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A meeting of the Federal Reserve Board was held in the office of the Board on Thursday, November 11, 1920, at 11:10 a.m. PRMMIT: The Mr. Mr. Mr. Mr. Governor Platt Hamlin Miller Hoxton, Secretary. PIESENT ALSO: Mr. Eddy, Assistant Secretary. Minutes of meting of the Executive Committee held rovember 10th were read, and. the action of the Committee set forth therein ratified.. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business iTovember 9th, 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; rate 7% as follows: Dat e rov• 10th NOV* 10th NOT. 10th With Bank Rediscount ing Bost on llinneapolis Cleveland Dallas Kansas City Cleveland Amount . f?'1,000,000. 1,500,000. 5,000,216. Maturi ti es 11-15 dye. If II t 12-16 " Memorarrium, dated October 27th, from the Comptroller of the Currency, with reference to the salary of Mr. Frank L. Norris, National. Bank Examiner, in connection with examination 018 -2_ of European branches of American Banks. Action was deferred until the Comptroller and the Deputy Comptroller shall be present, as contemplated by the action of the Board taken in this matter at its meeting on 17ovember 9th. Letter dated Yovember 9th, from the Railway Loan Advisory Comittee of the Federal Reserve Board, requesting approval of a form of loan of n6,780,000. to the Pennsylvania Railroad Company, under Section 210 of the Transportation Act, 1920, as amended. Approved. Memorandum, dated November 9th, from the Governor regarding application of First National Bank of Boston for permission to accept drafts from Australian banks, for purposes of creating dollar exchange, as provided in Section 13 of the Federal Reserv(, Act. Action deferred. RFOORTS OF C=ITTEE NO. 1: Dated Kov. 11th, 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 the applications. Approved. Dated rov. 10th, Recommending changes in stock at Federal Reserve Banks as set forth in the Auxiliary Minute Book as of this date. Approved. Dated Nov. 9th, Recommending the appointment of Yr. Stuart H. Mann as Yational Bank Examiner in the Eighth Federal Reserve District, at a salary of 2400. per annum. Approved. 9.19 -3- Other business was presented and disposed of as follows: Governor Harding suggested certain modifications of a letter addressed to the Comptroller of the Currency, written in accordance with the action of the Board on November 6th, in regard to expense while in Cuba of Examiners Norris and Kelley, and submitted draft of a new letter embodying such modifications. Approved. Letter, dated November 9th, from the Director of the Division of Analysis Research, requesting that the Board authorize the payment of a sum of not to exceed 12 200 per annum, to cover the cost of securing in lIngland certain information of importance to the Federal Reserve Board. Approved. Letter, dated November 10th, from Assistant Secretary of the Treasury Gilbert, enclosing certain correspondence With the Departnent of State relative to importations of Russian geld. Noted. At 1 p.m. the meting adjourned. Secretary. Approved:
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