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At a meeting of the Federal reserve BoaDd held in the office of the Board on Tuesday, March 30, 1920, at 11 PRESENT: The The Mr. Mr. Mr. Mr. Mr. Chairman Governor Miller Hamlin Moehlenpah Chapman, Secretary. Minutes of meeting of the Board held March 26th were read, and on motion approved. Minutes of meetinosof the Board held on March 27th and 29th were read, and on motion approved as amended. ' Business was presented and disposed of as follows: Telegram dated :larch 2Cth from the Secretary of the Federal Reserve Bank of Chicago, submitting for approval recommended increase of rate on rediscounts of bankers' acceptances to 5-1/270, and the rate on paper of all maturities, including member bank notes,secured. by Liberty bonds and Victory notes to 5-3/4ro. Voted to approve the rate of 5-1/27, on rediscounts of bankers acceptances, and to defer action on the recommended increase in rate on paper secured by Liberty bonds and Victory notes until after the passage of the, bill pending before Congress providing for a graduated rediscount rate, and until the Board shall have had an opportunity to discuss the credit situation with the Governors of Federal r.eserve banks at the forthcoming conference on April 7th. -.ii Civen notice at the oft..77., . 7. Th'r1 oo .7cterdag t7lat he intended to 7ezerve t7:17±, ThitCi C; L) uLlesLr3. thc T u.r ATOn tTh 7- 7tr'27:iss, 7at.J.Jr r en, Mr. '41111J17,-.6 - he would not 1. -n 7,70 u Ir..o- of 4,.- 7-1.,? -171_ws tio:n to 717ib1iSh t.:Ht the 1J-l0tw 77r. 7Iller the :2.,..):.;1.rd toti,,T1',.()u,Twa, so %.,3 o; 1-..aclude Loo folloTthIL c: roor . L"Zhat no resolutlaas of a per:;:-)1. : edur41 4 publIca1joL of the In ail,: f the death of a n-eniLoL:rd, uXC0)i ía the in serviilL as such:'. IAA.. of 1.1 eiorI whilG ,,ion carried. (At thi poI4t the Chairman withdre= irota feeting) he Governor sCu_iltted fOr approval, draft of letter by hi dated Larch 29th, addressed to the Chairman, : oo'lofor trom a ,-.-ovin6 the published itcms of thL'tt Bank.. Approved. Letter .dated 1:arch 25th from the Chairman, Federal Reserve Bank of St. Louis, reuesting the views of the Board upon the application of the Gravois Bank of St. Louis County, :!Assouri, for admission to the Federal Reserve System, in view of the fast that the bank has made loans on the stock of the Farmers and Lerchants Trust Company of St. Louis, which latter company owns a controlling interest in the Gravois Bank. Voted that the Chairman, Federal Reserve . Bank of St. Louis, be advised that while the Board would not impose as a condition of membership, that the applicant bank agree to dispose of such loans before its application would be approved, it does desire that the applicant bank be advised that the Board regards such loans as bad practice. rEroRTs OF CO=ITTEE NO. 1: Dated :::arch 30th, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Approved. Dated :.7.arch 29th, recommending chances in stock at Federal Reserve banks as set forth in the auxiliary minute book as of this date. Approved. Dated I.Tarch 25th, recommending approval of increase from $10,110 to $12,000 in salary of Mr.S.H.L. Cooper as Chief National Bank Examiner of the Seventh Federal Reserve District, effective April 1, 1920. Approved. Other business was prcsellted and di »osed of as follows: The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank cry notc)s secured by Government obli' tion • rate 5 &- on paper secured by certificates of indebtedness, and 5-11W on paper secvired by Liberty bonds and Victory notes Amount 1:ith -te (Boston March. 50th i'hiladelphia...)C1eve1ao Voted t,.) as follows: 2.2,000,001 11-15 f 5,000,000 7,000,000 ke sierq.,1 oroi business at the neetiviz the Board oo Tuesday, 1 (Lth certall cod .r.oJificationz r -..„;alli%a ion of the Yodcral 7.eserve Board. It 1 - ., the x.i.et adjo7:1riTed, SeCrCltnr-, Arrroved:
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