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At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on Tuesday, September 28, 1920, at 11 A.M., PELSENT: The Governor Mr. Platt Mr. Chapman, Secretary. Business was presented and disposed of as follows: The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank Promissory notes secured by Government obligations: rate 7% on commercial paper, as follows: Date Bank Rediscounting Sept.22d Sept.22d Sept.25th Sept.25th Sept.23d Sept.24th Sept.24th With Amount Cleveland $5,045,935.17 Kansas City Philadelphia 1,800,000 Atlanta Philadelphia 2,800,000 Atlanta 2,500,000 Minneapolis Cleveland 5,000,000 Cleveland Chicago 1,400,000 Cleveland Atlanta 5,000,000 Chicago Cleveland Maturities 45-69 10-90 10-90 1-90 days days days days 10-90 days ••••• ••• Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank Promissory notes secured by Government obligations: rates76% and on commercial paper, as follows: Date Sept.21st Bank Rediscounting Atlanta Sept.23d Atlanta Noted. With Amount Cleveland....(2,237,500 (2,762,500 2,693,000 (Cleveland 1,707,000 (Boston Maturities 7-15 9-90 10-90 11-15 days days days days -2The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate Tro, as follows: Date Bank Rediscounting With Boston Richmond Sept.23d Cleveland Sept.22d Dallas Minneapolis Cleveland Sept.22d Cleveland Dallas Sept.23d Sept.24th Minneapolis Boston Sept.24th Kansas City Boston Boston Sept.24th Dallas Boston Sept.24th St.Louis Sept.24th Minneapolis Cleveland Maturities Amount 3,500,000 1,000,000 3,500,000 1,500,000 5,000,000 7,000,000 3,000,000 1,000,000 11-15 11-15 11-15 11-15 11-15 13-15 11-15 Within 11-15 days days days days days days days 15 days days Noted. The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business September 25th, and the status of rediscounts between Federal Reserve Banks as of the same date. Letter dated September 22d from the Chairman, Federal Reserve Bank of Chicago, regarding the policy of that Bank in connection with action upon applications of newly organized banks for admission to the System. Referred to the Governor for reply. Letter dated September 25th from the Governor, Federal Reserve Bank of Kansas City, advising of the maintenance •) temporarily of additional police protection for the Federal Reserve Bank building at Kansas City. Noted. REPOPTS: Dated Sept. 23d, recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book:as of this date. Approved. At 11-30 A.M., the meeting adjourned. Secretary. Approved:
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