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351
At a regular meeting of the Federal
Reserve Board held in the office of the Board
at 11:00 a. m., on Londay, March 20,
PREOENT:
Mr. Hamlin, presiding Ir. Williams
Mr. Harding

Mr. Delano
Mr. Miller

Mr. Willis, Secretary.
On motion applications for open market rates on bills of exchange were approved
aS follows:

Federal Reserve Bank of Dallas to 5;.
Federal Reserve Bank of Atlanta
to 5110.
1:_r. Delano reported informally regarding the treatment of the clearing plan
now before the Board, auggestin

that copies

of all pending plans be sent to the Governors
Of the various reserve banks.




The informal rec-




ommendation was adopted.
The question of making certain changes
in the language of amendments to the Federal Reserve Act having been taken up for consideration
it was on motion voted to refer these amendments
to the Committee on Law for the purpose of further modification.
The Secretary of the Board read a
draft of a proposed reply to Senator Owen relative to the reasons for the adoption of the
amendments to the Act proposed by the Board.
On motion it was voted that the reply as altered be transmitted, subject to amendments
to be made by a committee consisting of the
Governor, Mr. Miller and the Secretary of the
Board, and designed to bring it into harmony
with suggestions made during the consideration of the draft.
Mr. Williams was recorded as not approving of the amendment relating to the es-

tablishment of foreign branch banks; and Mr.
Harding was recorded against the motion.
The question of salaries at the Federal Reserve Bank of Dallas was taken up and
a letter written by Mr. Harding in response
to certain resolutions of the board of directors of that bank was read and noted.
Mr. Hamlin presented an invitation
from the Louisiana Bankers' Association requesting that a representative of the

Board

attend their convention April 14 and 15.

Af-

ter discussion it was agreed that the Governor advise the Association that it will be
impossible to have a representative in attendance.
A letter from Governor Aiken of the
Federal Reserve Bank of Boston relative to the
date of the approaching conference of Governors
havinc been read, it was informally agreed to
vote on the question whether there should be







postponement of the date until a little
later, a reply to be then sent in accordance
with the decision arrived at.
On motion at 12:55 p. m., the Board
adjourned to meet on Tuesday, March 21
11:00 a. in.

Chairman.

t