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At a regulur meeting of the Federal Reserve Board held in the office of the Governor on Monday, February 19, 1917, at 11 a.m., L.X. Harding, presiding, 7r. Warburg, .Mr. Miller, Mr. Willis, Secretary. Mr. Hamlin, The minutes of the meeting held on ?riday, February 16th, were read and on motion approved. A letter from the Secretary of the Treasury calling attention to the approaching date of maturity of one year 7reacury notes amounting in the al.gregate to 4A,390,000, now held by Federal reserve banks, and the reply of the Governor to that letter vere read, :,nd the matter aas re- ferred to the Executive Committee with power to arrange a method and basis upon which settlement should be made for the repurchase of an eval amount of one year notes as re4uired by law. A letter from the Comptroller of the Currency ;!ith reference to the method to be adopted in paying assessments upon national banks coverin:- the cost of examinations and subnitting a plan for a change in that method was received and, on motion, referred to the Executive Committee with power to act. /1 application of the Ireensboro National Bank, of Greensboro, la., for power to reduce its capital stock from50,000 to 4‘25,000, duly recommended by the Comptroller of the Currency, was approved. A letter from the Chinese-American Produce Txchange Company with reference to the question of direct exchange relations with China was read to the Board,'• noted, and ordered 11,.ssed to file. A letter from Federal Reserve Agent Curtiss acknowledgin7 receipt of 4 letter from the 7ederal ae- serve Board with reference to the tax situation in Uaine was read and noted, and ordered passed to file. Certain correspondence with ?edema Reserve Agent Heath of Chicas.o relative to a delay said to have occurred In connection with a recent telegram signed by Mr. Heath under date of ?ebruary 15th,'asking the release of ?ederal reserve notes, and received by the Board on Pebruary 16th, was read. The question of existin7 methods of dealing with Federal reserve notes was discussed, and. on motion, the following action was taken; Voted: 7hat henceforward every telegram received from a Federal Reserve !gent making application for Federal reserve notes shall be at once acknowledged by the Secretary's office telegraphically. Voted; That all note issue, transmission and printing. applications shall henceforward go direct to the Executive Co-nmittee instead of to the Committee on Issue and Redemption for approval. Voted: That all note applications shall be given a pre- ferred position on the mornin-7 docket at Board meetinm :nd shall be immediately disposed of. Voted: That the Comptroller of the Currency shall be notified of the 7oard's desire for the release of notes to Federal reserve ac;ents, the transmission of notes tosubtreasuries or the printing of new notes, by a communication to be sent either by the Governor, the Vice Governor or the acting executive officer of the Board in charge at the time. the details of such notification and the method of securing the immediate release of notcs to be arranged' between the Governor and the Comptrollerof the Currency. Mr. Hamlin cave notice that at the proper time he would move to amend the by-laws of the Board with reference to the control of note issues in such a way to make due provision in the by-laws for the chz,nge in practice last above mentioned. .i1pplications for the issue of Federal reserve notes were approved as follows: Federal Reserve Bank of New -York: 20' Federal ,6,400,000 cscrve Bank of Philadelphia: 10's 20's 1,000,000 3,040,000 the aforesaid notes having already been shipped on Tebruary 19th. 'port of the ',.;'ommi e on Disco2nts and Accept- nces recommending that member banks be authorized to accept drafts drawn in Columbia was presented to the Board, and on motion approved. application from ederal eserve Lgent iich for the issue of Federal reserve notes in denominations as f I- kr; lows- was approved:: 5's 10's LO's 50's 100's letter $.1,000 1000 1,0E0,0LC 0,000 '400,000 400,000 fru, Feueral Reserve Agent tellbern re- porting upon u visit of inspection mue to the Nevi Orleune bri-rich W45 received,,reua, noted und ordered passed to file. On motion it a-s voted thut the Executive Committee be authorized to transmit ut its discretion u letter to Federal reserve ir,;.nks with reference to their generul policy for ti,e incLediute future in connection ..th the purchuse of wurrunts.. On motion, at1'4.'40 p.m.. the Eorci jjourned. Secretary. ArPhOWD: :4)
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