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891 At a meeting of the Federal Reserve Board held in the office of the Board on Wednesday, December 3, 1919, at 11. A.M., PET: The Mr. Mr. Mr. Governor Strauss Miller Hamlin Moehlenpah Mr. Williams Mr. Chapman, Secretary. Minutes of meetings of the Board held on November 26th, 28th, December 1st and 2d, were read, and on Motion approved as amended. Business was presented and disposed of as follows: The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate 4-1/2 , as follows: Date Dec.2d Bank Rediscounting With Philadelphia Chicago Amount 0,500,000 Maturities 11-15 days Noted. The Governor reported the reserve positions of the several Federal Eeserve banks as at close of business December 1st, and the status of rediscounts between Federal Reserve Banks as of the same date. Letter dated November 28th from the National Inland 892 -2Waterways Association requesting that 11r. Hamlin become an honorary member thereof. Voted that it is the sense of the Board that the membership proposed is one which Mr. Hamlin could with propriety accept or not in the exercise of his own judgment. Damdrandum by Mr. Emerson dated December 2d, BUD- mitting for approval, draft of letter to all Federal Reserve banks containing instructions as to closing of books on December 31, 1919. Approved as amended. REPORTS OF COMMITTEE NO. 1: Dated Dec. 33, 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 Dec. 2d, recommending changes in stock at Federal Reserve banks as set forth in auxiliary minute book as of this date. Approved. Dated Dec. 2d, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Other business was presented and disposed of as follows: Application of Union Savings Bunk & Trust Company of Cincinnati, Ohio, a member bank, to establish an additional branch in Cincinnati. Approved. 893 -3Application of the Citizens and Southern Bank, Savannah, Georgia, a member bank, for permission to establish a branch at Atlanta, Georgia. Approved. Letter dated December 2d from Deputy Comptroller of the Currency, submitting list of changes made in the National Bank vIxamining force during rovember, 1919. roted. Letter dated December Ld from H. B. Spencer, Director of Finances of the United (States Railroad Administration, inquiring as to eligibility for rediscount by Federal Reserve banks of bills drawn against coal sold to the United States Railroad Administration and accepted by it. The Governor submitted for approval, draft of reply by General Counsel dated December 3d, approving such paper as eligible. Approved. Letter dated December 1st from the Governor, Federal Reserve Bank of rew York, making inquiry as to the propriety of making effective at this time the convention between the United States and the Eepublic-of Paraguay, looking to the establishment of an international gold clearing fund. After discussion, referred to Governor for reply. Mamorandum dated November 26th by General Counsel, suggesting that the Board publish the ruling of the Comptroller 894 -4of the Currency as to the words "Fully covered by insurance", in connection with discount of cattle 2aper. Referred to Mr. Hamlin for report. Memorandum by Mr. Jacobson dated December 2d, recommending that in their weekly reports the Federal Reserve banks be revested to divide the items "Bills payable with Federal Reserve banks" and "Bills rediscounted with Federal Reserve banks", z.s follows: Bills payable with Federal Reserve banks: (a) Secured by United States war obligations. (b) All other. Bills rediscounted with Federal Reserve banks: (a) Secured by United States war obligations. (b) All other. Approved. At l-U5 P.M., the meeting adjourned. Secretary. Approved:
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