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7/21/2019 19200413_Minutes.pdf
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At
a
me
eti
ng of
the
F
ede
ral
Res
erv
e
B
oar
d h
eld
in
th
e
o
ffic
e of
th
e
Bo
ard
on
T
ues
day
, Apr
il 1
3,
192
0,
at
1
1
A
.1.
,
PR
F3E
NT:
Th
e
Ch
air
man
Th
e
G
ove
rno
r
M
r.
i
r
Yr
.
7a
mli
n
Yr.
roeh
len
pah
Yr
. :;
illi
ans
7
:r.
Cha
pman
,
S
ecr
eta
r.
inu
tes
of
meet
ing
of
t
he
Boa
rd
h
eld ri
l
12t
h
,T
ere
read, and on motion approved.
(
At
thi
s
p
oin
t
the
C
hai
rman
a
nd
Er
.
il
1ia
rs
oin
el
t
he
m
eet
ing
Bus
ine
ss
was
pre
sent
ed
and
d
isp
ose
d of a
s
fo
llo
ws:
Lett
er
d
ate
d
Apr
il
9t
h
fro
m
the
Cha
irm
an,
Fed
era
l
r
e-
se
rve
B
ank
of
Da
lla
s,
rec
omme
ndi
ng
app
rov
al of
in
crea
ses
in
s
ala
ries
o
f
Gov
erno
r Va
n :a
ndt
fr
om
•
A5,
000
to
18,
000
p
er
ann
um,
and
o
f
Dep
uty
Go
ver
nor
Ta
lle
y f
rom
1
0,0
00 to
i
12,
000
p
er
annu
m,
ef
fect
ive
Apr
il 1
,
19
20.
A
ppr
oved
.
Te
legr
ams
dat
ed Ap
ril
9th
and
12
th
fro
m
th
e
F
ede
ral
reserve Bank
s of
C
lev
ela
nd
an
d
Atl
ant
a, re
spe
cti
vel
y,
rec
om-
men
ding
cha
nges
in
dis
cou
nt
r
ate
s.
Ord
ere
d
t
abl
ed.
The
Gov
ern
or
r
efer
red
t
o
the
act
ion
t
ake
n
b
y
the
Bo
ard
at
its
m
eet
ing
o
n Ap
ril
7th,
in
vo
tin
g
to
ma
ke
sp
ecia
l
o
rder
bu
sin
ess
at
t
he ne
xt
m
eet
ing
at
ten
ded
by
th
e Ch
airm
an,
7/21/2019 19200413_Minutes.pdf
http://slidepdf.com/reader/full/19200413minutespdf 2/4
the
que
stio
n
o
f
pr
ocuri
ng
suita
ble
q
uarte
rs
fo
r th
e
Boar
d
out
side
o
f the
Tre
asury
Bu
ildi
On
mo
tion
duly
sec
onded
, it wa
s
vot
ed t
hat
it
i
s
th
e
sense
o
f the
Boa
rd tha
t pe
rmane
nt
qua
rters
o
f
its
own
.sho
uld
be
obtai
ned
for
t
he
Boar
6,
and
t
hat
auth
ority
to
t
his e
nd
s
hould
be
re
quest
ed of
Co
ngres
s.
Vot
ed
furt
her,
that
t
he
matte
r
o
f
secu
r-
ing
ap
propr
iate
acti
on
b
y
Congr
ess
be
refer
red
to the
lecretary
o
f th
e Tr
easur
y,
a
s
Chai
rman
of
th
e
Bo
ard,
and
t t
he
G
over
nor,
wit
h
pow
er.
T
he
Gove
rnor
re
porte
d
r
edisc
ount
tr
ansac
tion
s,
pur-
suant
to
aut
horit
y
he
retof
ore
v
ested
in
h
im;
m
ember
ba
nk
prom
issor
y
notes
secur
ed by Gov
ernme
nt
obli
gatio
ns:
r
ate
on
pa
per
s
ecure
d
by
c
ertif
icate
s of
i
ndebt
ednes
s,
5
-1/2
on
paper secured
by
libe
rty b
onds a
nd
Vic
tory
not
es, an
d 6 ` ;
on
comm
ercia
l
pap
er, as
foll
ows:
Dat
e
Bank
redi
s-
coun
tinr
Ap
rl2th
Fichm
ond
Ph
ilade
lphia
7t.L
ouis
Yoted
.
—
it
h
C
level
and
Bo
ston
Bost
on
Cleve
land
Amou
nt
Matu
ritie
s
.
1.0,0
00,01
4
,01
0,
10
7,1
00,00
0
5,
000,0
00
11
-15
da
ys
31-60
d
ays
6
1-90 da
ys
The
Gove
rnor
r
eport
ed
th
e
r
eserv
e p
ositi
ons of
th
e
seve
ral
Fe
deral
re
serve
Banks
as
at
e of
b
usine
ss
A
pril
10
th,
and the
sta
tus of
redi
scou
nts betTe
en
Fe
deral
7eser
ve
Bank
s
as
of t
he s
ame
I
te.
7/21/2019 19200413_Minutes.pdf
http://slidepdf.com/reader/full/19200413minutespdf 3/4
A
t this
poin
t
M
r.
Wi
thdre
w
from
the
m
eeti
ng
Letter
dated April 7th from
the
Federal Reserve Agent
a
t M
innea
polis
,
r
eco=
endin
g ch
anges
in
c
ondit
ions t
o
e
i
m-
pos
ed vit
h
r
egard
to
the
accu
mulat
ion o
f sur
plu:i
up
on
Stat
e
ban
ks of
Mon
tana
ap
plyin
g
for
mem
bersh
ip i
n the
F
edera
l P
eserv
e
Sy
stem.
App
rove
d.
Lett
er
dated
April
9th
from
the Chair
man,
Fe
deral
serve
Bank
of
K
ansas
City
,
rec
ommen
ding
appro
val o
f sal
ary
of ,4
,500
per
annu
m
for
Mr
.
L.
H.
Earha
rt as
Act
ing Mana
ger
of
the
Oma
ha
B
ranch
of
tha
t
Bank
.
A
pprov
ed.
TTIDOETS
OF
0 1.7ITT77:
MO.
1:
Da
ted
A
pril
1
3th,
rec
ommen
ding
admi
ssion
of
at
ate
ins
titut
ions
a
s se
t
forth
in
t
he a
uxili
ary
min
ute
bo
ok
as
of
th
is
da
te,
subje
ct
to
the
c
ondit
ions
st
ated in
the
indi
vidua
l
re
ports
a
ttach
ed
to
e
ach
app
licat
ion.
App
roved
.
Da
ted
Apri
l 12t
h,
rec
ommen
ding
ch
anges
i
n
sto
ck at
Fede
ral
rese
rve Ban
ks,
as set
fo
rth i
n
th
e auxi
liary
minute
book as of
this
date.
Appro
ved.
Da
ted A
pril
12th,
rec
ommen
ding
appr
oval
of
appli
catio
ns
f
or
fidu
ciary
pow
ers,
as
se
t
f
orth
in
the
a
uxil
iary
minut
e
bo
ok
as
of
this
d
ate.
AT)pro
ved.
At
t
his
poi
nt 7r.
T:il
liams
re
join
ed
the
m
eetin
g
Dat
ed Apri
l
1
2th,
reco
mmend
ing appr
oval
of
appl
icat
ion
of
P.
F.
Clark
to serve
at
the
same
time
as
a
7/21/2019 19200413_Minutes.pdf
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-4
director
of
the
Globe National
Bank
and
of
the
Colorado
tate
Bank
both
of
Denver
Colorado:
Approved.
Dated
April
12th
recommending
approval
of
application
of
W.
Irving
Bullard
to
serve
at
the
same
time
as
a
director
of the
Waltham
National
Bank
of
Waltham
rass. and
as
Vice-
President
L.erchants
National
Bank Boston
Mass.
Approved.
Other
business
was
7re3ented
a l y 1
disposed
of as
follows:
Letter
dated
April
10th.from
the
Bank of North
Dakota
Bismarck North
Dakota
submitting request
that it
be
plaoed
upon the
mailing list for
all
publications
issued
the ickleral
Reserve Board.
Approved.
At
1
the
meeting
adjourned.
Approved:
Chairran-
r : e c r e
ary.
