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1 ,At a regular meeting of the Federal aeserve Board held in the office of the Board at 11 21. Y. on Monday, rovember 27, 191C, PRES12'T: Governor Harding, presiding, ir. Delano, nr. 7arburg, Mr. Tibmlin, Mr. "illiams, Yr. Willis, Secretary. Minutes were read and approved as follows:Executive Committee meetings of rovember 23rd and 24th, the'action taken at these meetings being ratified; Board meetings of rovember 22nd, 24th (morning), 24th (afternoon) and 25th. Mr. Williams asked that a minute he entered stating that had he been present at the time when the Board 'approved the letters to Federal Eeserve agents, approving the creation of a joint committee to purchase 2% bonds, he would have voted against the transmission of the letter. r. —Illiams stated that the resolution approving the letter did not imprers him as quite in accord with the spirit of the anti-trust laws; and that he felt that concerted action of this kind might be open to criticism when it might be said that the end aimed at was to prevent a. rise ( 1J " 1Q' in price, in response to the law of supply and demand, of the bonds of our own Government and the consequent enhancement of the Government credit. Tie therefore asked to be recorded as voting against the resolution. The Board read and again revised the proIosed statement for the press regarding foreign credits. In its re- vised form the statement was approved and ordered furnished for use in the morninc newsnapers of rovember 28th as a statement to be issued in the forthcominu number of the Federal Reserve Bulletin. The position to be given it in the Bulletin and the methbd of publication there, were, on motion, referred to the Committee on the Federal Reserve !3uile tin, The Governor of the Board read a letter from the Uomntrolier of the Currency with reference to the appointment of Mr. David Murphy as rational bank examiner at a salary of !)2,400 per annum. On motion, it was voted to approve the recommendation of the Comptroller. A memorandum of Mr. Broderick with reference to the reporting of member bank rverves, was read and referred to the Executive Committee with rower to act. Letters from Governor McDougal of Chicago with reference to the coNverFion of bonds were read. "Illiams suggested a proposed amendment to the law relating to the subject of conversion, and Mr. wamlin moved to ask the Comptroller to write out and submit his views on the subject. On motion it was voted to approve the conversion of 72,890,000 of bonds on behalf of the Federal Eeserve Bank of Chicano, as requested, and to take up for discussion with the Secretary of the Treasury the question of converting these bonds into 30-year bonds entirely, instead of one-half bonds ,4nd one-half notes. The motion prevailed, Mr. Willis being recorded as not voting. On motion, the release of H4,000,000 of Federal Eeserve not;s3s from the Cub-treasury at Philadelphia to the Federal Reserve Agent at that place vas approved on the recommendation of the Committee on Issue and Eedemption. A letter from Governor Sawyer, asking authority on behalf of the Federal Reserve Bank of Kansas City to make a Christmas gift of $15 to each employee of the bank, was referred to the Governor with the request that he reply in the same way as last year. 1196 Letters addressed to the Federal Reserve Bank of Atlanta approving its action in purchasing a building site were presented to the Board and contents noted. A letter from the rational Silk Association asking for additional information about trade acceptances, was presented to th Board and the Secretary of the Board au- thorized to transmit such information. —illiams having suggested the preparation of simple statement or "primer" about the working of the Federal Reserve Act, the matter was referred to Mr. Hamlin with the assistance of rr. Willis. The question of joint ownership of trust companies and national banks b:; the same grout of stockholders was taken up and discussed, and it was informally agreed to await an opinion of Counsel in regard to the matter. Mr. rtamlin having reported in favor of granting authority to the vederal Reserve Bank of Cleveland to pay a dividend up to Juno 30, 1915, on behalf of the Committee on Operation of the Cleveland Bank, it was, on motion, voted that the authority be granted, the secretary writing the Bank accordingly. The f3E23retary of the Board presented a rer.ort of the committee in chare of the selection of Class directors at Boston and Philadelrhi-. The renort was received and orderwl laid on the table. The report of the Cory-,ittee on the Clu:rton ct relative to the elif7ibility of Tr. P. .:tr..,,us as director, was received and on motion it as voted that shall be considered eiiible. rr. 7il1iams was recorded ,As not voting. r, opinion of Counse'l with reference to trade acceptances was presented, and on 'notion, referred to the Committee on Law, 7.:r. Hamlin to act as a sub-committee. On motion it was voted that the lovernor send to the firm of J. r.0rc„./1 c, Company a short t.1.1e2:ram advising them that the Board intends to issue today (.„. statement relating to foreirl, credits. On motion at 12:55 P. L. the Board al.'ourned to meet on 7udnesd-y, rovember 29th at 10 7,ocretary. A'n07ED: Oh.irraan.
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