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At a special meeting of the Federal Reserve Board held in the office of the Board on Saturday, March 20, 1920, at 10-30 A.M., PRESENT: Mr. Mr. Mr. Yr. Yr. Hamlin, Presiding Mier Moehlenpah Williams Chapman, Secretary. PPTSENT ALSO: Mr. Hoxton, Executive Secretary Yr. Paddock, Chief, Division of Operations.,and Examination Mr. Herson, Chief Federal Peserve Examiner. Business was presented and disposed of as follows: Application of the Mercantile National Bank, San Francisco, California, for permission to accept drafts and bills of exchange up to 100 of its capital and surplus under the provisions of 7ection 13 of the Federal Reserve Act. Approved. =OPTS OF C0'.'.1":1= NO. 1: Dated March 20th, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subIect to the conditions stated in the individual reports attached to each Application. Approved. Dated March 20th, recommrrnding approval of apilication of Charles MacNeill to serve at the same time as a director of the First National Bank, Colorado Springs, Colo., and the Liberty National Bank, New York City. Approved. Dated r:arch 20th, recommending approval of application of Baltz to serve at the same time Arthur as a director and officer of the First National Bank, Mast St. Louis, Ill., and the First National Bank, rAllstadt, Ill. Arproved. Dated March 20th, recommending approval of application of Robert E. Gillespie to serve at the same time as a director and officer of the First National Bank, East St. Louis, Ill., and as a director of the First National Bank, Cobden, Ill. Apnroved. Ailes Dated L:arch 20th, submitting application of John to serve at the sane tine as a director of the LIonongahela National Bank, Pittsburgh, Pa., the First National Bank, Donora, Pa., First National Bank, Foscoe, Pa., First and the National Bank, California, Pa First National Bank, —ilson, Pa. Approved as to first, and in addition any two of the others. Dated 7arch 19th, recommending changes in stock at Federal reserve banks, as set forth in auxiliary minute book as of this date. Approved. Dated March 18th, recommending approval of salary at rate of :13,000 per annum for Yr. Frank L.Norris as National Bank Examiner to examine T'uropean branches of national banks, to cover his services prior to departure for Europe; and salary at rate of ::!2,500 per month to cover his services from date of his departure until his return, including all expenses incurred for himself and his assistant. Referred to Secretary for report. Hamlin reported rediscount transactions, pursuant to authority heretofore vested in him; member bank C,C;1-0.1 1 -3rate promissory notes secured by Government obligations, as follows: on paper secured by certificates of indebtedness, Bank rediscountiK Date Mar.18th Mar.19th Amount 7:ith (Boston )Cleveland lphia.. Philade (Dallas Boston Philadelphia Maturities 11-15 days 10,000,000 6,000,000 3,000,000 5,000,000 ';:ithin 15 days Noted. (At this point Mr. Hoxton, Mr. Paddock and 1:r. Herson joined the meeting) Herson made a brief statement of the results of Rehis observations during the examination of the Federal serve Bank of Cleveland .lust closed. The Board instructed Mr. Herson upon the occasion of York, his next examination of the Federal reserve Bank of New that to review particularly the acceptance business done by acceptance Bank, and to submit to the Board an analysis of the holdings of the Bank. On motion duly seconded, it was voted that the Fedas eral reserve banks be requested to report to the Board s of of close of business Friday, March 19th, their holding packing acceptances and other paper in which the five large domestic houses of the United States are interested, both on exand foreign transactions, the latter divided as between tion showports and imports, and if possible, to give informa -4and: to what ing what goods are covered by acceptances, countries such goods have been shipped. its . Hoxton referred to the action of the Board at reserve Bank meeting on March 18th, in advising the Federal of salaries of Richmond that it would not approve adjustment Bank until of employees of the Transit Department of that es. receipt of detailed recommendations in the premis He the Reserve stated in detail the object to be achieved by Bank of Richmond, whereupon it was Voted to reconsider the action taken at g on March lath, and meetin the Voted further, that the Secretary notify the Federal Reserve Bank of Richmond that it is authorized to increase to 315 per week the entrance salary of employees of its Transit Department, and to make such adjustment as this chance may render necessary in the salaries of persons already employed in that Department. It 12-45 the meeting adjourned. Secretary. Approved: Acting Chairman.
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