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09
A fleeting of the 2edera1 Reserve Board. was held_ in the
Office of the Board on Tuesday, November 9, 1920, at 11:10 a.m.
PR:CENT:
The
Mr.
Mr.
Mr.
Mr.
Mr.
Governor
Platt
Hamlin
miler
Williams
Hoxton, Secretary.
PRESiNT ALSO:
Mr. Logan, General Counsel.
Minutes of meeting of the Executive Commit tee held November 6th were read, and on motion the action therein set forth
was ratified.
Minutes of meeting of the Board held November 8th were
read, and on motion approved.
The Governor reported the reserve positions of the several Federal Reserve banks as at close of business November 6th.
'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 Goverment obligations; rate
and 7`.' on
Date
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
5
5
6
6
8
8
8
Comrrercial paper. as follows:
Bank Rediscounting
With
Amount
Atlanta
Dallas
Dallas
Atlanta
Richmond
Minneapolis
Minneapolis
Cleveland
Cleveland
Cleveland
Clevel and
Bost on
Boston
Bost on
$3,030,750.
2,500,000.
2,000,000.
3,253,000.
10,000,000.
3,000,000.
1,000,000.
Maturities
10-90 days
11-15
11-15 IV
10-90
11-15
11-15
1-90
a..
Menvrandura dated. November 6th, from the General Counsel,
recommending that the Board. purchase for the use of the Counsel's
Office law books aggregating f,-)46.540.
Approved.
Telegram dated November 8th, from Mr. Ramsey, Federal Reserve Bank of Dallas, reporting a thortage of ni,000. in shipment
Of currency from El Paso to Washington.
Noted.
Letter dated November 5th. from Mr. W. F. rcLallen, of
the Federal Reserve Bank of Chicago, setting forth several matters
not previously disposed of.
Approved.
Telegram dated November 5th,
from Mr. Perrin. of the Fed-
eral Reserve Bank of San Francisco, advising the Board that arrangements have been nude to join the State authorities in examinations
Of large Los Angeles banks during the next thirty days; also requesting the Board's approval to appointnrnts of members of the
Los Angeles branch to assist Examiner Loveland.
Approved.
(At this point Mr. Williams joined the meeting.)
Draft of letter by the Governor regrirding pavment of additional compensation to National Bank Examiner, Frank L. Norris.
Postponed., until the meeting of the Board next
Thursday.
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(At this noint Mr. William withdraw from the meeting.)
Application of Security rational Bank, Oklahoma City,
Oklahoma, for authority to accept up to 100:.
Approved.
Letter dated November 8th, from Mr. F. J. Thiel, Deputy
Assistant Treasurer of the United States, reporting that no applications for the sale of bonds under Section 16 of the Federal
Reserve Act have been received by the Treasury Department from
National Banks for the quarter ending September 30, 1920.
roted.
REPORTS OF 001.11ITTEE 70. 1:
Dated Nov. 9th, Recommending 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 the applications.
A)proved.
Dated rov. 6th, Recommending dhanges in stock at Federal Reserve Banks as set forth in the Auxiliary
Minute Book as of this date.
Approved.
Dated rov. 9th, Recommending aoproval of application of Mr.
Robert D. Kent to serve at the same time as
Director of the Stapleton rational Bank of
Stapleton, :Jew York, and as Director of the
Port Richmond rational Bank, of Port Richmond,
New York.
Approved.
Dated Nov. 9th, Recommending the appointment of Mr. C. W.
Hanford as Clerk in the office of the Chief
Clerk, at a salary of(..1;2,000. par annum,
effective upon reporting for duty.
Approved.
Dated Nov. 9th, Rec ommend ing approval of appointment of Miss
Mary Grace Keegin, as additional Comptometer
Operator in the Division of Reports and Statistics, at a salary of :a465., effective November 10th.
Approved.
Dated Nov. 8th, Recommending approval of appointment of Mr.
Ralph Roby on the staff of the Division of
Analysis and Research, at a salary of :4!750.
per annizn, effective upon reporting for duty.
Approved.
Dated 3.Tcrv. 6th, Recommending approval of appointment of Miss
Emeline Happersberger as stenographer in the
Division of Analysis and. Research, at a
salary of l44O., effective ton appointment.
Approved.
Dated Nov. 4th, Submitting list of changes made in the National Bank Examining force during the month of
September, 1920.
Not ed.
Dated Nov. 5th, Submitting list of changes made in the National Bank Examining force during the month of
October, 1920.
Noted.
Other business was presented. and disposed of as folio':
Letter dated October 15, 1920, from Mr. Kenzel of the
Federal Reserve Bank of New York to General Counsel, asking for
a ruling in regard to the eligibility for acceptance by a member
bank of certain drafts originating in Sweden, together with a
draft of a proposed letter in reply thereto.
91.3
-5-
Upon motion the opinion was accepted and the
dispatch of the reply to Mr. Kenzel authorized.
Letter from Mr. Jay, Chairman of the Federal Reserve
Bank of New York, dated November 9th, suggesting that the Board.
send out to the several Federal Reserve Banks a letter along
the lines of copy submitted by Mr. Jay, advocating that the Federal Reserve Banks use their efforts to broaden the market for
banke rs' acceptances.
Upon motion the transmittal of such a letter
was authorized..
Letter dated November 5th, from Mr. Trowbridge, ConsultArchitect, recommending a change in the building plans of the
Federal Reserve Bank of Dallas, involving an additional elpend.iture of ('12,032.
Approved.
Letter dated November 5th, from Mr. Zurlinden, Deputy Governor of the Federal Reserve Bank of Cleveland, addressed to Mr.
D. C. Wills, questioning the propriety of certain bankers' acceptances covering domestic shipments of cottonseed Oil.
Referred to Mr. Wills for report.
Letter dated. November 8th, from Mr. Meredith, the Secretary of Agriculture, regarding the attitude of the Federal Re-'
serve Bank of Kansas City towards the receipts of warehouses established. under the United States Warehouse Act.
V,14
-6-
Upon motion the Governor was requested to
reply to Yr. Meredith, and to send a copy of his
letter to Governor Miller of the Federal Reserve
Bank of Kansas City.
Memorandum dated November 9th, from Mr. Eddy,
Assistant Secretary of the Board, inquiring if the Board wishes
him to continue to act as Deputy Fiscal Agent.
The Governor stated that when Mr. Eddy was
appointed Assistant Secretary no action was taken
by the Board with respect to his continuing to hold
the office of Deputy Fiscal Agent; and that if he
were to continue in that office, it would be necessary to renew his bond this week. Upon motion,
Mr. Eddy was continued in the position of Deputy
Fiscal Agent, and his salary was fixed for the month
of November 1920 at 375.00; his salary after the
month of November to revert to the forner figure
authorized by the Board, namely, (4350.00 per month.
Letter dated November 9th, from Assistant Secretary of
the Treasury Gilbert, outlining a plan for the prevention of
shipments to the United States of Russian Bolshevik gold.
Upon motion Governor Harding was authorized to
indicate to Assistant Secretary of the Treasury
Gilbert the Board's approval of the proposed plan.
At 1:10 p.m. the meeting adjourned.
Secretary.
@FedFRASER