The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a meeting of the Federal Reserve Board held_ in the office of the Board on Thursday, March 18, 1920, at 12.10 P.M., PRESENT: The Mr. 17r. !!r. Mr. Mr. Governor Miller Hamlin Moehlenpah Williams Chapman, Secretary. The Goverror stated that by reason of illness he would be obliged to withdraw from the meeting. Mr. Hamlin was thereupon, on motion duly seconded, designated as Acting Chairman of the Executive Committee of the Board, for such period as the Governor may be absent by reason of illness. Mr. Hamlin thereupon took the chair. Minutes of meeting of the Board held March 17th were read, and on motion approved Business bS amended. as presented and disposed of as follows: Memorandum by Mr. Fmerson, dated March 10th, reporting Treasury one day 2% certificates of indebtedness issued to the several Federal Reserve Banks by the Treasurer of the United States, at the close of business March 17, in order to cover overdrafts in the Treasurer's general account. Noted. Mr. Famlin reported the reserve positions of the several Federal Reserve Banks as of close of business March 16th, and the status of rediscounts between Federal Reserve Ranks as of the same date. Letter dated March 16th from Teputv Governor Peple, of the Federal Reserve Bank of Richmond, advising that that Bark desires to make a p. eneral increase in salaries of employees of its Transit 71epartment, and inquiring if such P7eneral increase woulrl be agreeable to the Federal Peserve Board. Voted that Mr. Peple be instructed to submit to the Board for approval 'etaI1e0 report of adjustments contewplated before same are made effective. Report by Law Committee, dated March 17th, recommending disapproval of aprlication of Mr. 7). R. Francis, jr. to serve as a director of the Merchants-rclede National Bank, t. Louis, und.er the provisions of the Clayton Anti-Trust Act. Referred to General Counsel for further report. Mr. Moshlenpab brou7ht to the attention of the meeting the statement prepared for the Board, ShowinP; member banlf7s whose borrowinTs from Federal Reserve Banks were in eIrceqs of their capital and_ surplus as of January 31, 1920, an recommended that such statement be prepared and furnisbed to the Board weekly, with an additional itew in such statemert to show the aa.ount of reserve required to be carried bv such banks with tl-,eir Federal Reserve Banks. Approved. At 12.25 P.M. the meeting ejourned. Secretary. Approved: Actin& ChgAralan.
@FedFRASER