Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 16, 1916, Volume 3, Part 2

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At a meeting of the Lxecutive Committee of tq ,_
Federal Reserve Board held in the office of the Governor
at 10:30 A.

on I.:onday, October 16, 1916,

P1111:3LNT:
Governor 7ardinL:, presidinu,
WarburE:,

:r. Delano,

;111en,

letter from ,!'ederal reserve A:;unt Aastin, asking advice as to the conduct of elections of directors,
was referred to Counsel, and a letter raising the point
that Jecumber 4th, the date fixed bi trio Board for the
convening of the conference of 2edera1 2.,eserve agents,
would conflict with the announcement of elections of
directors on December flth was referred to the Committee
on AGents' Conference.
The Committee voted to authorize the xlederal Feserve Bank of Dallas to discount live stock paper up to
20

of its assets, but would expect them to look forward

and arrange for prompt rediscounting with other banks,
and the Governor was requested to inform the 2ederal ::eserve
Agent at Dallas of the action taken.
Two criticisms contained in the report of the Chief
of the Division of Audit and Examination of his examination

of the Federal Reserve Bank of Atlanta were considered,
one referred to Counsel, and the other left with the
Governor that he might take up the matter with the
Bank.
A letter from the Federal Reserve Agent at
Atlanta stating the purchase by that bank of a site for
a building at 0102 500 was presented, noted, and the
Governor requested to write to the Bank In connection
with. the matter.
The application of the Federal Reserve Agent at
'Richmond for 01,000,000 in Federal Reserve notes, $440,000
In tens and $560,000 in twenties, was upon the recommendation of the Committee on Issue and Redemption approved.




At 11:30 A. Y. the Committee a

rned.

13ecret:Ty.