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931 A meeting of the Federal Reserve Board was held. in the office of the Board on Thursday, November lath, at 11:10 a.m. PRESEVT: The Mr. Mr. Mr. Mr. Mr. Governor Platt Hamlin Miller Wills Hoxton, Secretary. Minutes of meeting of the -cecutive Committee held. November 15th were read, and on motion approved, as amended. Minutes of meeting of the Board. held November 16th were read, and on motion approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business November 15th, ansl. the status of rediscounts between the. Federal Reserve Banks as of the same date. Approved. The Governor reported rediscount transactions, member bank promissory notes secured. by Government obligations; rate 7% and. 7 Dat e Nov. Nov. Nov. Nov. Nov. 15 15 16 17 16 on Cormercial Paper, as follows: Bank Rediscounting Atlanta Dallas Kansas City Minneapolis Atlanta Appio ved. With Cl eveland Cleveland Cl eveland Cle vela nd Boston Amount 5,000,000. 2,002,642.50 1,500,000. (808,000. t 200,000. Maturities 10-90 dye. _ Within 13. dye. 1-90 dye. Within 14 dys. " 11 " L332 -2 Special order, dated No 16th, regarding a discussion of readjustment of discount rates at Federal Reserve Banks having a 6% discount rate, except banks rediscounting for others. Laid. upon the table won motion of Mr. Miller, who reserved the right to call up for discussion at a future date. Nernoranium dated November 15th, from the Secretary Of State, transmitting a communic ati on from Paraguay, stating that the Banco Mercantil, with five branches in the country, suspended payments on November 11th; that a law had been passed by the Congress of Paraguay, on the same date, proclaiming sixty days provisional moratorium on all civil commercial banking obligations. Noted. Letter dated ITovember 12th, from the Assistant Federal Reserve Agent at Dallas, submitting organization Chart of that Bank, and requesting approval of certain Changes in staff and. adjustments in salaries of employes of the Federal Reserve Bank of Dallas. Upon motion, the organization 'chart submitted by the Federal Reserve Bank of Dallas was ap:roved; as was also the appointntilt of Mr. Gilbert as Assistant Federal Reserve Agent, at a salary of -3- a year; increase in the salary of lir. Hall, Assistant Federal Reserve Agent, from to :'6,000. a year; and the election of r. J. L. Lumpkin as Assistant Cashier, at a salary of ''3,600. a year. The changes in salaries referred to to be effective as and frDm I7ovember 1st. Letter dated I:rover:11)er 16th, from the general Counsel, submitting for of letter to be sent to I.:essrs'. 7,..urray, Prentice Howland., of Hew York City, transmitting to them co:,)y - ouitable TastOf a form of agreement to be used between the 2 er - ederal .7esca-ve Baird under Banking Coxporat ion and the F Section 25 of the Federal Reserve Act. Letter of..Governor Harding and form of sTeement ap pro ved.. A ppl cat lo n dated 1:ovember 15, 1920, ,:rom the Railway Loan Advisory Committee, requesting approval of form of loan of '200,000. to be made to the Chicago, Indianaoolis & Louisville Railway Co., under Section 210 of the Transportation Act, 1920. Appro v ed. Application dated :ovember 17, 1920, from the Railway Loan Advisory Committee, requesting approval of form of loan of 6,000,000. to be made to the 7orthern Pacific Railway Company, under Section 210 of the ?ransportation Act, 1920. Approved. 934 -4- Form of letter submitted. to be sent to the Governors of all Federal Reserve Banks regarding changes in the Board's Inter-district Time Schedule. Letter approved, and. ordered transmitted. Letter dated November 15th, from the Chairman of the Federal Reserve Bank of New York, requesting approval of the appointment of Mr. W. Randolph Burgess as Chief of the Division of Reports, at a salary of :;1 4500. a year. Referred to Mr. Wills for report,after conference with 1:r. Jay. REPORTS OF NO. 1: Dated Nov. 15th, Recommending admission of State institutions as s,lt forth in the auxiliary minute book as of this date, subject to the conditions stated. in the individual reports attached_ to the applications. Approved. Dated Nov. 18th, Recormiending approval of application for fiduciary powers as set forth in the auxiliary minute book as of this date. Approved. ng changes in stock at Federal Recommendi Dated. Nov. 17th, Reserve Banks, as set forth in the auxiary minute book as of this date. Approved.. ng approval of application of Recormiendi Nov. 16th, Dated. Mr. Archibald. N. Henry to serve at the same time as Director and President of the National Bank of North Hudson, West Hoboken, N.J., and Director of the First National Bank, Hoboken, N.J., and. Director of the Merchants National Bank, Jersey City, fl.J. Approved. dt.15 -5- Dated Nov. 16th, Recommending increase in the salary of ITational Bank Examiner Clarence P. Smith from 1.3,600. per annum to :"Yl,200. per armum. Approved. Dated iTov. 17th, Reconmending approval of the appointment of /Ir. George Heffner as Telegram Messenger Boy in the office of the Leased Wire System, at a salary of :!720. per annum, effective upon reporting for duty. Approved. Dated. Nov. 11th, Resignation of Mr. Fred H. White as General Assistant in the office of tiv Board, effective at close of business November 30, 1920. Approved. Other business was piesented and disposed. of as follows: Letter dated November 16th, from the Chairman of the Federal Reserve Bank of Atlanta, Georgia, submitting an amendment to Article 3, Section 1 of the By-laws of that Bank. Approved. Letter dated November 16th, from the Chairman of the Federal Reserve Bank of Atlanta, requesting the Board's approval of a fee of 15,000. to be paid. to Mr. Hollins N. Randolph, General Counsel of that Bank, for his work in connection with tlE par remittance case now pending in court; .:'4,000. of the amount to be paid. at owe, and :431,000. to be paid when the court matter is finally disposed of. .A»proved. 36 -6- Memorandum from Mr.'anerson, dated November 16th, suggesting special rate on Federal Reserve Bulletin subscriptions for State Bank Examiners, together with draft Of letter to all chairmen. Appr oved. Letter dated November 17th, from Governor Harding to the Federal Reserve Bank of Chicago, regarding reserve upon special Canadian deposits held in member banks. Approved. Letter dated November 19th, prepared by General Counsel, addressed to the General Counsel of the Federal Reserve Bank of New York, regarding bertain changes in F.R.B. Form 86, "application by liquidating bank for surrender of stock". Approved. At 1:30 the Board took a recess until 3 o'clock. At 3:15 p.m. the Board re-convened. PRMMT: The Mr. Mr. Mr. Mr. Mr. Governor Platt Hamlin Miller Wills Hoxton, Secretary. Letter dated November 17th, from Mr. J. E. Crane, Acting Director of 2oreigh Exchange relative to remittances to Russia being nr.de by a New York bank in behalf ois a certain -7- .s charitable organization, Referred to the Governor, with request that he take the matter lin with the Assistant Secretary of the Treasury. Draft of letter dated November 17th, to be sent to all Federal Reserve Banks, covering the matter of equipment for printing Federal Reserve notes, and the assessment of the cost thereof. Approved, with the understanding that the letter will be transmitted as soon as the Governor receives a letter eqDected shortly from the Secretary of the Treasury dealing with the situation. Letter dated November 16th, from the Federal Reserve Bank of Chicago, concerning the Board's suggested form of indemnity agreement for acceptance credits. Referred to General Counsel. • Letter dated November 13th, from the Governor of the Federal Reserve Bank of Dallas, enclosing a reply made by him to the National Bank of Commerce at Houston, in zeply to inquiries regarding the Board's indemnity agreement for acceptances. The Governor was requested to wire Governor Van Zandt of the Board's approval of his reply above referred to. Letter dated November 18th, from the Governor of the Federal Reserve Bank of Cleveland, requesting conference 938 with the Board next Tuesday, November 23d, to discuss with the Board, Yr. Trowbridge and the Bank's architects the proposed building plans of the Federal Reserve Bank of Cleveland. Approved. At 4:55 the resting adjourned. Secretary Approved:. overnor.
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