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954 - eAt a regular meeting of the Federal l serve Board held in the office of the Board at 11:00 a. m. on Tuesd_y, November 9, EIEJENT: HaiAlin, presiding Er. Warburg lir. Delano Mr. Harding Mr. Williams 1,1r. Miller Er. aecretary. The minutes of the meeting of November 4, (afternoon), and of :Toveliber 6, (morning) were read and aTTroved. Discussion of the proposed chance in the quarters of the Federal Reserve Bank of New York was undertaken, and on motion, it was voted that Mr. Hamlin and hr. Delano should telecraph the bank that the Board has no objection to offer to the making of a new lease, but that the directors of the bank should decide the matter. The text of a telegram to the above purport was submitted and approved by the Board, and ordered sent immediately. 955 The kecretary of the Board notified the Board of the receipt of a telegram from Governor :cDougal of Chicago stating that he had set the meetinc of the Jovernors' '-:ccutive Committee for November 16, and was directed to te1c,7aph hr. licDousal, su :esting the chance of this date to November 18, on account of tne fact that the Advisory Council is to meet on the 16th. The Jecretary of the Board read a reflort presented by 1:r. --rburf; with reference to the purchase of Calcutta acceptances offered on the Boston market. The report was approved and a letter ac- cordingly ordered transmitted. A letter from Lr.',:. *7. Panneok of Ivanhoe, Linnesota, relative to the non-acceptance by the Treasury Department of drafts on 2cdoral Reserve Banks, was read, and on motion, referred to the amni.ttec on .1e1ations with the Treasury Department. An opinion of Counsel relating to the classification of land eli:7ible as a basis for farm loans, was read to the Board, and on motion, referred to 1dr. Delano and Er. Warburg with request that they consult . 956 further witil Counsel. A letter froll Lir. F. C. Van Deusen of Lanneapolis, with reference to loans on wheat in country elevators, was presented to the Board and ordered circulated. A letter from LT. A. 2. Jones of ChicaL;o, with reference to trade acceptances, was ordered referred to Warburg for report. A letter fron Governor 3trong of New York relative to the question of service charges between Federal reserve banks, was referred to the coittee of the Board having charge of the :Tew York district (LT. 7Tarburg) for report. A memorandum from Federal eserve Agent Curtiss relative to serial numbers on notes, was referred to the Com:Atte° on Issue and Redemption for report. Sundry letters from the Comptroller of the Currency relating to reports by member banks, under date of ilovember 3 - 4, were referred to the Committee on Audit and Examination. On motion ,Mr. Harding was naMed a member of 957 the Committee on Audit and Examination. A letter from the Comptroller of the Currency relating to bills of exchange drawn in good faith against actually existing values, was referred to the Committee on local matters. The report of the special committee appointed to report on conditions at Atlanta (Mr. Harding, Chairwas presented to the Board, read and adopted. On motion iA was voted that Er. Harding and :r. Delano constitute a special committee to visit Atlanta on December 9th. On motion it was voted that a letter embodying the results of the Board's action as fixed by the report, be transmitted by the Governor and secretary to the Federal Reserve Bank of Atlanta. The Jecretary having presented a letter from Governor ahoads of Philadelphia relative to the present method of using the telegraphic code in connection with the gold settlement fund, it was on motion, voted that • the feeling of the several banks on the subject be ascertained, and that the subject be laid on the table .aeanwhile. 958 On motion it was voted that, subject to the discretion of the Secretary, copies of official letter addressed to Federal reserve agents be enclosed therein, to be handed by said agents to the respective governors of the banks. The Secretary of the Board having presented letters relative to the question whether potatoes are eligible as a basis for loans under the commodity rate, it was on motion, voted that potatoes can not be regarded as a non-perishable product, for purposes of the regulations of the Board, and hence can not be used as a basis of loans under that rate. A letter from the Department of State relative to the banking aspects of the importation of hides and skins from India, was presented to the Board and ordered circulated. A letter from Federal Reserve Agent Ingle relative to the election of directors was ordered circulated. A letter from Federal aeserve Agent Ingle relative to the purchase of warrants of the State 959 or :Torth Ozrolina, was rend to the Board and or- dered filed. A Tette, . from Clrove nor Ctronu with re,. enDnco to foreign a,7enaies of nember and reserve bnnks was read to the Board anri ordered filed, Lr. Warburg informally stPtinc: thnt :Ljederal ents would i.nvestinte the Ntter. en motion it was voted tiv,t all comrJttoe heretc,fore 7..2t, for Thnrsday be held on Wednesday of tis week. rnotio at 1:00 I?. r.the Doard ad- journed to meet on 2bursja7, :ovomber 11, at 11:00 a, Ia. f,ecre.tary. :1LiTLI); Oho
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