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At a meeting of the Federal Reserve Board held in the office of the Board on Thursday, September 9, 1920, at 11-30 A.M., PRE3ENT: The Mr. Mr. Mr. Mx. Governor Platt Miller Williams Chapman, Secretary. PRESENT ALSO: Mr. Logan, General Counsel. Business was presented and disposed of as follows: On motion duly seconded, it was voted to make special order business at the meeting of the Board to be held on Friday, September 17th, the question of the approval Of the new regulations of the Federal Reserve Board, Series of 1920. Letter dated September 6th from the Acting Governor, Federal Reserve Bank of New York, requesting approval by the Board of an arrangement whereby the Bank of France will earmark for the Federal Reserve Bank $35,000,000 to be counted as a part of the lawful reserve of the Federal Reserve Bank Of New York and other Federal Reserve Banks participating With it. On motion duly seconded, it WAS voted that the Governor of the Board be authorized to inform the Federal Reserve Bank of New York as follows: "The Federal Reserve Board sees no objection -9- to the Federal Reserve Bank of New York receiving from the Bank of France, on or before October 15, 1920, an amount of gold approximating thirty five million dollars to be ear marked by the Bank of France in the name of the Federal Reserve Bank of New York, and to be withdrawn by the Federal Reserve Bank of New York at its pleasure, the cost of transportation to be borne by the Bank of France. The Board will agree, if requested, to permit this gold to be counted as part of the lawful reserve of the Federal Reserve Bank pending its shipment to the United States as it is no longer the policy of the Board to Permit gold with foreign agencies to be counted as reserve indefinitely. It is understood that ,to any other Federal Reserve Bank desirint do so may assume its pro rata share of this deposit". Miller, while in thorough agreement with so much of the arrangement as provided for the acquisition by the Federal Reserve Bank of hew York and participating Reserve Banks of gold in the Bank of France, as a transaction under paragraph (a) of Section 14 of the Federal Reserve Act, which provides for bullion transactions, was not willing to vote that any part of this cold should be counted as part of the reserves of Federal Reserve Banks until it was actually in their physical possession or in actual process of shipment to them. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank Promissory notes secured by Government obligations, rate as follows: Date Sept.7th Bank Rediscounting Atlanta Noted. With Cleveland Amount :,;2,052,000 Maturities 8-15 days -3The Governor reported the reserve positions of the several Federal Reserve Banks as at close of business September 7th, and the status of rediscounts between Federal Reserve Banks as of the same date. IMPORTS OF COT7TITTI2. NO. 1: Dated Sept. 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 each application. Approved. Dated Sept. 9th, recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated Sept. 9th, recommending approval of appointment of Miss Katherine I. Latterman as Stenographer in the office of the Secretary at ,:11,440 per annum (including bonus), effective September 16, 1920, vice Mrs. L. C. Richardson, transferred. Approved. Other business was presented and disposed of as follows: Application of the Merchants National Bank, Los Angeles, California, for authority to accept up to 100:1 of Its capital and surplus, under the provisions of Section 13. Approved. The General Counsel submitted for approval revised draft of reply dated September 8th to the Cashier, Hibernia pi44,v (0 - 0 -4Bank& Trust Company, New Orleans, Louisiana, regarding the eligibility of certain drafts to be drawn against various banks which are members of a syndicate to grant acceptance credits for financing the exportation of commodities actually under contract for export. Approved. At 1-20 P.M., the rneting adjourned. Secretary. Approved:
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