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287 a meeting of the Federal Reserve Board held in the office of the Governor of the Board at 11.0 a.m., on Monday, March 19, .arburg, presiding, Mr. Miller, Mr. dilliams, Mr. .illis, Secretary. Mr. Hamlin, The minutes of the meeting of March 16th were read, and on motion approved. confidential letter of !on. Frank Polk, Joansellor of the State Department, to Governor Harding, stating that information had been received to the effect that proGermans in Baltimore were planning a ran on banks there, was read. Discussion ensued, and it was agreed that the cting Governor communicate the contents to Federal eserve 2tgent Hardy, also sending a copy to Governor Harding, in New York. Governor .arburg stated the facts as to a conference he had just had with Secretary of War Baker relative to certificates which the Department intends to issue to persons who have furnished it aith supplies. • 11r. ,,arbarg suggested that the certificates might be attached to notes discountable by member banks, and the Federal reserve banks might perhaps accept paper so secured. On motion it was voted to refer the matter to Counsel for conference with the 'Jomptroller of the Treasury and report, the matter also to be submitted to Governor Harding. On Motion, the conversion of :';63'2,000 2 bonds into equal parts 30 year conversion bonds and one year Treasury notes for the Federal :Zeserve Bank of 31-licago was approved. .41 letter from Federal eserve Agent - ellborn with reference to the plans of the 7ederal eserve Bank of iA- lanta for the construction of a building, was read and noted. A letter from Federal eserve 44.gent Heath with ref- erence to the que tion of a second exwAination of the Bankers Trust Company at Sioux. City, Ia., was read, and on motion was referred to the Executive committee with poaer to act. Redaction of the capital stock of the First National Bank of New Brockton, ida., from .45,000 to .)30.000, r • duly recommended by the Comptroller of the Currency, vas on motion approved. Letters from 7ederal deserve lgent Perrin with reference to the public relations work of Federal eserve i,gents, and the status of checks on the failed Ceattle banks were presented to the Board, and on motion, ordered circulated. Governor ;:arbarg presented revised schedules of discount rates effective or soon to be effective at the following banks: Aichmond, Jitlanta, St. Louis, Boston, Philadelphia Dallas, 7ew York, and Cleveland. On motion, all were approved, the old rates being substantially maintained, except that it was voted to fix the bankers' acceptance rate at 21; to 4:), this to be subject to confirmation by the Executive lommittee. _1 letter from ?ederal Aeserve igent .ellborn with reference to transfers of funds to banks sitaatei in subtreasury cities without charge was read, and on motion referred to the Committee on "reasary 3elations. L, letter from Governor lIcJord ,ith reference to the luertion of admitting the Georgia Savings Bank and Trust 6-0f) )ompany under certain specified conditions, was read. fm motion, it a_c voted that the f'ecretry reply, stating that in the opinion of the Board the suggested conditions cold not be conceded by the Board. letter from Adoral Reserve ,gent Ramsey announcing the intention of the First National Bank of De Kalb, Texas, to %,ithdraw from the ::yetem was read and noted. A letter from erence to ederal Reserve Agent Lsmsey with ref- ert, Atting the First State Bank of 3remond.Texas, to withdraw at a date earlier than that fixed lnder the present regulations, read, and on motion it was voted that the riles could not be waived in the case of this bank. letter from Tedcral ,eserve 'gent 'Math calling attention to the necessity of notifying sub-treasury offici-ls regarding the new plan of re,airing joint signatures for the withdrawal of notes, was read. On motion, the mat- ter was referred to the Executive ;ommittce, with the suggestion that Joancel be instructed to prepare the necessary f'orms. The secretary of the Board read a letter from Lssistnt Secretary of the Treasary rewton with reference to the assessment of transportation charges on unfit notes. On 291 motion it as voted that the letter be transmitted to ll Federal Ilescrve Lgents and lovernors of deserve Banks. The report of the examination of the Federal Reserve Bank of Taicago was referred to the Committee on Operation of the ;hicL7,o Bank. r..arbarg made a repoi.t as chairman of the Committee on Operation of the ew York Bank, and read a let- ter from qovernor .idken thscribing his recent visit to Jhicao and telling of his conference there with Governor Strong. :!_r. iken reasserted his former position with reference to a possible connection with the Federal Reserve Bank of 77ew York to the effect that he did not see his way clear to ab:.ndon his position at Boston. The kiomptroller of the Currency read a letter from the 7::,tional Lank of Jommerce of Lincoln, 7coraska, complaining of the present cle ring systc., and urging that with respect to exchange charges member banks should be allowed to make a reasonable charge for collecting checks in the sane manner as :tate banks, or that both State and national banks should be prevented from making these charges. It was -:reed that the';omptroller make a general re-ly referring to amend- ocr ments now pending in Congress. governor Hamlin presented a letter from Federal Reserve /gent Rich suggesting a daily wire report of the situation at the Federal Reserve Bank of Minneapolis. It was agreed that he should say to 'Ir. Rich that it would be acceptable to have him wire in tiw event of any unusual occurrence but that othervise the mail report would be sufficient. The Xmptroller of the Currency notified the Board that he expects shortly to receive a weekly telegraphic report with reference to the condition of the clearing house banks in the 136 clearing house cities. On motion at 12.30 p.m. the Board adjourned, to meet on Vednesday, March 21, at 11 a.-- APP3OVED: Chairman.
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