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450 At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, May 13, 1920, at 11 IWASENT: The Mr. Mr. Mr. Mr. A.M., Governor Miller Moehlenpah T;:illians Emerson, Assistant Secretary. PRI13ENT ALSO: Yr. Harrison, General Counsel. Minutes of meting of the Board held May 12th were read, and on motion approved. Business was presented and disposed of as follows: Letter dated May 11th from Acting Governor Case of the Federal Reserve Bank of New York, amending the arrangements 'outlined in his letter of May 3d, which was approved by the Board, providing for the participation by all Federal Reserve Banks ratably in the agreement between the Federal Reserve Bank of New York and the Bank of Japan. Approved. Letter dated May 5th from the Chairman, Federal Reserve Bank of San Francisco, submitting recommendation of the Board of Directors of that Bank that there be no further delay in commencing construction of its new bank building, notwithstanding the possible delivery to that Bank in the near future of the Sub-Treasury Building at San Francisco. Voted that action be deferred, pending discussion of the matter by the Governor with Mr. Perrin during his visit to Washington on May 18th. 4. The Governor submitted for approval of the Board, draft of reply to the Chairman, Federal reserve Bank of New York, with reference to the accounting procedure to be followed by Federal reserve Banks in connection with charging the assessment for the expenses of the Federal -eserve Board for the six months ending June 30th, out of the earnings of the Previous year. Alm roved as amended. The Governor reported that he had been advised by the Chairman, Federal eserve Bank of 7.:ew York, that the Board of Directors of that Bank had elected Er. George L. Harrison as Deputy Governor, effective July 1, 1920, and, subject to the approval of the Board, recom7ended that his salary be !,22,000 per annum. Approved. rI70RTS OF CM7:ITT1,74 NO. 1: . Dated /lay 12th, recommending changes in stock at Federal reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. . Dated May 12th, recommending that application of National Bank of Commerce, Shawnee, Oklahoma, for authority to exercise fiduciary powers, be held until receipt of report of next oxami recommendation approved. Dated Y.ay 12th, submitting the names of employees engaged by the Federal Reserve Bank of New York 452 -3during April, 1920, at salaries recommended as follows: Albert A. Lindgren, :,12,500 per annum tf Aldom, 2,500 Charles 2,400 Carl R. Prouty, Approved. Dated Llay 12th, submitting names of employees, of the Federal Reserve Bank of New York at salaries of ;:',2,400 or more per annum, whose services were discontinued during April, 1920, as follows: John A. Ott Joseph L. O'Connor Noted. At 1 the meeting adjourned. Assistant 7,ecretary. Approved:
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