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IIOu 't a regular meeting of the Federal Reserve Board hold in the office of the Board at 11 A. r. on Tuesday, October 31, 1916, PE:&SEnT: Governor Harding, presiding, Zr. hiller, Jr. Hamlin, hr.7:arburg, hr. Delano, Lr.Tiflis, secretary. The minutes of the meeting of the Board of October 30th were road and approved as modified. A letter from Governor -:old of the Federal reserve Bank of tUnneapolis with reference to certain details of the process of transferring banks of southern Wisconsin to the Chicago District, was on motion, referred to the Committee on Clearings. Similar action was taken with reference to a letter from Governor hc3ord of Atlanta relative to the refusal of checks of member btx=cs failin to remit promptly. It was informally agreed to make no statement at present of the names of member banks engaging in the domestic acceptance business. Communications from the Federal Reserve Bank of Llinneapolis and members thereof, relative to the non- p ance by the Treasury Department of drafts drawn on ied(0E41 Eeserve banks, ware referred to the Committee on Relations with the Treasury Department. On opinion of Counsel relating to the payment of accrued dividends of member banks transferred from one district to another was on motion adopted, and action in accordance therewith ordered. An opinion of Counsel relatinL; to acceptances of mellber banks was referred to the Committee on Law. .on application for 31,500,300 of Federal Reserve notes from the Federal Reserve Bunk of Richmond, duly recommended by the Committee on Issue and Redemption, was on motion approved. Mr. Warburg havir.b reported the views of the Committee on Discounts and Investments with reference to certain acceptances against cotton and yarn, as to which inquiry had, been made by the Federal Reserve Bank of Boston, it was on motion voted to adopt the report, Mr. 7:arburg to communicate the substance of the same in reply to the inquiry. Adplications for stock in Federal Reserve banks, duly recommended by the Committee on Member and State banks, were approved as follows:- FOR NW STOCK. District ro. 5. Farmers National Bunk, District No. Hert ord, N. C. 15 9. First National Bank, First National Bank, First National Bank, Keewatin, Minn. Judith Gap, Mont. Browning, Mont. 15 15 17 District No. 10. Farmers National .Bank, - Ameri us,,Kans. Planters National Bank, Tulsa, Okla. 16 72 District No. 12. Bank of Woodland Nat'l Bank, Woodland, Ca1.144 294 Total. FOE ADDITIONAL STOCK. District No. 2. First National Bank, District Mo. Marion, N. Y. 9. CM 1"4 tO 00 )".4 ri First National Bank, 'Ellendale, F.D. First 1:ational Bank, Wessington Sps,S. Groton, S. D. First Mational Bank, Benson, First National Bank, Bertha, Min. First National Bank, Blue Earth, Minn. Farmers National Bank, Riester, Minn, First National Bank, First National Bank, Lake Crystal, 2armcrs & Merchants Nat'l Bank, Minneotainn. 9 2 7.'estbrook, Minn. First rational Bank, 34 Total. 1103 An aTTlication for the surrender of stock, duly recommended by the Committee on :,:ember tnd State Banks, was approved as follows:District Yo. 9. Shares. Yellowstone Valley rational Bank, Sidney, Mont. 26 On motion it was voted that Mr. Harding and Ur. Delano meet with the directors of the Federal Deserve Bank of Atlanta on !:ovember 9th for a general discussion of the question of a building for that bank; the comnittee also to visit New Orleans in their discretion. The minutes of the meeting of the Board's committee on the Clayton Act, on October 31st, were read and on motion approved, and the action therein taken ratified, the minutes to follow those of this meeting of the Board. The Secretary of the Board having read a letter from the Comptroller of the Currency regarding certain expression of Federal Reserve izent Perrin as to emarainations of member banks, it was agreed that the Governor write a general acknowledument and that the letter be referred to the Committee on Operation of the Federal Reserve Bank of San Francisco, for such action as might seem expedient. a letter from Acting Governor R. 7. Treman, of the Federal Reserve Bank of :ew York, relative to the French industrial credit, was read and referred back to the Governor for a suitable reply. • letter from,Mr. J. B. Forgan informing the Board that Yovember 20th has been fixed as the time for the next meeting of the Advisory Council, was referred to the Comnittee on Belntions with Federal Reserve Agents. L letter from rr. E. D. Hulburt, relative to the relations of 3tate banks to the Federal Reserve System, was read and it was agreed that the Governor make suitable acknowledgment. A letter from Assistant Secretary of the Treasury lialburn, relative to the conversion of 4 bonds during the year 1917, was on motion referred to the Committee .on Investments. A', letter from Comptroller recommending an increase in pay fOr 1.r. S. T. Dashiell from.1;00 to 41',75 per month, was referred to the Committee on Staff With power to act. Reports from Federal Reserve iwent flamsey, relative to penalties on deficiont reserves, Lnd the cost of h;tndlin collection items, Z.4173 read and general discussion ensued. The Governor of the Board renorted thz.t his attention having been called by certain member banks to the question of currying their reserves with Federal re:serve bunks, these member banks stating that they would be glad to take advantage of the new irovis ion of the law pfovided they could re)ort their vault cash in one iten with their Foderai F.esurve bank balance, the Com2troller )erof the Currency had informed hiN1 of his intention to , mit re.,lorts to be rride in thi:- way on ,the ne.i:t call. Cn motion it was voted that the Governer acknowledge the decision of the Comptroller in a sL,:t4ble letter to him, expressirg the Board's appreciLtion of his action. On motion at 12:30 T. APP7T7L;D: Cha rmun. the '3oard adjourned.
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