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tt) At a meeting of the Federal reserve Board, held in the office of the Board on Tuesday, May 25, 1920, at 11-30 A.77., =SENT,: The The rr. Mr. Yr. Mr. Chairman Governor Miller L:oehlenpah Williams Emerson, Assistant 9ecretary. iii.2,31711T ALSO: Mr. Harrison, General Counsel. Minutes of meeting of the Executive Committee held May 19th were read, and on motion approved. Minutes of meeting of the Board held May 20th were read, and on Motion approved as amended. Business was presented and disposed ef as follows The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5 on paper se- cured by' certificates of indebtedness bearing rate of 0. or less: 5-1 on paper secured by certificates of indebtedness bearing rate of 5-1/4, and 5-1 2-,r) on paper secured by certificates of indebtedness bearing rate of 5-1/2, as follows: Date May 20th Lay 21st May 22d. Bank Fedi, " countinr Chicago Atlanta Chicago Chicago Mchmond Noted. With New York New York New York Nor York Cleveland Amount N,001,000 3,000,000 7,0'0,000 6,000,000 10,000,00n Maturities ithin 15 days 11-15 days '1thin 15 days 11-15 days 'ntt -2The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member lank promissory ) on paper senotes secured by Goverment oblitjations: rate !3,4 : rate of 5 cured by certificates of indebted.Iess bearint or less; 5-1 gl:s on paper secured by certificates of indebtedness tearing rate of 5-1N% and 5-1/2:4 on paper secured by Liberty bonds and fictory notes, as follows: Bank Rediscountin rate Llay 20th 7.ichmond ith Cleveland mount 05,T)0,(.00 LTturit Los 11-15 days Noted. The Governor reported rediscount transactions pursuant to authority heretofore vested in him; member bank pramissory notes secured by Government obligations: rate 5r/ cured by certificates of Indebtedness, and 5-1 on paper sea on paper se- cured by Liberty bonds and Victory notes, as follows; Date Bank Pediscountin With AT, ount Thturities May 20th ;- :ansas City Dallas Dallas New York 1,1ew York I:ew York .S,000,1)0 5,000,00'D 5,000,0).2 12-15 days 11-15 days :lay 21st The Governor reported rediscount transaction, nursvant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rateLi", on paper secured by certificates of indebtedness bearing rate of 5,c. or le ; 5-1/4-c on paper secured by certificates of indebtedness bearing rate of 5-1X, and 6;,, on raper secured by Liberty bonds and Victory notes, as follows; Date Bank Rediscountinr Lay 20th Llinnearolis 7ith Amount 7.aturities New York :2,500,000 11-15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested ii him; member bank promissory notes secured by Government obligations; rate 5„7!, on paper se- cured by certificates of indebtedness bearing rate of or less, and 5-1X on paper secured by certificates of indebtedness eartn Date rate of 5-1/4%, as follows: Bank .ledi countinr- L:ay 21st Yinneapolis With Amount T'atities Now York 1:2,000,000 11-15 days Noted, The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank prDrnissory notes secured by Goverment obligations; rate1-;" on paper secured by certificates of intlebtedness bearing rate of 1374 or less; 5-1/4, on parer secured by certificates of indebtedness bearing rate of 5-1/4%; 5-1/4, on paper secured by certificates of indebtedness bearing rate of 5 1 and 5-1 on parer secured -4'by Liberty bonds and Victory notes, as follows: Date Bank Lea countiw llay 21st St. Louis - 7ith Amount Nev: York:5,000,017). Laturities 11-15 days Noted. The Governor rer,orted the reserve positions of the several "iederal 7eserve Banks as at close of business 'J.:a 22d, and the status of reaiscounts between Federal "Reserve Banks as of the same date. Letter dated ::.ay 21st from the (.7 overllor, Federal Feserve Bank of Cleveland, reporting upon the attitude of the Executive Committee of that Bank relative to further advance in discount rates. Noted. Letter dated hay 12th from the ChirMan, Federal Reserve Bank of t7inneapolis, advising the 7.oard of the selection of :Tessrs. R. 0. Xaufman of Helena, Charles J. Kelly of Butte, and H. W. 7C:owley of Milings, Montana, as Directors of the Helena Branch of that Bank. On motion duly seconded, it was voteCi that the Board designate ::,essrs. Thomas ::arlow of Helena, an3 Lee L. Ford of Croat Falls, as its appointees on the Board of Directors of the Helena Branch. Letter dated hay 5th from the Chairman, Federal Reserve Bank of an Francisco, advising that notwithstanding t 480 -3- possible delivery to that Bank in 1921 of the ub-Treasur:; Building at Jan '..rancisco, the Board of Directors ar6 unani:nously of the opinion that it is desirable to commence at once the construction of the new Jan 7rancisco tank buildinz. On motion duly seconded, it was voted to approve of the Federal Eeserve Bank of 3an ]:'ralicisco entering upon the construction of I ts new bank blkildint> (At this point the Chairman joined the meetin-). Telegram dated May 22d from the Chairm3n, Federal Feserve Bank of t. Louis, recommendint: for anproval of the Board the establishment of progressive discount rates at that Bank, effective immediately, upon the basis outlined in the telegram referred to. AITroved after discussion. At 1-15 the meeting recessed until 3 At 3 I., the Board reconvened with the following members present: The Governor rin ::oehlenpah 11r. ':Lilliams 2:1*. Emerson, Assistant 3ecretary. Letter dated Lay 22d from L'ir. Robert Bean, Executive Secretary of the American Acceptance Council, advisinr, the Board of the answers adopted by the Council to the Board's 481 -6questionnaire on acceptances recently issued confidentially, and requesting permission of the Board to publish both the questionnaire and the answers to the same. Approved. Letter dated Lay 20th from the Federal Reserve Agent, Federal Reserve Bank of New York, submitting for approval of the Board, recommendations of increases in salaries of 98 employees of that Bank and its Buffalo Branch, amounting to •12,020 annually, whose anniversaries of employment fall during the month of Lay, such increases to become effective June 1st. 2.pnroved. The Governor reported that under the authority granted him by the Board on Lay 15, 1920, he had approved the plan submitted by the Secretary of the Board of classifying and rating the employees of the Board in connection with their compensation, and that the Secretary had been directed to proceed with making the plan effective. Letter dated Lay 24th from the Acting Director, Division of Foreign Lxchange, requesting the Board's aporoval of advice to the Irving National Bank that it may cancel the drawn by the Bondernes Bank of Christiania 1 draft for .5,000 to the order of Lr. Janteri Nuortava, payment of which has been suspended on account of certain restrictions governing foreign exchange transactions issued by the Federal Reserve Board. 487 -7Approved. Letter dated :Tay 24th from the Acting Governor, Federal lieserve Bank of ev York, setting forth the practice of that Pank with respect to the sale of the German gold earmarked with the Bank of England for account of the Federal Feserve Banks. Letter dated :'ay 14th from the Governor, Fedevil Peserve Bank of Chicago, advising that the Board of Directors of that Bank had apnroved, subject to the aprroval of the Board, the expenditure of •'2,425.as the pro-rata contribution of that Bank toward providing new quarters for the Chicago Chapter of the American Institute of Banking, together with draft of telegraphic reply prepared by the Board's General Counsel. laeferred to the Governor with power. Lemorandum dated April 17th b." IToxton, submitting report of the Governors' conference held April 7-10, 1923. 7eferrod to :r. :_oehlenpah for report. The Governor reported that Yr. Fred 7cott of Tichmond, Virginia, who had been appointed 7.),7 the Board on April 16th to succeed n*. Frederick A. Delano, resigned, as a member of the railway Loan Advisory Committee to the Federal P.eserve Board, had declined the appointment. On motion duly seconded, it was voted that 1:cLean of the War Finance Corporation, Er. Angus be designated to succeed I:Tr. Delano as a member of this committee. -CLetter dated May 20th from the Federal rzeserye Agent, Federal Reserve Bank of Dallas, recommending approval by the Board of amendment of the by-laws of the 7ouston Branch of . 2.50 that Bank to provide for compensation at the rate 01' 1 to directors ,for attendance at executive committee neetings at that Branch. Approved. Telegram dated May 20th from the Federal Btserve Agent,Federal Reserve Bank of Dallas, requesting that the Board waive the following requirement imposed as a condition of membership upon the Lipscomb Bank & Trust Company, Luling, Texas: "That the bank agree to eliminate from its assets, on or before December 31, 1920, the following notes: Luling Oil & Manufacturing Co., :19,371.85 4,598.30 . Lockhart Oil & Gin Company, Approved. RETORTS OF CU:7.7.ITTELI 1:0. 1: Dated May 25th, recommending admission of State institutions, as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the irdividual reports attached to each application. Approved. Dated May 24th, recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated May 24th, recommending aoproval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. 4.84 Dated May 22d, recommending approval of anplication of Thomas Daly to serve at the same time as a director of the Marine National Bank, rliwaukno, is., and of the Old-Commercial National Bank, Oshkosh, 7is.; also as Vice-. President of the Poe-Burgess Land Company, Oshkosh, Approved. Dated Lay 21st,recommending approval of application of Xenneth F. Wood to serve at the same time as a director of the Chase National Bank, New York City, and of the Slater Trust Company, rawtucket, Phode Island. Approved. Dated May 21st,recommending approva of application of David T. Beals to serve at the same time as 7ice-President of the Inter-State National Bank, Xansas City, Missouri, and as a director of the First rational Bank, Carrizozo, New Mexico. Approved.. Dated May 22d, recommending approval of appointment of Miss Carolyn Y. Merriman as File Clerk in the Board's File Division, at a salary of 1,320 per annum, plus :1'240 bonus, effective June 1, 1920. Approved. Dated May 24th,recommend1ng approval of appointment of Miss Grace M. Ryan as Stenographer dnd Typist in the Division of Reports and Statistics, at a salary of ',1,200 per annum, plus a monthly bonus of 20., effective May 27, 1920. Approved. ."'ated May 20th,recommending approval of increase of per month in salary of Yr. T. A. Galloway, employed in the Fiscal Agency Section of the Auditing Department, Federal fleserve Bank of Dallas. Approved. tr..t -10The Governor submitted for the ratification of the Board, action of the Executive Committee in approving promotions and chances in titles of certain officers of the Federal reserve Ban!: of 1:ew Yor'.:: together with an increase in salary of 1700 per annum of Lr. James Y. rice, Yanager of the Government Bond Department, as recommended by the Board of Directors of that Banc. and outlined in letter of Lay 19th from Acting Governor Case. Approved. ;:.t 4-40 P.M., the meeting adjourned. ,3sis ant Secretary. Approved; tyKrjor \, "A_ 3hairwan.
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