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 Tuesday, March 23, 1920, at 11 PRESENT: The Mr. Mr. Mr. Mr. Yr. A.m., Governor Miller Hamlin Moehlenpah Williams Chapman, Secretary. Minutes of meetings of the Board held on March 19th and 20th were read, and on motion approved. Business was presented and disposed of as follows: Yr. Hamlin reported that upon being advised that the '- resumption of trade relations with Russia had not been agreed upon at the State Department, he had accordingly disapproved the application of Mr. A. D. Jones of Winston-Salem, North Carolina, dated March 16, 1920, for the importation of Russian roubles, heretofore approved by the Board. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business March 20th, 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 on paper secured by certificates of indebtedness, and 5-1/e on paper secured by Liberty bonds and Victory notes, as follows: -2Bank rediscounting Date With Amount Y.arch 22d Richmond Cleveland ;:5,000,000 Larch 22d New York (Boston (Cleveland 10,000,000 10,000,000 Maturities 11-15 days •.thin 10 aays The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate 5;-, on paper secured by certificates of indebtedness, as follows: Date :arch 22d Bank RedisCount inc With Philadelphia Cleveland Amount Maturities 5,000,000 ';:ithin 15 days The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obliations, rate 5-1/21 on paper secured by Liberty bonds and Victory notes, as follows: Bank rediscounting Date March 22d Philadelphia With Minneapolis Amount Yaturities :7,500,000 7ithin 15 days Noted. Letter dated March 22d from Assistant Treasurer Allen, submitting applications received by the Treasurer of the United States for the sale of United States bonds held by him to secure national bank circulation under Section 18 of the Federal Reserve Act. -3Voted that no allotment be made. Letter dated March 13th from the Asia Banking Corporation, requesting approval of certain security as reserve against outstanding acceptances, together with memorandum by Mr. Paddock dated March 22d, recommending approval. Approved. (At this point Mr. Williams joined the meeting) Letter dated March 20th from the Secretary, Federal Reserve Bank of Chicago, submitting request of that Bank for approval of appropriation of C8,0)0 for use in educational work by the Federal Reserve Club of that Bank for the year 1920. Approved. Mr. Miller and Mr. Villirnns expressed themselves as not in accord with the approval of the item of 4,500 to be expended in editing, printing and publishing the magazine "Among Ourselves". Letter dated March 18th from the Federal Reserve Agent at Dallas, requesting approval of appointment of Mr. Lawrence E. Dignon as Assistant Cashier of the Houston Branch, and of Mr. Allen Sayles as Assistant Cashier of the El Paso Branch of the Federal Reserve Bank of Dallas. Approved. -4Letter dated March 18th from the Chairman, Federal Reserve Bank of Dallas, requesting approval of the expenditure by that Bank of •1.,666 in the acoustical treatment of the walls of its branch at Houston, and the following increases in salaries at that Bank: Position From 13,300 st. Cashier Floyd Ikard, Mr. C.L.Killingsworth,Manager,Fiscal Agency Dept., 3,000 To 3,300 Approved. Draft of letter to be addressed to the Governors of all Federal Reserve banks, requesting a detailed schedule of acceptances held by Federal Reserve banks as of the close of business March 19, 1920, of each of the five leading meat packing houses of the United States. Referred to the Governor with power. REPORTS OF C=TTFE NO. 1: Dated March 23d, 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. Dated March 22d, recommending changes in stock at Federal Reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated March 22d, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated March 18th,recommending approval of salary at the rate of 46,000 per annum for Yr. Frank L. Norris as National Bank Examiner to examine European branches of national banks, to cover his service 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. After considerable discussion, referred to the Governor with power after consultation with General Counsel. Other business was presented and disposed of as follows: Letter dated March 22d from the Secretary of the Treasury, enclosing communication from Senator Feed of Missouri, submitting letters from the Retail Grocers Association, Kansas City, Missouri, protesting against the operation of a cooperative store by the employees of the Federal Reserve Bank of Kansas City. After discussion, referred to the Governor with power. Memorandum by Mr. Emerson dated March 23d, in re publication of the contingent liability of the Federal Reserve Bank of New York in connection with bills purchased for the Bank of Japan under its agreement with that Bank dated March 5th. Ordered circulated and docketed for meeting of Board to be held Friday, March 26th. -6Letter dated Yarch 8th from Senator Thomas of Colorado, in re policy of the Treasury Department with respect to rates of interest on Treasury certificates of indebtedness, together with letter dated Larch 13th from the secretary of the Treasury. Ordered referred to Secretary of the Treasury for such reply as he may care to make to Senator Thomas. At 12-50 P.Y., the meeting adjourned. '7ecretary. Approved:
@FedFRASER