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At a meet inc of the Federal Reserve Board held in the offioe of the Board on Thursday, Larch 4, 1.20, at 11 2.1,t162T: The Governor Strauss :iiier Lr.Hamlin r. 1.1ouhlenpah L7r. Chapmt)n, Secretary. Minutes of meetin of the Board held :arch 3d were read, and on motion approved as amended. 13usiness was presented and disposed of as follows: :.:umorandum by Mr. .!;merson dated :arch 6d, submittin for approval draft of letter bearing same date, to 1) addressed to the Chairmen of all Federal Reserve banks, instruetlflL the to disonntinue weekly repo ts on discount rates where no Chanl,s;es a e contemplated. .14.pproved. Letter dated :.*.arch 3d from Mr. Joseph Wayne, , director or the 2ederni Reserve Bank of 2hiladelphia, advisin_ that Mr. George W. rorris, at --)resent United States Zarm Loan Com, ..issioner. had accepted the office of devernor of the iederal Loserve Bank of Philadelphia. :oted. Letter dated ::arch 1st rrom the Chairman, Federal Reserve !3unk of 'Kansas City, request in' approval of the cluoion 3011- of a lease of quarters for the Cklahoma City Branch Of that Bank* at a rental of *55:) oer month. Approved. The Governor reported the reserve positions of the several Federal maserve banks as at close of business T:arch 2d, and the status of rediscounts between 2ederal cserve banks as of the same date. 1:emorandu.a by ::r. Paddock dated March 4th, recomendinc approval of the following schedule of extra corrensation to be paid to employees of the Federal Peserve Ban:: of Chicao for the first quarter of the year 1920, in lieu of the schedule recomnended bj the directors of that Bank, as shown in letter from the secretary of the Bank dated February 26th: 20:, On salaries up to :j,500 per annum; 15 On salaries over 01,500 and up to :::3,000; lO On salaries over :;3,000 and up to :7„;6,000; with an increase in the maxi= of the third class to cover the individual case mentioned in the recommendation (Assistant Cashier Childs). Ai proved 7-2:71T2OPT`,:', OF C0771.:IT.=.4 MO. 1: Dated :.:arch 4th, recoimenclinc admission of 3tate 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. A_,froved. Dated March 3d, recornending chances in stock at Federal Reserve bp:117m, as set forth in the au::iliary minute book as of this date. APoroved. Dated March 3d, recommendinc anproval of applications for fiduciary Dowers, as set forth in the au::iliary minute boo:: as of this date. Approved. Dated March 3d, recoaTending approval of application of A. F. Dantzler to serve at the same time as a director of the Marine Bank & Trust Company, raw Orleans, La., and as Director and Vice-:resident, Pascagoula :Tatio.nal Bank, Moss Point, Hiss. Approved. Dated T.Tarch 3d, recommending increase in salary from (1,560 to ':1_,640 per annum of Hrs. Helen P. Wedderburn as Clerk in the Division of Federal Reserve Issue and Redemption, effective March 1, 1920. Approved. Other business was presented and -disposed of as follows: Letter dated :arch 3d from United "tates 3enator transmittin; letter addressed to him by Mr. Thomas F. Mahoney of 7elena, Montana, alleging that too high a nrice had been maid for the site of the Helena Branch of the Federal eserve Bank of Hinneapolis. TD,eferred to the Covernor for reply. Letter dated March 2d from the Chairman, Federal Reserve Ban.-': of Chicago, in re met:Iod of collecting items Oil non-meniber bcafics. On notion duly seconded, it was voted that r.r. Heath be advised that the Board's interrretation of its regulation J is that it does not deprive any Federal 2eserve ban"2: of the power to use its discretion in sending items direct to noli-re-:ber bans that agree to remit therefor at par. Eemorandum dated !arch 4th by Er. Strauss, Chairmn Of the CorAnittee on the control of the issue of Federal 2eserve notes, submitting me.:oranda by himself and Er. 7oehlenrah giving their views as to methods of such con:allor, the remaining member of the committee, trol. stated that he would file a memoranduaa also. Ordered filed. At this io.oint (12 o'clool: noon) the Doard went into executive session. Secretary. Approved:
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