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50 At a meeting of the Federal reserve Board held in the office of the Board on Tuesday, June 1, 1920, at 11-20 PR173ENT: The Governor Mr. Miller Ir. :,loehlenpah Mr. 7illiams Mr. Chapman, Secretary. Minutes of meetinasof the Board held on May 25th, 27th, 28th and 29th were read, and on motion approved. Business was presented and disposed of as follows: The r,evernor reported the reserve positions of the several Federal Reserve Banks as at close of business May 28th, and the status of rediscounts between Federal Reserve Banks as of the same date. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Governnent oblications;'rate on paper secured by certificates of indebtedness, and 52Z on paper secured by Liberty bonds and Victory notes, as follows: Date Bank Rediscountinr: ::.ay 20th.7ansas City '4;ith New York .Lmoutit 3,000,T)0 "nturitle-) 11-14 days :Toted. The Governor reported rediscount trailstion, pur- 508 • suant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate o5 on paper secured by certificates of indebtedness bearing or less; rate of on paper secured by certificates of indebtedness bearing rate of 5.a% and BY on paper secured by certificates of indebtedne6s bearing rate of &X, as follows: With Bank llediscounting Date 1;ew York Chicago "Lay 28th Amount Maturitle 34,000,000 7ithin 15 days Loted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 51 on paper secured by certificates of indebtedness bearing rate of &;!) or less; 5:Y0 on paper secured by all other certificates, and 6;! on paper secured by Liberty bonds and Victory notes, as follows: Date Bank P.ediscountirl: :ay 28th Y.inneapolis jith Cleveland Amount 2,500,000 11-15 days rioted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank • *3iromissory notes secured by Govenuent obligations: rate on paper secured by certificates of indebtedness bearing rate of 5 or less, as follows: disBnnk counting Date Atlanta ray 20th Jith Amount Maturities Cleve1and.,00,001 0 days Noted. The Governor reported rediscount tran:-;action, pursuant to authority heretofore vested in 1-11; member bank promissory notes secured by Government el,lkatiolls: rate on paper scouted by certificates of indo tedness bearinc rate of 5 or less; on taper secured. 1- certificates of indebtedness hearIng rate of 5., and 5 and 6c on paper se- cured by Liberty bonds and Victor,- notes, as follows: Bank Eedisconntin- Date ray 2th Minneapolis With Amount ::atu ities Cleveland fr1,500,000 11-15 days Memorandu. Lçj Tr.r. 7oehlenpah dated :.„,y 23th, submitting for approval, sucested reply ti the T'.oard to -ueemendations made by Governors of Feder::.1 TA:serve Ean'.cs ut the conference held .Lpril 7 10. Approved as amended. Letter dat-,ed 7th from the 71rlirman, 7ederal jr.4 serve Bank of Richmond, requestinG that the Beard approve the expenditure by that Bank of not more than one rAillion dollars in tTh ziequisitin of larcer quarters for its Balti1.,lore Pdranch. -7'efrred to the Governor and for report. r. 721:T.T3 OF COL1I2TTI :o. I: Dated :rune 1st, recommendiir ehahjs in stoo:: at Yederal Peserve Banks, as set forth in the auxiliary minute 1)oo'r: as of this date. aro lied. Dated ::ay 29th, recolendin salary of ::,2,401 or auiuni for :r. William A. Regan as National Bank 7xaminer in the Ninth Federal Reserve District. ArTroved. Other business was presented and disposed of as follows: Miller called attention to the fact that Members of the Board other than the Governor were not circulating in the Board's executive folder, correspondence of interest to their fellow members. It was understood that T'ernbera of the Board would send to theecrotary to be Placed in the executive folder and circulated, copies of all corrcsliondence had by them bearii:L; on _perthe Board and its "business and not of sonal mture. Telecram dated 1:ay 29th froLl the Governor, Federal Reserve Bank of Minneapolis, advising th:at that rank has fixed a rate on notes of all maturities secured by Liberty ' 54-1 bonds and Victory notes at and that owing to depreciation of the market price of Liberty bonds and Victory notes, the Bank requiring a margin on all notes discounted or redis- counted bearing date after June 6th, and not lending in excos of 60;'! of the par value. Noted. Letter dated nay 28th from the 3ocretary, Federal Reserve Bank of New York, requesting approval by the Board of the appropriation of the sum of !',16,500 to defray the expenses of the Federal Eeserve Club of that Bank for the remainder of the calendar year. Referred to the Governor with power. At 1-15 P.I.., the meeting adjourned. approved:
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