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At an adjourned meeting of the Federal Reserve Board held in the office of the Board at 11:10 a. in., on Thursday, February 10. PRESENT: Yr. Hamlin, presiding Mr. Warburg Mr. Delano Mr. Harding Mr. Miller Mr. Willis, Secretary. The minutes of the meetings of Monday, February 7, morning; and Wednesday February 9# were read and approved. A letter from the Federal Reserve Bank of San Francisco to the effect that there seemed to be no local interest in the establishment of a bank in San Salvador, was read and ordered filed. An open market rate of from 3% to 5% proposed by the Federal Reserve Bank of Dallas, was referred to Mr. Harding for approval. A telegram from Chief of Division Broderick relating to State bank forms for re-fl porting condition was read and ordered filed. A letter from Federal aeserve Agent Curtiss as to refunding of bonds was read, and the Secretary of the Board was directed to inform Mr. Ourtiss of the a.;tion already taken in this matter, reaffirming the same. A letter approving of a purchase of warrants by the Federal Reserve Bank of Jan Francisco in excess of the minimum percentage fixed by law, was read and approved. The Secretary of the Board was directed to write a letter to Assist..int Jecretary of the Treasury Lalburn, asking for a slight change in the form of the Treasury statement relating to Federal reserve bank notes. Mr. Miller submitted a memorandum With reference to the earning power of the Jt. Louis, Minneapolis and San Francisco Federal aeserve Banks. The question of the selection of a, Class "C" director at Dallas having been brought up, Mr. Harding suggested sundry names, and recommended Mr. W. B. Newsome. On motion Mr. New- some was declared elected a Class "C" director in place of Mr. Edward Rotan, who had previouslY retired and was designated as Deputy Chairman and Deputy Federal Reserve Agent. Mr. Delano reported relative to certain conditions at the Federal Reserve Bank of Kansas City, and on motion it was voted that he telegraph Deputy Federal Reserve Agent Fleming to visit Washington for consultation. It was informally agreed that the Secretary of the Board prepare a general outline of past relations with the Federal Reserve Bank of Kansas City for distribution to the members of the Board. On motion at 12:55 p. in., the Board adjourned to meet on Monday, February 14, at ; •
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