19200515_Minutes.pdf

459

At a special meeting of the Federal reserve Board

held in the office of the Board on Saturday, May 15, 1920,

at 11-30 A.L

PFT.STNT: The GovernorMr. MillerYr. LoehlenpahYr. WilliamsMr. Emerson, Assistant Secretary.

Minutes of meeting of the Board held May 14th were

read, and on motion approved.

Business was presented and disposed of as follows:

The Governor reported rediscount transactiou, pursuant

to authority heretofore vested in him; member bank promissory

notes secured by Government obligations; rate 5;" on paper se-

cured by certificates of indebtedness, and 5-1/2:4 on paper

secured by Liberty bonds and Victory notes, as follows:

Date Bank: Redis- with Amount Maturities

countiw:

May 13th Dallas New York ::4,000,000 11-15 days

Noted.

The Governor reported rediscount transaction, pursuant


notes secured by Government obligations: rate 5-1/2 on paper

secured by Liberty bonds, as follows:

Date Bank redis- 71th Amount Maturities

countinp:

May 13th Atlanta New York !:;2,000,000 11-15 days

Noted.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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,I.he Governor reported rediscount transaction, pursuant


notes secured by Government obligations: rate 6:7). on commercIal

paper, as follows:

Date Bank Pedis- 7:ith Amount Maturities

count in

May 14th Louis flew York

Noted.

The Governor reported rediscount transaction, pursuant

to authority heretofore vested in him; member bank plomisso

notes secured by Government obligations: rate 5T, on paper se-

cured by certificates of indebtedness 5-l/21 on paper se-

cured by Liberty bonds and Victory notes, as follaws:

Date Bank redis- with Amount 7,7atu itiescountinp:

00 3 - 0 days

T.,lay 14th Kansas City New York7,000,000 14 days

Noted.

The Governor reported the reserve positions of the

several Federal Reserve Banks as at close of business May 13th,

and the status of rediscounts between Federal Peserve Banks

as of the same date.

Telegram dated May 14th from the Seer t ry, Federal

reserve Bank of Chicago, recommendinc for approval, discount

rate at that Bank of 5-1/27,1 on paper secured by certificates

11-

46()


461

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of indebtedness bearing rate of 5-1/e, effective May 17th.

Approved.

Memorandum dated May 10th by the St tistician, recom-

mending. discontinuance of weekly reports showing loans se-

cured by stocks and bonds, the Board's regular weekly member

bank statement, however, to continue to show the data.

Approved.

Letter dated May 12th from the Federal Feserve Agent

at Minneapolis, suggesting appointees to the Board of Directors

of the Helena Branch of that Bank.

Ordered tabled for the next regular meet-

ing of the Board.

Letter dated May 13th from the Chairman, Federal 'Re-

serve Bank of Fichmond, reporting upon the progress being

made in the conStruction of the new bank building for that

Bank, and the difficulties being experienced, also upon the

extension of activities and the enlargement of the Baltimore

Branch.

Feferred to the Governor for reply.

Letter dated May 10th from the Federal reserve Agent

at Dallas, reporting the status. of borrowings of State member

institutions with that Bank..

Noted.


462

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Letter dated May 9th from the Governor, F.ederal

reserve Bank of Kansas City; reporting upon the Methods used

in financing the cattle industry in the Tenth Federal Pe-

serve District.

Noted.

Letter dated May 12th from the Governor, Federal Pe-

serve Bank of Kansas City, requesting approval of contract

covering telegraph service between that Bank and its Omaha

Branch, effective May 1, 1920, at the rate of $420 per month.

Approved.

Memorandum by Assistant Secretary dated May 14th,

submitting for approval of the Board, lease covering approxi-

mately 1,200 square feet of space at No. 37 Liberty Street,

New York City, for the use of the Board's Division of Analysis

and Research, at an annual rental of 3,000.

Approved.

REPORTS OF CO3',IT2E1l NO. 1:

Dated May 15th, 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 May 15th, recommending :that the applications of the

following banks for membership in the System

be referred back to the reserve Bank committee

with advice that althol;gh these banks are

somewhat extended and there are certain other


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criticisms the Board will approve theiradmission in case the committee deiires suchaction Immediately, or in case the committeeconsiders it desirable to withhold actionfor the present, the Board will approve suchcourse'

First state Bank, Robstown, Texas,Forney Stette Bank, Forney, Texas,Farmers State Bank, Shiro, Texas, •First State Bank, '.ay City, Texas.Recommendation approved.

At 12-45 P.M., the meeting nAjourned.


Documents

19200515_Minutes.pdf