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969 A meeting of the Federal Reserve Board was held in the office of the Board on Thursday, Deceriber 2d, at 11:10 a.m. PIESENT: The Mr. Mr. Mr. Mr. Mr. Governor Platt Hamlin Miller Wills Hoxton, Secretary. Minutes of meeting of the Board held December 1st were read, and on motion, approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business November 30th, and the status of rediscounts between the Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, member bank promissory notes secured by Government obligations, and 7-;Z on commercial paper, as f011ows: rate With Dec. 1 Bank rediscounting Minneapolis Philadelphia Dec. Dec. rov. Dec. Dallas Kansas City Atlanta Atlanta Cleveland Cleveland Cleveland Cleveland Date 1 1 30 1 Amount S4,500,000. ' 3,500,000. 8,011,770. 4,059,250. 3,000,000. Maturities (11-15 dys. ( 1-90 " 11-15 " 10-15 " Within 15 dys. 12-85 " Letter dated rovember 30th, from the Chairman of the Federal Reserve Bank of Atlanta, regarding the large borrowings from the Federal Reserve Bank of Atlanta of the Atlanta rational Bank. roted. (At this point Mr. Logan entered the meeting.) 970 -2- Letter dated December 1st, from the Chairman of the Federal Reserve Bank of Mew York, enclosing meMerandum from 3.1r. E. R. Kenzel regarding drafts drawn to furnish dollar exchange Or igthat ing in Australia and. New Zealand. Ordered docketed for special order business tomorrow, December 3rd. Letter dated November 29th, from the Chairman of the Federal Reserve Bank of Dallas, enclosing a report frcm the Manager of the Houston branch to the Governor of the Federal Reserve Bank of Dallas, covering the confession of the employe responsible for the theft of r1.0,000. from the vaults of that branch. Noted. Report of December 2d from Messrs. Platt and trills, pursuant to the action of the Board on November 29th, covering the public Relations work, and. the monthly report of business conditions issued by the several Federal Reserve Banks. Mr. Platt sted that Mr. Miller, the other member of the Committee to whom the ratter was referred, was not in accord with the conclusions of the report. Approved. Mr. Miller reported that in accordance with the action Of the Board meeting yesterday, he had. interviewed the Secretary Of the Treasury relative to the policy of the Treasury Depart- 971 ment in issuing special 2% certificates to cover Treasury overdrafts. The Governor was requested to prepare a memorandum for the Secretary of the Treasury, based upon Mr. Miller's report, to be submitted to the Board tomorrow. before transmittal . to 11r. Houston. At 12:50 p.m. the meeting adjourned. Secretary.
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