The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
8-15 At a special meeting of the Federal Reserve Board held in the office of the Board on Friday, October 15, 1920, at 10-30 A.M., PMENT: The Governor Er. Platt Er. Miller Mr. Hamlin Mr. Wills Mr. Williams Mr. Emerson, Assistant Secretary. Minutes of meeting of the Board held October 12th were read, and on motion approved. Business was presented and disposed of as follows: The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business October 13th, 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 7;04, and on commercial paper, as follows: Bank Rediscounting Date Oct.13th Atlanta Oct.14th Oct.13th Kansas City Minneapolis th Amount ($4 779,224.43 Cleveland.. ' ( 2,269,000 5,005,281.50 Cleveland 1,500,000 Cleveland Maturities 10-93 5-13 thin 11-15 days days 26 days days Noted. Letter dated October 6th from the Chairman, Federal 846 Reserve Bank of Dallas, submitting proposed increases in salaries of certain employees of that Bank and its branches, as approved by its Salary Committee and Executive Committee, effective October 1, 1920. Approved. Letter dated October 11th from the Chairman, Federal Reserve Bank of Richmond, submitting recommendation of the Executive Committee of that Bank for increases in salaries of its employees whose anniversaries of employment fall during September, to become effective October 1, 1920. Approved. REPORTS OF COMMITTEE NO. 1: Dated Oct. 13th, recommending approval of increase from :15,500 to ::6,000 per annum in the salary of Acting Chief National Bank Examiner Daniel C. Borden of the Second Federal Reserve District, effective October 15, 1920. Approved. Dated Oct. 13th, recommending approval of application of Mr. J. Ross Clark to serve at the same time as a Director of the Citizens National Bank of Los Angeles, Cal., and as a partner in the Brother of banking house of V. A. Clark Butte, Nontana. Approved. Letter dated October 14th from the Chairman, Federal Reserve Bank of Dallas, recommending approval of the purchase of a site for the Houston Branch of the Federal Reserve Bank 847 -3of Dallas at a price of 1)607,500. Approved. Letter dated October 1st from the Federal Peserve Agent at Dallas, requesting a ruling of the Board as to whether or not State banks becoming members of the System may keep on deposit with any State bank or trust company which is not a member bank, a sum in excess of ten per cent of its own paid-up capital and surplus, together with opinion by General Counsel dated October 14th, to the effect that member State banks are bound by the provisions of the law in question. The Governor submitted for approval, draft of reply by him dated October 14th. Approved. (At this point Mr. Platt withdrew from the meeting) The special committee consisting of Mr. Platt and Mr. Wills, submitted report with reference to the inquiry of Mr. Aaron Sapiro of Cincinnati, Ohio, as to the eligibility for rediscount or purchase by Federal Reserve Banks of trade acceptances drawn upon cooperative marketing associations by growers who are members, such drafts to be accepted by the associations and secured by agricultural products. The report was adopted, and the inquiry of Mr. 3apiro referred to the Governor for reply. 818 -4- At 11 A M. the meeting adjourned. FAstant c1eoretar7. Approved: Governor.
@FedFRASER