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Upon call of the Vice Governor, a special meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board at 11:40 a.m., April 4, 1924. : Vice Governor Platt 1,7r. Hamlin 1,7r. Filler Fr. James 17r. CunninghaM Yr. Dawes Fr. Eddy, Secretary Present also Fessrs. Jay, Heath and rartin, Federal Reserve Agents at Hew York, Chicago and St. Louis, respectively, and Fr. ,4, 7att, General Counsel. The Vice Governor announced that Yessrs. Jay, Heath and Fartin, 17310 are rembers of the Federal Reserve Agents' Committee on Yember Bank Relations had been in conference this morning on the subject of Regulation 4, Series of 1924, adopted by the Board an Yarch 27th. On behalf of the Committee, 1:±0 Jay suggested several changes in the wording of various sections of the Regulation, stating that these l'evisions were agreed upon only by the three Federal Reserve Agents . 1)r sent who had no authority to speak for the other Federal Reserve banks. After a full discussion of the Federal Reserve Agents were Regulation 7 in accordance with and to submit the revised draft consideration later. the various changes, requested to redraft their suggestions to the Board for its The Vice Governor then presented two telegrams dated April 3rd. . tl'om the Federal Reserve Agent at San Francisco - one inquiring as to the effective date of Regulation 7, and the other stating that if any hearing -2- 4/4A4 As to be held on Regulation the San Francisco 3an;:. would like to be represented. Yr. Janos roved that Lr. Perrin be advised that tile Regulations became effective the day they were adopted and are in effect at the present time, but that distribution amonr member banks had been deferred on account of possible ,r7rarrnatical irregularities, and further that the Federal Reserve Bank of San Francisco is invited to send to the Board by wire anN constructive criticisms or suggestions it may have to rake regarding the Regulation. At this point (1:05 p.m.) the meeting was adjourned by the chair. 41Dproved : Vice Governor.
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