Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, May 19, 1917, 1:00 PM, Volume 4, Part 1

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IA a meeting of the rxecative Jommittee of the 'Federal aeserve Board held in the office of the Board on :Tatarday, ",:ay 19, at 1 p.m.,
7REELT:
.iarburg, presiding,
nr. Delano,

r.
:r.

iller,
illis, Secretary.

Present also in the room :- rhile the session was in
progress,

r. :amlin.

The question of the form of tclegran to be sent to
the Federal deserve Banks of Jhicai7o and

an Francisco with

reference to rates of discount on paper secured by :Aberty
bonds, referred to the lIxecutive ;onnittee at the meeting of
the Board just adjourned, was taken up for consideration
after discussion, telegnms to the Federal deserve _gents at
the t -o banks referred to, were a;reed upon as follows, and
the Secretary directed to send the same:




d. F.
Federal deserve Bank,
Chicgo, Illinois.
Board approves rate of three percent on member banks fifteen day promissory notes est%blished by your board. Tlas
question of three and one-half percent rate on customers
paper secured by Liberty Bonds under consideration, but
for several reasons, among which is desire to await action
of :.3ongress on pending amendments, Board wishes to suspend
secretary.
action.

536




Perrin,
Federal Aeserve 3,Ank,
Sun Francisco, Calif.
Board in order to facilitate Liberty Loan has approved
rate of three percent on fifteen day collateral notes
of member banks in response to applications received
from several i- ederal reserve banks. Has question of
three and one-half percent rate on ninety day customers
notes secured by bonds under consideration, but for several reasons, among which is desire to await action of
.Conzress on pending .amendments, Board wishes to suspend
action.
The form of telegram of notification to the Commerce
Trust Company with reference to its proposed membership in
the Federal reserve system, was discussed and such a form
agreed upon and authorized for transmission.
OA motion at 1.10 p.m. the Com7ittee adjourned.

Secretary.

4',PPAOVLD:

Chairman.