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521 At a meeting of the Federal reserve Board held in the office of the Board on Friday, June 4, 1920, at 11 1.Y PRESENT: The Covernor 7r. Inner rr. Moehlenrah Mr. Chapman, Secretary. ::inutes of meetings of the Board held June 3d were read, and on motion approved. Business was presented and disposed of as fellows: The Governor stated that the Federal reserve Agent at Boston had telephoned this morning that it is the desire. of that Bank, in abolishinL its discount rate on bankers' acceptances, to handle such •acceptances at the commercial paper rate, and to preserve its open market rate on bankers' acceptances of , On motion duly seconded, the Governor as authorized to send the following telecram to 11r. Curtiss: ":;ith rates as approved by Board yesterday, bankers acceptances offered for rediscount would automatically take commercial paper rate except in cases where you deem paper to be of sufficient merit to justify you in purchasing same at lower rate for open market purchases, which latter rate was not abolished." The Governor reported rediscount transaction, pur- suant to authority heretofore vested in hit; member bank promissory'notes secured by Government obligations: rate 5-1/2 on paper secured by certificates of indebtedness, as - follows: Vith Bank Bed'scountinR. Date New York Chicago June 3d Anount 1:aturities •5,000,000 ':Tithin 15 days Noted. The Governor reported the reserve positions of the several Federal reserve Banks as at close of business June 2d, and the status of rediscounts between Federal eserve A. Banks as of the same date. The Governor submitted for approval, draft of letter by him dated June 3d, addressed to the Governors of all Federal Efjuerve Banks, containing comments by the Board on recommendations rade by the Governors at their conference with the Board, April 7-10, 1920. Approved. REPORTS OF coraaTTa': NO. 1: Dated June 4th, recorTiendirk; admission of State institutions as set forth in the auxiliary linute book as of this date, subject to th conditions stated in the individual reports -ttached to each application. Approved. Dated June 3d, recommendinc chances in stock at Federal 7eserve Banks, as set forth in the auxiliary minute book as of this date. Approved. At 1:7-20 2.11., the fneetinc adjourned. Secretary. Approved: Govern,.
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