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At a meeting of the Federal Reserve Board held in the office of the Board on Friday, March 26, 1920, at 11 A.Y., PR73ENT: The Mr. Mr. Mr. Governor Miller Hamlin Moehlonpah Chapman, secretary. Minutes of meeting of the Board held March 25, 19.70, 'ere read, and on motion approved. Business vas presented and disposed of as follows: The Governor submitted for al-in-I-oval, draft of reply on behalf of the Board, dated March 26th, to Senate resolution No. 320 in re rates on call loans ih commercial centers. Approved as amended. The Governor reported rediscount transactions, pursuant to authority heretofore vested in him: member bank' promissory notes secured by Government obligations: rate 51, on paper secured bi certificates of indebtedness, and 6-1/2; on paper secured by Liberty bonds and Victory notes, as follows: Bank Bed'scountinP Date March 24th Riohmond Richmond St. Louis 3t. Louis 7:ith Amount 7:5,')20,000 Dallas 5,000,000 Cleveland Minneapolis 2,500,000 5,000,000 Cleveland Maturities 11-15 days If Noted.. The Covernor reported the reserve positions of the several Federal Reserve banks as at close of business March 24th, and the status of rediscounts between Federal Reserve banks as of the same date. 'Memorandum by Yr. Emerson dated March 23d, submitting for determination by the Board. the question of whether or not the Federal Reserve Bank of New York should show in its s.tatement of condition the contingaat liability assumed by that Bank in connection with the purchase of bills under its contract with the Bank of Japan heretofore approved by the Board. Referred to the Governor with rower to instruct the Federal Reserve Bank of New York to carry in its statement a footnote to the effect that it has contingent liability in the amount of such liability on bills bought and held for account of foreign correspondents. LtemorcIdum by Mr. Paddock dated March 25th in regard to the examination of foreign banking corporations, submitting the following recommendations: That the practice of participating with the New York State Banking Department in their examinations of five corporations coming under their supervision be continued: That, if it meets with the approval of the Comptroller of the Currency, the examinations of the International Banking Corporation of New York, the First National Corporation of Boston, and the Shawmut Corporation of Boston, be taken up by the National Bank Examiners in connection with their examinations, respectively, of the National City Bank of New York, The First National Bank of Boston, and the Shawmut National Bank of Boston, the institutions owning a majority of the respective three foreign banking corporations mentioned. _ -3That an examination be made during the current year of the Mercantile Bank of the Americas by Federal Reserve examiners, either independently or with the Connecticut authorities, if they desire to participate; That advantage be taken of any action of the New York State Banking Department, toward the examination of the foreign branches of foreign banking corporations under their supervision. Approved. Memorandum by Mr. Imlay dated March 24th, advising of the withdrawal from membership in the Federal Reserve System of the State Bank of Trumansburg, New York. Noted. REPORTS OF C01,21=E NO. 1: Dated March 25th, recommending changes in stock at Federal Reserve banks, as set forth in the auxiliary minute book as of this date: Approved. Other business was presented and disposed of as follows: The Governor submitted for approval, draft of letter by him dated March 26th (X-1873), addressed to the Governors of all Federal Reserve banks, transmitting topics for discussion at the conference of Governors to be held on April 7th. Approved as amended. Letter dated March 26th from the Secretary of the Treasury, requesting that the Board detail Yr. Montgomery B. Angell, Assistant Counsel, to the Treasury Department for the purpose of accompanying the Treasury's representative to the -4Virgin Islands to make report upon monetary. conditions there. Referred to the Governor with power. At 1 P.n., the meeting adjourned.
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