW: Yr. garrison, General Counsel. :inutes of meetings of the Board held on 7'ar.h 12th and 13th were read, and on notion approved as amended. ::_inutes of meetine- of the Board held :arch 15th Tere read, and on motion approved. Business was presented and disposed of as follows: The Governor reported that notwithstanding the heavy demands made upon Federal Reserve banks by the Treasury De-artment yesterday, all banks had closed business with reserves above the minima required by the law. The Governor reported the reserve positions of the several Federal reserve banks as at close of business :arch 13th, and the status of rediscounts between Federal Reserve banks as of the same date. The Governor renorted rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate -25-1/21 on paper secured by Liberty bonds and Victory notes, as follows: March 12th New York Amount Maturities ,0' 0, 15,000,000 15 days With Bank Rediscounting Date (Boston (Cleveland * Noted. Report of the Bulletin Committee dated March 13th, Bulrecommending that the publication of the Federal Reserve letin be continued on a monthly basis. Noted. On motion duly seconded, the following resolution upon Fedthe resignation of Yr. Albert Strauss as a member of the ordered eral Reserve Board was unanimously adopted, and a copy transmitted to Mr. Strauss: "The Federal Reserve Board desires to put on record of this expression of its sincere regret at the resignation to also nd Board,a Mr. Albert Strauss, Vice Governor of the express its appreciation of the efficient and faithful service of Mr. Strauss as a member and official of the Board, made as 7.ell as of those high personal qualities which have and nce confide mutual of one ues his relation to his colleag regard. "Coming to Washington in the year 1917, L.r. Strauss served for more than a year as a member of the War Trade Board and as a financial expert in matters relating to foreign exchange transactions. Tof,cing office as a member and Vice-Governor of the Federal Reserve Board in October,1916, Mr. Strauss devoted his energies and abilities unreservedly to the work of the Board, and his services and counsel were inof the greatest value, especially in matters relating to ty. authori ternational affairs, in which he is a recognized His resignation from the Board is a serious loss to the Federal Reserve System and is keenly regretted by his colleagues, r whose warm reard and best wishes will follow him in whateve field of activity he may engage." l Telegram dated 1.1arch 15th from the Assistant Federa al of the Reserve Agent at San Francisco, requesting approv er at that appointment of Yr. J. M. Denny as an acting examin Bank. Approved. RFPORTS OF CM:MEE 110. 1: at Federal Dated March 15th, recommending changes in stock auxiliary in forth set as banks, e Reserv date. this of as book minute Approved. se from Dated Larch 13th, recommending approval of increa of salary in annum per 3,600 . : to 3,300 , ! Mr. William B. Baker as National Bank Examiner in the Third Federal Reserve District, effective !!arch 16, 1920. Approved. Other business was presented and disposed of as follows: ized On motion duly seconded, the Governor was author confidential cover to send to all Federal Reserve Agents under of the letter for their comment, memorandum embodying the terms the Chairman of proposed to be addressed by the Governor to entatives, the Banking and Currency Committee, House of Repres the Board's views in reply to his request for an expression of g before the House. upon the McFadden and Stegall bills now pendin At 12-50 P.M., the meeting adjourned. Secretary. APPROVED: Gov
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