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FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS X-17S1 Release f o r morning p a p e r s , D e c e m b e r 31» 1919 • The F e d e r a l R e s e r v e Boaipd h a s t e l e g r a p h e d a l l F e d e r a l R e s e r v e Banks t h a t i t w i l l approve a s c h e d u l e of r a t e s d o i n g away w i t h the p r e f e r e n t i a l r a t e here- t o f o r e g i v e n t o paper secured b y c e r t i f i c a t e s of i n d e b t e d n e s s , the d i f f e r e n t i a l s i n f a v o r of paper secured "by o t h e r G o v e r n m e n t o b l i g a t i o n s h a v i n g b e e n a b o l i s h e d b y a c t i o n t a k e n e a r l i e r i n t h e month* December 3 0 , 1 9 1 9 *
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