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IL meeting of the Federal Reserve Board was held in the office of the Board on Wednesday, November 24th, at 11:10 a.m. PE3SENT: The Mr. 1':r. Kr. Mr. Mr. Mr. Governor Platt Haml in laller Wills Williams Hoxton, Secretary. Minutes of meeting of the Board held November 22d were read, and on motion approved. Minutes of meeting of the Board held November 23d were read, and on motion approved. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business Kovember 22d, 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 irp on Covmercial paper, as follows: Date Nov. 22 Bank rediscount int : , Atlanta With Cleveland Amount Maturities C.:3,643,054.23 10-90 dys. ( 1,207,000. ':athin 15 " Letter dated :ovember 16th. from the Federal Reserve Bank of San Francisco, regarding the resolution adopted by the Board of Directors of the Federal Reserve Bank of Cleve- -2- land, and stating that a resolution was adopted. by the Federal Reserve Bank of San Francisco that the plan pronosed should be still further extended to give to tho lending Federal eserve Bank the right to 1.yl.ve offered to it that 1)aper of the borrowing bank which the former regardeci as most desirable. :Tot ed. :Telnorandrun dated :Tovember 22d, from the tThn oral Counsel, with reference to the eligibility of paper arising out of the purchase of aoric-altural implements, and submitting draft of ruling for the Board's approval. Approved and ordered mimeolranhed. Letter dated :,ovember 20th. from the Chairman of the 2ederal Reserve Bank of Dallas, requesting the Board's aiproval of his accepting an invitation to teach at next summer's session of the Thrthwestem University Sclool of Law. Er. Upon motion, Governor Harding was requested to advise Judge Ramsey that the Board is disposed to put no ob_tacle in the way of his accepting the invitation referred to, but that he should at all times regard the interests of the Federal Reserve Bank of Dallas as paramount, and rake no arrangements which are not sub;;ect to cancellation. T•r. Taller desired to be recorded as voting unov stating his opinion that the time of the officers of the Federal Reserve Banks should be devoted exclusively to their banks, and that they should not engage in any cp_inful occupation, even \line on loaves of absence. 956 -3- 2/2.?ORTS OF C0717I= TO I: Dated :7ov. 22d, ilecon-znendill; admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the condit ions stated in the individual reoorts attached to the a7plications. Approved. Dated :To. 22d. 2ecommending aoproval of auplications for fidtr lazy powers as set forth in the auxiliary minute book as of this date. Ap-orov ed. Dated .77ov. 23d, 7.econnending changes in stock at Federal :-?.eservo Banks, as set forth in the auxiliary minute book as of this date.. Dated Nov. 22d, Requestins approval of the resignation of :-r. Charles H. Cramer as Suoervisor - axamination of :emof the Division of Z ber State Banks, effective Dec. 11,1920. )proved. Other business was prtsented and disposed of as follows: Letter dated :ovember 23d, from the consult in Lr- chitect, requestin7 that he be authorized, in connection with the vault tests, to continue payment of salary to Crawshaw at the rate of ''20.00 a day, until the work of demolition is completed. Approved. Yr. Hamlin reported back to the Board. with his approval, subject to one su2rested change, the proposed amendment to Section 11. S-ub-section (c), roferred to him at the meetin=; of the Board yesterday. The Governor submitted various to from orf,,ani- zations and. individuals in the 1Tinth and Tenth Federal Reserve Districts, criticising the policies of the Board, and specifying certain changes which, in the judgment of the complainants, should be made in such policies. Also a proposed , letter of even date, written by Governor Harding to Edward Forsberg of Laurel, 1Tebraska, as a general answer to the telegrams referred to. Upon motion, the letter in reply to the telegrams was, after some amendment, approved, and the Governor was requested to send. a copy thereof to all Federal Reserve Banks. Letter dated !Tovember' 22d, from the Governor of the Federal Reserve Bank of Atlanta, relative to the proposed election as Deputy Governor of that Bank of Mr. J. L. Campbell, at present Assistant Cashier. After discussion, consideration of the matter was postponed, pending further informat ion. At 1:10 .m. the meting adjourned. Secretary.
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