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444 At a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, May 11, 1920, at 11 PPPSENT: The Mr. Yr. Yr. Mr. A.M., Governor Miller Moehlenpah Tillians Emerson, Assistant Secretary. Minutes of meeting of the Board held May 10th were read, and on motion approved. Business was presented and disposed of as follows: The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 51 on paper secured by certificates of indebtedness bearing rate of 5:1 or less; 5-1/4,4 , on paper secured by certificates of indebtedness bearing rate of 5-1/e, and 5-l/21 on paper secured by Liberty bonds and Victory notes, as follows: Bank Rediscounting Date May 10th ^Richmond Amount Maturities .:4 15,000,000 11-15 days With Cleveland /Toted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 51. on paper secured by certificates of indebtedness bearing rate of 5% or less, and 5-1/4!, on paper secured by certificates of indebtedness bearing rate of 5-1/4p, as follows: 445 -2Date Bank Pediscountirm May 10th Minneapolis With Amount Maturities Cleveland :2,000,000 11-15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate e on commercial paper, as follows: Date Bank Rediscountilz May 10th St.Louis With New York Amount Maturities :,.5,000,000 31-90 days Noted. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business May 7th, and the status of rediscounts between Federal Reserve Banks as of the same date. Telegram dated May 7th from the Chairman, Federal Reserve Bank of Cleveland, recommending discount rate of 5-3/4 on paper secured by Liberty bonds and Victory notes. Approved. Letter dated May 5th from the Chairman, Federal Reserve Bank of Dallas, recommending for approval of the Board, a plan for making effective a graduated discount rate amendment to the Federal reserve Act. Approved. 446 -3Letter dated Yay 8th from the Federal Reserve Agent at Dallas, recommending for approval of the Board, increase in salaries of eighteen employees of the Federal Reserve Bank of Dallas, aggregating 1;235 per month; also recommending an increase of ''20 per month in salary of one employee at the , Paso Branch, and increase aggregating :':50 per month in the salaries of two employees at the Fouston Branch of that Bank. Approved. Letter dated May 8th from the Chairman, Federal Reserve Bank of Dallas, submitting for the information of the Board, copy of minutes of meeting of the Board of Directors of the El Paso Branch of that Bank, held April 13, 1920. Ordered circulated. Memorandum dated May 10th by Mr. ,Toxton, submitting data showing the number of non-par banks in the United States, and the division of such banks by Federal Reserve Districts and States. Noted. Letter dated May 4th from the Governor, Federal Reserve Bank of Chicago, in regard to allocation of expense in the operation of the Federal Reserve leased wire system, effective May 1st, together with memorandum thereon dated May 10th, by the Board's General Counsel. Referred to the Governor for report. -4Letter dated May 6th from the Chairman, Federal Reserve Bank of 1-ansas City, enclosing a copy of minutes of a meeting of the Board of Directors of that Bank, held on Thursday, April 29, 1920. Noted. REPORTS OF COMMITITE NO. 1: Dated May 10th, recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. Dated May 10th, recommending approval of application of George E. Abbott to serve at the same time as Director and Vice-President of the Wyoming National Bank, Casper, ':!yoming, and as Director and President, First National Bank, Cheyenne, Wyoming. Approved. Other business was presented and disposed of as follows: Letter dated Pay 5th from the Chairman, Federal Reserve Bank of San Francisco, advising that at the last meeting of the Board of Directors of that Bank, a resolution was adopted to amend the by-laws of all branches of that Bank, providing for a fee of 10 instead of for attendance of directors at executive committee meetings, subject to the approval of the Federal Reserve Board. Approved. At 12-15 P.M., the meeting adjourned. Approved: Assistant Secretary.
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