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At a meeting of the Federal 7eserve Board held in the office of the Board on Friday, April 9, 1920, at 11 PRESENT: The Mr. Mr. Mr. Mr. Governor Miller Hamlin I:ioehlenpah Williams Chapman, Secretary. Minutes of meeting of the Board held April 6th were read, and on motion approved as amended. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 54 on paper secured by certificates of indebtedness, as follows: Date *.rith Bank RediscountinH April 6th Philadelphia Boston Amount T'aturities 7.3,000,()00 11-15 days Noted. The Governor reported the reserve positions of the several Federal Reserve banks as at close of business April 7th, and the status of rediscounts between Federal Reserve banks as of the same date. (At this point Mr. il1iams joined the meeting) Memorandum dated April 8th by Yr. Paddock, submitting an analysis of the bankers' acceptances purchased in the open market and held by the Federal reserve Bank of New York as of March 27, 1920. Ordered mimeographed. Letter dated April 6th from Assistant Federal Peserve Agent at New York, containing a daily report of conditions in the 3econd Federal Peserve District. '.-o-nlic'Itions of the following banks for authority to accept drafts and bills of exchange up to 100 of their capital and surplus, under the provisions of section 13 of the Federal reserve Act: The Jennings National Bank, Jennings, La. Liberty Bank & Trust Company, New Orleans, La. Approved. Letter dated April 6th from the Consulting Architect, reporting the progress of work in connection with vault test structures. Noted. lemorandurn dated April 6th by the Acting Chief, '3ecret 3ervice Division, reporting the arrest of counterfeiters of tea dollar New York Federal Feserve bank notes. Noted. ITPOP.T3 OF C07:.7ITTE NO. 1: Dated April 7th, recommending changes in stock at Federal 7eserve banks, as set forth in the auxiliary minute book as of this date. Approved. _3Dated April 8th, submitting resignation of 7olort Thomas as Clerk in the Federal Reserve Issue and Redemption Division, effective Aril 6, 1920. Accepted. Other business was presented and disposed of as follows: Letter dated April 1st from Assistant Secretary of the Treasury Leffinewell, transmitting cony of memorandun addressed by him to all fiscal offices of the Treasury Department, indicating the policy that will be pursued by the Department in communicating instructions to branches of Federal Reserve banks. :Toted. Letter dated April from the Chairman, Federal Reserve Bank of Dallas, submitting report bearing on shortage of :.10,000 in the Paying Teller's cash at the 7ouston Branch of that Bank. Ordered circulated. Letter dated April from the Chairman, Federal 7..eserve Bank of Dallas, submitting report of shortages in cash at the 171 Paso Branch of that Bank. Ordered. circulated. At 12-25 Approved: , the meeting adjourned. Secretary.
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