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39 Upon call of the Vice Governor a special meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Juno 12, 1925, at 12:20 p.m. PRESENT: Vice Governor Platt Mr. James Mr. Cunningham Mr. Miller Mr. Eddy, Secretary The Vice Governor stated that the meeting had been called at the request of Mr. Miller to consider the following telegram from the Deputy Governor of the Federal qeserve Bank of New York: "Beginning today our effective minimum buying rate for 90-day bankers acceptances is 3 1/4 per cent. Rates for other maturities unchanged. 2hey are 30 days, 3 per cent; 60 days, 3 1/6 per cent; four months, 3 1/4 per cent; five and six months, 3 1/2 per cent; sales contract, 3 per cent." Mr. Miller stated that he was in accord with the action of the New York Bank in increasing the minimum actual buying rate on 90-day bankers acceptances but was of the opinion that a similar increase - 1/8 of one per cent - should be made effective on all maturities of bills up to five months. After dismission, upon motion by Mr. Miller, the following telegram was ordered transmitted to the Governor of the Federal Reserve Bank of New York: "Board notes with arvroval in Kenzel's telegram advance of ninety day effective purchasing rate on bills, but is of opinion that other rates up to five months might well be similarly advanced and suggests following schedule - 30 days 3 1/8; 30 to 90 days 3 1/4; 90 to 120 days 3 3/8 and over four months 3 1/2. Board will await with interest views of yourself and executive committee." The Vice Governor reported, on behalf of the Committee on District 411 that formal tender had been made to Mr. C. C. Walsh of San Angelo, t`39J 6/12/25 -2- Texas of the position of Class "C" Director and Federal Reserve Agent and Chairman of the Board of Directors of the Federal Reserve Bank of Dallas, in accordance with the action taken by the Board on June 9th and that Liz'. 7bash's acceptance had been received in writing. Letter dated June 10th from the Federal Reserve Agent at aichmond, transmitting copy of a reply to a letter addressed by him to the President Of the Federal Finance and Credit Company of Baltimore, with regard to an aavertisement of that corporation that it performs for its customers a service similar to that which the Federal Reserve banks perform for their member banks and stating that the advertisement in conjunction with the naMe of the company might cause confusion in the minds of the public; the President of the Company advising that instructions have been issued to all departments and correspondents of the concern to use extreme care to Prevent any possible confusion in this respect. Noted and ordered filed. , The meeting adjourned at 1:00 o'clock. 4PProved: Vice-Governor.
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