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At a meeting of the Federal Reserve Board held In the office of the Board on November 12, 1918, at 11 A.U., PRLSENT: Mr. Mr. Mr. Mr. Mr. Mr. Harding, presiding Strauss Hamlin Miller Williams Chapman, Acting Secretary. Minutes of the meeting of the Board held on October 31st were read and on motion approved. Minutes of the meetings of the Executive Committee held on November 2nd, 4th and 8th were read and on motion approved. Minutes of the meetings of the Gold Export Committee held on November 1st, 2nd, 4th, 5th, 6th, 7th, 8th, 9th, 11th and 12th were presented and approved, and the action therein set forth ratified. Morning business was presented and disposed of as follows: Report by Secretary dated November 6th, recommending approval of reduction in reserve requirements of banks in outlying sections of central reserve and reserve cities, as per statement in auxiliary minute book as of this date. Approved. Governor Harding submitted letter from Mr. Curtiss dated November 7th, transmitting schedules proposed to be used in the forthcoming annual report of the Federal Reserve -2Bank of Boston, and asked approval of a general letter to all Federal Reserve Agents outlining the Board's desires with respect to the form and tenor of such annual reports. Approved. The Governor stated that it would be desirable to have held in Washington a conference of the Federal Reserve Agents for the discussion of annual reports and other matters, and suggested Thursday, December 5th, as the date for such conference. Approved. Letter dated November 1st, from Charles A. Otis, Chief of Resources and Conversion Section, War Industries Board, in re formation of War Boards with representation thereon of Federal Reserve Banks, together with letter dated November 1st from Grosvenor Clarkson, Director of the Field Division of the Council of National Defense, suggesting the availability of organizations of State Councils of Defense. Ordered circulated. Memorandum by Secretary dated November 6th, in re request for ruling of Board as to reserves to be maintained by branches of banks organized for foreign banking. It was moved by Mr. Hamlin that such .1.0to -3banks be not required to maintain specific reserves. against deposits in their foreign branches, and that such reserves be governed by the laws of the respective countries and by the judgment of the management of the bank concerned, upon the understanding that such banks shall render to the Board from time to time statements of the reserve condition of such branches. Ir. Miller moved that the motion be amended so as to require such branches to maintain for the present a minimum reserve of 15 per cent. Mr. Williams requested that he be recorded as voting in favor of Mr. Miller's motion. The motion to amend was lost and the motion prevailed. Letter from Yr. J. H. Puelicher, Chairman of the Federal Reserve Campaign Committee of the American Bankers' Association, dated November 8th, in re suggested general letter to prospective state bank members. Referred to the Governor with power. Letter dated November 4th, from Mr. W. H. Hartford, in re proposed establishment of a Federal Reserve branch bank at Nashville. Ordered tabled. Letter dated November 7th, from Mr. George C. Finley, requesting that Governor Harding attend the annual banquet of the Wholesale 1erchants & Manufacturers' Association of Buffalo, New York, to be held in the latter part of December. Voted that Governor Harding be requested to accept the invitation. -4Governor Harding submitted memorandum of purchase of special 4 certificates of indebtedness of the United States for deposit with the Comptroller of the Currency as collateral for Federal Reserve bank notes, as follows: For Federal Reserve Bank of: Cleveland, St. Louis, Minneapolis, Date Amount ,1918 41,000,000 ! Nov. 999,000 11 1,000,000 Approved. Mr. Miller presented the question of the proposed purchase of a building site by the Federal Reserve Bank of Chicago, Ordered tabled to December 5th for discussion with Mr. Heath. Governor Harding suggested that the business of the Board appeared to warrant a change in the schedule of stated meetings to Monday, Wednesday and Friday of each week. Tabled for decision at the next meeting of the Board. Letter dated November 4th, from the Federal Reserve Agent at Chicago, submitting for approval plan for extending the scope of the work and usefulness of the Department of Bank Examinations of the Federal Reserve Bank of Chicago, and memorandum by Mr. Broderick dated November 8, 1918, concurring in such recommendation. (i) Voted that the plan be approved as submitted, and that the Federal Reserve Agent be advised that the Board will approve the appointment of such additional examiners as may be necessary to make the plan operative. REPORTS 02 COMMITTEE NO. 1: Dated November 12th, recommending admission of State institutions as set forth in the auxiliary minute book as of this date, subject to the conditions stated in the individual reports attached to each application. Dated november 8th, recommending changes in stock at Federal Reserve Banks as set forth in the auxiliary minute book as of this date. CHANGES IN STAFF: Dated November 11th, recommending the appointment of Mrs. Enid De Lima, Assistant in Bureau of Foreign Declaration of the Division of Foreign Exchange, New York, at a salary of OUU per annum, effective November 11th. Approved. Dated November 11th, recommending the appointment of Seaton T. Dyson as Messenger on the /10 per annum, Board's staff, at effective Eovember 16, 1918. Approved. Dated October 28th, recommending payment to Mr. Fulton Saussy of compensation for services in acting as substitute Assistant Federal Reserve Agent at the Jacksonville Branch during the absence of Mr. tzeorge N. Martin, Assistant Federal Reserve Agent, such compensation to be at the rate of pay drawn by Martin. Approved. It r'S tto• -6At 1:05 P.M., the meeting adjourned. Aoting Secretary. Approved:
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