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FEDERAL RESERVE BOARD WASHINGTON X-jUUi J u n e 13, 1922. SUBJECT: Final Action B y B o a r d on Recorrmendations of G o v e r n o r s C o n f e r e n c e , May 2-4, 1922. Dear Sir: The Federal Reserve Board has given careful c o n s i d e r a t i o n to the m i n u t e s of the conference of G o v e r n o r s of the Federal R e s e r v e B a n k s h e l d in W a s h i n g t o n o n M a y 2 - 4 , 192.2, a n d h a s a l r e a d y s e n t o u t c i r c u l a r l e t t e r s m a k i n g effective, as rulings of the B o a r d , c e r t a i n r e c o m m e n d a t i o n s of the c o n f e r e n c e . T h e B o a r d d o e s n o t d e e m it n e c e s s a r y t o m a k e f o r m a l r u l i n g s w i t h r e s p e c t to other c o n c l u s i o n s r e a c h e d at the c o n f e r e n c e , a n d , w h i l e it r e s e r v e s t h e right,, u n d e r i t s g e n e r a l p o w e r s o f r e g u l a t i o n , to m o d i f y o r a m e n d , a s a n d w h e n o c c a s i o n m a y r e q u i r e , it h a s , b y a f o r m a l v o t e , e x p r e s s e d its concurrence in all the v a r i o u s c o n c l u s i o n s r e a c h e d b y t h e conference, a s set f o r t h in t h e m i n u t e s . Very truly yours, G o v e r n o r . G O V E R N O R S O F A E L F . R . B A M E S (and Dep. G o v . Harrison o f U . Y . ) Copies to Agents.
@FedFRASER