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A meeting of the Federal Reserve Bo.ord was held in the office of the Bom-d. on Tuesday, :7ovember 23d. at 11:10 a.m. PRESENT: The The Mr. Mr. Mr. Mr. Chairnen Governor Platt Hanlin Wills Hoxton, Secretary. P6E11T ALSO: Mr. Troubridge. Reading of the minutes of Kovember 22d. was omitted. Pursuant to previous agreement, the Governor stated that the Board v.ould consider the building plans proposed for the Federal Reserve Bank of Cleveland, and Governor Fancher, Deputy Governor Fleming and the architects of the Cleveland Bank were invited to join the meeting. After full discussion and the exhibition of various plans and drawings, the Federal Reserve Bank of Cleveland was, upon motion, authorized, to proceed with the construction of a building in general conformity with the drawings exhibited, to contain 6,000,000 cubic feet of space. Hr. Wills desired to be re- garded as not voting. (At this point Hr. Miller and Mr. Login entered the meeting, and Llessrs. -Anchor, Fleming and their architects Withdrew.) -2- The Governor stated that, pursuant to the action Of the Board yesterday, the next subject in order would be the matter of the Board's administration of the Clayton Act. After discussion, it was upon motion determined to post.)one further consideration of this matter, until replies shall be received to the letters upon this subject sent out yesterday to all Federal 7teserve Agents. (At this point the Chairman withdrew from the meeting). The Governor reported the reserve positions of the several Federal 'reserve Banks as at close of business :Tovember 20th, and the status of rediscounts between the Federal :Reserve Banks as of the mme date. The Governor reported rediscount transactions, member bank promissory notes secured by Government obliga tions; rate 7, and 7,6 on Commercial paler. as follows: Date 20 rov. 20 rov. . 22 rov. 22 Bank rediscount Atlanta :linneapol is Kansas city Minneapolis 'nth Amount Cleveland. :'2,200,000. 1,500,000. Cleveland 8,000,044.50 Cleveland 3,000,000. Cleveland -aturities l0-90 dys. 11-15 " 11-15 " ( 1-)0 " (11-15 " :ovenber 17th, from the Division .1,7emorandum dated 1, Of Examination, sucrest ins a change in the conditions for 931 -3- membership imposed upon the Dime Deposit Bank of Kulpmont, Pennsylvania. Approved. Letter dated November 20th, from the Federal Reserve Bank of TIinneapolis, requesting the Board's approval of an for additional vault con1 expenditure amounting to ,'7500. struction, nude necessary by that Bank's interrled assumption on December 1st of Sub -Treasury Functions. Referred to the Governor with power. 'IMORTS OF C01IITTI2 NO. 1: Dated Nov. 18th, Recomend.ing 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. 18th, Recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated Nov. 22d, Recommending approval of application for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. Dated Nov. 18th, Recommending approval of application of Lir. A. W. Hurley to serve at the SaM3 time as Officer and Director of the First National Bank of Tulsa, Okla. and as Officer and Director of the Citizens National Bank, of Pawhuska, Oklahoma. Approved. Dated Nov.20th, Recommending approval of application of lat. C. Harry Rogers, to serve at the sane time as Director of the Gloucester Safe Deposit & Trust Co., of Gloucester, Mass., and as Director of the Rockport National Bank, of Rockport, Mass. Approved. Other business was presented and disposed of as follows: In regard to the proposed building of a bank annex by the Federal Reserve Bank of Richmond Which was referred at the last meeting to Messrs. Platt and Wills, Mr. Wills reported that, after a conference with the Consulting Ar— chitect, he and Fr. Platt were of the opinion that the Federal Reserve Bank of Richmond, for physical reasons, can • only utilize the rear lot referred to in the recent letter from the Chairman of that Bank, but that the Bank should also obtain an option on the property known as the Academy of Music lot. The Governor was requested to authorize the acquisition by the Federal Reserve Bank of Richmond of the additional space as indicated, with the understanding that the Bank also secure an option upon the Academy of Music property. The Governor submitted a proposed amendment to Section 11, Sul-Section (c) of the Federal Reserve Act. Referred to Mr. Hamlin. The Governor submitted a proposed ameadme t to Section 11 Sub-Section (m) of the Federal Reserve Act. Referred to Yr. Logan for incorporation of a prevision covering State Member Banks. Letter dated November 20th, from the Governor of the Federal Reserve Bank of Dallas, enclosing a circular proposed to be sent out shortly by tbat Bank, covering the matter of credit control. Noted. At 1:25 p.m. the re 'lug adjourned. Secretary.
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