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,:o ? At a reL;ular meeting of the Federal Reserve Board held in the office of the Board at 11:10 a. m., on Friday, Laren 31, PRESENT: Mr. Hamlin, presiding Mr. Williams Mr. Delano Yr. Harding Yr. Allen, Secretary. The minutes of the meeting of March 30 were read and approved. The report of Mr. Delano and Mr. Harding, Committee, in connection with the allotment of 37; bonds and notes in exchange for United States 2/J. bonds, was approved as £01and directed to be forwarded to the Treasury Department: March 31, 1916. To the Federal Reserve Board. Gentlemen: The Secretary of the Treasury under date of February 28, 1916, author- 101 ized the Federal Reserve Banks to tender for conversion into bonds and notes, thirty million dollars during the present calendar year, fifteen millions of which would be converted April 1st, and the balance one-half July 1st and one-half October 1st. Nine of the twelve Federal Reserve Banks have tendered bonds for conversion; in fact all except Atlanta, Dallas and Five Banks have offered San Francisco. more bonds for conversion than can be allotted to them at this time, while four Banks are offering fewer bonds than they would be authorized to take. Your Comniittee therefore makes the following recommendation: (1) That the application of the Bank of Boston for the conversion of 0500,000 of bonds be approved, one-half bonds and one-half notes. (2) That the application of the Bank of New York for the conversion of 03,602,000 of bonds be approved in respect to 03,065,250, one-half bonds and one-half notes. (3) That the application of the Bank of Philadelphia for the conversion of 01,500,000 be approved as to 01,424550; 0962,275 of which will be bonds, and 0462,275 will be one-year notes. (4) That the application of the Bank of Cleveland for the conversion of 400,000 be approved, one-half bonds, and one-half notes. (5) That the application of the Bank of Richmond for the conversion of 1,676,000 of bonds be approved in respect to *11913,800, one-half bonds, and one-half notes. (6) That the application of the Bank of Chicago for the conversion of :1,000,000 of bonds be approved. (7) That the application of the Bank of St. Louis for the conversion of 2,309,000 _of bonds be approved in respect to :,)761,700, one-half bonds, and one-half notes. (8) That the application of the Bank of Linneapolis for the conversion of !:id,000,000 of bonds be approved in respect to 41,'699,300, one-half bonds and one-half notes. (9) That Bank of Kansas of 82O,6OO of half bonds and the application of the City for the conversion bonds be approved, oneone-half notes. It will be seen that the foregoing • recommendations aggregate 1)12,511,050. Under the ruling already made by the Treasury Department and our own Counsel, if any of the Banks do not ask for the conversion of their full allotment by or before October 1, 1916, the bonds authorized to be taken by them shall be allotted to other Banks who are aksing for authority to con- vert a larger percentage than their allotment. It is understood that the Secretary of the Treasury will make each of these allotments one-half each of 3 bonds and one-half one-year notes. There was, however, an exception made in the case of the Federal Reserve Bank of Chicago as to one million, and the Federal Reserve Bank of Philadelphia as to 0500,000 bonds, applied for and approved by the Secretary before a change in the ruling was decided upon. Respectfully submitted. Committee CONVERSION OF UNITED STATES 1.'1, BONDS. Federal Reserve Bank of Total Applications Boston New York 0'500,000 3,602,000 Amount of Bonds acceptable for Conversion on Dot Basis of Cap°nay in ital (Adjusted to April Excess lt 1916) Applied for 01,381,950 3,065,250 0881,95° 536,750 • Philadelphia Cleveland Richmond Atlanta Chicago St. Louis lanneapolis Kansas City Dallas San Francisco Total 1,500,000 400,000 1,676,000 1,000,000 2,309,000 1,000,000 820,500 1,424,550 1,624,800 913,800 705,300 1,817,700 761,700 699,300 822,000 706,200 1,077,450 75,450 1,224,800 762,200 817,700 1,547,300 300,700 1,400 15,000,000 The application of the Irving National Bank of New York, for permission to accept bills of exchange to 100'1; of their capital stock and surplus, recommended by the Federal Reserve Agent at New York, was approved. Suggestions submitted by Yr. Nilliams as to the presentation of matter relating to the Board in the new Congressional Directory were laid before the Board and the suggestions adopted. The suggestion of Kr. Delano that the report of the establishment of a branch of the Royal Bank of Canada, at Caracas, Venezuela, forwarded by the State Department be commu- nicated to Senator Owen and Representative Glass, was adopted. memorandum from Governor Hamlin, stating that Yr. Pestus J. Wade of St. Louis had called him on the telephone from New York relative to the ruling of the Board as to reserves of trust companies, and that Mr. Wade ask for a delay as to action by the Board until Governor Wells could be heard in the matter, was read to the Board. At 11:40 a. R., the Board adjourned to meet on Londay, April 3 at 11:00 a. m. Secretary.
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