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±4 ' X-1434 FEDERAL RESERVE BOARD STATEMENT FOR THE PRESS. For immediate r e l e a s e March 20,1919. The Federal Reserve Board's announced conference with t h e Governors of Federal Reserve Banks began today and i t i s expected t h a t i t w i l l not be able t o conclude i t s s e s s i o n u n t i l Saturday a f t e r n o o n . Among those present a t t o d a y ' s session were the following: Messrs. W,?»G. C.S.. A.C. John Harding, Governor, Hamlin,, Mill3r, Skelton. Williams, of the Federal Reserve Board, L.L. Rue, A. Barton Hepburn, W.S. Rave F.O. Watts, D.G. Wing, of t h e Executive Comxittes of t h e Federal Advisory Council, R.C. L e f f i n g w e l l , A s s i s t a n t Secretary of t h e Treasury, and the following Governors of Federal Reserve Banks; Chas. A. Morss (Boston), Benj. Strong (New York), E.P. Passmore ( P h i l a d e l p h i a ) , E.R. Fancher (Cleveland)., Chas. A. Peple, Deputy Governor (Richmond), M,5. Wellborn ( A t l a n t a ) , J . B . McDougal (Chicago), D,C. Biggs ( S t . L o u i s ) , Theodore Wold (Minneapolis), J . Z . M i l l e r (Kansas C i t y ) , R.L. Van Zandt (Dallas) and J . K . Lynch (SanFrancisco). The meeting today was of a purely preliminary c h a r a c t e r f o r the exchange of views on the forthcoming Victory Liberty Loan and r e l a t e d q u e s t i o n s . I t does not appear, however, t h a t t h e r e w i l l grow out of t h e meeting any r e commendation looking t o a change of discount policy* The D i r e c t o r General of Railroads came before the meeting and o u t l i n e d h i s t e n t a t i v e views as t o t h e f i n a n c i n g of t h e immediate requirements of the r a i l r o a d s . Among o t h e r m a t t e r s discussed was t h a t of permanent q u a r t e r s f o r Federal Reserve Banks.. Several of the banks have acquired p r o p e r t i e s upon which t h e y w i l l e i t h e r c o n s t r u c t new b u i l d i n g s or remodel e x i s t i n g s t r u c t u r e s , but no d e f i n i t e a c t i o n was taken in t h i s respect and t h e Board w i l l not undertake t o approve plans in t h i s connection u n t i l the needs of t h e s e v e r a l banks have been more c a r e f u l l y studied and analyzed.
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