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At a regular meeting of the Federal Reserve Board hold in the office of the Board Wednesday, December 9, 1914, at 3:00 m. PRESENT: lir. Hamlin 77arburg . Delano Mr. Harding Ur. Miller. The Governor of the Board presided and Ur. H. P. Willis acted as secretary to the meeting. The minutes of the oreceding meeting were read and approved. By unanimous consent a report on tile organization of tne Division of Audit and Examination was passed over, and a report on bank acceptances, presented by Lir. :iarburg, was taken up for consideration. The report was explained and discussed, but no action taken. It was informally agreed that copies of the report and regulations should be sent to national banks for examination. A draft letter to Federal Reserve Agent Ingle relating to -Lie limit of bank acceptances was referred to the office of jounsel. If')') A report from Kr. J. E. Broderick regarding member bank reports was referred to the Comittee on Reports and Statistics. The Case of L. A. Wilson, a Class "B" director ' of the Federal Reserve Bank of Kansas City, was referl.ed to Er. Killer for investigation. A letter from R. L. Bennett, called to the attention of the 3oard by Secretary Houston, was referred to Er. Harding for investigation. Inquiries from Federal Reserve Agent Wills relating to agricultural paper and savings accounts, were refer..ed to subcomnittee B of Standing Committee 43. On recommendation of Counsel an extension of thirty 'days' til.e was granted to the attorneys representing tne Federal Reserve Bank of Kansas City in the appeal from the decision of the Organization Committee relating to that district. Formal notice was giveil to the Board by :Ir. Ijiller of the election of LIr. Archibald Kains as Governor of the Federal Reserve Bank of Jan Francisco. It was directed that the Secret,ary record appro1Tq.1 of the telegrams sent out on the morning of December 9 to the Federal reserve banks of Atlanta, St. Louis, Minneapolis and Dallas authorizing a rate of 5j4 for maturities up to thirty days. On motion at 4.53 p. m. the Board adjourned to meet at 3.00 p. m. on Thursday, December 10th. Secretary. APPROVED:
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