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020 A meting of the Federal Reserve Board was held in the office of the Board on 'Friday, November 12th, at 11:10 a.m. PRESM: The Mr. Mr. Mr. Mr. Mr. Governor Platt Hamlin Miller Williams Hoxton, Secretary. Minutes of meting of the Board held November 11th were read, and on motion approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business November 10th, and. the status of rediscounts between the Federal Reserve Banks as of the same date. The Governor reported rediscount transactions, member bank pranissory notes secured by Government obligations; rate on commercial paper, as follows: Date 'Nov. 11th Bank Rediscount New York With Boston Cleveland Amount S15,000,000. 15,000,000. Maturities 30 days do. Memorandum dated November 12th, from Mr. Smad, approved by Mr. rson, recommending the employment of Miss liZabeth Hendley as Key-punch Operator in the Division of RePorts and. Statistics, at a salary of :7'. 1200. per annum, effective 1Tovember 16th. Approved. 921 -2- Draft of stencil, dated :Tovember 8th, prepared for transmission to the 2ederal Reserve Agents, relative to the preparation of annual reports. Referred to the....1'tecutive Connittee with power. Letter dated iTovember 11th, from Mr. Harrison, Deputy Governor of the Federal Reserve Bank of New York, suggesting form of amendment in lieu of the Kern Amendment to the Clayton Act. Referred to the Clayton Act Coranittoe for roort. (At this point Mr. Williams and Deputy Comptroller of the Currency, Mr. Kane, joined the meeting.) Upon invitation of the Board, Mr. Kane explained the complication which has arisen regarding the passing by the Auditor of the Treasury of the account of National Bark Examiner Frank L. Norris, in connection with the latter's trip to Europe for the purpose of examining European branches of American banks. Upon motion, the Comptroller was advised that if he would address the Board in writing, requesting inforrretion as to the Board's action in this 'ratter, the Board would reply to the effect that it had authorized a salary for Mr. Morris at the rate of $2,500. per month, covering the period from the date of his departure from the United States until his return to the United States, and. that the Comptroller would be at liberty to transmit this letter to the Audi tor of the Treasury, in order that the account of Mr. Norris in connection with his zuropean trip may be finally balanced. 022 -3- (At this point Eane withdrew from the meeting. ) Recommendation from the Comptroller of the Currency, dated :oveMber 12th, requesting that the salary of 7"r. 7% 2. Buell, at present assigned to the Division of Federal Reserve Issue and Redemption, be increased from :3,000. per annum to 3,500. per annum, effective Yovember 1st. Approved. The Governor submitted a telegram, dated 17ovember 11th, from Messrs. Albert Strauss and James Brown, of New York, with reference to a proposed acceptance credit covering transactions Its in sugar, the drafts to be drawn by the Banco American° 17,ercantil de Cuba; and sag lasted reply thereto. Upon motion the form of reply submitted was approved and ordered transmitted. Letter dated 2Tovember 11th, from the Director of the Division of Analysis and 2esearch, recomienclinL; t77.at the Federal Reserve Board renew its expired subscription to the Robert Morris Associates, at a cost of 100.00. Appro W d Upon motion, it wa.7 directed that all matters thich formerly had been referred to the Committee on Budget and Expenditures shall, in future, be referred to the Executive Committee. 023 Telegram dat ed No vemb or 12th, from Mr at Now Orleans expressing his views D. C. Wills upon the present sit- uation in the Eleventh Federal Reserve District. Noted. The Comptroller submitted a letter from one of the Examiners of his department now in South America, relative to conditions in South America, with particular reference to the South American branches of the Mercantile Bank of the Americas. At 1:15 p.m. tile meeting adjourned. AM, Secretary.
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