At a meeting of the Federal Reserve Board held in the

Office of the Board on Wednesday, April 28, 1920, at 11.30

P2E3=T: The ChairmanThe GovernorMr. MillerMr. noehlenpah

le,r. Emerson, Assistant secretary.

Minutes of meeting of the Board hel6 April .77th

and on motion almroved.

Business was presented and disposed of as follows:

The Governor submitted for approval draft of a letter to the

Chairran, Federal Reserve Bank, Dallas, Ln reply to a letter re-

ceived April 15th recommending certain inorcases in salaries of

employees in the Federal Reserve Agent's Department at the El faso

Branch.

Approved as amended.

Letter dated April 25th from the Chairman, Federal Reserve

Bank, New York, regarding the improvement of the reserve position

Of that bank during the period from February 25th to April 22, 1920,

and also reporting upon amount of rediscounts for the Guaranty

Trust Company of New York.

Noted.

Telegram dated April 26th from the Chairman, Federal Re-

serve Bank, Dallas, submitting for approval of the Tioard,expenditure

Of :,363,75.55 for six money chests to be installed in the new vault

at the El Paso Branch.

Approved.

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Letter dated. dated April 24th from Federal reserve Agent ramsey

reporting the investigation by Ass't. Cashier Coleman of the re-

cent defalcations at the El Paso and ilouston Branches of the Fed-

eral :aeserve Bank of Dallas.

Noted.

The Governor submitted for approval of the Board draft of

a letter to the Chairman, Federal Peserve Bank of Dallas, with

reference to certain salary recommendations of that bank, in reply

to three letters rated April 23rd from that bank.

Approved.

::emorandum dated April 26th by general Counsel submitting

recommendation by i'r. Charles -. .c3pencer, Vice-Tresident, First

rational Bank of Boston,th:t reports by the Federal reserve Tanks

to the Federal reserve Board showing the kind of commodity back

of loans be discontinued.

On motion made uci seconded it was voted tocontinue the re -::-:orts in the present form.

(At this point the Chairman joined the meeting.)

Letter dated April 20th from the Chairman, Federal F,eserve

Eank, San Francisco, requesting approval of the Board to proceed

With the erection of their new b,..rik building in accordance with

the plans already submitted and approved by the Board.

referred to the Governor to ascertain whether ornot the delivery of the present sub-Treasury buildingto the Federal reserve Bank of San Francisco next yearwould relieve the necessity for immediately beginningwork on the now San Francisco bank building.

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-oliction of the Iinik of United tates, rew York City,

for -,00:riSSi:10, to accert drafts and bills of exchuge up to loo

of its capital_ and u -)111s, n.ql.er the provisions of 3ection 1

of the Federaleservt Act, tocether with recommendation of the

Colimitte th.t action on this aulicatiOn be deferred.

•

On motion duly seconded, it as votel to

defer action for the present.

:;0.

Dated April 28th, recommending n[-es ii stoc7-: t. Focral

Peserve Banks, as :.7,:ot forth in the

minute book as of this dato..1pprov(J11

77Jtej 28th, recommendinp approval of aprlications for

-oowers, %-.; set forth in the

Mary ;1inute book as of this date.

'n-t- TA recolenlinf anroval if anolication of

J. Crr...in to serve at the some time asa director of the Inter-ltate 7atia.m11 riankof 7.611sas City. 7issouri. sod the 7irstrational Bank of Joplin, 7issouri,

Approved-

ted il 27th, recommenclin aloprov-,1 o .lie Lion ofC. Ti. Clark to serve t, the Uwe as

director and, officer of the j, r Tonal

.r. -:ank of 1.",-ichita F:-.,l1s; Teas, ad the First:National Ban"c, Iowa Park, Texas.

, roved.

ted Anril 26t1]., reeo e.:-.1ome..tat of an additionaltcle•ra. F oasmtor Li the Board's teleL;raoffic at a s:_',1rz of :150 per month, ef-fective ::ay 1, 1(.320.

reported the reserve positions of the sell--

2ederal as at 'close of business ATTil 26th,

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-4-

and the status of rediscounts between Federal reserve Banks

as of the same date.

.Telegrams dated April 27th from the Federal Reserve

Banks of San Francisco and Chicago, recommending rate of

5-3/4 on member tanks' collateral notes and rediscounts se-

cured by Liberty bonds and Victory notes.

On motion duly seconded, it was voted thatthe Governor be authorized to advise the FederalReserve Banks of San Francisco and Chicago thatthe Board will approve rate of 65! for memberbanks' collateral notes secured by Liberty bondsand Victory notes, which are not actually awnedby the borrowing banks, but is not disposed tosanction further chanLes at the present time;that the Governor be authorized to communicateto the other ten Federal Reserve Banks that,while the Board does not feel disposed at thistire to approve a coneral recommendation for arate of 5-3/4,4. on paper secured by Liberty bondsand Victory notes, it would approve rate of 6;7,on member banks' collateral notes secured by Lib-erty 'bonds and Victory notes not actually ownedby the borrowing banks.

1-15 r..., the meeting adjourned.

v(41/14441Y'--3hair..!.tJ.

Assistant 3eoretary.

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