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At a meeting of the Federal Reserve Board held in the office of the Board on Tuesday, November 18, 1919, at 11-30 A.M., PRESENT: The Mr. Mr. Mr. Mr. Mr. Governor Miller Hamlin Moehlenpah Williams DeLaMater, Secretary of Meeting. Minutes of the meetings of the Board held November 14th and 17th were read, and on motion approved as amended. Business was presented and disposed of as follows: Letter from the Governor to Senator Owen, in reply to his request of November 14th for a statement of the Board's views in regard to criticism of the Board in connection with the recent financial disturbance in the New York stock market, ordered mimeographed and circulated. The Governor reported the reserve positions of the several Vederal Reserve banks as at close of business November 15th, and the status of rediscounts between Federal Reserve banks as of the same date. Memorandum dated November 17th from the Statistician, with reference to diagrams for use in the forthcoming annual reports, covering the manner of showing principal asset and C liability items of the several Federal Reserve banks. Approved, with suggestion that another chart be made covering the entire system, to also be incorporated in the Annual Report. Telegram dated rovember 17th from the Federal Reserve Agent at Minneapolis in regard to condition of the Commercial and Savings Bank, Sioux Falls,south Dakota, and plans for its rehabilitation. Noted, awaiting further information. Letter of November 12th from the Chairman, Federal Reserve Bank of Chicago, requesting the views of the Board concerning the status of certain directors of the Illinois Trust & Savings Bank, the Merchants Loan & Trust Company, and the Corn Lacchange National Bank, of Chicago, in connection with the consolidation of these institutions. Voted, that such directors be required to elect as to which of the institutions they shall serve as directors, the Governor to communicate with Mr. Heath. Application of the Bank of Santa Maria, Santa Maria, California, for admission to the Federal Reserve System. Approved, subject to approval by the Governor after checking statements submitted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations, rate 4-1/4, as cf.:7 -3follows: Dated Bank Rediscounting ivith Nov.14th Philadelphia Chicago Nov.17th (Chicago Philadelphia.. (lit.Louis Amount „:1,5U0,000 Maturities 11-10 days 5,UOu,Ou0 4,500,00u Noted. - 6 OF COLMITT.c. NO. 1: RE2010 Dated Nov. 18th, 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 .each application. Approved. Dated Nov. 17th, recommending approval of applications for changes in stock at Federal Leserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated Nov. 17th, recommending approval of application of j. N. Teter to serve at the same time as a director of the First National Bank of Tishomingo, Oklahoma, and a director and Vice-President of the First National Bank, Cklahoma City, Oklahoma. Approved. Dated Nov. 17th, recommonding approval of application of Frank J. Hale to serve at the same time as a director of the First National Bank of Boston, Mass., and the Newton Trust Company, Newton, Mass. Approved. Dated Nov. 17th, recommending approval of application of Daniel G. Reid to serve at the same time as a director of the National Bank of Kentucky, Louisville, Ky., as a director and Vice- -4President, Liberty National Bank, and as a director of the Bankers Trust Company, both of New York City. Approved. Dated Nov. 17th, recommending approval of application of John C. Paddock to serve at the same time as a director of the Great Lakes Trust Company, Chicago, Ill., and as Cashier, Eerchants and Illinois National Bank, Peoria, Ill. Approved. Dated Nov. 17th, recommending approval of application of A. A. Crane to serve at the same time as a director of the Great Lakes Trust Company, Chicago, Ill., and as a director and Vice President, First and Security National Bank, Minneapolis, Minn. Approved. Dated Nov. 17th, recommending action on application of C. A. Bickett to serve at the same time as a director of the Great Lakes Trust Company, and the Fort Dearborn rational Bank, both of Chicago, Ill. Disapproved. Other business was presented and disposed of as follows: In connection with the applications of directors to serve under the Kern amendment of the Clayton Act, it was voted that instructions be given to Federal Reserve Agents to go carefully into the question of the revision of list in each of the districts, and submit to the Board their recommendations of any changes or restrictions not later than December 10, 1919. At this point 1:r. Forgan, Chairman of the Federal Advisory Council, joined the meeting, and submitted recommendations of the conference of the Federal Advisory Council, held on rovember 17th, in response to request of the Board, as set forth in auxiliary minute book as of this date. Letter dated November from the Federal Reserve Bank of Richmond, setting forth reasons for objecting to the submission to the employees of that Bank, of proposed questionnaire for employees of Federal Reserve banks. Ordered circulated. The Governor called attention to the proposed meeting of the Oklahoma State Banking Association to be held on or about December 10th, and the request that the Governor or a member of the Federal Reserve Board address such meeting. Referred to the Governor and Mr. Moehlenpah. A brief discussion was had of the program for the conference with Governors of Federal Reserve banks to be held on Wednesday, November 19th. At 1 P.M., the meeting adjourned. Seers ary of Ueeting. Approved:
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