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At a meeting of the 21!'ederal eserve Poard held in the office of the Board on Wednesday, April 7, 19ZO, at 3 T'.:" PRESENT: The Governor Mr. 7amlin Mr.::behlenpah Mr. illiams Chapman, Secretary. Minutes of meeting of the Board held April 6th were read, and on motion approved. Business was presented and disposed of as follows: 7amlin stated that he had conferred with Mr.Bradley ralrer further with respect to the contract to be entered into by the railroad companies obtaining Government aid, and that Mr. Palmer had changed his su4;cestion as to the contract so that railroad companies shall now give a bond guaranteed , company, and further that Mr. Palmer has arranged by a suret;) with the surety company so that the maximum rate charged will be one per cent, or probably a much lower rate. Mr. "amlin said further that Yr. Palmer had asXed him in what amount such bonds should be fixed, and that he had tentatively considered with Mr. Palmer 25 of all amounts advanced for the considera- tion of the Interstate Commerce Commission. Telegram dated April 7th from the Chairman, Federal reserve Pan of Philadelphia, requesting approval of the rate 357 of 5-1/2 on rediscounts of bankers' acceptances of all maturities. Approved. Telegram dated April 6th from the Chairman, Federal -eserve Bank of 3an Francisco, requestinc approval of the rate of 5-1/21 on rediscounts of bankers' aecentances, effective April 12, 1920. krnroved. The (4)vernor reported the reserve Positions of the several Federal Reserve banks as at close of business April 5th, and the status of rediscounts between Federal reserve banks as of the same date. 77"r7T9 OF r'0' -InT"- NO. 1: Dated April 6th, recommending changes in stock at Federal Reserve banks, as set forth in the auxiliary minute book as of this date. Approved. Dated April 5th, submitting list of changes made in the 7ational Pank examining force duringT'arch, 1920. 'Toted. Other business was presented and disposed of as follows: 7emorandum dated April 6th from Assistant 7ecretary of the Treasury Leffingwell, suggesting that inasmuch as the 7reasury is now paying silver certificates back into the Federal Reserve banks, the Board instruct the Reserve banks to 358 continue to gather in silver certificates but to hold them, rather than turn them in to subtreastries, as silver certificates in subtreasuries are idle and useless, and it takes some time before they can be turned over to one or another of the Federal Peserve banks. The Governor submitted for approval the following telegram to all Federal Reserve banks: "Referring Board's telegram December 9th, 1919, requesting you to deliver to nearest Assistant Treasurer any silver certificates you could spare, charging Treasurer, United States, in general account for equivalent amount as transfer of funds, it is requested that for present you discontinue sending surplus supplies of silver certificates to Assistant Treasurers and hold same in your own vaults, since necessity for releasing silver dollars by retirement of silver certificates is not urgent at present". Approved. Further discussion was then had of memorandum dated April 5th by Consulting Architect Trowbridge, reporting on bids received for the construction of the new bank building and vaults for the Federal 7eserve Bank of 7ansas City, in which memorandum IVIr. Trowbridge recommended the acceptance of particular bids. On motion duly seconded, the Governor was authorized to advise the Federal reserve rank of 7ansas City that it had been granted authority to negotiate contracts for the construction of its new bank building and vaults, 659 -4as recommended to the Board orally by Governor Tiller on yesterday, the lowest and best bids having been apnroved by the Board's Consulting Architect. Letter dated April 6th from (7enator FrelinEhuysen, requesting the Board's views upon Senate Bill 70. 4119, providing for the refunding of the national debt. Referred to the Governor with authority to advise Senator Frelinghuysen that this matter is one within the sole jurtsdiction of the Secretary of the Treasury, and will for reply. be referred to Letter dated April 2d from Chief national BanIc Examiner Sherrill Smith, addressed to the Comptroller of the Currency, requesting to be advised as to vhether or not the Federal 7eserve Board deems it advisable to have 7xaminer Thrris examine the London branch of the international 1.!an1cinc," Corporation, while engaged upon foreign examinations. referred to the Governor with power. On motion duly seconded it was voted to make special order business at the next meeting of the Board that is attended by its Chairman, the question of providing quarters for the Federal Reserve Board outside of the Treasury Building. At 3-45 P.M., the meeting adjourned. Apf)roved: Secretary.
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