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959 A. meeting of the Federal Reserve Board was held in the office of the Board on Tuesday, I7ovember 30th, at 11:05 a.m. PRMENT: The Mr. Hr. Mr. Mr. Governor Platt Hernlin Miller Wills Hoxton, Secretary. Minutes of meeting of the Board held November 24th were read, and on motion, eoproved as amended. Minutes of meeting of the Board held 3:overnber 29th were read, and on motion, approved. The Governor reported the reserve positions of the several Federal Ileserve Banks as at close of business November 26th, and. the status of rediscounts between the Federal Reserve Banks as of the same date. The Governor reported. the reserve positions of the several Federal Reserve Banks as at clog) of business November 27th, 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 obligttions, rate 7/.,1, and. 7,.; on commercial paper, as follows: 960 -2- Date Nov. Nov. Nov. Nov. 23 23 24 24 Bank redisWith countinF, Atlanta Cleveland Dallas Cleveland Cleveland Dallas Cleveland Atlanta Nov. Nov. Nov. Nov. Nov. Nov. 1Tov. Nov. Nov. 26 26 26 26 27 26 27 27 29 Dallas Minneapolis Kansas City Richmond Kansas City Atlant Dallas Atlanta Minneapolis Amount 3,0O0,000. 5,000,000. 8,000,000. (1,996,900. ( 425,000. 3,000,000. Cleveland 2,000,000. Boston 8,170,631. Cleveland 10,000,000. Bost on 2,009,487.50 Cleveland 1,800,000. Cleveland 3,000,000. Cleveland 3,000,000. Cleveland 2,000,000. Cleveland 1'.7aturit ies 10-60 days 11-15 " 11-15 Within 15 dys. ” 11-15 11-15 Within 15 ft 11-15 " 41-55 ft Within 90 11-15 ft 10-90 11-15 " Letter dated November 23rd from Dr. P. H. Saunders, Chairman of the Committee of Permanent Organization, Federal !r , International Banking Company, New Orleans, La., requ3sting the Board's approval of reservation for thirty days of the title "Federal International Banking Company", for the corporation which he represents, to be organized under Section 25 (a) Of the Federal Reserve Act. Approved. Letter dated November 22d, from the President of the City National Bank, Ft.Smith, Arlmnsas, protesting against the erection of a building for the Little Rock Branch of the Federal Reserve Bank of St.Louis. Referred to Messrs. Platt and. Mils. Application dated November 24th, from the Railway Loan Advisory Committee, requesting approval for a fonn of loan to be rind° to the Gulf, Mobile ,Pc Northern Railroad Co. under Sect- 961 -3 ion 210 of the Transportation Act, 1920. Aoproved. Letter dated November 26th from the Federal Reserve Bank of New York, requesting the Board's approval of the appointment of The Javasche Bank as its Agent and Correspondent, as provided in the Federal Reserve Act. Appro ved. remorandvm dated November 26th, from Hr. Znerson, regarding the purchase in the open market of Liberty Bonds by the Federal Reserve Bank of Dallas, for the account of employes Of that Bank. 'Governor Harding was requested to advise the Federal Reserve Bank of Dallas that the Board does not approve of su.ch transactions. Letter dated November 24th, from the Chairman of the Federal Reserve Bank of I.Iiimeapolis, giving account of the conditions in that District, and setting forth the policy adopted by that Bank. Noted, it being the sense of the meeting that no fault is to be found with the policy of the Federal Reserve Bank of IIinneapolis as set forth by the Chairman. Letter dated November 23d from the Chairman of the Federal Reserve Bank of New York, reporting the conclusions of the Pension Connittee. Referred to ressrs. Platt and Wills. 962 -4- Letter dated :Tovember 27th, from the Manager of the Southern Realty Corporation, remrding the rental of rooms by the Federal Reserve Board. Upon motion, the proposition of the Manager of the Southern Realty Corporation was accepted, with the understanding that tiv increased rental shall be retroactive to September 1, 1920. Letter dated Noventer 24th, from the Governor of the Federal Reserve Bank of Chicago, regarding advance of funds to the Treasury Department against Treasury Certificates, bearing interest at the rate of 2%. Upon motion, ordered docketed as special order business for the next meeting. Letter dated November 24th, from Mr. Edward Elliott, tendering his resignation as a Class (C) Director of the Federal Reserve Bank of San Francisco, effective December 31, 1920. Accepted. Letter dated November 20th, from Mr. Joseph N. Teal, tendering his resignat ion as Director of the Portland Branch Of the Federal Reserve Bank of San Francisco. Accept ed. Letter dated November 24th, from the Chairman of the Federal Reserve Bank of Dallas, recorrmending certain changes in personnel and salary at the El Paso Branch. Approved. -5- REPORTS OF COL/TITTMe NO. 1: Dated Nov. 24th, Rem:mending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated Nov. 29th, Recorrnending approval of application of Mr. L. 0. Evans to serve at the some time as Director of the Metals Bank & Trust Company of Butte, Montana, as Director of the Western Montana National Bank of Missoula, Montana, and. as Director of the First National Bank of Great Falls, Mont. Approved. Dated Nov. 26th, Recomending approval of the appointment in the Gold Settlement Auld Division of a clerk-typist to work evenings from six until ten, at a wage of 1 3.00 per evening. Approved. Other business was presented and disposed of as follaws: borMr. Wills called attention to the undiminished a and Dallas. rowings of the Fecteral Reserve Banks of Atlant Upon motion, in view of the large interest, e Bank through rediscounts, of the Federal Reserv of Banks e Reserv l Federa of Cleveland, in the to ted take reques was Wills Mr. Atlanta and Dallas, reupon g bearin s matter all superviairy charge of banks. discounts between said A. Broderick, Letter dated November 29th, from Mr. J. New York City, Vice-.)resident of the National Bank of Commerce, the purpose of making application to accept drafts drawn for in Australia and. furnishing dollar exchange end originating New Zealand. 64 -6- The Governor was requested to ascertain the views of the officers of the Federal Reserve Bank of New York upon this natter. Letter dated November 27th, from the Liberty National Bank of New York, inquiring as to the effect upon the eligibility of certain bankers' acceptances if during the life Of the bills, finished automobile tires should be substituted for raw rubber, the original security. Referred to General Counsel. At 1 p.m. the meeting adjourned. 44,A Secretary.
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