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At a meeting of the Federal Reserve Board held in the office of the Board on V.Tednesday, September 22, 1920, at 11 A.M., 2ST/TT: The Governor Mr.. Platt Mr. Miller Mr. Williams Mr. Chapman, Secretary. Ylinutes of meeting of the Board held Tuesday, September 21st were read, and on motion approved. Business was presented and disposed of as follows: The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank Promissory notes secured by Government obligations: rate as follows: ' Date Bank Rediscounting Sept.20th Kansas City Sept.21st Richmond Sept.21st Richmond With Amount Maturities 7-15 days Cleveland $3,000,000 (Philadelphia 5,000,000 8-15 days 5,000,00) (Boston 5,000,000 Boston Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank Promissory notes secured by Government obligations: rate t\ V on commercial paper, as follows: S83 -2Bank: Bealscountinp Date Sept.20th Sept.21st Atlanta Chicago With Amount Philadelphia 3,002,000 10,000,000 Cleveland Maturities 10-90 days Noted. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business September 20th, and the status of rediscounts between Federal Reserve Banks as of the same date. Letters dated September 21st from the Railway Loan Advisory Committee, recommending approval of that portion of loan to the Bangor & Aroostook Railroad Company relating to additions and betterments, in the amount of :. 20,000, and of loan to the Chicago el I:estern Indiana Railroad Company of 08,000,000 under the provisions of Section 210 of the Transportation Act of 1920. Approved. Meaorandum by Mr. :Emerson dated September 20th, calling attention to the following unusual items appearing in the July expense reports of the Federal Reserve Banks indicated: Cleveland: Advertising a/c State Bank Membership.4620.72 Atlanta: Contribution towards passage of 250. . Negotiable Instrument Act Chicago: 847.60 Advertising.. Referred to the Secretary for report. Letter dated September 17th from Acting Secretary Cramer of the Federal Reserve Bank of Chicago, submitting for approval recommendation of the Executive Committee of that Bank covering payment of bonus to its employees and Officers receiving salaries of 36,000 or less, on the following basis: 2T!, On salaries up to $1,500 per annum 4 On salaries over ::'1,500 and up to $3,000. 15:, 1070 On salaries over $3,000 and up to 4',6,000. The minimum payment in one class not to be less than the maximum in the next lower class. Approved. REPORTS OF COMMITTEE NO. I: Dated Sept. 22d, recommending admission of State institution as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to the application. Approved. Dated Sept. 21st,recomnending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. Approved. Other business was presented and disposed of as follows: Letter dated September 20th from Assistant Secretary of the Treasury Gilbert in regard to settlement between the Treasury Department and the Federal Reserve Banks covering the expenses of the fiscal agency departments of Federal Peserve Banks. Noted The Governor submitted for approval, draft of letter by him dated September 22d to the secretary of State, transmitting for the confidential use of the Department of State, copy of letter from the Acting Governor, Federal reserve Bank of Nov; York, regarding balances in Japan. Approved. Response by the Federal Advisory Council to the questions laid before it by the Federal reserve Board. Ordered circulated. Pesolution adopted by the Detroit, Fichigan, Clearing House Association, protesting against the i-xoposed action of certain Federal eserve Agents in discriminating against the raper of the automobile trade. Noted. The Governor stated that he was advised by the Secretary of the Treasury that the President had today signed a commission appointing Fr. 7% C. ':,ills, at present Chairman of the Federal rfeserve Bank of Cleveland, a Yember of the Federal .Teserve Board for a period expiring thirty days after 786 the first 'ond.rty in December, 1920. Letter date3. 1:Gptember 10th from 1,1r. .V. Paddo suim tin MG resiLI i.tiou. as Chief of the Di i ion of YiitIon of the 20.6 -11 Pose ve Poard, • effective October - •, tlk ee tli.d, -•••••••••01. rc ad:
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