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At a regular meeting of the Federal Reserve Board held in the office of the Governor of the Board at 11:10 a. m., on i,:on,lay, May 10, PR,:0111T: Mr. presiding Mr. V:arburg Mr. Delano Mr. Harding Miller r. Alli,Oecretary. The :ninutes of the meeting of 7.'.ay 13 were read and approved. A letter prepared in reply to an inouiry from the Federal Reserve Bank of Dallas on rediscountint: with other Fe,ieral reserve banks, was referred to Mr. Harding that he Light take the matter up with Counsel and the Division of statistics. The Committee on Clearing was quested to obtain a report as to the results of the meeting of transit manacers in Chicago, 578 and, in the meantime, action on the request for postponement to July 15 was laid on to table. Attention was called to the resolution of a special committee of the Texas ank- ers' Association recommending the calling of a special meeting of the Association at Dallas on May 4 to consider tile '2:card's clear- ing plan. Mr. Harding called attention to the fact that the Federal Reserve Agent at Dallas communicates directly with the Board rather than with the Committee on Operation of Banks having tae Dallas Bank in charge, and the question raised as to how communications intended both for the Board and the Committees on Operation should be addressed, was left open for consideration at ti.e auent's conference. Attention was called to the receipt of a letter stating the action token at the 574 Conference of Governors held in Washington on April l7-2, and it was ordered that copies be circulatel. A letter from Er. W. H. McMasters of Allston, Massachusetts, on financing of foreign loans by banks, was noted, as was a letter from Governor Rhoads stating his arrangements for forwarding report of the condition of the Federal Reserve Bank of Philadelphia for June 30. A memorandum stating the separation of tne gold certificates making up the Gold Settlement Fund so that certain numbers are credited to tile Federal Reserve Agents' 'Fund, and certain other numbers to the Federal Reserve Bank' Fund, was read, and the matter referred to the Committee on the Gold Settlement Fund. Mr. 7arburg suggested as a question to be considered by the Advisory Council the present condition of bank reserves, and a def- 5 mite policy by the Federal Reserve Board thereto. This was approved to be forwarded. There was discussion of rediscount rates of Federal reserve banks, and .a telegram to be sent by the Committee on Operation of the Federal Reserve Bank of Atlanta to that Bank as to the commodity rate, was approved. There was discussion as to the purchase of bonds by Federal reserve banks, and particularly with reference to the Federal Reserve Bank of Kansas City. At 12:30 p. m., the Board adjourned to meet at 11:00 a. m., on Tuesday, May 16. APPROVED: Chairman.
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