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A meeting of the .11xecutive Committee of the Federal eserve Board was held in the office of the Governor an 3aturday, November 16, 1929, at 11:00 a.m. P52: Governor Young Mr. Platt 71r. Miller Mr. Cunninham Mr. McClelland, Asst. 3ecretary Letter dated November 13th from the Deput:j Comptroller of the Currency, requestin that the temporary appointment of Mr. 7. B. McCuen, as assistant teller in the Federal :v3serve Issue and iedemption Division, be made permanent, as of November 1st. Approved. Aeport of Committee an 3alaries and Expenditures on list submitted by the iederal eserve Bank of Can Francisco of employees for whomthe directors of that bank authorized loaves of absence with JAill pay, on account of illness, I/ during. the Month of October, whore the total of such absences since January '1, 1929 has exceeded thirty days; the Board's Committee recommendinF7 arnroval of the salary payments involved. Approved. Letter dated November 15th from the 2ederal iieserve Agent at Philadelphia, requesting approval of the desination as spacial assistants to examiners of Mr. .Aichard G. Wil7us of the transit department of the bank, and Mr. J. Clifford °merle of the currency department. Approved. 2demorandum from Counsel, dated November 14th, with regard to the appli— • cation of Mr. Clarence R. Chaney, for permission to serve at the same time as officer and director of the Northwestern National Bank, as director of the Midland 11116/29 Northwestern National ILtional Bank and. (2rust Company, and as director of the Third. the Federal _--leserve Agent Bank, all of ::inneacolis, Linnesota; Counsel statin-” that reason why it should recommends approval of the ._11plication and. there is no le7a1 ion as director not be granted., on condtion that 2,:r. Chaney sever another connect Of the Fourth Northwestern National Bank of'1:inno.apolis. Upon recor.r.iendation of the Law Cormr7ttoe, Chaney's ap7lication was approved, on condition that he resit;aa as director of the Fourth Northwestern National Bank. ry of the Federal deserve Letter dated November 14th, from the ,ssistant 3ecreta that ban:: in votinr; to Bank of 'iow York, coafirminr_,- the action of the directors of and in requesting establish a rediscount rate of 4 1/2,, effective November 15th, ba-,:ers' acceotances by approval by the '3oard of a minimum rate for mrchases of that bank of 4 the letter - both of which were subsequently annroved by the board; follow in7 schedule of also confirming the establishment on November 15th of the effective buyin7 rates: Bankers acceptances: 1 to 120 days 121 to 100 days ienurchase Trade acceptances Governments repurchase - 4 4 4 4 4 1/4: 1/2,; 1/4, 1/2 1/2,', Upon motion, the above buyin7 rates ::ere noted, with approval. Telegrarr dated. November 15th from the Governor of the Federal deserve Bank November 15th of the of Boston, advisin47 of the establishment by that bank on - ederal e at the F sche..iule of rates for purchases of acceptances made effectiv deserve Bank of New York. Noted., with approval. 11/15/29 0•03 Telegrams dated November 15th from the Chairman of the Federal .eserve Bank of L,nicago and i“)vember 14th from the Governor of the Federal deserve 3ank Of St. Louis, both advising of the establishment on November 15th of the followins. schedule of rates for purchases of bankers' acceptances: 4- 1/4 4 1/2,, 1 to 120 days 121 to 180 days Noted, with approval. Telegram dated November 15th from the secretary of tile Federal lieserve Bank of ,_.inneanolis, advisin,7 of the establishment on that date of the following schedule of rates for purchases of acceptances: 3auers acceptances: 1 to 120 days 121 to 180 days Aepurchase Trade accentances - 4l/4; 4 1/2% 4 1/4;; 4 1/2,; Noted, with approval. Telegram dated November 15th from the Chairman of the Federal deserve Bank of ':iichmond, advlstnF; of the establishment on that date of the following scheule of rates for purchases of bank.ers' acceptances: 1 to 120 days 121 to 180 days 3/8,; 4 5/8; Noted, with approval. Teleram dated November 15th from the Chairman of the Federal deserve Bank of Chicago, advisin2; that the Executive Committee at its ref2lar meeting on that date made no chane in the bank's existiw7 schedule of rates of discount and purchase. lithout objection, noted with approval. - 11/16/29 2elogram dated November 15th from the Deput Governor of the Federal deserve Bank of New York, advising that the demand for bills continues heavy and in excess of sunnly, and that dealers have a.,,Tain lomred bid and asked rates 1/8 on all maturities. Yoted. :latter approved on initials yesterday, namely, telegram to the Governors of f- e present heavy Oil Federal deserve banks, suerpstin,0,. certain chanes due to ,J discount on Canadian exchange,.in the proposed state::ent to the press and circular letter to member banks rec7ardin,0,- conversion of Canadian -;aner currency, approved at the moetinz of the 3oard on November 7th. Upon motion, the telo2;ram was formally apnroved. The Governor submitted a teler;ram received t_is morning from the Governor t York and referred to a discussion with Jovernor Of the federal deserve Bank of -_.ew Harrison in New York yesterday as to the advisability of .1elaz-i 0. issuance of the nroposed press statement because of the present heavy discount on Canadian exchanqe. Upon motion, on recommendation of the Governor, it was voted to postpone the effective date of the plan for conversion of Canadian currency and. to request the 'federal deserve banks to withhold issuance of the statement to the press and circular letter to member banks on the subject until further advised. .aPO.:ITS 02 STAiiDING Dated, November 16th, Dated, November 16th, Jecommendinc: chances in stock at Aderal -,eserve banks as set forth in the Auxiliary :Anute Book of this date. aecommendations approved. Aecommendirw approval of an application for fiduciary powers as set forth in the Auxiliary ;inute Book of this date. Recomendation approved. The meting adjourned at 0' 'clock. 12:, , ssistant Secretary. .i.. Lpproved: G-oVerno r.
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