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1133 At a special meeting of the 2ederal Reserve Board held in the office of the Board at 11:00 a. m., on Thursday, December 30, PREJt;NT: Er. Hamlin, presiding Er. Warburg Er. Delano Er. Harding Er. Williams Er. Eiller Er. Willis, Jecretary. The minutes of the meeting of Wednesday, December 29, were road and approved. A letter from Governor.Rhoads of Philadelphia relative to the absorption of excnange cnarges on checks deposited by the Government, having been read, the Secretary was directed to say to Er. Rhoads that tie Board would recommend to the Secretary of the Treasury that only those checks should be accepted by the Government that are drawn on banks which are members of the clearing system, but that while this recommendation is under consideration it is desired that the reserve banks should absorb exchange charges. The L;ecre- 1134 tary was directed to send a statement of this action to all other reserve banks. A draft of a letter prepared by Mr. Warburg relative to the classification of paper arising out of the sale of agricultural implements, was read and adopted, and the Secretary directed to give copies of the same to the press. The Secretary of the Board presented the usual weekly discount notices, and a rate of to 45 on open market purchases of acceptances at St. Louis, was approved. It was informally agreed that in publishing the open market rates already made, they should be published as bankers' acceptances rates . only. The Secretary of the Board having read a telegram from Federal Reserve Agent Tenison asking for 60 days in which to prepare a brief for reply to the Louisiana banks asking for transfer, it was on motion voted to allow 30 days. A letter from Senator Owen recommending 1115 Li.. 3. x. McKinney for appointment to the directorate of the Federal Reserve Bank of Dallas, was read to the Board and ordered filed. The Jecretary of the Board presented certain data relating to thy recent circular of the Tennessee Bankers' Association. On motion it was voted to print in the forthcoming Bulletin a brief statement of points made by Eessrs. Wellborn and Lartin with reference to the changes contained in the circular aforesaid. On motion it was voted that each Federal reserve bank may have separate copies of reports of its own Federal reserve agent printed at its own expense, if desired, but that the Board can not supply franks for the transmission of sucn reports. A letter from Governor 3trong of Mew York relative to the existing clearing system was read and ordered filed. A nomonandum prepared by the Deputy 3ettling Agent with reference to payments to the 5; Fund of Member Banks from the Gold 3ettlement Fund was read and referred to the com_ittee on Gold 1136 jettlement Fund. It was directed that an opinion of Counsel relating to conditions under which national banks may take out circulation, may be sent out if approved by the Governor of the 3oard. Mr. Harding submitted a draft of a letter to Mr. E. M. Jwinney relative to directorships and the operation of the Federal Re servo Bank of Kansas City. The letter was tentatively approved. On motion it was voted that the resignation of Federal Reserve Agent Miller if tendered, as expected, be accepted, and that Governor 'Jawyer be named to the vacancy thus created, Mr. J. K. Goodrich to be named Class "C" director in place of 1,:r. E. Ramsay, resigned, for the unexpired term of the latter in the directorate of the Federal Reserve Bank. of Kansas City, Mr. Goodrich to be designated for one year as Deputy Federal Reserve Agent. The jecretary of the Board was directed to notify Mr. Malone and Mr. Miller of the action taken. 1137 Yr. Harding reserved the right to move a reconsideration of this motion at the afternoon meeting. letter received from the National Shawmut Bank of Boston regarding the visit of Llr. W. H. Lough, representing the Department of Commerce, with reference to an amendment to the Federal Reserve Act, was read and ordered filed. A letter from Federal Reserve Agent Perrin relative to the purcAiase of bonds at ',San Francisco, was road and ordered filed. A letter from the Federal eserve Bank of New York specifying certain acceptance credits which it was intended to grant if desired, was read and ordered filed. On motion at 1L:45 p. m. the Board adjourned to moot at .2.:30 p. m. this day. APPROVED: Chariman. I 1i
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