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At a muetint; of the 1LxecLitive Committee of tne Federal Reserve Board held in the office of the Governor at 10:45 A. ;.1. on Thursday, November 23, 1916. PRESENT: Governor Harding, presiding, Warburg, LIr. Delano, :Ir. Allen, Secretary. (lovernor Hardinj called attention to a letter from Assistant ',;ecretary of the Treasury L:alburn transmitting a request of the Director of the Bureau of Engraving and Printing that authority be given to print and keep on hand a minimum supply of notes for each iedural Reserve bank, and this was referred to the Committee on Issue and RedCmPtion, the Assistant .Jecretary to prepare data. There was discussion of Counsel's memorandum as to !arding optional reserves, and it was agreed that Governor , should ask that reconsideration be given to certain oaragra09. Governor Hardin‘_; was authorized to approve, under conditions similar to the approval given to other banks, th° request of the Federal Reserve Bank of it. Louis for permission to enter into a contract for insurance of its emgloYees. A letter from the Federal Reserve Agent at Atlanta, the desire of the row Orleans ?ranch to accept paPer '1 SI of the Citizens Bank and Trust Company of Yew Orleans, was referred to Mr. Harding with power. Hr. Harding was requested to take up with Counsel the request of the First rational Bank of Lochoster, Indiana, for approval of its arrangements to organize a trust comnany. Several letters from Kansas, Missouri, and Oklahoma, making inquiry as to rates of interest,growing out of the suggestion of the Secretary of the Treasury that those who are paying more than 8% on cattle loans should write to the Federal Eeserve Board, were ordered answered by referring those who write to the Federal Reserve bank of their district. Al, hearing was Oven by the Committee to Mr. :athan Lusher of the Pompeian Oil Company of Baltimore, Maryland, who was accompani d by Er. C. :. :iarden of the Continental 7'rust Company of Viashington. These Gentlemen °resented the desire of the Pompeian Oil Company to have Federal Reserve banks establish credits for member banks abroad. Mr. M.isher stated that he would purchase abroad during the next four months more than $1,000,000 of olive oil to be paid for in the United States with sight drafts. 118,9 After Mr. Warburg had discussed the matter with Mr. Ylusher and Mr. Warden, it was agreed that additional information should be furnished as to the cost of doing the business at this time, and it would receive the consideration of the Board. At 12 o'clock, noon, the Committee adjourned. Secretary.
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