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rV132.•j, hela in 1.i,t a meeting of the :ieder.::1 I. 6, 1J19, 7%v ..bor ,- cr_ th,,1 office of tht, t 1 The GoverrILr :r. Wr. 1.1r. ,7 Jinute ;,:ecrtary. tht-,. 1 Board held on rovelnber of the amended. 5th -;;ere road, oald arcved • Telegm„m dated 1;vember 5th from the Governor, Federl 'i. eservo Bank of Minnelaolis, recluestinz ,:..)prov..CL of the fc11o;ii effective. tivm'or 6tri; cunt b of r Jy dayJ,ecured by . .. t...... 4-1/2,11 ; r victord , 4 1 ,..,..-7;ured by ?inanco ' . -'—ured by a:J. 5 1 bonds ur1 by Tr77 :Lt 4-1/45 ..-tificates of ••••••••*•••• • .•44....... of •••••••••••••• ...• 4-14% 4-1 ....„.;:_i)red by _iberty bona. or Vitry not,...), matt 1-90 day6......... ... . 4-1 wc,aured by War Finance CorDon.,tion bon, 15 days ...... niiner.................. 5-1 6.#1,40,0* to 6, )days..... flC t+..) )4,4 • .... ................. . ..... ............. ,?ap r under 15 days. a** a L„. 6J ..... .. .. a ••• • 4-3/4% 53 1799 , the ua-e and t, ol_ -,.;ntns. ;ricultural or livo m.:.turities 91 J, 5-1 kl Tr.de ..c.ceet...;nces 1 tu 9.0 J-ys.........— .. .... 4-!11,25 The Uovernor .,ubmittud for ap2roval, draft of telegr•-...m by him, api. cving such rate schedule, with the cations thcreof: Member br-rlk 15 day collatoral notuu socurd by curindobtodness,.-.uib,.:rty bonds an Victry rotes, -rd :Aso by customers rote., so 4-1 cured in like manner—sm....sm..-on ,)a.per secured by 4-1/4* curtificutus num rate shall be, for all 14,turities -Notes, drafts and bills of echange having '; , of 9;,) days, secured by . t':.rity not in(.t..CC and Treasury cerLiberty bonds, Victory net t if 411•100•4 , *0 ••Soe • ••••••••••••••••••• A2firoved a. 4...1/2;/, odf1ed. Teier1 ,tefd 7ovomber 5th from the Chairman, iederal ,7..u,serve Bank.. of -;;t. oui, ubmitting fur approval, chanes in diacount rates, effeaUve Iovember 7th, as foilews: Member bank lE day collataral notes sec.ured by certificates of indebtedness, Lib.ty bonds and Victory rotes; also on customers' notes secured in like manner—mi... t.'.-..CEPT on paper secured by 4-1A?,,; certificates hun rate shall be, for all 0 0 •0 * 4-1/4 1,1ember bank cusl...terai notes secured by commercial paper, 15 .days—sc.—mi..........41/ Notes, drafts and bills of exchange having maturity net in excess of 9U days secured by Liberty bonds, Victory notes and Treasury certificatas. 1-1/2:4 Discount of notes, drafts and bills of exchange having maturity within 15 days 4-** Maturity 16 to 90 days Trade acceptances and bankers acceptances, for all 4-1/;'; maturities Rediscounts and member bank collateral notes secured by dar Finance Corporation paniJ, maturing within 15 days 6-1AS Approved. The Governor stated that after conference with three other members of the Board, he had sent telegrams to the Federal Reserve Banks of Minneapolis and t. i.ouis, approving discount rates at those Banks a1sw3 the lines above indicated. Cn motion duly seconded, the action of the Governor was ratified. Teleram dated November 5th from the Governor, Federal Reserve Bank of Atlanta, advising that it is the intention of that Bank to postpone until November 15th the changes in discount rates. The Governor stated that he had - tele, reasons v,hy 11born, augestinL; graphed Mr. action should be taken in advance- of that date. Telegram dated rovember 5th from the Chairman, Federal Reserve Bank of an Francisco, advising of the reasons moving that Bank to establish a rate of 4-3/4;,!: on ninety day paper, and advising that its Board of Directors will meet -4November 6th for consideration of the question. Noted. Telegram dated November 5th from the Governor, iederal Reserve Bank of Richmond, requesting an expression of opinion of the Board as to whether or not that Bank should retain a 4-1/2,i) rate on member bank collateral notes not exceeding 15 days and requiring revenue stamps. The Governor submitted for approval, telegram by him dated November 5th, in reply. Approved. Memorandum by Mr. Emerson dated November 5ta, stating that the .vederal Reserve Bank of New York advised that Iiiessrs. York and Sawyer, winners in competition, would be architects in the construction of a new bank building for that Bank. Noted. General letter No. 221 of the ?ederal Reserve Bank • of Kansas City dated November 3d, advising member banks of changes in discount rates. Voted, that the Governor request the ieederal Reserve Bank of Kansas City to advise upon what information it based the statement in such letter that member banks in offering paper for discount should not overlook the reauirement of the Federal Reserve Board to show on the aaplication the rate of interest charged by them on each note offered. Letter dated November 1st fromithe Scandinavian 4ashington, a.J.oin7 that Itho :eder__ _ re-:al of tllu a,dointmont Tho ,Thverro: r ef Kato ',.;juscovich .,teno faphor in hit; office at a i,4U 2or mu, plus bonus of ;;24.0 per annum, ef- of foctiv„, Io.,:vembor 5, 1919, Approved. ifur 5tb Letter dated th'3. 72.Qdr% . .1=mun,,J, in ru' v.Bank. of 7 by ttur Voti tft_t tat the fur 1311 nut T:urvu • • ,.o,..L,00t him to acc,......tauces of but in The Governor re d corresondence had bet:n the Commercial Yatieral Bank of -4ash1ngton, t110,Federal Re- serve Bang: , of Idchmond, AssitAant Secretary o: the Tresvry ...effingwell and hielf, in re declination of tho 2ederal heserve Bank of Eichwend to discount a. nete Of the C.orcial National Bank ef hintor, ucured by United co:- 6I) _ tifite of indebtedness. -Referred to the Governor for preparation ef reply to the complaining bank on basis of an analysis of its loan account with the Federal Reserve Bank of Richmond. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business rovember 4th, and the status of rediscounts between Federal Reserve banks as of the same date. atrauss submitted for ai:proval draft of telegram to be sent to all Federal Reserve Banks, as follows: "Board hopes you will do what you can to discourage member banks from using advance in Federal Reserve bunks rates as excuse for increasing interest charge to those borrowers on Government securities the are doing what May be reasonably expected in the way of liquidation. In such cases member banks should be satisfied with moderate difference in their favor. Board does not mean to suggest reduction in rates heretofore charged customers on such transactions or to advccate any policy which would result in delay of orderly liquidations of bond secured loans." Approved. Opinion by General Counsel dated October 30th, recommending that in view of the excessive rental that would be charged by the owners of the Southern Building for a renewal of the lease on quarters occupied by the Board's Statistical Division, the Board should remain in its quarters at the present rental during the continuation of the 2aulsbury Reso- -7lution, and after that time to remain there subject to such rental as the commission way determine to be just and fair. Mr. Hamlin reported that he concurred in General Counsel's opinion. Voted that the Board adopt the policy a:, outlined by General Counsel. Application of the Independence Trust Company, Charlotte, vorth Carolina, for admission to the Federal Reserve System; Lpproved, subject to the conditions set forth in the auxiliary minute book as of this date. FLPORT3 OF COMMITTL:... NO. 1; Dated Voir. ath, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated Nov. 4th, recommending changes in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated Nov. 5th, recommending approval of application of william D. Hartshorne to serve at the same time as a director of the National .6ank of Methuen, Mass., and the Merchants Trust Company of Lawrence, Mass. Approved. Dated Nov. 5th, recommending approval of application of Bernard T;. Doyle to serve at the same time as a director of the 3afety Fund National BLink, Fitchburg, Mass., and the Merchants National Bunk of Leominster, Mass. Approved. 805 -6daL.-cd liovomber 6th from the Ch.iran Fed- . recyectins- .,.•:.77roval of the ral 1,osorva Bank of .Fhiladelphia, f0110-;;ing schedule of discount rat; Tmber bamk notue secured by Victory not,a.e or bonda of )11ito ,;,tatea (7overnment,or tr..Govornment certifiates of iridubtedneaa, mturity 15 de.ya or loaa. • •• • 1 1.%mter bank coli.atoral not ured by United 4-1/2 certifictea of indobtodne6, maturity 15 days or leas. 2inanca 1%rbar bank collatural not•e cecurd by C;ororation bonds, r.turity 15 daysor1.ae • curd by csmmercial • mber bank collaurl note ......... jajr,maturity 15 d',,.ya or laaa 4 • iscount a eacurd by Victory not or bona of U.Li. Govornmeut or U.a.Goverumunt ,1-1/2if; certifiatua .... of indubtednoac, maturity of ').3 dayzi or Lediacounts cocurad by U...J.Gova:..nTant 4-1/4:S certificatue of inclubto.1ac, maturity 9u days or .4-1/4 Fcodiacounta booured by ,i'Lr '?iinance Corortion bonda maturity daye or leaa 5-3 /45 I-Iodic-counts of co=orcial i.)aor, maturity 90 days Redis‘counte of L,:-Ticultural or live ctock paiJer, maturity ')3 days or leea 7a.Aurity, )1 daya to aix months . ........ 5 Traae ‘acco.2'Lnces, maturity 90 d.yo or loaa... thia Lett. r • 4.0 ‘ joinud thu meting) .7 TovaTbar 5th, from thu OWirn-n, 1-7'udori Reserve Bank of New xork, in regard to the responsibility of that Bank with respect to certain non-borrowin member banks, the condition of which was criticized by Federal Itsserve Lxaminers upon the occasion of the last examination of the Federal Reserve Bank. Voted that the Governor furnish the Comptroller of the Currency a list of the National banks included in such criticism; that Mr. Jay be informed of such action, and that, in the opinion of the Board, there is no reason for the Federal Reserve Bank of New York to assume responsibility for the examination of National bank members, the Comptroiler of the Currency having full powers of supervision; also advising Mr. Jay with respect to the State bank members affected, in order that he may communicate with the State Banking Department of New Xork. At 1 the meeting adjourned. Secretary. Approved:
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