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E'83 !_ meeting of the Federal Peserve Board was held in the offioe of the Board on Thursday, October 28, 1920, at 11-05 PP.M77':NT: The Governor Mr. Platt Mr. Miller Mr. 71amlin Mr. 7ills Mr. Hoxton, Acting Secretary. Minutes of meeting of the Board held October 27th were read, and on motion arproved. Business was presented and disposed of as follows: The Governor reported the reserve positions of the several Federal Peserve Banks as at close of business October 26th, and the status of rediscounts between Federal reserve Banks as of the same date. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 7-", and 7'4 on commercial paper, as follows: Bank. I3ediscounting :Date ith Cleveland Boston Oct.26th Oct.27th Atlanta Minneapolis Oct.L7th F7ansas City..(Boston (Cleveland Amount *:"aturities 10-90 days ,a,654,900 00....(11-15 days 2,b00," ) ( 1-90 days 4,001,317.50 12-15 days 5,048,645.76 40-117 days Noted. Telegram dated October 27th from the Federal reserve Ot34 Agent at Dallas, recommending the relief from duty of rr. J. Mendorff as Assistant Federal Peserve Agent at the 70uston Branch of that Bank, and 2- the transfer of Mr. R. L. King, at present Assistant Federal Peserve Agent at El Paso, to fill the vacancy at 7ouston: also the appointment of Yr. • P. Clark as Assistant Federal Peserve Agent at the El Paso Branch. Approved, the Board to await recommendations as to salaries. Letter dated October 20th from Assistant Federal 7'eserve Agent at San Francisco, recommending approval of application of the An6lo-cJalifornia Trust Company, San Francisco, California, a member bank, for permission to operate a branch .tt 111 ::arket Street, San Francisco. Approved. - 0rT3 OF CO:IMITTIIE NO. 1: Dated Oct.28th, recommending admission of State institutions, as set forth in the auyiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each aprlication. Approved. Dated Oct.27th, recommending changes in stock at Federal Peserve Banks, as set forth in the auxiliary minute book as of this date. Approved. IL\ Dated Oct.27th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. 885 -3Dated Oct.28th, recommending approval of increase in salary of Leroy Tricks, Messenger on the Board's staff, to :1,160 per annum, effective November 1, 1920. approved. Dated Oct.26th, recommending approval of the temporary employment of Miss Julia Elliott as Librarian, Federal Reserve Bank of Chicago, at the rate of :i14,200 per annum, effective October 25, 1920. Approved for a period not to exceed five months. Letters dated October 13th and 27th, from the Comptroller of the Currency, requesting approval of continuation of the payment of salary of National Fan;c7xaminer Frank L. Norris at the rate of :;2,500 per month for a period of trenty-one days after his return from Europe, during which time he was engaged in completing the work incident to his examination of the European branches of National banks. No action taken by the Board. Other business was presented and disposed of as follows: The Governor submitted telegram dated October 27th, from the Chairman, Federal Reserve Bank of Atlanta, requesting approval of the suspension at that Bank of progressive discount rates, effective November 1, 1920, and the establishment of a 75 flat rate on all commercial, industrial and agricultural paper, including member bank fifteen day col- -4lateral notes; also a 6 rate on bankers' acceptances when endorsed by a member bank other than accepting bank; no Changes to be made in rates on bills secured by Government war obligations. Approved. The Governor submitted telegram dated October 27th from the Chairman and Governor, Federal Peserve Bank of Atlanta, recruestinc that the Board waive the condition of admission to membership in the 3ystem imposed upon the La Grange Banking L Trust Company, La Grange, Georgia, and the Commerce Bank C: Trust Company, Commerce, Georgia, to the effect that the Applicants shall agree with the officers of the Federal 7-eserve Bank of Atlanta not to apply for rediscounts for the present in an amount greater than their basic lines. The Board approved the waiver of condition as requested, and the Governor was authorized to advise the FederalTeserve Bank of Atlanta not to recommend the admission of new State banks without having a clear understandinc with the applicants as to the maxim= line of rediscount credit which they may expect, until such time as the Federal reserve Bank of Atlanta shall he in a much less extended condition than it is at present. At 12 noon, the meeting adjourned. ;.ctinc, lecretary. Approved: Governor
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