Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, March 27, 1920, Volume 7, Part 2

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At a special meeting of the Federal Reserve Board held
in the office of the Board on Saturday, March 27, 1920, at
11
PRESENT: The Governor
Mr. Miller
Mr. Hamlin
Mr. Moehlenpah
Mr. V.illiarns
Mr. Chapman, Secretary.
Business was presented and disposed of as follows:
Letter dated March 24th from the Governor, Federal Reserve Bank of 12:ansas City, advising that that Bank is in a position to dispose Of certain United States four per cent bonds
against which it has issued circulation, and requesting the
views of the Board as to whether or not the Bank should take
advantage of the opportunity to sell such bonds.
Voted that the Governor advise Governor
Miller that the Board would favor disposition
of the bonds at the price named by Governor
Miller.
Letter dated March 26th from Mr. Fred E. Farnsworth
of the Bankers' Statistics Corporation of New York, requestin

that the Board give him an estimate of the present cur-

rency and credit inflation in the United States.
Referred to 1:r. Willis and Mr. Jacobson
for report.
On motion duly seconded, the Governor was requeated
to consult with General Counsel and to submit to the Board for




woo

arnrovni

:?raft of letter to all Feieral reserve banks direct-

ing their ‘,1-,tn.::71 to domestic acceptnces, and requesting
that the:: t-'e rxecacAtions to see to it that the use of such

datGd :.arch :77A7.1 froi.. .t.7).(3 S'ecrry of the
of the

of 7hica,r7o,

2ederal Reser-v

fo71owiA'.. rediscount rr:ittes, e:fecti.ve '.:ALA.r311 27th:
Lediscount of 1.allrs accetnces........
memler
I'arer of L11 matrities,
17,cALls
auri 1ictor

7 7

A.-4

reted to afArrove t!..1.c rate of '5,,
dcfr
to
IA'..ut
1.1,..Ai.
.
1
7ers
of
.o.o-ant
L.
di
.J.es
of the. "A:':.oard. to bc ho1
the
:.,larc7r; 70t1A, 0.7.-siClertio of
ir31-case in. rate
Loads nd jictory 'notes.
At this poitit
?Le Governor read a suggeted
resolution No.

'

stating thOt

Iflitted the draft of reply heretofore aprrovcd by tile 13oarl..to
Act -"resent at the uleeting.the Chairman of the 2.,..)ard, who ,;.: 2ts

•

_ •
.
approvine same, And that the reply so aprroved was .77.reeab1e
to the Chairman.
Voted to rifcr to to Goverror
the oard nt its next..
1:.171er
mcetin,
lIlh

3t;'...Jted that

atroller of the %rrency

he ,,%as 1-AH,J,..110 to have Trilited at the C ,..-.7)ve,rnrAlet




Offi3c

close of
the report of condition of national banks as of the
the Board enbusiness December 31, 1919, and requested that

publideavor to secure such printing in, connection with its
as of the
cation of the reports of condition of member banks
same date.

Referred to the Governor with power, after
consultation with General ,lounsel.
At 12-30 P.M., the meeting adjourned.

ApproVed: