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996 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:00 a. m. on Wednesday, November 17, PRESENT: :Ir. Hamlin, presiding 1:r. Warburg Mr. Dolan() Mr. Harding :Ir. Williams Mr. Miller Mr. Willis, Secretary. The minutes of the morning and afternoon meetings of November 15 were read and approved, except in so far as related to the discussion of the question of redistricting. Pending further oppor- tunity to examine the records with reference to this subject, formal approval of the minutes was deferred. The minutes of the joint conference of the Board with the 2edera1 Advisory Council on November 16, were presented by the Secretary, and on motion referred to Mr. Delano for examination . and report. Mr. Hamlin stated that the Rural Credits 997 Commission now in session at the Capitol, had asked him to appear before it and state the views of the Board on pending questions. It was informally agreed that he should appear, but that on any point requiring official expression of the opinion of the Board, the Rural Credits Commission should be asked to submit definite questions in order that a positive reply might be returned. On motion an application for an issue of Pederal reserve notes at Atlanta, duly recommended by the Committee on Issue and Redemption, in the amount of %1A,000,000 was approved as follows: a0 denomination.520,000 20 480,000 Mr. Delano offered a motion that the Committee on Redistricting be permitted to file a revised report in lieu of the report already presented to the Board. The Governor ruled that such action was permissible at any time the Committee not having been discharged. Mr. Delano then gave notice that the committee would file an amended report. 998 Delano moved that the regular and special counsel of the Board should be requested to prepare as soon as possible a joint opinion relative to the powers of the Board in regard to the subject of redistricting and changing the number of 2ederal reserve banks; or if desired, that the counsel be requested to prepare separate opinions. The motion prevailed. The chaiman of the Committee on Redistricting (La'. Delano) was instructed to take the necessarr steps to obtain such opinions. The Secretary of the Board having asked for instructions regarding the form of statement to be made to the press with regard to reports appearing in the morning newspapers with reference to recommendations of the Advisory Council on No4 ,vember 15, was authorized to make a suitable statement, said statement to cover some of the chief recommendations of the Council, accompanied by the information that the Board had not considered, or passed upon any of them. 999 The 6ecretary of the Board having presented the case of the -larren Countz., national Bank of Belvidere, N. J., which had failed to take the necessary stops for transfer from the Philadelphia to the New York Federal Reserve Bank, it was on motion voted that the Federal Reserve agent at Philadelphia be asked to re-. turn to the"bank in question its capital and reserves, and that the Federal Reserve Agent at New York be requested to demand a proper application for stock and the traisfer of the necessary reserves. A report of the Committee on :3taff, a2.crovinc of the election of Er. Edwin C. Baxter as cashier of the Federal Reserve Bank of Cleveland, and the establishment of the salary of Governor Fancher of Cleveland at 1;18,000 per annum from and after November 1, 1915, was approved. The Uecretary of the Board having reported the result of the poll of banks of Louis- 1300 a lana with respect to transfer to the New Orleans „Branch, which he was directed to make, the documents in the case were ordered referred to the Ca=ittee on Redistricting. A report from Er. Warburg, to whom had been referred the inquiry of Federal Reserve Agent Wills relative to the use of the proposed circular relating to the sale of bonds securing circulation, suggested by the Federal Reserve Rrtnk of New York, was approved, and in accordance therewith, the Jecretary was directed to recommend to Yr. Wills that he proceed in the same way as the Federal Reserve 3ank of New York. • lending reports relating to the reassign- ments of members to committees, arid determination of action with reference to examiners' salaries, were laid on the table. A draft of a letter to Mr. P. H. Saunders relative to open market operations at New Orleans, prepared by Mr. railer, was approved, and the letter ordered transmitted accordingly. CCI rr. 7arburg, to whom had been referred a letter from Governor jtrong, relating to the modification of the Board's circular on municipal warrants, reported the draft of a letter declining to waive the power of the Board in the premises. The letter Was approved and ordered transmitted. Warburg, to whom had been referred a letter of Governor strong relating to the definition of bills of exchange, reported that no further action was necessary, the correspondence having been circulated. Li.. Warburg, to whom had been referred a letter from Governor ;Jtrong, relating to bankinz conditions in chile, reported that no further action was required' for the present. Mr. Warburg, to whom had been referred • a proposed statement by Er. C. E. McGuire relative to the credit situation in south America, reported that he had given certain sugcestions to 2,:r. LoGuire, and that no further action was called for by the Board. Warburg, to whom had been referred the application of the Federal eserve Bank of Jt. Louis for power to purchase warrants of Paducah, Kentucky, reported in favor of granting the permission requested. and the aeserve The report was adopted. Jecretary ordered to notify the Federal nk of St. Louis accordingly. The jecrotary of the Board having pre- sented a letter from Chief of Division Broderick relative to the retention of directorships in Jtate banks by Governor Wells of Jt. Louis, the matter was referred to idr. Liner for investigation and report. The Jecretary of the Board having presented a letter from Assistant 3e.cretary Laiburn relative to the resumption of the issue of small gold certificates, the matter was referred to 2ir. Delano and idr. Warburg as a special committee, for report. A letter from Federal Reserve Agent 'dellborn, relative to methods of examining into (st') the character of paper rediscounted for member banks, was referred to Mr. Harding, and action deferred pending the return eft' • Harding.' On motion at 1:10 p. in. the Board adjourned to meet on 2riday, November 19, at 11:00 a. in. 3ecrotary. Al)-ROVED: Chairman.
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