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9 A meeting; of the Federal deserve Board was held in the office of the Federal Aeserve Board on Thursday, Nov)mber 14, 1929 at 2;3O PzESE22: Vice Governor Platt Mr. Hamlin Mr.Miller Mr. Ounnineham 7.r. Pole Mr. McClelland, Asst. Secretary ?he Vice Governor reported advice received over the telephone ;rem Governor Harrison of the Federal eserve Bank of New York that the directors of that bank have voted to estaolish a rediscount rate of 4 1/2,; on all classes of paper of all maturities, effective tomorrow, with the understaniini7, however, that their action is predicated upon aporovel or disapproval by the Federal deserve Board today, and also voted to establish a minimum bill rate of 4:3, with the expectation that a rate of 4 1/4,; will be made effective. After disc-Ission, upon notion by Mr. Hardin established by the directors of the rate of 4 the 2ederal deserve Bank of Naa York, on all classes of paper of all maturities, was approved, effective tomorrow, November 15th. Upon motion by Lr. Hamlin, it was also voted to approve for the Federal deserve Bank of key? York a minimum buyin';7 rate on acceptances of 4%. The Vice Governor then submitted draft of a letter to the Federal deserve ent at Chicac: , prepared by ;ounzel, referring to his letters of November 4th and 8th, the first transmitting newspaper report of alleed irree711Lrities at the Ladison-Kedzie state Bank of C'tica:7o, a member institution, and the second advising that the newspaper clinpin7 has been brou-ht to the attention of the United States District Attorney; the propesed letter to the Federal deserve Agent advIsin that he should follow the matter up in order to ascertain the facts officially, and should submit as soon as possible a full report to the 11/14/29 -2- Board in suitable form for transmission to the Attorney General. Upon motion, the letter prepared by Counsel was approved. The meetin, adjourned at 3:30 p.m. ,Issistant Secretary. Approved: Vice Governor.
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