The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
e 11 • At a meeting of the Feder31 7eser e Board in the office of the Board, called for 11 ., on Thursday, Yay 20, 1920, PBE3ENT: The Covernor Liller Blilerson, Assistant 3ecretary. In the absence of a quorum, the members at 11-30 A44?., withdrew uatil a quorum of the Board could be convened for the purpose of transactinL: business. At 3 P.:T., a quorum of the Foard vas c(nivened in the 1-oard room, with the followin meribers present: The Chairman The Governor Mr. Tiller 111:1.ms Liz'. Emerson, Assistant Secretary. Business was presented and disposed of as follows: Letter dated LIsy 6th from Watson, *:.71.111ams ef; Company of New Orleans, Louisiana, opposing the passage of the soldier bonus bill. 7eferred to the Governor for reply. Letter dated..ltay. 17th from the Chairman, Federal reserve Pan'ir, of Yev,' YorIK, reeo=leadinL: the rate of ban on InelAer collateral notes secured by ellciblc commercial raPer _- aper .vith 1. 1aturity of one to 1.11(71 rediscounted commercial -, ninet.,I.J. days. Cter liscussion, Mr. illiams offered tht following resOlution: That the recommendation of the :ederal Teserve Bank of New York for a:Troy:J.1 of increase in rate on co,rrnercial paper be refused, and lin case the other members of the Board concur, that the Board nial, ,e an announce,aent to the effect that it is not at present contemplating the aprov.11 of farther iAoreases in discount rates at iuder-1 :est,rve Banks. On motion duly seconded, it was voted that the reconemiation of the 2ederal F,eserve Pank of ::eir York T,e tabled uatil the next recular meeting of the Board to be held at 10-30 on Friday, Llay 21st. The Governor reported rediscouat traisaction, pursuant to authority heretofore vested in him; member bank promissory notes secured by Government obligations; rate 5,0 on paper secured by certificates of indebtedness bearing rate of 5 or tr,4) on paper secured by certifLoaLes of less; 5-1/4/c. indebtedness bearing rate of 5-1/4:, and on T- mer scoured by Liberty bonds and ..rictory notes, as follows: Date Bank 2ediscouptinp' ith May nth :_inneapolis 31evoland Amount 2,500,000 ::aturities 11-IEdays The Governor rekorted rediscount transaction, pure to authority heretofore vested in him; member bank prxmissory notes secured by Government obligations; rate 55 on paper secured by certificates of Indebtedness bearing rate of 5:4 or • 474 0.• t less, and /45 on parer secured by certificates of indebted- ness bearIng rate of 5-l/4, as follows: Date Bank Rediscounti/w Lay 19th ILinneupolis 71th Amount Yaturities 0. 1eveland 35,0OO,00O 11-15 days ..O.R........0 !:ottd. The Governor reporte rediscount transaction, pursuant to authoritj heru.. o.fore vested in him; member bank promissory notes secured by Government obligations: rate 5:4 on pqler secured by certificates of indebtedness bearing rate of 5 or less; 5-1/4, on paper secured by certificates of indebtedness bearing rate of 5-1/4, and 5-1/e on paper secured by certificates of indebtedness bearing rate of 5-1/25, as follows: Date Bank Rediscountin' Lay 19th Chicago With Cleveland iszount .7, ,000 Laturities 7:ithin 15 days Noted. The Governor —7-ported the reserve positions of the several Federal lAcserve 13anks as at close of business Yay 13th, and the status of rediscounts between Federal reserve Pans as of the same date. Telegram dated 1:ay 20th from the Chair:Ilan, Federal 'Reserve Bank.of Philadelphia, recommending for approval discount rate at that Bank of 5-1/470, on paper of all maturities A1-.4 (;) -4secured by certificates of indebtedness bearing rate of 5-1 effective May 21, 1920. Approved. At 3-45 P."2., the meeting adjourned. Assistant Secretary. Approved:
@FedFRASER