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• 4,t a realar tileeting o.f the .i?ederal deserve Board held in the office of the Board on .1ednesday, January 9, at clever:, LI. , LA-A lardin7, presidin, r. larburg, 7.!r. 17.r. 2ecretary Jilliams, The tlinutes of the meeting of the Board held on January 7 were read and, on motion, approved. The minutes of the meetings of the 12,:xcutive Jonnittee (Gold Exports) held January 8 and V, were presented and, on motion, approved and the action therein set forth ratified. Jorrespondence with 4-_;sistant 'ecretary T. . 14effing- well relative to an additional credit of 10,000,000 rzpees, mts read and noted, and referred to Lir. I:ent for action. Jorrespondence with ...ssistant ,Jecretury dieffingwell re the discount of seed warrants, was read and referred to Joansel; suitable reply to be seLt by the Governor. memorandum of Jounsel re the proposed regulations as to foreign exchange, accompanied by copies of the regulations proposed, was read and the copies distributed to -tersbers present. The matter was laid on the table until the next meeting Of the Board. memorandum of Counsel rearding the payment of the expense .of administering the foreign exchange regulations of the Board, was read and .ordered ,referred to Or. Kent for an estimate of expense. Counsel of the Board having submitted .a proposed form of letter for use in replying to imoirers who,oubmit hypothetical i.l.testions, it aas, On motion, voted to approve the proposed letter and order its use in appropriate conditions. The Secretary of the Board read a letter from Fedoral fteserve gentAustin giving the results of the choice of officers at the Federal eserve Bank of Philadelphia. .lovernor Harding read a letter from loverner ahoads as to the possible loss of certain scurities, which was referred to ir. Broderick for report. The Secretary read a letter from, Federal deserve Agent ,lustin re the ..pestion of reports of State member dividends in Philadelphia. On motion, it was voted t authorize the reporting. of dividends for the usual divito send . dend periods observed by members, the secretary notice to all ?ederal eserve banks accordingly. Governor Harding read a letter from Governor ::cDousal notifyin3 him of the reduction of the service chars; .t cago from 11 cents to 1 cent per item, which vas referred to Committee r . 1. The secret%ry read a letter from Governor McDougal re the salary of Jommittee ro. ahich was referred to ,. 1. ?ormal notice of the acceptance of appointments by Ballentine, 'lodges, Barke and dellborn, was laid before the Board. Hoxton of Ot. Louis re deposits 4.. Letter from of non-member banks, was read and referred to Committee No. 1 for report. - report from committee aries of assistant o. 1, dated January 6, re sal- ederal deserve ,gents at itlanta, was read and, on motion, approved. - report of Committee r.o. 2 approving the parchase of 50,000 stock in the -merican Foreign Banking Jorpor-tion by the :.:erchants rational Bank of lit. Paul, Was read and, on motion, approved. Aports of ;ommittee as follois: ro. 3 were presented and approved Applications for Surrender of Stock. District No. 4. First National Bank Derry, Pa. District No. 6. First National Bank East ?oint, District No. 9. First National Bank Firct National Bank Shares 60 60 G. Henry C.Dak. South Shore, S. Dak. District :To. 11. Texas city National Bank Total, 30 30 16 19 37 Texas 'ity, "ex.32 32 159 4tpplication6 for Original Stock. District No. 5. Bluefield National Bank Bluefield,W.Va. 60 District No. 9. Stockmens National Bank First National Bank Bathgate National Bank Hardin, Mont. Circle, 10nt. Bathgate, N.D. Total, 60 24 17 18 /2-9 Passing upon the status of .directors at the Philadelphia National Bank ander the Clayton LiOt. Li. memorandum of Mr. Jacobson regarding accommoda tions for the Division of Statistics was read and, on motion, referred to Committee No. 4 for reportto the Executive Committee, the latter. to be thereupon authorized to act. Li letter from 2,ssistant Secretary ilowe to Governor Harding relative to exchange arrangements with Argentina, was read and, on motion, it vas voted that the substance of the letter and accompanyin3 documents be transmitted by the lovernor to the 2ederal aeserve Bank of re's York. Governor Harding presented a report from Examiner ztdelson regardin3 conditions Itlanta, which was received and ordered referred to the Jom'Aittee on Operation of the 2ederal 2eserve Bank of ktlanta. :r. Warburg read a memorandum regarding present practices as to bankers' acceptances and changes called for therein. The memorandum was ordered circulated. General discussion with reference to conditions at, and methods of management of, reserve bunks, ensued. Cn motion, at 11-40 p.r.. the Board adjourned. ArraOVID:
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