Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, November 18, 1916, 3:00 PM, Volume 3, Part 2

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%t a special meeting of the 2edera1 Leserve
Board held in the office of the Governor on Saturday,
November 10, 1916, at 3 P. H.
PRESENT:
Governor Harding, presiding, '.
Mr. Hamlin,

Mr. Miller,

Mr. Delano,

Mr. 7:arburg,

2:r. nil's, Secretary.
The mini-tes of the meetings of the Executive
Committee hold on November 16 and 17, and of the meeting of the Board on November 16, were road and approved.
A letter from th

Fourth and First National Bank

of Nashville relative to the policy of the iederal Reserve
Bank of Atlanta in purchasing real estate, was presented,
and referred to the Governor for appropriate action.
An opinion of Counsel with reference to the question of reviewing the bonds of Federal Reserve agents, was
referred to the Executive Committee.
An opinion of Counsel with reference to certain
questions rel_tin

to the power of member banI:s in making

acceptances, was reI'erred to the Committee on Law and
ordered circulated.




f.




An application from the Pompeian Oil Company
and representatives of certain member banks of the
Fifth District asking for c hearing on the question
of foreign bankers' credits, was referred to the
Executive Committee.
A letter from the Federal Reserve Bank of
Cleveland, asking for power to hold certain Toledo
warrants somewhat longer, was referred to the Committee
on Operation of the Federal Reserve Bank of Cleveland.
A telegram from the Federal Reserve Agent at St.
Louis fixing a rate of 4L",, on maturities over 90 days
and up to six months having been presented, the rate
thus fixed by the St. Louis Bank, was on motion approved.
The report of the Division of Examination with
respect to the condition of the Federal Reserve Bank of
Cleveland, was referred to the Committee on Operation of
the Cleveland Bank.
The Secretary of the Board presented a letter from
Mr. A. T. Otte, Vice President of the rational City Bank
of Chicago, and the matter was referred to the Committee
on Law with instructions to answer it.

report presenting a draft of a letter to
Federal Eeserve Agent Perrin was laid on the table.
Current pending business having been disposed of
the Board engaged in discussion of the form to be given
a statement relating to foreicn trade and credit, to be
made to the Advisory Council at its meeting on Monday,
November 20, with particular reference to the proper made
of presenting the views of the Board.
On motion at 3:30 P. M. the Board adjourned to
meet in joint session with the Federal Advisory Council
in the Board Room on Monday, November 20th, at 10:30 A. Ms




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Secretary.