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849 t a special meeting of the Federal reserve Board held in the office of the Board on Saturday, October 16, 1920, at 3-15 P.M., :1ENT: The Governor Yr. Miller Yr. Hamlin Yr. 'ills Mr. 7illians Mr. Hoxton, Acting Secretary. Business was presented and disposed of as follows: The Governor stated that he was in receipt of a request from Chairman Jay of the Federal Reserve Bank of New York for the attitude of the Federal reserve Board with regard to his absence from that Bank for the period November 15th to January 1st next, to enable him to join Governor Strong who is now in Europe. On motion duly seconded, it was voted that it would be inexpedient for Mr. Jay to be absent from his post of duty at this time. The Governor referred to the matter of cotton factors' Paper, and after discussion it was decided that inasmuch as this question has a bearing upon the eligibility of the paper Of cowission merchants, that the Board defer the matter until it receives a report from Mr. Jay of the study of the question Which is now being made by the Federal reserve Bank of New York. The Governor was requested to convey to 850 Yr. Jay the wish of the Board that it may receive his report on this subject as early as possible during the next week. At 3-30 P.N., the meeting adjourned. Acting Secretary. Approved:
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