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-1909 At a regular meeting of the Federal Reserve Board held in the office of the Governor at 12 roon. on -rednesday, December 6, 1916, PRESENT: Governor Harding, presiding, :r. Delano, ';arburg, Hamlin, nr. Willis, Secretarzi. :inutes of the Executive Committee were read and approved, and the action therein set forth ratified as folloNs:1:eetings of November 27, 28, 29, and December 1. Minutes of the meetings of the Board were approved as follows:November 27, and December 4 and 5. ."iinutes of the joint sessions of the 2ederal Reserve Board and Federal Reserve Agents held on December 4th and 5th were referred to Mr. Delano as a special committee. The Governor of the Board presented an invitation from the American Bankers' Association to attend the meeting of its executive council to be held at iriar Cliff Lodge on May 5, 1917. It was voted that the Governor trans- mit an appropriate reply. 024 Harding reported that a checking of accounts shows that the proposed dividend at the Federal Reserve Bank of Dallas, already laid before the Board, was warranted, and it was agreed that the. Dallas Bank be notified of the Board's approval. The Secretary of the Board read a letter from Governa Fanaher of the Federal Reserve Bank of Cleveland with reference to the action of the Board of Directors of that bank in reading and initialing the report of the examination of the Bank. / A letter from Secretary Curtis of New York with reference to the eligibility of bills collateraled by other bills drawn against import and export transactions, was read and referred to the Committee on Law. A letter from Secretary Curtis of New York with reference to the dividends payable to the rational Herkimer County Bank, was read and referred to the Committee on Law. Applications for stock in Federal Reserve banks, dulY recommended by the Committee on 1:ember and State Banks, were presented and approved as follows:- Shares. District No. 2 Third rational Bank, Walden, N. Y. 66 Shares. District No. 9. First National Bank, Baylor, Mont. 15 Dodge City, Kans. 36 District :To. 10. Southwest National Bank, The Secretary of the Board presented a letter written by Governor Seay of•Richmond to Assistant Secretary Peters with reference4to bond conversions, and also the draft of a proposed reply. The matter was referred to Mr. Delano. An appiioation for an issue of $1),000,U00 of Federal Reserve notes from the Federal Reserve Bank of New York, duly recommended by the Committee on Issue' and Redemption., was presented to the Board, and on motion approved. Recommendations for the conversion of $1,620,000 of 2'10 bonds for the 2ederal Reserve Bank of Dallas and $2,890,000 for the Federal Reserve Bank of Chicago, into 30-year bonds and Treasury notes, one half each, were presented to the Board end on motion approved. Mr. Hamlin requested that it be recorded in the minutes that he had informally told Messrs. Bosworth and Rich that the Board hoped that the question of responsibility for dividends growing out of the transfer of certain banks from the Minneapolis to the Chicago District, would be settled between the two banks on an equitable basis, regardless of legal technicalities. The Secretary of the Board read a memorandum presented by the Federal Reserve Agents asking for information with reference to the views of the Board on the following points:1. Explain to the Conference the policy which • should be pursued by the Federal Reserve banks in respect to the amount of reserve they should carry; 2. Express its position with reference to the aims and objects of the committee of the American Bankers Association appointed to obtain modifications of the present collection system; 3. Express the policy which it desires to have followed by Federal Reserve banks in issuing Federal Reserve notes for the purpose of accumulating gold. 4. Express its views as to the factors which . should control boards of directors or reserve banks in establishing rates of discount. 5. Advise and ments it intends to they may be able to and others in their discuss with the agents the amendpropose to Congress in order that explain such amendments to bankers districts. 6. Advise whether it would not be practicable to send notice by telegraph or otherwise to the Agents in regard to unusually important announcements made by the Board through the press. Discussion ensued, and an informal agreement was reached with reference to the statement to be made by the Governor of the Board at the afternoon joint session with respect to the points raised. On motion at 1:25 P. T1. the Board adjourned. 3ecretary. II 3P110;,04 40gr Chir::an.
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