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929 A meeting of the 2ederal Reserve Board was held in the office of the Board on Tuesday, November 16th. at 11:35 a.m. PIESENT: The Governor Mr. Platt Mr. Hamlin Yr. Miller Mr.711liams Mr. Hoxton, Secretary. Einutes of meeting of the Board held November 12th Were read, and on motion approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business November 13th, 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% and 7% on commercial paper, as follows: Date With Bank redisAmount Maturities counting Minneapolis Bost on `12,000,000. 11-15 days (Cl eveland Kansas City 5,003,353.93 36-63 " (Boston 10-15 I 3,342,735. Cleveland ( 250,000. 7% Atlanta 11-12 11 (1,278,000. Com.pa. 12-14 dys. Dallas Cleveland. 2,000,000. 11-15 " Cleveland Atlanta 9-15 " 700,000. Boston Kansas City 2,024,027.50 Within 11 dys Minneapolis Cleveland 2,000,000. 11-15 days Nov. 12 Nov. 12 Nov. 12 Nov. Nov. rov. NOV. 13 15 15 15 Approved. rc,r) Q tjf , ,,C3 -2- Special order, dated November 16th, called up for discussion a readjustment of bank discount rates at Fed- eral Reserve i.anks having a 6% discount rate, except banks rediscount lug for others. Ordered docketed for meeting of the Board November 18th. Letter dated November 12th, from the Comptroller of the Currency, submitting copy of letter received from Chief National Bank 'xaminer Eulloney, from Bogota, Columbia. Noted. Letter dated November 11th, from the Railway Loan 2. , dvisory Committee, requesting approval of a form of loan to the Central New Engla.nd Railway Company, of '1300,000.. under Section 210 of the Transportation Act, 1920. Approved. Letter dated November 12th, from the Assistant Federal Reserve Agent of the Federal Reserve Bank of New York, submitting a copy of cablegram recently sent by G. Amsink & Company to their agents in South America. Noted. REPORTS OF C01.111ITY0:4: 1TO. 1: Dated Nov. 15th, 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. • -3- Datei. Nov. 15th, Recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated Nov. 11th, Recommending approval of appointment of Miss Dorothy Scheck as Stenographer in the Division of Analysis &, Research, at a salary of :;',100.00 per month. Ap.zoved. Letter dated :Tovember 10th, from the Chairman of the Federal Reserve Bank of Dallas, with reference to the organization chart of the Federal Reserve Bank of Dallas, and requesting authority for certain changes in personnel and salaries in the Federal Reserve Agent's Department. Referred to Mr. Wills. Other business was presented and. disposed of as follows: Motion by Mr. Hamlin that some outside agency be employed to determine unit cost of each department at all Federal Reserve Banks with comparative compilation. Referred t o the'3xecut ive Committee with power. Letter dated November 11th, from the Federal 'Reserve Bank of New York, transmitting letter of November 10, 1920, to the Federal Reserve Board from the Park Union Foreign Banking Corporation of New York, requesting permission to accept drafts drawn for the purpose of creating dollar exchange by banks or bankers in Venezuela. Approved, Mr. Williams dissenting. • -4- Letter dated Irovember 16th, from the Acting Governor of the Federal Reserve Bank of Yew York, enclosing analysis of the wire trmisfers of the six 17ew York member banks whose borrowings from the Federal Reserve Bs-nk increased155,000,000. in the four weeks ending October 29th. Noted. At 12:15 p.m. the meeting adjourned.. Secre
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