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At a regular meetino; of the Federal Reserve Board held in the office of the Board on Tuesday, March 27, at eleven a. m., PRESLET: Mr. Harding, presiding, rr. aarburg Mr. Hamlin, Mr. Miller, .1illiams, Mr. Willis, Secretary. The minutes of the meeting of the Bo..rd held on Llarch 23 were read and on motion approved. letter from Er. H. i. Dulany, Jr., Assistant Jounsel to the Federal Reserve Board, presenting his resignation effective March 31, 1917, was read and, on motion, it was voted that the resignation be accepted, suitable lodgment to be made to Er. Dulany. Letters with reference to general banking conditions in the Boston, Jleveland and St. Louis Districts were read and contents noted. A letter from President F. A. Vanderlip of the National City Bank of New York, extending an invitation to the Board to attend a reception to be given to the E;t.ecative Council of the American Bankers' ..ssociation VP. 4 on Lay 7, was read and the matter referred to the Executive Committee with power to act. On motion it was voted that the secretary of the Board attend a meeting of the National Association of 'LavafF,cturers to be held in New York on :ay 15 !And 16, the expenses of the trip to be paid by the Board. A report of. the last audit of the 'old Settlement nd was Laid before the Board and, on motion, referred to the dold Settlement Fund Letters from the Federal Reserve Banks of ;:linneapolis and San Francisco relating to the question of a proposed code were referred to the .,;ommittee on Code.. schedule of rates conforming to the Board's recent re-classification submitted by the ?ederal eserve Bank of San Francisco, was presented and, on motion, approved, subject, however, to change in the acceptance rate (4 - 4,;) already agreed upon in the case of the other banks. A letter from the Federal deserve Bank of an Fran- cisco asking 'athority regularly to draw new supplies of notes from the stock held in the btreasury at Can Francisco, was read and, on motion, it was voted that it be recommended to the Executive Ciommittee to folio: this plan in the case of 308 the Fan Francisco Bank on account of its distance from dashington, instead of reuiring it customarily to obtain new supplies direct from Washington. letter from Federal Reserve Agent ::iartin with reference to the status of Mr. J. D. P. Francis under the 141ton 4,ct, was read. On motion it was voted that the Execltive :;omrAlittee communicate with Mr. Francis and urge that he furnish the information in his possession regarding persons who ar alleged to be operating in violation of the provisions of the Act. On motion the conversion of -1,10.5,300 of 2: bonds into bonds and Treasury notes, for the Federal Reserve Bank of St. Louis, was approved. report of the Committee on Member and State Banks recommending certain ch.nr;es in capital stock of Federal Reserve Banks, was approved as follows: flpplication for Original Stock in the Federal aeserve Bank of Minneapolis. District :;o. 9. First 7ational Bank First rational 3ank Carlyle, tOnt. Shelby, Mont. • 17 15 32 A letter from Mr. E. W. Wilson of te Anglo and London National Bank Of San Francisco, addressed to Yr. • was read and, on motion, referred to the Committee on liaw .:ith the re iuest that it report at the next meeting rel_tivc to the vertiol, of the 7oard's policy regarding State legislation hostile to foreign banks. Mr. Miller made a statement to the Board with reference to his plans for a visit to an 7ran:Asco for the purpose of investigating the question of the establishment of a branch bank on the Pacific Coast, indicating that he would leave ,:ashington probably on Thursdliy of this reek. Lr. Miller further presented a statement rel,tive to publicity rel,Aions of Federal reserve banks. The matter was discussed, but no definite action was taken. The Board then proceeded to consideration of a proposed amendment to Section 9 of the Federal Reserve Act, which it is intended to transmit to Congress at the opening of the approaching session. The draft as referred back to Counsel dith some su.sections for alterations. The Secretary of the Board was directed to obtain leather-bound copies of the ?ederal Reserve Bulletin for 1916, and the .Z,nnual deport of the Board, and supply the same to members of the Board, Counsel, Secretary, Lssistant Counsel and _Assistant.'.ecretary. On motion at 12.30 p.m. the Board adjourned to meet on ,Vednesday, 171arch 28, t 11 a.m. secretary. APPROTZD: Jhairman.
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