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4...t a meetint: the the office of the Board on Tue:, rieser.v3 -d held in , nsvember 4, 1919, 11 A.1%„, IRL(jENT: ThJ Governor Qtrauss Ur. Miller !tr. Hamlin ::-. Chapman,ecretary. Llinutos of the meeting of the Beard held on Cotober oth were read, and on motion Minutes of the meetings of the Board held on Cotober 31st and Vovember 3d were read, and a.,;rcved a Business was amended. esented and disposed of as follows: The Governor stated that the 1edera1 Reserve Bank of Kston desires authority to establish the following dis aant rate, effective Tovembe _4th: ijr advanoes not e=eeding 15 days to member banks on notes secured by: their ;:romissory (a) -United tates cortifictes Of indebtedness, ty bonds, Victory notes and customers' notes secured by any of the forooing 4-1/25 (b) United .;.tato$s certificates 3f indebtedness 4-1/45 bearin 4-1/4 interest dad, 2r ;o)1igib1 coerci 2or notes, drafts and bills of ectiance havin a maturity at time Jf rodiszeumt of not were than 90 days (including rodiscounts, for periods not exceedinr 15 days, of eligible paper having a maturity at time of rediscount of more than 15 days, ior notes, drafts and bills of exchange having d rrlturity of net in excess of 90 days secured by i,iburty ojnds or Victory notes • 41 / , e.4 C.) „ trade acceptancos and bankers acceptances having a. maturity at time of redisceu_nt meL-e thar. 20 days not 'or aL:ricultural 2z,ir . .aving a mtu ity at time of rodiso7.:nt of mere than 96 days but not more onths than s1 T'legram dated 1%vembe 3d from the Cha rman, dt7;I'Ll P6.c-1;arlie B4r1 of Kroc City, re:..Linesting autho to make charL7es in dLsoount rates. •T flhe 3ovrr.or sub:aitted for approval draft of telegram by Aim, a7,1thoril:inP7 aucn changes foalowa: ecr advances, not e.,..cuedlnu 15 days, to member banks on their promissory notes secured by Treasury certificates of indebtedness, Liberty bonds ar'd Victory notes, and customors nott-o secured by any of the . 4-1 ferep-oiri? bearing indebtedness c3rtificates of Treasury On 5:7 31 4-1/4:0 interest • • 4 paper commercial On Rediscounts of notes, drafts and biils of exchane havinmaturity at time of rediscount of not more than 90 days ************ .......... (Including rediscounts for periods not e.Lceedir. 15 days of eligible paper having maturity at time of rediscou-,t of not more than 15 days; 'or notes, drafts and bills of e:..change maturine, within V.) days, secured b Liberty bonds or 4-1/2 Victory notes ..ame, secured by Treasury certificates, according to to 4-ifo rate of interest borne by certificates acceptances maturing bankers acceptances and Trade 5, within 90 days * 0000000000000 ....... oo .* .6 e • a ••• • .iericultural paper maturing in more than 90 days but not longer than six months. ..proved. 5-1 -3On motion duly seconded it was voted that General Counsel h4 instructed to prepare an. opinion az to the -? 75,J00 power of the Board to a./prove the expenditure of , in the erection of a building for the testing of vault construction and protection. The Governor reported the purchase of special ;..; certificates of indebtedness of the United .-Jtates for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: For Federal Reserve Bank of: Atlanta, Date Amount Nov. 3d ;4,0,u00 Approved. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him: member bank promissory notes secured by Government obligations; rate on gaper secured by certificates of indebtedness and 4-40 on paper secured by Liberty bonds and Victory notes, as follows: Date Bank Rediscounting 7.1th Amount Oct.29th 0t.30th Oct.31st Philadelphia Philadelphia Atlanta Philadelphia Chicago Chicago Chicago Chicago c;4,000,000 4,CA)0,000 1,500,u00 2,5J0,000 1oted. Laturities 11-15 days It It 786 -4The Governor reported the reserve positions of the several Federal Reserve banks as at close of business Lovember 1st, and the status of rediscounts between Federal Reserve. banks as of the same date. Table prepared. by General Counsel's office, and suggested for insertion in the Federal Reserve .sulletin, containing analysis of Ltata laws relating to capital and surplus of banks. Ordered duolished in Federal Reserve bulletin. Letter dated October 30th from the Chairman, Federal Reserve Bunk of Philadelphia, in re construction of vault for that Bank. Referred to the Governor for report. Letter dated 1ovember 3d from the Chairman, .dural Reserve Bank of Philadelphia, in re eligibility for reelection of Mr. L. J. Murphy as a Class A director of that Bank. Referred to the Governor for reply that the Board is of the opinion that Mr. Murphy is legally eligible for reelection. Letter dated October 31st from the Governor, Federal Reserve Bank of Philadelphia, in re suggested increase in the fees of directors attending committee meetings at that Bank. 7E7 Tabled for conference with Governors of Federal heserve Banks. Letter dated October 31st from the Federal Reserve Agent at hichmend in re personnel of that Bank, Referred to the L.overnor for recommendation, with authority to visit Richmond at the expense of the Board. Letter dated October 30th from the Chairman, Federal Reserve Bank of New xork, requesting authority to postpone the opening of polls for the election of directors from Tuesday, vovember 18th, to Tuesday, December 2d. Lppreved. Letter dated October 30th from the Chairman, Federal Reserve Bank of Chicago, in re campaign to increase membership and cultivate closer relations with member banks. huferred to the Governor for reply. Letter dated October 27th from the Counsel of the .Federal Reserve Bank of St. Louis, requesting approval of placing of group insurance for employees of the Liberty Loan Organization of the Eighth Federal Reserve District. Lpproved, unless legal objection is raised by General Counsel. Letter dated October 26th from the Chairman, Federal Reserve Bank of Dallas, in re possible claim for infringement in connection with work being done on new bank building. t•-•'-)E3 , -6Referred to the Governor for reply. Memorandum by General Counsel dated October 31st, recommending appropriation of ;2,000 to be expended in the acquisitien of a law library for the Board's law department. Approved, the expenditure to be made only subject to the approval of the Chairman of the Law Committee. Memorandum by Comptroller of the Currency dated October 29th, recommending approval of the application of the Freedom rational Bank, Freedom, Pennsylvania, to reduce it capital stock from ;175,000 to .:;75,000, on condition that the bank will not in future reduce its surplus fund to less than 1005 of its capital without the consent of the office of the Comptreller of the Currency. Approved. Memorandum by Mr. 6mead dated October 31st, in re expenditures by the Federal Reserve Bank of Kansas City during the month of August, 1919, in connection with entertainments. Referred to the Governor for report. Memorandum by General 'Counsel dated October 31st, in re Board's quarters for the statistical Division in the Zouthern Building. Referred to the Chairman, Law Committee, for report. -7Te1egrii from the"4ecretary, Feder,— res:rve Bank of Chicago, submitting dis:lcunt rates as folles,effective Nov.Eth: collteral not. secured by certifiMember :bank 15 day cates of indebtedness, .siberty boLds and Victory notes; also on customers' Lotes secured in like 4-1/% manner cortifloates, 4-1/4' by secured p;_.per 012T11 . 77 ; '4-1/45 rate, shall be., for ?::11 mLturities., se=ercial bz: secured not collateral bank . Member 1 paper, 15 dayL aturity ...ving . ILL. exchange of bills and drafts Estes, not in excess of 90 days secured.by Librty . bonds, Victory notes and Treasury curtif',cates.. 4Rediscounts of notes, drafts and bills of exchange 4-1 ; 15 day maturities A Maturities, 16 to 90 days Agricultural paper, maturities 91 days to sL months. 5-1/2 A Trade acceptances, all maturities' AL)e roved. AeL)lication of seecurity ::;avings Bank, Loo Angelo's, California, for permission to establish a branch 7th tret nd Grand :,venue., LoJ ;Jigeles, and to pun:m.3e the Hellyood Eational Bark and trio Citizens S;avings Bank of H,sliyv:ood, a suburb of Los 1,,neles, to be operated as branches, in connection vJth its application for motabership in the zystem. Aroved. RE20R% 02 0CisIMITT4'A NO., 1: Dated Cet. 30th, reco=ending changes in stock at Federal Reserve banks as set fortn in the auxiliary minute book as of trio date, Approved. Dated Vov. 4th, recommending action on applications for fiduciary powers as set forth in the auxiliary winute book as of this date. Approved. 1. , 7ov. of a. ioatier o ut the '.,7..ur:e. J. :jurrn t( .;hav.Trrat dIroCter the , and, the 7„.:e.rohart ..., of 3ooton, OLZYI Lav.-roroe, et' dIrL7 a.,z2,v1 of a2 the Iserve 3. a director or the 2r1ir tho Fidelity Tr,..:.6t Cemi)ary, bet7. of of :1th,reval of Joohua LayrIeldo te. o, erva zA the director of the Firot as the Firt nAior%1 .Lco, and tqe Firot of :Li V01rL, r. of .treved. ai)jorevi of ola.rieofor J6irm of _t1J :!.lonrco, 3,3o te . in oala: frcr 7.ted Cot.th,rece7.7..-:.ondinc; .Increaoo Byero eorn.,..11 for - eoerve 1,:.:,•aniner in the ..;,_,rd trict, effective l',.vo'nber 1 ao ComiAometor Curator in the Divioien of prL,,rnum, heports ard ttiotic ot pluo boruo of ":.'10 per month. rcmmndinc; c .f* mney 3onter6, to be 4.3i11.ed to theiorutior 72.1viL,,.1or the Offioe of ?:::tr&lier c t. 7 the 2.1..f*roncy, at not tceuin: i ooh annu=. • At 12-4u 2.M., the meeting adjourned. ectretary. Approved; •
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