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FEDERAL RESERVE BOARD 112 WASHINGTON ADDRESS OFFICIAL CORRESPONDENCE TO THE FEDERAL RESERVE BOARD X-3628 February 1, 1923. Dear Sir: The Federal Reserve Board has recently caused to be printed a limited number of copies of the Transcript of Stenographic Minut~s of the Conference with tha Federal Reserve Board of the Faderal Advisory Council and the Class A Directors of the Federal Reserve Banks, 'Nhich wa;:;;, held at Washington on May lS, 1920. The Board has instructed that a copy of this pam1ih1et be sent to all those who tbok part in the discussion, upon the occasion of the said Conference, and, inasmuch as your name appears as having taken part in the discussion, I take pleasure in enclosing herewith a printed copy of the transcript referred to. Very truly yours, Wm. w. Hoxton, Secretary.