The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
802 At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, September 30, 1920, at 11 A.M. PPMETIT: The Mr. Mr. Mr. Mr. Governor Platt Miller Wills Chapman, Secretary. Minutes of meetings of the Board held September 29th 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 pmmissory notes secured by Government obligations: rate 75, as follows: Date Bank Rediscounting Sept.29th Sept.29th With Amount Maturities 12-15 days 11-15 days 11-15 days 0,002,575 New York 5,000,000 ( Boston Richmond....(Philadelphia 5,000,000 Kansas City Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 71, on commercial paper, as follows: Bank: Eediscounting Date Sept.29th Atlanta With Cleveland Amount 4,283,850 Maturities 10-90 days Noted. The Governor reported rediscount transactions, pursuant 803 -2to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rates 7%, and 7% on commercial paper, as follows: Date Bank Rediscounting With Amount Maturities 9-15 days ;;3,159,760 (Boston Sept.29th Kansas City...(Cleveland 5,004,274.86 42-153 days Noted. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business September 28th, and the status of rediscounts between Federal Reserve Banks as of the sane date. On behalf of the special committee on Regulations, the Governor reported that the committee had approved the draft of Regulations with certain minor changes and had ordered the same to be printed, and that in view of the fact that the Board was limited to 1,000 copies of printed matter at the Government Printing Office, the committee had instructed that each Federal Reserve Bank be furnished ten copies of the Regulations and advised that the Federal Reserve Bank of New York would have a duplicate supply printed in New York subject to their orders, in order to provide sufficient copies to meet all demands. On motion duly seconded, the action of the special committee was ratified. Le4 r. Yiller made reference to the resolution adopted by the Federal Reserve Bank of Cleveland on 3eptember 10th with regard to the large volume of rediscounting it is doing for other Federal Peserve Banks and ::loved that a committee of two, consisting of the Governor and a :ember of the Board, be selected to make an examination of the situation particularly in the lixth Federal reserve District, and to ascertain whether anything should be done by the Board to restrain the volume of rediscounts asked for on behalf of the Federal Reserve Bank of Atlanta. -otion carried. temorandum by the -dvision of Taamination dated leptember 29th, advising that the Los Angeles Trust and Savings Bank has established certain branches without the permission of the Federal Ieserve Board, in violation of the terms of its admission, and recommending that the Board approve of the Branches thus far established. Approved. 1-,7,PORT';' OF COITT7" YO. Dated 3ept. 30th, recommending admission of State institutions as set forth in the auxiliary minute book g,s of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated Sept. 30th, recommending approval of application for fiduciary powers as set forth in the auxiliary minute book as of this date. Am roved. Dated Sept. 29th, recommending approval of appointment of P.T. Blakey as Law Clerk in the office of General Counsel at :;2,400 per annum, effective upon reporting for duty. Approved. -4Mr. Wills reported that he had aipointed 1:1‘. Louis G. Picks as his private secretary, effective October 1st, With salary at the rate of ,;2,400 per annum. On motion duly seconded, Mr. L. B. Williams was appointed Acting Federal Reserve Agent of the Federal Reserve Bank of Cleveland for the period October 1 to December 31, 1920, inclusive, Mr. Williams to execute bond in the amount of 400,000. On motion duly seconded, it was voted to fix Mr. illiams' salary at the rate of 18,000 per annum. On motion duly seconded, it was voted to refer to the Executive Committee the question of selecting a Class "Cu Director of the Federal Reserve Bank of Cleveland to fill the vacancy caused by ,,he resignation of Mr. D. C. Wills. On motion duly seconded, Mr. ills was appointed a member of the Clayton Act Committee. Other business was presented and disposed of as follows: Application of the Security Bank and Trust Conmany, 1.1 Paso, Texas, for admission to the Federal Reserve System. In view of the divided opinion of the Committee on Admissions of the Federal Reserve Bank of Dallas, it was, on motion duly seconded, voted that the Secretary advise the Chairman of the Federal Reserve Bank of Dallas that the Board will take no action -5.. upon the application until it is advised of material progress made by applicant in straightening out the matters criticized by Governor Van Zandt, the Board regarding his criticisms as sound. At 1 P.M., the meeting adjourned. Secretary. Approved:
@FedFRASER