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Reproduced from the Unclassified I Declassified Holdings of the National Archives /, FEDERAL RESERVE BANK O F DALLAS W. F. RAMSEY, FEDERAL R E S E R V E AGENT W. B . N E W S O M E , DE P U T V FE D E R A L R E SE RV E AGENT CHAS. C. HALL , A S S' T TO FE D E R A L R E SE R V E AGENT March 1 , 1 917. Hon. W. p . G. H a rd in g , G o v e rn o r, F e d e ra l K eserve B oa rd , W a sh in gton , jj. C. My d e a r lar. H a rd in g :- 2& $h. I have ^iir sjDf tfte . i n s t • w ith r e f e r e n c e t o p u rch a se s o r m u n icip a l w a rra n ts ana n o te w ith p le a s u r e you r c l e a r sta tem en t o f th e f a c t t h a t you c o n t r o l our a c t i o n in t h i s m a tte r . \ I do n o t a n t i c i p a t e a t t h i s tim e any o f r e r in g s o f t h i s c l a s s o r s e c u r i t y and i t i s n o t u n l i k e l y th a t we may have a d d i t io n a l w a rra n ts o f f e r e d u s . AIL such w arra n ts w h ich we w i l l a c c e p t w i l l oe o n ly t o meet th e l e g it i m a t e demands o f our raember Dames. V ery t r u l y y o u r s , Reproduced from the Unclassified I Declassified Holdings of the National Archives FE0£BAL ItLSEnVE 30A3D F lit J M 3 . > : m to e m x y 2 6 * 1 9 1 7 . Hr. um Em*0r9 Ch&lrma& Moral Beserve Bsztic# Bal&s* :o*as. Bear Mr. 7?&*at»6?- lour talegpta of this was hrotyjat to tho attention of the Board ad by it . authority X wired you as follows, which I now confirmI Bo&rdipiu o v o g your taking San Antonio warrants for fifty thoussdl &0II&3** due E&y first* with endorsement state Kalio*i -t.ank.'* ?he Bom did not intend, in the recent c ir c u la r sent out to dlacour^i-’ederal Reserve Banks froa taJdtaff wamuitu -»"*ttrntn1 ly rasrabsr bati as a natter of bona fide aooomnodatlon to tho member taaia It s i n ^ wished to offer the su-ge.tion as a Batter of j^ral policy, and should you ha.ro similar applications ifiauu in ,^>ofeith toy other member banka it will not he necessary for you to asult the Board before taking action, Voxy truly yours g vJovuraor. Reproduced from the Unclassified I Declassified Holdings of the National Archives For' TELEGRAM F E D E R A L R E S E R V E W A SH IN G T O N B O A R D ? \;b r a a * y Banaty, Jtdaral B»— m " 191? • A&a&t, D a lla a * ? e x a a * B o a rd a p p r o v o a y o u r t a k in g 3 a n jm t o a io v a r r a & ta f o r f i f t y th o o a a n d d o l l a r * d a a M a y f i r a t , w it h a m d o ra a B ia K it s t a t * r a t i o n a l B a n k * Hording* OFFICIAL BUSINESS GOVERNMENT RATES Charge Federal Reserve Board 2— 7729 Reproduced from the Unclassified I Declassified Holdings of the National Archives 12WTT MO 82 C o lle c t g i 'p a r t m c t l t T E L E G R A M JK H a r d in g , D A U .A S T e x a s 932am H eb G o v e r n o r , I ’e d s r a l lie s e r v e 26 1917 FEB 2 6 1917 ^QViBNOR’S OFFK5# B oard, W a s h in g to n S t a t e N a t i o n a l B a ik o f S a n A n to n io o f f e r s u s d e f i c i e n c y w a r r a n t s o f th a t c i t y f i f t y t h o u s a n d d o l l a r s d u e i^ a y f i r s t , w i t h h a n k s e n d o r s e m e n t * I n c o r r e s p o n d e n c e som e m o n t h s a ^ o w e c o n d i t i o n a l l y i n d i c a t e d o u r w i l l i n g n e s s t ® r e d i s c o u n t t h i s p a p e r a n d w o u ld v e r y mi’ dh l i k e t<r do: s o a n d h o p e t h a t i n v i e w o f i t s e a r l y m a t u r i t y t h e h o a rd can s e e i t s c l e a r t o c o n s e n t to s u c h c o u r s e on o u r p a r t . P le a s e w ir e u s y o u r v ie w s q u i c k l y fQT vrsLy R am sey, A gent 1 10 7am Reproduced from the Unclassified / Declassified Holdings of the National Archives 1 ~ir') II ■#:7 January 9# 1917, Mr. Chaa. 0* Hall* Aa»*t to Fodoral Hoaorro Agont, Dallas, foatiia* Dear Sir: Receipt io aolraowlodgod of year lattor of Jana&re ouclooiiig otatonont- of fumda handled for acoouast of 'Proaaurer of tho E&iitod State a daring 1916. Very truly youra♦ Secrotary. Reproduced from the Unclassified I Declassified Holdings of the National Archives tfa a n a r y 9 # 1 9 X C * JOf# Oooar walls* Governor, lateral Beaarr© Bsa&* , Balia*t fexas# 8 I Bi** la o u n w r to y a w l a t t e r a f B e a a jtH j i . a t . &64\» 9m that t h a r a n < t r a a a a lt t a d t o y o tt * a 4 « r d a ta o f t a e t a t b a r & M L r e g u la t io n * i p w m t i i g t l i * p u w lia a e t f w a r r a n t * a nd r m m e fe o a d a , w it h a u t h o r it y t i m e t o a H i t s a w * m t H reference to th# tm palftta yaa « a k a tl» Beard lias i v ie d t i i a t tha Federal B e a a r r a Banfe* o*t<%t not to tak» dlraat o U l s i t S n s Of 9MM&0P lWHSSSB* £ haw# tm honor t o be* B a a e o t f o l l y y oora . Secretary* ‘ ■ Reproduced from the Unclassified I Declassified Holdings of the National Archives THE FEDERAL RESERVE BANK OF DALLAS DISTRICT NO. II D A L L A S , TE X A S Decem ber 31, 1 914. D r. H, P a r k e r W i l l i s , S e c r e t a r y , F e d e ra l R eserv e B oard, W ashington, D. C. There a re two p o i n t s about w h ich I should l i k e t o have c l e a r e r in fo r m a tio n th a n I have o b ta in e d from such in t e r p r e t a t i o n s o f th e law as I have a lr e a d y r e c e i v e d . F ir s t. When may we e x p e ct th e r u le s and r e g u la t io n s d e s c r ib e d by th e F e d e ra l R eserv e Board, u n der w hich we may p u rch a se the o b l ig a t i o n s o f v a r io u s p o l i t i c a l s u b - d i v i s i o n s o r m u n ic ip a li t i e s , and may we n e g o t ia t e such p u rch a ses now, by the employment o f the r a t e w hich would a p p ly t o com m ercial o r a g r i c u l t u r a l p a p er o f l i k e m a tu rity ? Has the F e d e r a l R eserv e Board n ot g iv e n p e r m is s io n f o r the e x e r c i s e o f su ch a fu n c t io n , even in a lim it e d way? S econ d. Should we undertak e to a c c e p t from a member bank the d i r e c t o b l i g a t i o n s o f o th e r member ban k s, secu red by n o te s as c o l l a t e r a l , i f the p r o c e e d s o f th e s m a lle r member bank i s b ein g used f o r th e ta k in g c a re o f m e r c a n t ile , fa rm in g , and s t o c k r a i s i n g i n t e r e s t s o f th e community in w hich i t i s lo c a t e d ? Some o f ou r l a r g e r banks d e s i r e t o be in formed as t o w hether o r n o t t h i s p a p er ta k en from sm a lle r banks as d i r e c t o b l i g a t i o n s , and secu red by c o l l a t e r a l w h ich , i t s e l f , would meet th e re qu irem en ts o f e l i g i b l e p a p e r, can be o f f e r e d t o us as e l i g i b l e d is c o u n t s .