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!_ 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 GovernorMr. PlattMr. MillerMr. 71amlinMr. 7illsMr. 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, pur-

suant to authority heretofore vested in him; member bank

promissory notes secured by Government obligations: rate 7-",

and 7'4 on commercial paper, as follows:

:Date Bank. I3edis-counting

Oct.26th AtlantaOct.27th Minneapolis

Oct.L7th F7ansas City..

Noted.

ith

ClevelandBoston

(Boston(Cleveland

Amount *:"aturities

,a,654,900 10-90 days2,b00,")00....(11-15 days

( 1-90 days4,001,317.50 12-15 days5,048,645.76 40-117 days

Telegram dated October 27th from the Federal reserve

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Agent at at Dallas, recommending the relief from duty of rr.

J. Mendorff as Assistant Federal Peserve Agent at the

70uston Branch of that Bank, and -2the 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 recom-

mendations as to salaries.

Letter dated October 20th from Assistant Federal 7'e-

serve Agent at San Francisco, recommending approval of appli-

cation 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.

Dated Oct.27th, recommending approval of applications for

fiduciary powers, as set forth in the

auxiliary minute book as of this date.

Approved.

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Dated 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 em-

ployment 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 con-

tinuation 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, request-

ing approval of the suspension at that Bank of progressive

discount rates, effective November 1, 1920, and the estab-

lishment of a 75 flat rate on all commercial, industrial and

agricultural paper, including member bank fifteen day col-

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lateral 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 ef-

fect that the Applicants shall agree with the officers of

the Federal 7-eserve Bank of Atlanta not to apply for redis-

counts for the present in an amount greater than their basic

lines.

The Board approved the waiver of con-

dition 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 under-

standinc 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 con-

dition than it is at present.

At 12 noon, the meeting adjourned.

Approved: ;.ctinc, lecretary.

Governor

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