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FEDERAL RESERVE BOARD
WASHINGTON

X-3679
March

SUDJECT:

30, 1923.

Stenographic Minutas of Conference
of May 18, 1920.

Dear Sir:
I am sendin6 you uneier s3par3.te covar today
fifteen copies of Senat:; Document :f,b310, 67th Con 0 rass, 4th
Session, beinb st,:mo 0 raphic transcript of 11 Minutes of Conference
with the Federal Reserve Board of the Federal Advisory Council
and Class A Directors of the Federal R;;serve :Oanl:s, at Viashinuton, D. c., May lS, 1920 11 •
Additional copies of tr"is pamphlet
may be had upon application to the Governm:mt Printinc., Office,
Superintendent of Documents, at five::: cents per copy.

13y order of tn:; F;;dera1 R2s0rv.;; :::ioard.
V0ry truly '(ou·. ·s,

Vlm. w. Eoxton,
Sacr::ltary.

TO CHAIRMEN OF ALL F. R. Il.AlJ:CS •