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t. a meeting of the Federal Beserve Board held in the office of the Governor at 12 noon on Friday, rovember 24th, 1916, PEESIXT: Governor Harding, presiding, Mr. Miller, 'Jr. Warburg, Mr. 7amlin, Secretary. Delano, Er. Harding read a draft of a letter to Federal heserve agents as to the work of the dvisory Council, approved by the 3xecutive Committee, and on motion the same wa:, authorized for transmission. The Secretary of the Board read a letter addressed to the rational City Bank authorizing that institution to accept drafts drawn by its South American branchjon the home office for the purpose of creating dollar exchange in Couth and Central America. On motion the letter was ap- proved and transmission authorized. Thu 3ecretary of the Board read the letter addressed to all Federal Eeserve agents as to t,he purchases of 2:,72 bonds, which had already been read to and approved by the Executive Committee. Mr. Hamlin moved that the letter be laid on the table until Monday, November 27th. The motion was defeated. • Zr. 7/arburg moved to transmit the letter at once, and on being put to a vote, the motion prevailed. The Secretary of the Board presented opinions of Counsel for publication in the forthcoming Bulletin, including one addressed to the Canandaigua rational Bank of 17ew York, and on motion the publication of the opinions was authorized. Discussion ensued with reference to the question of the policy to be followed with respect to plans for fina ing our forein trade, currently proposed in New York. 3. :1. the Board adjourned to meet at At 115' 11 A. IL. on Monday, rovembur 27th or sooner, it' called by . the chair. t zo4b 3uCrytaryi
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