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L'JO A meting of the Executive Comittee of the Federal Reserve Board was held in the office of the Board on Saturday, October 30, 1920, at 11 a.m. PRESENT: The Goverror Mr. Platt Wills Mr. Hoxton, Acting Secretary. PRESENT ALSO: Mr. Miller. Business was presented and disposed of as follows: Letter dated October 28th from Consulting Architect Trowbridge, regarding insurance protection for the Federal Reserve Board against damage suits which may be brought by persons injured during the forthcoming vault construction tests, to be held in Washington, and suggesting that such insurance be Procured from the Aetna Insurance Conpany of Hartfort, Connecticut, on the terms submitted in letter dated October 28th from Messrs. DeLanoy & DeLanoy, Agents, New 'fork City. On motion duly seconded the Governor was requested to advise Mr. Trowbridge that he is authorized to have the Aetna Insurance Company of Hartfort, Connecticut, issue policies, as soon as possible, coverirg the insurance in question, and to draw checks in the usual manner in payment of the premiums thereon. Mr. Miller submitted proposed form of announcement to be made by the Board relative to business conditions throughout the United States during the past month. Approved. -2- Dated October 30th, recommending approval of application for fiduciary powers as set forth in the auxiliary minute book of this date. Approved. Other business was presented and disposed of as follows: Letter dated October 29th from Acting Governor Case of the Federal Reserve Bank of New York, calling attention to the followhi That the total number of borrowers at the Federal Re- serve Bank of New York has been reduced, between May 10, 1920 and October 20, 1920, from 346 to 252; that the number of borrowers in excess of basic line has been reduced from 116 to 83; that while this reduction in the number of borrowers is going on, there is, O1 the other hand, a great centralization in the borrowings of large New York City banks. Mr. Case also stated that between Sept- ember 30th and October 22nd, six of the large New York City banks have increased their borrowings from V,90,000,000 to $446,000,000, and that the Executive Committee and the officers of that Bank are inclined to consider this situation not urwholesona. The Governor was requested to advise the Federal Reserve Bank of New York that the Members of the Board would be interested in knowing the cause of this expansion of more than $150,000,000 in the loans by that Bank to six New York City irstitutions during the period mentioned. Letter dated October 26th, from the Federal Reserve Agent at Dallas, advising of his request for the resignation of Mr. J. R. Niendorff, Assistant Federal Reserve Agent at the Houston Branch Of that Bank, effective at the close of business, October 31, 1920. Anproved. 892 -.3- Letter dated October 26th from the Federal Reserve Agent at Dallas, commenting upon the report of examiration of the Federal Reserve Bank of Dallas, as at the close of busiress October 2) 1920. Noted. Mr. Miller submitted a letter dated October 29th, from the Director of the Division of Analysis and Research, detailing the methods used in handling the business condition reports from the several districts during the past month. Approved. At 1 p.m. the meeting adjourned. Acti Secretary.
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