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At a special meeting or trier Federal Reserve board neld in tire office or one board on Wednesday, January 14, 1v20, at 12-30 P.M., PRESENT: Tire Mr. Mr. Mr. Mr. Mr. uovernor Strauss Hamlin Moaulenpan Williams Bmerson, Assistant Secretary. business was presented and disposed ox as follows: 'rile Governor reported tile reserve position of tale Federal Reserve Bank of iiew xork, and stated wat at we close of business Januar.y 13tn, atter setting aside 44 reserve against Federal Reserve notes outstanding, tire New Yort bank nad reserve against net deposits or only 29-1/4, and tnat unless tire hew tork bank rediscounted today, its reserve against net deposits, after setting aside /10 outstanding Federal eserve notes would be under 244. In view of tnis condition tne Board adopted -Lae tollowing resolution: "That tire Federal ROserve bank of vew Iork be required to discount witn °trier Federal Reserve banks in tire awounts specified below, $100,000,000 member uank promissory notes and customers notes secured by tiovernment obligations at rates in effect at the rediscounting banks for tire class of paper offered tor discount; Cleveland, $10,000,000 Atlanta, 15,000,000 60,000,000 Cnicago, St. Louis, '6,000,000 San Francisco, 10,000,000 against At 12-40 P.M., tile meeting adjourned;
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