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440 At a regular meeting of the ?ederal Reserve board held in the office of the Governor on Monday, Apil 23, at eleven a.m., PzESEZT: Harding,, presiding, Mr. Ttarlin, Mr. :;arburg, Yr. Miller, 1.1". Delano, Mr. lllis, 3ecreta.ry. The minutes of the meeting of the Board held on Friday, April 20, were read rid, on motion, approved. The minutes of the joint sessions of the Board and the Governors of Federal reserve banks held on A, '1 4-5-6, and previously referred to Mr. Delano, and the minutes of the joint session of the Board ;.ind the Advisory Council held on April 16, and previously referred to Mr. Delano, were reported by 1.:r. Delano, 1.,nd, on motion, ordered sent to file. Governor Harding reported the receipt of a letter from Federal Reserve gent Rich reLlting to labor diffi- culties in the Minneapolis District. It was agreed that the correspondence should be formally transmitted to the Secrot&ry of . griculture, and the Secretary of the Board was directed to draft for the Governor's signature the pnaa 711q uT sy,unq aaqulau a4r43 ju uuT4ruTun 'avr4j 4, -X9 JO; Zartio ot44 o4 aouaaajaa 114p:, (4T12Tau7 Tarossul Jo aauuTssTli:ulo,7 3,1unE3T •. 27) UJJ aa44ai .paAoaddr..: a4na aq4 pun pnaa sne, .'sa4ou Inaalritoo uq aaqulaw loj a4na 114 -y waojTur aq o4 atms at[45! O 4 'sSnp gi SuTuura aadrcl irToaalizauo auj a4na atiq pnti pum,lion JO .funE anaasaE qrin. i L'uTwaujuT 'puulutioTE ju I:na; aouaaAot WOJJ an44a paroil aT14 7 .aa44n1 ati4 uT oanpaooad jo potiqui ;sag. ati4 aapTsuoo pun uaaar!._ Ti4Tia aajuoo ol ouo ju 'uuTssro -4TuAl1oc n sn NrOa 014 j0 aouaaAoL ati4 o4 paaaAj -cIp aa4.7n pun pnaa snA% 'suazT4To urcuaat tq spur; paqTsodap jo o4 00U9J@j3.1 Ti4T!!. 0114 oq Zidaa s,uaa ( =7; 9[14 Jo 4turEITsoacl aoTA JO .ed0C n pun 4.ttl.rg mnuT,,3 ulL Saua0q47 'ddrqo 041.0 '.11Z, WOJj aa4q.ai n SuTsoioua 'Inaa 4un4sTor, 'uaaar!' saiartm 9.10WOU0h WOJJ Jaq4aT 7 OT14 JO .21J07, uoTlraado uo ao44Twwoc:.3T Vro17:: srw,' IP oourq TrJaPaelot o4 paaaaja 'uoTluva uo 'pun pnaa aqq ,jo aAT4r4uasaadaa n pun )iurg 3A,13g saumoo n Jo 9AT4r:wasaad3a n uow,14aq uoT4r laUJJ SuTqTaosop f:nr 4u027 anaasar Jol4ai eaa44aT Jo 1:1.10j Irtgrl 44. and, on motion, referred to Chief of Division Broderick. letter from Secretary Tregoe of the Pational Credit Lien's .1ssociation, offering the services of the Association in the floating of the forthcoming issue of aovernment bonds was on motion referred to Assistant Secretary of the Treasury Crosby, ir. Trespe to be so advised. A letter from Federal Reserve agent Perrin enclosing copy of an opinion of his counsel with reference to the purchase of notes.and warrants of the city of Seattle was, on motion, referred to the Committee on the operation of the Federal Reserve Bank of San Francisco. I.!r. Mier read a personal telegram received from :7r. 1. 4. Hellman, Jr., of Can Francisco, recommending that the proceeds of the proposed Government loan be left on deposit in subscribing banks. It wastnformally agreed tht the telegram be called to the attention of the Secretary of the 7reasary. report of the Committee on Audit and Examination recommending that the Board. approve the appointment of ':111fred J.. Chase as National Bank Examiner in the New York D1,trict, at a salary of ',32400 per annum, effective this date, or at such date as Mr.. Chase. reports for duty, was read and on motion adopted. letter from 7ederal Reserve ?gent aamsey enclosing .letter from Cashier Miley, of :the 7ederal Reserve Bank of Dallas, with reference to various matters relating to the, storing and transmission of currency, was read, and on motion, referred to the Committee on 7reasury Relations. .A letter from Governor 1:cDougal, of Chicago, with reference to the conditions under which the proposed Government war lon. is being subscribed by Chicago banks, was read and noted. L letter from Vice President Rae, of the ldvisory Council, growing out of its recent meeting, and the Governpr's reply to the same, was read, and on motion referred to ,the Committee on Law. letter from Governor Seay rith reference to the bond purchasing policy to be followed by Pederal.reserve banks, was read and on motion laid on the table until a complete file of letters on the subject had been received from z:11 ?ederal reserve banks. 41 report of the Committee on Clearings with reference to transfer drafts was presented, discussed, and on motion referred to the Executive Committee, with power to act. Mr. :liner reported an amendment to the 7ederal serve I.ct designed to meet the case suggested by 7ederal Reserve !gent Perrin and intended to authorize the keeping of a stock of Federal reserve notes in trust at branches of ?ederal reserve banks. The secretary of the Board also read Governor Harding's letter transmitting the same to Chairman Glass. On motion the amendment was approved and the Governor's letter made the action of the Board. Letters from the Milwaukee 'Clearing "louse Association opposing the adoption of a bank guarantee plan, from Yr. J. H. Puelicher, with reference to the membership of his bank in the ?ederal Reserve System, from Federal Reserve ,Agent Perrin with reference to withdrawals of funds by Germans, and from Federal Reserve Agent jartis with reference to the placing of the forthcoming bond issues, were called to the attention of the Board and contents noted. report of the Committee on the Operation of the Federal Reserve Bank of San Francisco, recommending the acceptance of the resignation of Er. E. ,. Bradley as Class C Director at the Federal jeserve Bank of Can Francisco and the arpointment of Er. Edward G. Elliott as successor to :r. Bradley, was presented and, on motion, approved, and the Secretary directed to notify Er. Elliott of his selection. The question of the preparation of a'telegraphic code and a file of letters rclatinL; thereto was presented to the Board, and on motion referred to the Governor of the Board. The Secretary of the. Board presented a letter from Federal Reserve !gent Jay stating the situation. with respect to placing Government bonds in the New York Reserve District. The question of formal entertainment for the lovernor of the Bank of England, now present in :lashington, was considered and the matter placed in the Ir.nds of the Executive Committee for arrangement. The lovernor announced that a meeting of the 7xecAt1ve Committee to consider pending rr,tters would be held at 4 p.m., this date. L146 t 12.20 p.n. the Board adjourned, to meet .ednesduy morning, April 25th, at 11 a
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