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At a meeting of the Federal reserve Board held in the office of the Board on Tuesday, April 27, 1920, at 11.0 =SENT: The Chairman The Governor Mr. "diner L:oehlenpah 1:r. Williams 11.r. Brerson, Assistant Secretary. Minutes of meeting of the l'oard held April 26th were read and on motion arproved. Business was presented and disposed of as follows: 1:emorandum by Mr. Jacobson,dated April 23rd, recowmending that tabulation cards used in al)stractin data in connection with discount oporations of Federal reserve Banks covering the gears 191G and 1919 be sold as waste paper. or otherwise disposed of as soon as nracticable. Approved. The Governor submitted for approval draft of It lettor to :"r. E. D. Hulbert, President, Merchants' Loan Trust Company, Chicago, in regard to the application of Mr. John H. Mitchell to serve as director of the Chase National Bank of New York, the :'ew York Trust Company of Mew York, and the Illinois Trust and Savings Co. of Chicago. Approved. Application of the Garfield 1:'ational 13tnk, Mew York, for authority to hoceot Ito to 1001 of its capital and surplus unOcr the provisions of 'Motion 13 of the Feeral reserve Act. Approved. 4unomr onmaoup un 2uTon oT Aa4supuT auctoulown oql tt pots prti 'aodal 11 no ,luTonjoa al pun ‘SuT4unoosTpoa JOJ ovIraToopi:n st ao&ed erfq011,04n17 Pot u1j nToTApr . -1 AT° P-,71 stsurx Jo 2tu141 PAIOSO: Ira* uoLln pr,1p3o r.alsnpaT otIctouto4nu 010- Jo so41434u saadoa 'toot 4rA-14 PoVe4s 2ma0A03 04L :b.:;%oTioJ .sr Jo p000dsTp put po4uosoa.;„ snm ss Ils ami40 .P04011 7t.1,1 TIO-S JO liriVia 00. Traio„,:r Jo It.u7 7. parI4lo1 oti4 JO a0;3=14: Put ::010-LTIc c_7; .7uIdtarT *7 . 0 JO 40ZGI 41 1:77: OAT4Or:IJJ ,) '1-oTqruSI2 JO .7UlgTAp111"q40:; TTadV .j: ,Aoaddly 4 110-,:', 1 .7_7cLicuirixo Jo .711u1.:,71 atc,Oj '4T2no2 Ln.,014 Jo IvuovIrl ott4 tOTI ntoIxvilY EWA. JO a0400A -ran Jo oAano ( 14 Slortru, -Tp n sr omT4 mvs Gq1 .A(_.jdc Owl otra_uutc00.1‘149z, f Jo uoTlcoTiddvl Jo -j . 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Approved, Telegram dated April 24th from the Chairman, Federal Reserve Bank San Francisco, recommending for arproval of the Board the rate of 5-1/4%. for member banks' collateral notes and all rediscounts secured by Treasury certificates of indebtedness; also rate of 5-3/4:; for member banks' collateral notes and rediscounts secured by Liberty bonds and Victory notes. On motion duly made and E,econded, the Governor wls authorized to advise the Chairman'of the Federal eserve Bank of San i4rancisco that the Board anrroves rate V"' 5-1/4;1'. for ,:ember banks' collaterrl notes and rediscounts secured by Treasury certificates of indebtedness, but has taken no action on request for anproval of rate of 5-3/4,' on member banks' collateral notes and rediscounts secured by Liberty bonds and Victory notes. The Governor ras also authorized to advise all Federal reserve Banks that before approving fractional raises in rates on paper secured by Liberty bonds and fictory notes, the Board desires iore specific information as to the adv:2.ntage of such fractional increases, and if such advances are desirable, the reason that an advance in connercial paper rate is not equally desirable. 414 At 1-15 P.: , the meeting adjourned. lt Secretary. Approved:
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