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At a meeting of the executive Committee of the Federal :3eserve Board held in the office of the Governor Lt 11:10 i. M. on Monday, Yovember ZO, 1916, PilE3EITT: Governor Harding, presiding, Er. Warburg, 11r. Delano, hr. Willis, Secretary. 1:r. Harding read a letter from Federal reserve Agent Tellborn as to the relations of Mr. Marcus Walker with the executive officials of the system, and approving of the suggestions recently made to him by the Board. 1%!r. Hardin- presented a letter from the First ::ational Bank of Cape Girardeau, Missouri, posit of postal funds in non-member banks. Us to the de- It was voted to send the letter to the Postmaster General with suggestions. The Governor of the Board presented a letter from liecretary Curtis of the Federal lieserve Bank of 21ew York with reference to the status of U. G. 2',"; bonds bought in nriember and December, and calling attention to the fact that the reserve banks were probably bidding against each other in the purchase of these bonds, further proposing that the joint committee now selling bonds for Federal • Reserve banks should be given power to buy also. The matter was referred to Lir. 7:arburg as a sub-committee to report. A letter from Federal Reserve Agent Wellborn as to the erection of a bank building at Atlanta, and promising cooperation on the Board's plans, was read and noted. A letter from Lir. J. E. Colwell, President of the Fourth and First National Bank of rashville, as to the same matter, wuo read and noted. The Governor of the Board called attention to a letter from Mr. R. Babson to the Secretary of the Treasury making certain suggestions as to the Federal Reserve system. A letter from the Pompeian Oil Company, asking for a hearing with reference to the opening of foreign credits on behalf of themselves and certain member banks, was ordered answered with a letter stating that the Board or the Lxecutive Committee would hear their arguments. A sub-committee having recommended that the Federal Reserve Bank of New York be %uthorized to proceed with the proposed arrangement with the Bank of England as its foreign representative, it being definitely understood, however, that none except purely routine business would be undertaken, the secretary was directed to draft a report to the Board accordingly. A letter from the Comptroller of the Currency with referencE, to the clearing situation in Minnesota, was read and ordered returned to the Comptroller with the • information that it had been carefully noted. An opinion of Counsel as to the revision of the amounts of Federal Reserve agents' bonds every two years, was ordered referred to Mr. Delano as 4 sub-committee, he to make report to the Board. General discussion of the Bank of England contract and the problems of foreign operations of Federal Reserve banks ensued. It was voted that the Secretary of the Board be authorized to visit, at the expense of the Board, Paterson, • New Jersey, where he is to deliver an address. On motion &t 12:30 P. L. the Committee adjourned. Secretary. APPROVED:
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