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At a special meeting of the Federal reserve Board held in the office of the Board on Monday, May 10, 1920, at 11 PRLSENT: The Chairman The Governor Mr. Miller Mr. Moehlenpah Mr. 711liams Mr. Emerson, Assistant Secretary. Minutes of meeting of the Board held May 6th were read, and on motion approved. Business was presented and disposed of as follows: Letter dated May 4th from the Acting Governor, Federal Reserve Bank of New York, on the subject of aprlication by that Bank of the graduated discount rate plan adopted by the Federal reserve Bank of 7ansas City. Ordered circulated. Letter dated May 6th from Assistant Federal Reserve Agent at Cleveland, recommending for apnroval by the Board the expenditure of • K14,D00 in personnel and educational work at the Federal Reserve Bank of Cleveland during the last six months of the present year. Approved. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government oblig-ttions: rate 64 on paper secured by certificates of indebtedness bearing rate of 54 or less, as follows: 440 -2Date May 6th Bank Rediscounting Philadelphia • Maturities Amount With 11-15 days $3,500,000 New York Noted. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate on Paper secured by certificates of indebtedness bearing rate of or less; 5-1X on paper secured by certificates of indebtedness bearing rate of 5-1/4, as follows: Date Bank Rediscounting May 6th Chicago Minneapolis Amount With New York Cleveland $10,000,000 3,010,000 Maturities Within 15 days 11-15 days Noted. The Governor reported rediscount transaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations: rate 5707 on paper secured by certificates of indebtedness bearing rate of V or less; 5-1/4"! on paper secured by certificates of indebtedness bearing rate of 5-1/e; 5-1/g5 on paper secured by Liberty bonds and Victory notes, as follows: • Date Bank Rediscounting May 6th Richmond NOted. With Boston Amount ,t10,000,000 Maturities 11-15 days -3The 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, and 5-1/257 on paper secured by Liberty bonds and Victory notes, as follows: Date Bank RediscountinK With Amount Maturities May 7th 7<'ansas City Boston t5,T)0,000 11-15 days Noted. rr?qprrs OF COITTITTEF NO. 1: Dated May 10th, 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 May 6th, recommending changes in stock at Federal Reserve Banks, as set forth in the auxiliary minute book as of this date. Approved. Dated May 8th, recommending approval of applications for fiduciary powers, as set forth in the auxiliary minute book as of this date. Approved. • Other business was presented and disposed of as follows: Letter dated May 6th from the Governor, Federal Reserve Bank of Kansas City, with reference to a call made at that Bank by a committee composed of representatives of the cattle industry of the Tenth Federal Reserve District, together with his telegram of Lay 7th regarding the effects of the graduated 442 -4discount rate plan upon the cattle industry in that Astrict. 1Toted. (At this point the Chairman joined the meeting) Letter dated :.ay 6th from the Federal Tieserve Agent at V.inneapolis, reporting upon the credit and business conditions in the Ninth Federal eserve District. Noted. Letter dated -ay 1st from the Chairman, Federal 77,eserve Bank of Cleveland, requesting that for the present no change be made in discount rate at that Bank on paper secured by Government obligations. :;oted. (At this point the Board went into executive session) The Governor reported that flr. Frank C. Ball of:-uncie, Indiana, recently anpointod by the Board as Class "C" 7)irector of the Federal 7eserve Bank of Chicago, had qualified as such director, and had forwarded the required oath of office. The rlovernor reported that, subject to the approval of the Board, he had directed Jr. 7oxton, its rxecutive Secretar:T, to visit the Federal Peserve Bank of :It. Louis for the purpose of discussiae. with the officers of that Bank the credit situation in the 1;1ghth Federal reserve District, and to submit to the Board a report thereon; also to visit the Federal Beserve Bank of Kansas City for the purpose of rendering to the -5Board a report of results of the adoption and application of the graduated rate .plan by that Bank. Approved. Yr. Miller moved that the Board furnish to the directors ot the Yederal Reserve Banks, and the officers and chiefs of division of the Board, a suitable certificate of their office Referred to the Governor fOr investigation and report. At 1 P.C;., the meeting adjourned. kssistant secretary. Approved: 4 —./‘ 11144 11 Chairman.
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