19200914_Minutes.pdf

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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 GovernorMr. MillerMr. HamlinMr. WilliamsMr. Chapman, Secretary.

PRESP,NT ALSO:Mr. Logan, General CounselMr. 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, pur-

suant to authoritiy heretofore vested in him, member bank

Promissory notes secured by Government obligations: rate 71,

as follows:

Date Bank Redis- With Amount Maturitiescounting

Sept.6th AtlantaSept.9th DallasSept.9th DallasSept.10th. DallasSept.10th DallasSept.10th Kansas CitySept.11th Atlanta

Sept.13th Richmond

Noted.

ClevelandClevelandClevelandClevelandClevelandCleveland

1; 797,0005,000,0002,000,0002,000,0002,500,0004,000,000

Within 10 days11-15 days11-15 days11-15 days11-15 days7ithin 15 days

Cleveland 2,002,000 5-15 days(Boston 5,000,000 11-15 days(Philadelphia 5,000,000 11-15 days

The Governor reported rediscount transactions, nur-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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suant 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 Redis- With Amount Maturities

counting

9ept.9th Kansas City.. (Boston 4:4,000,000 11-14 days

..(Cleveland 5,007,681.37 46-142 days

Noted.

The Governor reported rediscount transactions, pur-


promissory notes secured by Government obligations: rates 75,

and 770 on commercial paper, as follows:

Date Bank Redis- With Amount raturities

countiAg

(Cleveland ;',772,000 Within 15 daysSept.10th Atlanta

(Cleveland 1,981,500 Within 15 days

Noted.

The Governor reported rediscount transaction, pur-


Promissory notes secured by Government obligations: rate 7;4,

on commercial paper, as follows:

to Bank Redis- With Amount Maturities

counting

Sept.13th St. Louis Cleveland 45,000,000 31-60 days

Noted.


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The 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 connec-

tion 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 Di-

rector of the Poughkeepsie Trust Company,

Poughkeepsie, N.Y.Approved.


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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.


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 Pe-

ports 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 ap-

pointment 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


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Dated 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 Re-

serve District.Approved.

Dated Sept. 13th,recomnending approval of payment to Carlisle

Johnson, Messenger on the Board's staff, of

'44;38.66, the amount deducted from his pay in

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


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matter was exhaustively discussed but no action taken at

this meeting.

At 1 P.11., the meeting adjourned.

Secretary.

Approved:


19200914_Minutes.pdf

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