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761 At a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, September 14, 1920, at 11-15 A.m., FIV3ENT: The Mr. Mr. Mr. Mr. Governor Miller Hamlin Williams Chapman, Secretary. PRESP,NT ALSO: Mr. Logan, General Counsel Mr. Hoxton, Executive Secretary. Minutes of meetings of the Board held September 6th and 9th were read, and on motion approved. Business was presented and disposed of as follows: The Governor reported rediscount transactions, pursuant to authoritiy heretofore vested in him, member bank Promissory notes secured by Government obligations: rate 71, as follows: Date Bank Rediscounting Sept.6th Sept.9th Sept.9th Sept.10th. Sept.10th Sept.10th Sept.11th Atlanta Dallas Dallas Dallas Dallas Kansas City Atlanta Sept.13th Richmond With Amount Maturities Cleveland 1; 797,000 Within 10 days Cleveland 5,000,000 11-15 days Cleveland 2,000,000 11-15 days Cleveland 2,000,000 11-15 days Cleveland 2,500,000 11-15 days Cleveland 4,000,000 7ithin 15 days Cleveland 2,002,000 5-15 days 5,000,000 11-15 days (Boston (Philadelphia 5,000,000 11-15 days Noted. The Governor reported rediscount transactions, nur- I62 -2suant to authority heretofore vested in him; member bank Promissory notes secured by Government obligations: rate 65 on paper secured by Liberty bonds, and 77., on commercial Paper, as follows: Date Bank Rediscounting With Amount Maturities 11-14 days 4:4,000,000 (Boston Kansas City.... days 46-142 5,007,681.37 (Cleveland 9ept.9th Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates 75, and 77 0 on commercial paper, as follows: Bank RediscountiAg Date Sept.10th Atlanta With (Cleveland (Cleveland Amount ;',772,000 1,981,500 raturities Within 15 days Within 15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank , Promissory notes secured by Government obligations: rate 7;4 on commercial paper, as follows: to Sept.13th Bank Rediscounting St. Louis Noted. With Amount Maturities Cleveland 45,000,000 31-60 days -3The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business September 11th, and the status of rediscounts between Federal Reserve Banks as of the same date. Opinion of General Counsel dated September. 13th in regard to reimbursement of Federal Reserve Banks for expenses in conducting fiscal agency departments for the United States Treasury. The Governor submitted for approval, draft of letter by him to Assistant Secretary of the Treasury Gilbert, dated September 13th. Approved. Letter dated September 9th from the Corn Exchange Bank of New York City, applying for permission to accept drafts maturing in not more than ninety days drawn upon it by banks or bankers located in foreign countries designated by the Board, for the purpose of creating dollar exchange. Approved. Letter dated September 10th from the Secretary, Federal Reserve Bank of Cleveland, requesting approval of payment by that Bank to its employees of bonus for the quarter ending September 30, 1920, on the following basis: 2a1 On salaries up to $1,500 per annum; le On salaries over 41,500 and up to3,000; 10% On salaries over 43,000 and up to 15,500. 4.. Provided that the salary and bonus paid to any one employee shall not exceed 416,000 per annum. Approved. Letter dated September 10th from the Consulting Architect, requesting approval of payment by the Board of living and traveling expenses of the members of a committee of experts invited by him to attend a conference to be held September 15th at the Bureau of Standards in connection with vault construction tests; also the payment to Mr. Samuel Miller, a consulting engineer, of $35 per day and expenses to cover his services during this conference. Approved. PFPOPTS OF COMMITTEE NO. 1: Dated Sept. 13th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated Sept. 14th, recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated Sept. 13th, recommending approval of application of Frank J. Le Fevre to serve at the sane time as President and Director of the Hugenot National Bank, New Paltz, N.Y., and as Director of the Poughkeepsie Trust Company, Poughkeepsie, N.Y. Approved. 765 -5Dated Sept. 13th, recommending approval of application of F. J. Sensenbrenner to serve at the same time as Director and Vice-President, First National Bank of Appleton, 7is., and as Director of the First National Bank of ':eenah, Wis. Approved. Dated Sept. 13th, recommending approval of application of P, O. Haufman to serve at the same time as Director of the Helena Branch of the Federal Reserve Bank of Minneapolis at Helena, Mont., and as Director and officer of the Union Bank & Trust Company, Helena, Montana. Approved. Dated Sept. 10th, submitting resignation of Miss Julia Moore as Technical Clerk in the Division of Peports and Statistics, effective at the close of business September 18, 1920. Accepted. Dated Sept. 11th, recommending apprOval of appointment of Miss Marguerite 3. Thtreault as Clerk in the Division of Peports and Statistics at ,T1,200 per annum, effective September 15th. Approved. Dated Sept. 13th, recommending approval of appointment of Mr. Henry ':. Van Pelt as Researc'l Assistant in the Division of Analysis and Research, at .73,000 per annum; also the temporary appointment in that Division of Mr. G. W. Edwards on half time basis,at :,',125 per month. Approved. Dated Sept. 10th, recommending approval of appointment of I.' r. C. L. Bickford as Assistant Cashier of the Federal Reserve Bank of Cleveland, and the appointment of Mr. G. H. Stephenson as Manager of the Bank Relations Department. Approved. Dated Sept. 11th, recommending approval of increase from 1.,600 to 1,800 per annum in salary of Yr. J. J. Connell as Stenographer in the Office of the Comptroller of the Currency, effective September 16th. Approved. 1 76r; -6Dated Sept. 4th, recommending approval of increase from $6,000 to $10,000 per annum in salary of Mr. Stephen L. Newnham as Chief National Bank Examiner for the Third Federal Reserve District. Approved. Dated Sept. 4th, recommending approval of increase from $3,900 to $5,000 per annum in salary of Mr. David Murphy as Supervising National Bank:Examiner for the Eleventh Federal Reserve District. Approved. Dated Sept. 13th,recomnending approval of payment to Carlisle Johnson, Messenger on the Board's staff, of 4 38.66, the amount deducted from his pay in '4; August,on account of 12 days of sick leave taken by him during that month. Approved. Other business was presented and disposed of as follows: Letter dated September 10th from Assistant to Governor, Federal Reserve Bank of Chicago, inquiring with reference to the eligibility for rediscount by Federal Reserve Banks of acceptances drawn under the proposed Arizona American-Egyptian cotton acceptance credit. The Governor submitted for approval, telegraphic reply by him under date of September 14th. Approved. Application of the Federal Reserve Bank of Atlanta for permission to reduce the progression of its progressive discount rate from 1/2"1, to 1/45% and to discontinue applying Progressive discount rates to loans on commodity paper. The 767 -7matter was exhaustively discussed but no action taken at this meeting. At 1 P.11., the meeting adjourned. Secretary. Approved:
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