The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a meeting of the Executive Committee of the Federal Reserve Doard.held in the Board Room on Tuesday, December 11, 1917, Pt 12:15 P. M. PRESENT: Mr. Harding, presiding, Varburg, Mr. Hamlin, Mr. Allen, Assistant Secretary. Ccvernor Harding submitted a draft of a letter to be sent to certain Federal reserve banks regarding the parnent of ore-halt of their excess earnings to the Treasurer of the United States, and this was approved. Attention Was called to a letter from Federal Reserve Agent Ramsey relative to the proposed branch of the Federal Reserve Bank of Pal2as at El Paso, Texas. Approval was given to the application of the Denver National Bank to purchase 36R shares of the stock of the American 8 Foreign Barking Association of nt n cost 5O,O4fl. rovernor Ihrding called attention to letters from the First and Old Detroit National Bank and the People National Bank of Detroit, relative to the Detroit hranch. A letter from the redern1 Reserve Bank of San Yrancinco rel-itive to the dividend which it proposes to pay to stockholders was referred to Mr. Delano. A letter from the Federal Reserve Bank of Now York asking what course it should pursue as to the purchase and payment of acceptances and other paper drawn by firms whose names appear on the Alien Enemy List, was ordered referred to Mr. Strauss to be taken up by him with Mr. Hammond of the Var Trade Board. Mr. Delano entered the meeting at this point. Mr. Warburg presented a report of the Boston Committee cn application for changes in rates received by telegraph early in the day, and the Governor was authorized to send the following telegram: "Curtiss, Federal Reserve Agent, "Boston. "Rates approved as follows: Commercial paper fifteen to ninety days five percent; acceptances four percent. You may post a general acceptance r-te of from three to five percent. No action taken on rates for paper maturing one to fifteen days. It appears to Board that it is inadvisable to change short time rates. If you do not concur wire additional particualrs and Board will discuss matter further tomorrow. (Signed) Harding." Approval was given to the following report of the Boston Committee: "In view of the fact that the reserve for both deposits and notes of the Boston Federal Reserve Bank is reported to us as being at about 40'4, Committee No. 2 recommends that the Federal Reserve Banks of Kansas City, Da11,10, St. Louis, end Minneapoliv, be fequested each to rediscount for the Federal Reserve Bank of Boston, five million dollars of ninety d=iy Liberty Loan paper, ad that the rlte be fixed at 4;".; and th,lt the Governor be directed to inform the said Feder'll Reserve Banks to this effect." At 1:00 P. U., the Committee adjourned. APPRCVED: Secretary Chairman
@FedFRASER