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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis á I .. t o r Jr l discussion by rburg; not re o.rtod U to 1 , : ,of ott.pital and surplus 25 Recom end";ions o? Auditors Con.... er ro consolidation cf "D nJ. nnu, f r o O o.aco 2 9 ....Z7t Gros v .. H erve ba.lar.M .t 261 - 262 hould to bo matntninod 75 L&. I ,J O i. CvLl> •• https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l f > 4 - lGG opoaod by Fo ernl ri>;.l'tAL RESERV \o rvo Board a vision t n o n r d (345 346 n( 52, - 4 f H.oport of' o r 11 t t e o Cl" bter f r o m Federal Re orvo Bo.nlt Now Yox , re 26 - tt 29 - Dia LA.LRE- Seo ti Federal Reserve uestiomnaire ser..t to Sbtite rmuelatton Ootlr!:t't t e- 1Ir 9 Buulcn@report'on r e c o m : nondations o e x t ,in f't.tll Of l"!po t b !ifJd 1n t h i s vohsmo Jo1nt eo erenco 1th Governors ( 19 - (l 6 r: Pur nao o U tod States 2J B ndo til "'atto1.. to bo I ro onto to Recommendat on o , u. 1tor o nfo...eooo n (2 CO't?!lltt O on , d i l y on , ,qui d by :t % 8D8, Boo Goverll10 nt Bond ,,-o bo cho:nc d. to offiooo r ,11cie BRANCH BANKSIN CITIES 24 - 26 In ion-Subtreasury Federal Ro ervo O t os Z42 ... lleptteacm.tati.\O at Oen forancoo ( ( I l CAIOULATION OF RESERV# .6.Wu or. Ot m!U,SIT C1 CAPITAL STOCK {PAID-IN) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 262 Reduction bo.n.lro c of Fedoral reserve l u t i o n to o.r:tnrA l ., ( (32 264 { ( Of DEroSif 1 OOLD T I auo of to rc.embar dopoo:1t i n g gold Govarnor anl 347 - 9 iken elect d l OH.AlGEB OOLLEOTED BY BER BANKSFROM PATRONS, AlID OlIARGE!. OR OLEA1Ul10 BY FEDERAL RESERVE Dlt.NK8 - 288 dral R r v e Boo.rd tomo 91 r (283 - 288 (417 - 419 CHEOKS 283 ... 8 OHEOEB D m or,· ltB.MBER BAlKB O'tm?SillE l1EDmt:/3.L BBS VE OIt ms 273 8 2- 1 2 BA.NI VD N FRO4 PARLISTS BETWEEN POBLlOAliIONS OF SUPPLRHEW!B Polioy to bo followed ClUOAGO FIRST NATIONAL B (ImP. BYB Co HA.RDmr.unoox) Proposal f o to aoquire , , 5 go emment b ndtJ "CLARING OR ASSOCLATE*# !BJm8HIP nr FE .. mAL nEB V B?S OLlMltnm IUSE l!S 3 GOVERNIIG OltAUGES J GABARING 215 .. Soe Colleetion and learance uoOLLECIDIBLE Af a\R 'SROUOH .FEDEBAL RE4JERVE :a ta" OOLLEOTlON OroutGES Use of words on checks 307 Collcted by member bank from patrons and charges for clearing by Federal rosorve ba :.um ( 23 - 2ae (417 COLL.EOfIOll DEPA.Rtamt Di FW!m.AL BSERVE I.W.1.G FOR JWU>Llm Tll.m lfEMS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 814 Comittee m 419 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to ti (236 ( 1 o± l n v e ponts 6 26 - L tt r fron Ban of ralRoao:v Ne 29 York, a t t e n nco of othor than Governors at contore co f V On ( ( 4 On Collection Dopartnnt in Fodoral roeorvc bnnko for 'hn.ndl in t i m o 1tom 325· - 326 On C nvoroion nd Ditpo9iti no Gove:rnn nt Bon·fo { 41 { 6b ( 79 - 1 On D i s t r i c t N u b e r e on Check To confer with A!tl rican Bankers Ausooiation 283 - 2SJ On i r e d e x a l R o r v e Dtlnl"" Agents of Governmont 8c8l ( ( 81 On fo.rm or ate.to nt for oorvioo charges 133 - 136 On 1tnrnodiato availability of Foderal reserve bank d r a f t On loans on fa.m lantl.o a.ni othor roal t te 152 On ,oetmastera aa oolloctora 2 - 8 On purob c by ona ederal Reserve bank ot investmonts or acceptances o r i g i n a t i n g in o.nothbr di.strict lll l8l Aloo ln Oovornors Cont renco 5th 6th 7th 217 - 219 312 - ,t,.t· '1 ( 93 - 94 (130 - l40 On reports to Federal Reserve :Soard On Regulations governing loans 11 , l!rnl la.nia nnd. othor roal estate {151 (416 ... i! 417 entxa e O l 'V e ( "" ( 95 ot u.r:r d l t e : r r L a.l On 2i dul for colloott Om :i orre tion erat1one $ oorv1 lo::tl4 ( ...1 (133 36 (236 258 ( 2?f On vault fn 111 ios for Goll Sottl Fnml COMPENSATION TO 1EUBim B lnts FOR OOLL!.!C!Bl t G .tTEMS NON!lm.'.BclR CONVERSION AND DIS3 1 T I M OF GOVERN1EN BOlIDS COiml ttoa 41 COlltf.ImSIOlv O.F TREASURY.NO2BS INTO3 GOVERN l!El?l! BOlmS 137 OREOI.C 8'1ATEMEln!S• lJllIFORl.i ( 8 «I( 139 2( 6434 OuitREi:oy LEGISLA2ION, NEEDED .... 34 Otlmf.El-.CY ANDRESERVES ( { 21 -· 22 44 llooolu.tton !.n :ro neoded logisln.tlon ti45 """346 283 23S .. ( 84 .. DEFICIENT RESERVES AND https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PINAL21ES ( Oo:mriti.t tee at 84 2.("'8 ...u 264 - ""f;' f.L5 22 to confer i lIV I i th Bonkers A n g o c i a t o EL. VE 43 - TINGS AND EXPENSES onan fo:r port i 1 . '73 C l e n r i i r House r u l c o dealing with th t deduct o ov.mo L D .o tr 1but ember • 5 f :1 OLD 9 ....n egul.ations governi Corm:1.i tt (149 (426 417 35 on "Jh.2 ( (168 ( Cou 11 t on Y N2E3 .r...oi.L AGENT3 GOVERN F , AL :RE t43 1 au. K- C 1toeo ( F<f! 'IGl GOLD https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis lation t t ( 22 I 416 54 qi;, FUlID Sc ,..,M lemc t ( 2.. { .;j"" .... of O:<pol380'1. f ,. lit G ' 1 40 f 5 1- 2 1 [tr;'t 'q,':) ¼:J.9 t{;&g o o o o ) s o 1 9 4 ) uT o s T " 471997p t 3 o u uf u ) 8 . o ° OMS5 ];t.VQpO-,Z UO ,f,.t.\ OBm{ <! o.: '·{.t .i .,SR o . o soo T o p o g3 o z ; 3 3 3 7 u p 30 1 x e & o 1O https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis m"!f' \'lrr.tm'I'utr·n JNP! C'J!Ulfr TO RM ,.'tfi"-' t Ott!dt-'n OOt' . iu r o u p e 997 -tud uo u uq, o 9 g - 9£i ) - 89'[) ) QO";+tO 1'ttiSi?1 'P t. ,}O't[Q 1; t;..t) ./q o..t-d tt11 rr: ttOtC..tOAtt.Of) )Q https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l p read .n n to ,., per tJ. bet: lt "O Of 13 n 9t,ute Allotmen https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( ( Un ot • J. ro ..... l edoral lieaorve ton un1to reatmnt 326 ... o¢ tonolon f 'lLJ:!nntS 16 No 1iscximination to be s FOB l) ttempted inst indoro mun.ts of' non ember banks 235 thods and t i m of to tm1ng 21& - IEN!e REa mVES ( 84 .- ( Oo i i t t te on 84 5 "tl S e c r e t a r y to prepare and to ;U,l;'n sh each gover.nor 11th PY p t i o n or that prepared by the Secretary for rederalReserve V an o v e r o r s Conference 5tli 6th 11th l l l - . .1 17 312 { 9(180 - https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis t IJ J:,;1 R > 1 ] .. tlon overning 14 1 mowledg n- n te 11 . U !1 Oonoonea.tion i t e m on s Uniformity f'Ot" colleottn w honmembor banke ;n 4- - AND CENTRAL» : OI .. IES 11 () } t On Caloulation of 265 Book and foms to bo scnt out bf :.,od.oral Resorvo nJ.t of Olevol nd l o n e y ln r a n s i t Counted as 1 (3 40{( w ; -. .- ( 2 . P o n a l t i s a for d e f i o i e n c l e 1n ( ( 8 ( Coxmittee on 84 - Ca t'U1a t i.on and report on DIREOT- RDISTRIOT , - 111 1- 1-tonolutlon to 'Bon.rd 4 - 1 - l15 21 - 22 commi t t o aon ENG, g5 Comnittee to r e p o r t to Foderal Resor ro Board on ND C U R E C Y ? - ( Plan t o r i n g d r a f t s 11 "adoral rooorvo btinko immediately available at u.11 othor fodera.l reaervo banks VICE CHARGE RVIC .4 C lt.Gffl Abolish a.o bctwoon Fed.oral roc.u:,n'"Vo ba.nlta Jlimino.tion of on collections 291 i o r member ba:nlta t o r i t e m s forwardod by member Zor Fodoral raoerve ba.nlm 291 On 6()vornmo11t oheclt dopoo1ts with Fodoral rooorvo banlta 292 SERV ICE CHARGES, BETWEENFEDERAL RESERVE BAt-am Uniformity in billtng ( ltl (288 • 291 BET 'lEEll FEDERAL !tRSERVE BAJnm Cormnltteo on •153 Uniformity in charfJ'itti, coat (2G7 - 268 ....156 JHI.lt1EM eas l SILVERANOLEGALS !tr Gidney Oa plan 5 4 342 Oorand tee c 3 .l]A1!.mBANKS l'tEMl'l'Tttqo AT PAR 15 STATEMENTS SHOWING BALANCES BETWEEN Jr RF.BERVE DAWS ST.A!Jlmn:I:TS F J . ! t m . m i m . B"NK3SHOWING AVAILA B L E BALANCES 84TEME9 F CONDITION STATISTICS FOR FEDERAL iESERVE :BO.Alm 272 ... 273 S'l"illful1:1A.l!!Im8' UINU OF lJ1rGllM CON· EnmtOJ:l Adoptod STRONG, GOVERNOR 149 Tologra.mto SUBSri!IfUl:ES f https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GOW!W-ORS OONRE tron Oonv r i o n i n t o o , d Gov rno Govorn:nant nortdo •ru I'TEI4S Handling of ?IME SCHEDULES 51B3 Correotton of for reaarve banlro colloction oper tions 292 Committeo on 296 - t 2bl ( #38 - 248 ( • 27 T3IT I T E M AS S RESERVES (306 306 ( 4 0 4 0 . TRANSIT COSTAND S VICE OHARGE PRANSIT DEPART:IE1I 262 &r-s E x a n p e of 264 2 4 :i.'1Wi9IT UE SOONReport 'ERENOE nu. d1ncu nion 216 .. 8 Full text of R port bound ;tn t h l o ,rolt:uno mll.AllSPO!tTIOlr CHARGES ON CURRENCY SHll?MENS FRON OTHER l3Aln!S TREASURY BILLS, FRENCH AND ?OLIS t Am1ounceman t ot l' deral Reaorvo Board TREASURY BILLS, % Oonvorsion i n t o 3-}>Goverzuuent Bonda 1311 •"" UNIFORM ACKNOWLEDGEMENTS O limJI:J:1rAl ICES BE- 2WRENFEDERAL RESERVE BANKS UTI2ORIE CREDI? SI2ATRLENT3 UNI FORM RBroRfS OP RESERVES Cormdttea on UNIFORM M STATIONERY I FoxX d i r e c t r o u tU ing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 23O ( ( 400 84 - 111 3 229 .. 2 TYIN BILLING ,B CHARGES IEOERAL A.MKS 133 - G á https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ;t COitF'.QE![OE S OF FEDERAL RESERVE BANKS ·A.SHIlfG?!ON, DECF:J.mER 11, 191,!i. PR G R AM M l Appointment of chairman, 2, Adoption of programme, 3 Minutes of Eighth Conference of Governors. 4. Unfinished business: (a) Diatribut!on of expenses of moving gold for gold (b) Retroactive liability for expenses of operating fnnd. gold fund. (o) n Diapos1t1on of matters reported to Federal Reeerve Boara. ( d ) Collections and olearanoeeo Note: 5 • Cornrn1ttee Curtis ff The unfinished business under t h i s topic v,111 be found under topic No, 6. ta) (b) (o) {d) Committee on reserve ana central reserve c i t i e s . Oommitteo on allotment of il1vestmants Committee on disposition of aovornmeut bonde. Committee on reservo banlta' e.otinf: as f'iaoal (e) Committee on use ot postma.stero for ool.lecting nonmember bank items. agents of the Government" JI i • Seay Mr. Rhoads Mr.Alken Com.?fl1ttee on uniform reports of reeorvee, and entoroemant of reserve penalties. ( g ) Committee on form of statement tor eevice charges. 6 • Mr. reports: ( f} ,_ Ur o Kaine Mr. Rhoads Mr. Mo)ougal JAr. Hondriok Collect 1ono and olea.ra.noea; (a) (b} Report of' tmns1 t men' a contar&noe. Cost of operating collection department. Itema (Mr, S e a y to be 1no1Uded. Distribution of axpenaas# (Mr. Aiken Poste.ge on mixed mail., (Mr. Moord • ( e ) Statements for member banks showing a.vaila'ble v--' balances, ..........,,- Daily, weekly or monthly? Mr. Rhoads (d) Statements ahowµig bal,poee between Federal re- (e) Remittance basis for member banks. (Mr.. f r o m ! U l .. ( f) (g) Direct intardlatriot routing. {1'.tr. l U l l e r . Mro Raine ' serve bal1lm., la...thod of d e a l u i a -vd.th member· banl<.a that deduct '8Xohe.llge.. (h) I o I>s.ily • w e W y or monthly? Should & d 1 t t e r e n t 1 a l ea oou:ntry banlt8? Immediate availability tt oo a.llo ·- (Ml,.. · i l l e r (t?t !CCoro. Of (1) d r u f t e on e d e r a . l rosane banks; {£) checks drawn on mambo. ba..tJ.1m looa.tod outside Federal reserve c i t i e s . {3) bW'Jkd r a . f t a 11 Hr t" :Sea;y- and: others (Mr, McDougal {Mr. U l l e : r . - mambe1· b'l.H:S l o c a t e d outside Federal reserve cities. t e\4\ I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Li) {J) {k) D i s t r i o t numbers on checks, Currenoy shipments, Should two accounts I r . Seay ff be al reserve banlmi maintained between Foder- (1) (m} f (n) Elimination of ecrvioo c w.rge on aoll·ct1ons ( ) {p) UnJ f rmi ty ot service obarge,s. Kain ir. handlcd for member ba.Dks Mr. Mil1er ire So:rvioe ha.rge f r items forwarded direot by Mro {q} S rvice chs.rge on governmsnt oheok depoe1ted ith Federal reserve banks. ( r ) Returned items. Should praot1co b ohanged? Oorrectiou of tir e ehedules of reserve bs.'11.kn .• 9} 145?7 x 41 .., h'-J,, '\ collected by member 'banks :rrom t h e i r patro d harges to be 1mpos d for c o l l e c t i n g or alearing by Fedoral roserve banks Compensation to mber ba:nk:s tor o l l e o t i n g 1 tems on nanroomber b : Jm nbor banlts : f r Federa] r o s o r v o bsnk . V Charges to be iller oual ( t ) Uso o:t ,vo:rds "Colleoti ble a.t par through Federal roeervo ba.nks • V V V 1 (t,. ( } Dole.ys 1n the ma11Bo ( v ) Transfors between Federal reserve banks. (w) T 1Qgraph1o trs.neforso ( } Aet1on of . . . comittee. ( y ) State banks r e m i t t i n g at p a r . ( z ) Handlt.ng of time i t e m s , - . d fkvo. {n.Awl port :trom auditors' conference. ettlement D' : d: Gold l.i.Lhw.wohl (a) +(b) yr ( ) f M u r r ,, - honor Daily aottlements. S i l v e r and l e g a l s - Mr. J i d n e y ' s plan. rap.ohos in non-Subtre s t r 1t1oe. {d) Division between ( ) d1t of fUnd:. «1s . ( ) (b} ( d) () ( f) V (g) a n d r serv . 'n. tJr nt of enback s. c o e l e r a t i n g retirement of national b o k noteso ( ) F - bank, r, l resorve notes as res rv " Promissory notes ot member banks as collateral for Fed ral reserve notes, Issue of demand c e r t i f ' ! o . tos of deposit J)afQ.bl in old to memb r Dks depo 1 t1:ns g-o'ld.. ..: l t reservee. rtU).St, r o f , nendment to 1 wo Sho12.ld F d ra.1 resorve notes issued V coeptances, Domestio and Foreign, xhange. Difrerentials. Dollar ll Purohase by one Federal reserve bank o:f invest ents or· accept .. at coe orig1mt1ng in another d i s t r i o t . 2 13 'oroign arrangoments, 9onversion of one-year 3%Treasury notos i n t o t h i r t y - y e a r 3 bonds. ifozmity in treatment of organization expenses, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis { sinst gold couut ae liabil1t1ea and the gold as an aseet of'tho reeervo b&.nksf (11} Should e. gov rnment o f f i c i a l or board be given diseret1on to readjust trom t1meto ttmo the denominations of silver e.nd gold oert1f1oe.tes in order to f'or o ilver c o r t i f i cstes irito circmlation : d a-old 1nto bank resorvos? .. Stron 3 member or other d-1n reeer plt 1 :>f banl 1 s wondment to ection 5 2 p e r m i t t i n g national to loan to l ot capi t a l d s u r p l u swhen proporly seoured, l t1ons https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis overni loans on t a r r land. e.ud other real in urano n01ea. 11n Of to.t t i o n of gold, 1 doral re erve b nks to offices or n i e s st t e . # Of i"1EDEaAL JlESERVE !W.JKS - - - - - Tho Ninth Conforenoa of Govornora of Fedoral Reserve Banks wan hGld a.t the Shoreham Hotel" \Vo.sll.inJton, I>o o., on Docombar 11, 1 2 , 13 and 14. 1916 rRESEifl!: 11ro Ailcanf! Chairman of tho Conforonce lioasrso T.1·oma.n, R11oaii1. l!'ancher, Soo.y, record, lAcDougal, ' 7 e l l s , · 1 1 d , : . l l l o r and Van zu.ndt; a.J.no Ir. Marcus Wal.er, isnager of t h e New Orleans Bra.nob of t h e Federal Reserve 'Bo.n c of Atlanta, and m·. ,J,, :b\ Cn.rtia, Secrotaey o:t· t h e Ool1tor nco(> The mooting was oa.llod to order i n r o r l l y at the Shoreham l . , o a , on Decomber 11, 1916, m, 11d i m m e d i a t e l y adjourned to meet lo • rith loaerve Board at t h e Board' u room 111 the i r e ' : t h u r ; l)n.-part ont in no l n.t he o ;o d. 13th O: requoe·;; reoo lved from Governor Harding. h e conferenco roaaae nblod in the Federal Reserve Board rooo n.t 1 : 4 0 m.. .PBE8ENT: Governor Harding, liessro, Warburg, UeJ.ano, lI::tmlin and 1 , i l l e r o..: t h e la i e r u l iio or ve Board; oa r ooo I . : 91 . .n1u fl UM iraman • fhoads, Allon, a.l1U. l I e s s r s , Aiken, cO 1 9 • :euou Soa.y, A l l e r , Van Zandt ana Curtis. Uorornor 1 a1--:.Un ere ;o.l • ave a. orio..: o u t l i n o o.t· trio , o l i c r .dO ,teti o tho Reserve Board 11th r<H3)'.)8t to c e r t a i n s u o j e c t s !lihler ooneiaorati-0n n.nd regue s ad t i.;q 1 a n c ' h e r , 1 : o v o r n o N , to ,;ive npao i a l eonaicle1·at1on to t n e ,.:olJ.o:;ing to,:!iea t h e i r progi·amma: 5 (a) 6 (h) a 9 21 Report or committee on r e s e r v e and c e n t r a l reserve oitiOGc. S u b d v i o i o n ( l ) Ir1.rnedhto a.vo.ilaoU1t:r o -'ad.oral :roserve 1,aniOJ uoltt nottlament lund.b Currency and reserves, Change branch Federal reserve agencies Ho a l n o lh'.tl111ed https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i'rl banks n. tontn.tiv,a anner t h e ux- , tu on to oz?ices or oh· t h e r o d o r a l he current session of Congress, (Mote: A.summary of t h e 852-355,9 372, 376, 379, 3 t tion appears on pages of t h e stenographic minutes,) Governor llarding a l s o gave a b r i e f aaoou.nt of the a.otion of the O.u4 rlth raspect to the proposed issue of B r i t i s h and 'French Treasury b f l l s , and r, 7arburg outlined in general terms the policy which the boara thought wise to have pu.,.-sued in the purchase of acceptances, and in regard to tho inflow of gold. During the course of th1G j o i n t eonf'erenoe .Messrs. Tromar1. UoDougs.1, Old end Miller Joined the meeting. The meeting duly adJourned at 12 o'clock noono The conference reassembled at the Shoreham Hotel at 12: 15 p.. mo All present except Messrs. Wells, M i l l e r d - w e n - o @ a u TOPIC NO. 1. - APPOINTMEN'! OF CHAIRMAN.- On motion duly made and 8econded, put by the secretary, it was ' VOO!ED conference. hereupon that Atro Aiken be elected oha1t"m8.llof the r. Aiken took t h o chair. TOPIC l f 4 12. - /il>OPTIO?r OF PROGRA!!iME.... On motion, it was VOTED that the programme prepared by tho secretary be adopted as tho order ot business of theconference. TOPIC lie. 3. - MINUTES OF Tl!E EIGHTH OONFEn!mCE OF GOVB'RNORS. - On motion, it woo VOTFJ> that the rllinutes of tbe Eighth Oonfereoe ot Governor, as submitted by the seoretax,,be approved.without reading. On motion, it was VOTED that the secretary be requested to prepare telegr,ams to be sent to Messrs. Strong and Kains expressiug the regret or the conference at t h e i r absence, and t h e i r affectionate interest in their progress. Mr. MoCord stated that he was requested by Governor Harding of the serve Board to coJ:1'1tt11Jl1oate with tho governoro of the other banks sug- t Mr. WoJ.ker • JAana.ger of the !: 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Orleane Branoh of t h e Federal Re atlanta, be invited to attend the conference, to have the benerit discussion but not to have an . ·oto bi the prnoeedinga. it was VOT.ED Orleans that Mr. Harcus Walker, Manager of t h e oh of the Federal Reserve r Bank cw of Atlanta invited to attend a.a a gueat ot the conferenoe at this session, be iUU> IT WAS FURTHER VOTED that t h e ohalrrnan appoint a. oommittee,o'f ·which the eecreta:ey should be o:ne, to draft a resolution to govero the practice of future oonferenooa in the matter of invitiyg guests to attend the conferenoee. The cba.irma.n thereupon appointed the following committee: Mr. Wold, oha.Irman. Messrs. MoCord and Curtis, TOPIC NO. 4. - um'INISUED BUSINESS. ( a ) D i s t r i b u t i o n of expenses of movlug gold for Gold Fllnd, and (b) Retroactive l i a b i l i t y for expense of operating Gold Funa. On motion, it was VO'TED that those toploa be dropped from t h e programme. . (c} Disposition of ma.ttero roportoa to Federal Reserve Boa.rd. Tho secretary roported that he had. forwarded a ropo:rt of the E i g h t h Conf esrence Of Governors to the Federal Reserve Board under date of September 12. 1916, a opy of such report having been :torwa.rded to each of tho governors. 'f.Ie aluo stated that he had received no aclmowladgrnont f r o m the Fodoral Reserve Board of tho receipt of t h i s report. He further s t a t e d that on or about December l, l91Gi he had w r i t t e n to the Federal Reserve. Board inviting t h e i r o.ttent1on to the resolution ,of the 1 ; i g h t h Conference of Governors respecting oonmmn1oat1ons between the Federal Reserve Board, Federal reserve banks and Federal reserve gents, and stated tlLt ha had received no acknowledgment of the receipt of this l e t t e r from the Federal Reserve Board. (d) Collections and clearances. - This topic was passed by consent until consideration of topic No, 5. TOPIC NO, 5. (a) COMMITTEE REPORTS. Committee on reserve and central reserve o z t i e s . Mr. S e y , h a i r m a nof the committee, submitted a report which, he s t a t e d , represented h i s ownviews £ only an he had not had time to submit the satne to the other member the committee. (Note: he contents or t h i s report appear on p e g s 12 to 17 inclusive of the stenographio minutes.) 7hereupon, on motion, it https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis was that oonaideration of this report be deferred dme:o.t ?o. 2 uggosted by the Federal Reserve taken up for dioeuss ion .. t thte point, at the request of Mr. MeDougal, the seareta;ey gave b r i e f summary of t h e aubsta.noe ot the ld conterenoe w1th the Federal Reserve Board earlier in the morning, at t h e close of which recess was taken for lunch t l : 3 p . m. The conference reassembled at 2 : 5 p . m, TOPIC 1TO. 5. All present. COMMITTEE REPORTS (Continued). (b) Oommittee on allotment ot 1nvootmenta. - Mr. Seay, for the ooram ittee, aubn1ttod a report. After aonaidarable diaousaion and on motion. it VOTED that the report of the oolll!llittee be accepted and the oomm1ttee authorized to readjust tho basis of distriout1on of investment& to inolude the total deficit of each bankfrom the beginning of the organization of tho banks up to Deoemb&r 31, 1916, with diaoretion to make uniform for t h i s purpose t'he method ot ca.l.culating such d e f i c i t . Meaa:rs. oDougal and Miller d e s i r e d to be recorded as voting in the ne ative, (o) Camrnlttee on dspos1t1on of government bonds: - Mr. Rhoads, for the ao 1ttee, submitted a report. \'/hereupon. on motion, it was VOEIDthat thG report bG reoe1ved n.nd tho eommtttee • continued. (Noto: copy ot the report appears on pages 47 to 64 inclusive ot tho atenographlo mtuutos.) l.lr. Trannn ettl>mltted o. proposed plan tor tho pureha.ee of United States 2 bonda by a committee a c t i n g in b e h a l f of a l l the Federal reserve banks. ..t t e r oonalderabl<-t dis usa and on motion., it was VOffl.D tn.at eub1.n1t t e d b-:, Dir. plan for purchasing government bonds ' r e m e n be approved as smn.deii., and t h a t uramases under the plan be referred to the cont t of s disposition of government bonas. the e n a t p a eortt1 ( d) Otr1.'1?1.ttLl'.O o re it ves VOTD that the committee Conference of Governor@. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OTED that th and the comm1.ttea bo ort r c iv d atd placed on file. on inusd. The report o t the omn1 t tee appears on pag ..a 82 to 83 of the tenographic minutes.) ( ·ote : Comm1tt a on uniform rop:>rts ot reserves, ana unforoement { f') serve p e n a l t i e s , Mr. McDougal, for the committee, submitted • re. report, At this point Mro ells l e f t the meeting. After considerable discussion and on motion, it was that th report forms attached thereto. VOTED be adopted, together w i t h t h e (Note: The report a.ppaara on pages 4 to 89 inclusive of the atenogropiio 1n1nutes.) The chairman stated that the uoxt ma.ttorefor consideration wore the recommendations of Mr, Broderick with respect to the reports ofreserves, togethex with the comments of tho Fedora.l Reserve Board thereon. Whereupon, aftor conslderntion and on motion, it wae VOTED that, in view ot the possibillty of an early oh.8.nge 1n tho roserve roquiramonto of maubor bank.S and 1n v i e w ot the d1oinolinat1on of member banlal to make f u r t h e r reports thau are at present required. it is considered ina d v i s a b l e to require any additional i n f o r m a t i o n upon the weekly ox bi-weekly reports of reserves from the momber banks. AIID IT WAS FURTHER VOTED that the committee on u n i - torm roporta of resorvae. and enforoement of reserve pana.ltiae bo ma.de a spacial committee to appear betoro the deral Reserve Board to disouaa th1e subject w1th them a11d to report back to the oonfAronco. A.ND IT VAS FURTHER VOTED that the said committee be requested to advise the Federal Reserve Board that it is th sense of the oonferenoe that optional reservea of mem.. bet:banlto should oonsist only ot oaeh in their own vaults 1• colleoted tunde in the Federal reserve banks. he chairman requested to be recorded as voting "aye." (g) absence of lir, Committee on form of statement for service ehargea. - Inthe Hendricks, this topic was passod temporarily be conaent. 2 O P I I NO, } 11, ORACCETTA!OE PURCHASE BY ONE FEDERAL RESERVE BANK OB INVESTINTS RIGINATING IN ANOTHER DISTRICT. After a thorough diacuaaion and on motion, it was VO'.CED that whenever aoooptancea ot a member or a. nonmember bar in any Federal reserve d i s t r i c t sro offered to a Foderal reserve bank of another d i s t r i c t , unless indorsed by a outside of the d i s t r i c t of the accepting b a r k , the purchase of such acceptances should be deferred u n t i l a f t e r com nication is had with the reserve bank of the Ori in otr1at. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BY Dl T i U S . - ,..ftor a '...' MB» QR OTB"s •'riot disousa ion and on motion, it vOTED that uhenever a membijr or nonmember bunk of one diatriot writes to the Federal reserve ba.nk of another d i a t r i o t upon matters relo.tine to the opero.tion Of tho Federal Reserve Syotom. tbe b:mlt l.Sking the in ·uiry should be referrod to tho Federal resorvo bank ot1to owndiotricto On motion, the nl8eting auly adjourned at 6 1 a l o o k p. me.to meet t 9:3a, m, on Deoember 12, 1916. December 12, 191. n o oonfaaronoe reassembled at 9:46 a. m. es9rs. B L, Hondrioko, Co Hy to of ,, e 1 o. Bullen 11 present. lso and A. H. H a i l l of tho Federal iese·rve York, Boston and S t . Louia respectively. n-.. o l d was appo1uted by t h o chairman a committee to oorn1rJnie. ta With the Governor of the Federal Reserve Board to advis him that Topto Co1loctio1u3 and Oleara.noea B Oo 6, ould be to.}lj n up fox discussion at the mornin Vi sion s.nd to i n v i t e au.oh m$mbers of the boo.rd aa mit:bt be intoreetod in tho 8Ubj ot to ttond. the mooting. r old thereupon l o f t the meeting to communicata tbis i n v i t a t i o n to the rlover.nor of the F-ed! ral Reserve Boo.rd., TOPIC NO. 6. - COMMIT@BE REPORTS (Continued). (g) Committ e on form of statemont for service charges. Mr. Ren- arioks, for the com!ilittoo., submitted. a. r e p o r t . . .'Yhereupon. on motion. it a VOTED that the report be adopted, (Note: The report appears on page 134 of the steno- gr phio minutoa.) At this point Mr., Walter Joined the meatillS. 2 P I N O , 13. YEAR 3% BONDS, CONVERSION OF ONE-YEAR 3 TREASURY ODES IWRO I I I R I Y After a brief discussion and on motion, it was VOTED that 1t is the aense ot the aonference that it is desirable for the Federal reserve b a n k s tobe permitted to exchange t h e i r o n e - y e a r 3 Treasury notes for t h i r t y year 3 Conversion bonds, and that the Federal Reserve Dos.:ra be 1'SQ.U tefl vO taJre the mattar up w i t h the Treasury Department w i t h : view of obtaining t h e consent of the Secretary of the Treasury to such conversion. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F 1," /J'!TAL A1TD SURPLUS raE PDOPERLY swOURED. - Attar oonaider cussion, the following motion was duly made.and seoondedt 1 'SOLVED that the Federal Reserve Board be requested to end.ea.vor to obtain an amandnent to Section 5 2 o f the Revised Statutes in au.oh form as to authorize member banks to loan up to 5 o f t h e i r c a p i t a l , or 33 1/3i ot t h e i r deposits. upon commeroio.l pa.per oacured by readily market.... able staples plooed in warehouse insured, with a reasona.ble mrgin. Jhoreupo:n, the motion.boin!.,put ' to a voto, the chairman decla.r&d the l'llot1on loot TOPIC ro. 18. - REGULATIONS GOVER? IlTG Lruln3 on· Fluttl l Ull)S /1.lID omra After a brief discussion and on motion, it was REAL ESTATE, V1'E.D tha. t the chairman be e.uthorizod to appoint a oommltteo of three to confer w1tlt the o d e r a l n e s e 1 e Board and rnalro reoommendationa tho.t the board eonsolHlato their rulings and regu.lo.t tons govarnill&'loa.na on f a r m lands and other real estate. The chairman thereupon appointed t h e fol.lowing oon:mitteo: airm:m. asro ' Out u . , 1 , e r old and. lllor TOPIC 1 1' 19 o SM Mr NATIONAL BANKS AS INStffi.Al,CE AGE lfOIES - Rl!Ll TJS t.UTHORITI s. .... f t e r a bt1ef diaouaaion. t h i s topic wao diar,ooed ot wi r1 ... action, TOPINO, 2, ACCUMULATION OF GOLD, After a b r i e f discus ion, this topic was di,aposod of without action, t tllie point, 1 : 5 a.. m.,,tho aon.tarenoe ndjourned to ronssom'hlo it c e r t a i n msmbera of the Federal Roserve Board in the board-room The meoti:ng reo.oaombled at the b o a r - r o o m of the Federal at 11:15 a, m, Reserve 11 present except Mr. Wells. There were also present v e r n o r Harding and I r , Delano of the Federal Reserve Boord, and Messrs. Hen- r i e k s and Gidney. Also ard 2 P l N O . 6. {b.} M r " W i l l i s p a r t of the time. COLLECTIONSAND CLEARANCES. Inrnediate ava.ile.bility of (1) d r a f t s on Federal r e s e r v e banks, J.ifter a veey f u l l discussion and on 1&0t1on. it was VOTED that the chai1 be autboriied to appoint a committee of f i v e to confer with tho Federal Reserve Board and a s s i s t in preparing a plan in connection w i t h t h e i m mediate a v a i l a b i l i t y of d r a f t s on Federal reserve btullts . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis the en.a.!rnta.n appoihtetn.the following oommittee: Dougal. Mr free 1 y O 1 r .. :uk on { ) nd ( 3} ba.nk c ra t on ember lo anka loo....t rservecities. Lt this point Governo • a.rdin rod by the Conf renae of t a t r. a. di ederal nese:.r:ve that a co y of report .fo ext ents on the subj ot of t 1 orm be orwa.ro.ed to the Oonferenoe .of ,;.,.;ove1111ora at l 11t tate or t h e i r onsideration Governor Io.roi > alao eug rested that a cormn1ttee of ov more be a.pz,. ointedto rreke n in peotion of the method of handling the Gold Settlement ., the F e d e r a l Re erve oard in the vaulto ot the Treasury Department f t e rmalting these u ros t1ono, Governor !Io.rd.int on 1 tl d.r f;ro1. t 1l rence. fter a i ousa1on and on motion. it u a · Ol'i -VOTED that topie 6 (h}, aubd.1 vio1on • {2) t 3) ru1 • oo ropp d rom tle prograrm ·( } e ort of t r a n a i t :a.na.1,,,er's aonf.erenoe11 of t e Conference of Transit Managers, hi.oh ubmi t t e d ndriolte 9 in. tr .a1 I J ca J r ------ ort, ta.'k.en up for conoid.aration topic by topic w i t h the following r TOPIC NO. l, (a) - P.i!.R LISTS. Method of i s s u i n g . The roaoluU.ou of the t r a n s s 1 l l s : "VOIDED that we recommend publicat ,.on by the • deral Reaerv· Board of complete par list as ot January 1, 1917i and tb t monthl:, supplc??lellte be published for the enau1nc 1X monthP A te.r a bri £ discussion and on motion, it 1' was VOT.E:D tbs. t t h i s recommendation of t h & trans lt ma:nagera be concurred i n , and that t h e ederal Reserve Board be f u r t h e r requestod to have the l i s t published as near as practicable to th . f i r s t dn.y of each month, and t h a t ea.eh . ederal :raaerv 'ball.le be i n s t r u o t e d to have i t e chanson in such l i s t s in the hands of the Federal Reserve Board by the 23rd of each month, ( b ) Extension of par f'ac111t1es. rules governing exchange charges. The Conference of Transit ..ana.gers voted as 1 1 1 9 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e recommend the adoption by a l l of the ral reserve ba.nko of the policy t h a t has been fU1 in the Boston d i s t r i c t • which policy volves the persuading or cleariations respective ederal pl ont h e i r d i s o etionary which can be collected ult • to t th a point) tt o na ftr, aemblod at 2:45 p. m. oontorenoe J. :.t;OPIC no no took ( a rco1 s for lunoh : ut 1 G (a) - TOPIC EPORT 1 TRANSIT o.1.- P. {EN'S .a.ll present exoept rt, CONFERENCE ( Cont111vod) LI a (Continued). {o) Policy to bo f'olloued 1n the rotur11 of cheol a er 11.omn9mber batllm v. oae namoa lmve bo n withdrawn from t h e - r l i bo tween publicat1ons of oupl)lemente by the Federal Reserve Board, The Conference of Transit ;anngera VOT:fm that a l l redera.l reae-rve 'b&.1'4ts con , tinue to rcce1v ut pr r f r o mother Federal re- s e r v e banlte ohoolte on nor:t.membelr' banks which lw.vo withdrawn f'rC\m the c o l l e c t i o n system, u n t i l the publica.tion &ntl di tribution of tho next supplement containing changes in the par 11ota •• er upon, on motion. it .uo V1'!m to oono\U' in the above r O.Olm'®niblti Oll TOPIC 1MO, RETURNEDITEMS. 8, Routing of r a t u m o d 1tom and ('b} trnifo>rmfo:r:ms The Conference of 2ransit for returning items, Managers '"VO!iW t M t the chair appoint a oom mit tea of tllreo to p-r acxibe forms for use in r e t u r n i n g items between Eado,:al roar.ave 1bo:tlk£ a?J.d for r a t u m 1 t l 3 'i t e n s d1,,t: .,et to c»nb r "bru:1b of other 4 1 e t r l a t o with advices. to tltti Federal reserve banks interootod. u lh.eraupon, on motion.,it • was VOTED to concur in theaction as above set forth TOPIC NO, (a) 3, SERVICE CHAT@ES, Abolish as between Federal r sor'VGbanks and ( o ) o c e a a i t y for uniformity, The Conference of' Transit uu,.arrero "VOTED that zo action should be taken at present with a view to th a.boliobtltent of service charges between tl{\ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 'ederal reserve banks." also "VOTED that the ervice charge between Federal reserve banks be, for tho present, 1 1 / 2 oents per i t e m on o u t - o f / t o w a items." 9 istriot t:riat • .i an3ere e Oou:forenoe of Transit ny()TID t h a t th1 a co adoption of th on es \1.her t wnero t i T 4 9oan tho .t o of f doral 1•es tJ l a o th t d t forms. e.lrondy • fo uaed In all dir ot routing reupon, on motion, it was VOTED to concur in the above recommendation ( a.) t tbod of bancll il?r' ml ao. t . - 11Vom:ID 1t 1 that o 'ed ral handle it !nS h ! o to it by o t h e r ....' it 11 O .3 ud.vi b t to t 10 enk hereupon, on motion, it O() er C ing " this ting d doolino to t ly Tout9d , t th t O 1 ull rro" a VOTED to aoncur in tho bov a:Ol?IC " ( ) ir (b) Cha (oJ o on tol rg o on elimiltated , Discussion of t h e s e t o p i c s vaa p o s t p o n e dtemporarily by consent ( a ) Prime exchange, ( ) ov rnor ay1s plan or on Federal resorvo b nl available at ·all otner ba.nlts. he o topioe ,,er con illerod disposed of y the a c t i o n heretofor taken referring this general subject to a committee to confer erve with the Federal Bo&rd https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TOPI1MO, 12 { ) Should to in (1) adop I 1 D O 2 r a w . x tt d d i n e r i i : u.1, ion bn ..... t,' t.;111,l)t:. o nonmembor basks." od ..11,.,r :n.pcn,, on ...o t i o n , c t; ' eOT.liID j t h1 a t o.t present t°'1: om be taken with rospect 1 to t h i s sub- urOT:!ID tl1et h a fJ.oti.t'>n of. t7:an l a s t previous :trans t t Olla(lel'"tl 9 ?1ferenoe with r e f e r o z o e to r e s t r i c t i o n s on indorsemont be r e a f f i r m e d , " (ij_i--,,o n a t i o n 1 f :r-roa to at tl10 i:11a inlti Conrerenoo ,,1: 'o.y a •- 11, 1916, was a· £o)lowu: .• o -roliov1 n;J ho,tlfl ll•l tn "VOTED ar to .member bail.lta o u t l i n n nlud.ad in t'ti: 1-n•opoaed ..: o l l o t 1 o r J ,.., · t o ,q ing the pl1'n anr shall not rooeivo f r o m ' edera.l r its momber b a n k a oheeka on other d i s t r l o t s bear i n g indoraem tv ,f bu.tutn eitu.a.ted in Qthe1• d i · ... t r i o1:1l. " J Wher-eupon 9 () n, l".lO ti Ol! , it tl® vo...:ED t h a t t h s pri.nei •lo : : i t f\.,x I h iH. th ... above r e s l u t ion be p:provad. : ,"a tho:t; l t 'ho Gt1for<'ecl ttihl1Y'SV':' r pr.-;....otiaa.ble..i https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2OPIC NO, 1 3 , REMITTANCES IN PAYEN2 OF I 9 X S , ( b ) Compo:nsal,i()rl to member banks for c o l l e c t i n g i t•:nns Oil. ::.lO.tllneltlbe,.. b l k f ..J n-qoED t h a t 1 t i 1..w.d·1im:1:ble to puy o.. membor bank a. tee r.or cr,lloo t;hv; ohol';s on 1 momba1· ban.li:s n - Q vor.rm to t)Onou:t in tho above r o o o w l o . t l o n . OJJIO FO., 5. - flAll »Fm'16 ( e.) f i r e o.nc.l mall tra:r.tafe)' () Churgoa on tlogr!!.pl1ic t:ransfera., ( e ) Jan aharges on te le gr a phic transfers be eliminated w i t h sa:f:f,ty'? ,.,. The Ccn.terenoe o-t Tro.noit ."IJo.ger.- -uvoTED that 1 t is t h e sonso Of t h i s m o t int that charges for tra;,.l'lafora ..oe dtsa:t-etion ,,rt with and fixed by t h e Federal reserve b a n w i t h ,.,bicl1 tnt tl"W.l"':'l..J.Otlo11 act,mlly orlgirmtef3v tui1 t h a t the Federal reserve bank o r i g i n a t i n g wixe transfer should telegraph the other Federl reserve banir interostod," n ere.:t 11 on motion, it VOTED was to concur in t h i s rocomnendation . o s o r o . :old. o.nd. ;·cnonga,l d e s i r e d . to oo record.ad as v o t i n g in the 11egative. TOPIC WO, 14. - COLLECTIONDEPARTtffi!TT. It was ngreod thu.t t h i o t o p; i c o11ou.ld be conuid.ored undor t o p i c 1 6 () 1· t h e r::ovornora' progrom.11, At th1o point t h e ohAirman obtained unanimous consent to suspend di cusslon of topic Ro 6 { n l o TOPI0 ITO, 7, nr REPORT FROM AUDI2ORS' OONFEREOE, Bu.llon, in bell.alt' of· the conf'ereuoe of AudJ.tcro, au.bmi t t e d a typewra ton report,. (Notos Or1ing to the fact that the report o:r the Oonxe:ronce o/ A u d i t o r s has been r e v i s e d since presentatlon to the Conforeneo or Governors and a copy of mch revised report sent to ea.on. governor, no .nant ion is made in t h e s o minutes of tho oxo.ct t o x t of' t h o roporto) '.!.'ho t.'h•ot 1•eco."oond.ntlon r e p o r t e d ::.ro·n t io Con '<wouoo of Audl t o r s ,as in substance as rollows: Each Federal reserve bank is to keep ono acoount 11th overv other tede:rm.l rosorvo banico Afto:r. considerable discussion, the following motion was dul;r :iaJ.e and seconded: RESOLVED that no a.et ion bo ta.lcen on the above recomruenda.tion £ tho Cont'arenae of .1!.ud:ttors Jhoroapon, t h e motion being put to a vote, was declared lost 1) t :m VOTED t h a t tb.o repo:rt o:t' tho a u d i t o r s with r a ppoct to accounts between Federal reserve banks te apy,roveu. anu. th.air reoommondatlona in t h i s regard bo adopted. w:·o :wDou.e;al d.ooirod "..:.o bo rocordai ns voti1g in. t h e uegat.ivo BOA.Ill)f) - The Conference or Auditors recommended that t'.'le ' showing reserve balances or rd.nct . l e ,1.. member banks rather than gross b a l - ances should be adopted by t h e Federal reserve banks https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis They a l s o recommended t h a t in t h e d a i l y s t a t e n o n t o : .... ., t i t o o in. n1!tho ol:tei ing 1' , o n t t tl,o oo.rl ie t pos 1bl o dato it . VD menaations 1 .,UJ 3..:, , ±th r :-t;.pon, 1.1 . t1 respect to th on, 1 t '\ V..u OtED to co "P!;'!!/tf'l!.,, :reao 11dut111s Qo f e r e •tde Av ral it1 r &I oot to me 7 ti PI (a} 3 O '1lf8l'Ctli:1G Of that th c o s tof di tor n·ve Fodor2l n 1 otc"" 1 ff ii pportioned o v e rt h e ontire year, an that month to Current Sxpons of onc-tv10l.rt of t" tir on ootio • it ro. not to eo 1r . ti.Ji ( ) i in c h a r g i n gcost of ship l r·o r-ve nota i "" Uni o rt https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis d th .. ti t i s recommendation, t ld.pnentBvl u.ts o 't.' a .n .J.Cll.l Conference of t t" 1 l recommended several changes in A u d i t o r s t h e of malrint; the ueekl "' " repo1Jt on 'Fridar night to tha lederal , "eu:pon., on uotion. it ma VOTED that t h e chairman be authorized to appoint a <lGmmittee of two to 11for 11th thO Federal Reserve 8 a x , ! t h respetJt to modiffiDS"the method of al.d.ufS :veekl:1 9 l orts., Thereupon, the chairmn ppointed to rve as such oonrAitt r , c h a i rm3.n Mr 4 ACKNOWLEDG UNI I ' s od thnt oc1:no.vled.{'1lent r. fl of ....not" or ..,ed ,.. l re uch f o r m to iv 'r of items, f r o m whor 1 1 , ancO\Ul the a m o t . ptiom, it , on !.'D A, .. to cone r it i ompl. ted SulletJ. t tod tliat bn " o tion #as e by t h a Con":' r r 1 I o e el\'GUpO l., VOTED that the r po att'bmitt d b tH t t h i s point re oe. v d i' JOl@O O tht: i l l le t t.b.1;1 neeHngc, P I N O , 6. COLLEELONS AND CLEARANCES(Resumed) Jost of o p e r a t i n g c o l l e c t i o n department; Items to be i n c l u d e a . D i s t r i b u t i o n or e r r Post- (b) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ge on mix d V<Xv.:!D 1 - i l ...... t l u +•. inn that p r a c t i c a l l y n adopted • calculetii co 'o par t m e n t , tho l t TED tit e ro {g) ould ith 'I • d t, t d uuct 1nb .r ou.nt:r diff rontial be nllo n fro (k) , top1o tw accom t houl ra1 t in d betw»en orhr otion oon idorod di pos 1 1 t al re r r port oft t) (m) Compensation to banks - Thin topic was consider d noe of Transit ito • d of by otion on t 1 r p o r poaed o bJ uoUl.d. pl'fM:ti... bo h wtton o VOiGID t11 • t ao 1 transit department to overin . detioi nei a fice. elaya b1 the 1nai i l i n g , depart. •n t , it f o r p r e s e n t a t i o n to the t coll c t i n " ' i t < amazer (r) Retur (v) pr Transfers between t e report t h o lo er n of o al of cvla • At of- ot r tro looti 1 mt uo forenae of of the h 1.o.t nors Federal These topio the Conference of Transit ( e) angers. emitt : . l 1 1 b a . U . e for n mbar b mks. - £ter considerable di u s s i o n and a statoment of the practice of each of the Federal reserv ·7@presented a t the conference w i t h respect to th r b!mlt ., t h i s topic ( f) Dir •Ct d l e f t upon https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis i poi;ed or l t b o a t act.ton 1:nterdiat:riet rout:t;ne. .... 'bis topic wa t-1pro • t ..d t ( i) \ 1 . use of a remittane b i District in vie,1 Of the absence of l i¢ lr rv as l j) co J. "urre11'" o 11 ot a p (1) i'OO ud t1 for 1 tin ll C 1 o t i o n .it ¢o 2° d t l r 'rV Ol to 1 p Y ( t o i . . . t t nd t r en of tho tt it out l otio oi t t hi (n) % limt on rvi \ :i.O l t to • 1 n r turn 1 1 a 0 t i d 1 . ... to ic % 73° otlo f 3 lt il l .. 1 t Y (p) p { ) r v . e o 1.0.r f) 1 r over it f op (8) o Ci () l m t o chec t 1) ot t I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis e 8 · t r t - t or. l l l • co .&. , , . :t - nt ' l. ior r i e f Ur* l .o t 1 t vi r l ol tho C .. l to l 1 Or, r 2 : 4 ll C t 1ni o. r p rt Of t 13° 1 1 c :r. at 1 I • p l i e d thst to o ti tcnoo t o t h i n g could be of th • r 1 e t i tt member banks uthori nt https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a to confer l 3r ir o p t i o n a l r 1 oint t.. ff ct ntly 1 % ltte , t ot . l t lo to. r C i v e from i thi IC { t) tex • r c o • ,,or i cu br1 ,., re pe • vr a J oul vi th e banlm o ll t 1 1€ olla ±r 1 ' ,'nat th i•Ot? Action of {x) s, B, receive nt out by him. 1 y After l l , to t.: e sir. bi of. 2 o f bel o.lf' of the con ving been Given t tho mnner, r .... 11 ccmmitteo. - , substance of tl confidential n -:, ne .. se o r l y i Thrall Wx. :1 i b r i e f discussion, t h i s topic Cti l { :) ndlirg of t i o rair:m t ,lfcre of nm- . or , r; m.1 ep t toms,. and tb n of uoh d per of three to be appointe to :r -port to the oxt Lfter c o n s i d e r le neu:r reo the :no l the f l..ent repur om i. t airmsn,suchoommit t conference thereupon t o o k a rocoas '1 . r 1 ora or lv t 1 : 1 5 p. conference reassembled at 2 : 4 5p. m, ll v. ul 1ishment and operation of oolluot ion cpa.r,,tmout https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis di et s s i o n , at hi"Cl it develnped t h a t oJ.l OJ:' tll m, .oept ti without a c t i o n . programme TOPIC NO, DUCZION OR PAID-II 16, CAPITAI OF D E A L sB3Sn¥® After a brief discussion and on motion, it was VOTED that it io the sense of this conference that the iodaral Reserve Aet should be so amended as to permit any Fodera.1 reserve ba111c. with the oonaent of the Federal Reserve .Board, to reduce the amount of'its paid-in capital stock to 1 1/2 og the capitnl and attrplua of its member banks. The chairman and Messrs.,Treman and VanZaudt deairea to ba raoorded as voting in the negative, TOPIC N O , 1 , CHANG8. 1l'. DOMESTIO ANDFOREIGN, ACCEPTANCES, DIFFER This top1o was conaidorea disposed Of by the diacuoai rburg earlier in the day !l.'OPIO NO, 21, CHANGE BRANCH FEDERAL RESERVE BANKS TO OFFI J tr ors. - fter ooneiderable disouaaion and on motion, 1t was VOTED that it is tho sense of the conference that when conditions in a Federal eeerve diatriot appear to n e o e s a i t a t e tho oata.bliohmant of' a d d i t i o n a l tao111ti<HJ in cl t i e s other than tbose •1n wld.eh the Fedoral roaorvo bank io l o c a t e d auoli :faoili t i o o should be provided through tho moa.ns o:f o.genc1ea r ther than th.rough branches a.a now oontomplo.tod by the Federal Reserve ot TOPIO l"Oo 8- GOLD SETTLEMENT FUND. (a) Daily settlomanto. - After a brief diaeuesio:n and on motion, VOTED that it is t h e sense of t h e conference that d a i l y settlements between Federal reserve banks is t h e corruct principle to be adopted, and that the oonferonoe r com ends t h a t p l a n for au.eh d a i l y settlements be pr p r e d by t h e st tiot1oal department of th Federal Rerve oard ill oonJunct1on witll. a committee of zovernors to 'be a.pp ntod b:v t h e chairman, to the end t h a t the principle ot "'ily settlement may be put t n t o e t t : ct hOil.ver th volwne of businenn between Federal r e s e r v )alllm a lllll make uch :::.oM.on expecU.ent. (b) and on S i l v e r and l e g a l s ; Mr, Gidney's plan, After u b r i e f ai motion.it was VOTED thn.t t h i s subject be r e f e r r e d to the committee appointed to consider the matter of immediate a v a i l a b i l i t y o drarto on ,c,ederal reserve bO.UkStt {o) ra.noh.os in non-Subtreasury Federal reserve c i t i e s , hi droppedfrom the programme as the subject matter is included within t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis considered under t o p i c lo. 8 (b) it Divisiori betweon banks and reserve c..gents ( d) - 1 1 toy: was dropped from the programmein v i e wof the statement of i r . Gidney that th physical d i v i s i o n between t h e two funds had a lr e a dy been t . d e SPECIAL POPIO. INSPECTION OF VAULT FACILITIES. On m o t i o n , it was VOTED tba.t the chairman appoint a committee in cornpliance wtth the request of the Federal Reserve Board to inspeot t h a vault fac1lit1.ea p:rovi<lod for the custody of tho Gold Settlement Funa. The ohalrman theroupcm appointed such committee, oonsiating of o s ra Fancher and IicCord. ( e) Audit of Gold Fund, Th1s topic was dropped f r o mthe programne as no report of the audit had been received, TOPIC NO, 9" CURRENOY ANDRESERVES. {a) Retirement ot greonba.okeo (b) Aooelorating retirer.rent of national nk notcsv (o) Federal reserve notes as reserves. ( g ) Should Federal reserve notes issued+against gold oount as liabilitieo and the gold as an asset of the reserve banks? (h) Should a n-overmnent offio:lal or boa.rd be given di oretion to readjust from t1rne to time the denominations of a i l v o r and g o l d o e r t i f i c a . t e a in order to foroe s i l v e r c e r t i f i c e t o a i n t o circula,t ion and g o l d i n t o ba.nlt r e s e rvea? - The chairman preaontod a resolution prepared by the secretary wi I retorence to these topioo. ·,'hereupon, on motion, it was VOTED that the reoolut1on be adopted, The resolution is as follows: 11R'ESOLVED t h a t it is the aonse of the conference that legislation should be obtained at theearliest pr.. ct1oable mo:7)(:)nt look1l)g' towardo the improvement of' the ourreuoy laws or the oountry, with the spc c1a.l v1ew of loasen1ug the nUtttber of d i f f e r e n t issues or currency now in oiroula.tion a.nd s u b a t i t u t 1 : n g for auoll iaau.es 1 E;t'h-:1· l resarvo notes. Buch l e g i s l a t i o n should include, amollPJ other things. the following: u l., llcth•oment of the whole of the present issue of United States notes (greenbacks) and the substitucion therefor of Federal reserve notes upon an equitable basis to be worked out between the Government reserve ban1ts, the 1.'ttdoral " 2 " Tlle acoelero.tt.on of the retirement of national bank note currenoy. " 3 , The authorization of the use of Federal reserve notes as vault reserves for member b3.llke provision r e q u i r i n g a l l Federal reserve notes issued to Federal reserve banks and not redeemed to be counted as l i a b i l i t i e s of the bank, a n d a l l gold and ui ±ul money deposited with a Federal reserve ag»mt t o r "4, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A t1lit < ts Oms th 11 a .., provision autl or the Secretary of the his discretion, from time s ilvor and GOld oert1fioat to the end toot the silver tho "'mnds of the p u b l i c and the Fedor al Reserve Board to rea.djus t, in t h o .1.r or e the denominations of plaood in circulation, icutes shoUld be placod in 1d oortifioates should find their nay into bank reoorvee the hands of t h e banka." (d} Promissory notes of member oerve notoa. ....Thia topic was dropped ...ron kllkS as collateral for Federalrethe programme in v i e w of t;hc ot tie proposed arnendnwuta of the that the samesubjeot will be considered e r a l Reserve oard {o) Issue of demand c e r t i f i c a t e ber banks dC'f')OOiting o l d . - In v i e w of deposit payable in old to of t nee of Messrs, Kains this topic was l o f t upon the prog1rwno w i t l Vault reserves. {f) 1aa r. ' 1 tion .2ranafor o ndrnent to l a w Q - Thie tox L cl.ropped from the program.mo e.e 1 t w i l l . be a sod under the f t r t o p o s e d by the edoral Resorve oard T O P I N O , 24. - AMENDMENTS TO THE Fr RESERVE AT PROPO D E R A LRESRYB BO u:o. - Th chairman read to t P s a i b l e a.mendm.11to to t h o Fedora] Reserve lot oonforonoc a. memora.m.i.U' whioh were under o the Federal Reserve Board, and the suggestions were taken vup s e r i a t i m ;'roposed runend:ment "'!oa \. Advancing th those 1n radoral reoorve banks and in vaults of date when r e s e r v e s , t h e rbanks. will aa reeervos. - JJfter a. briof diaouasion and on motion, it VOTED was that t h i o oonfereMe cone • in rooom.:nondu t h i s amendment, h:,oposod runend.mont . educing reserves sna adopting impla..ti plan suggested by Federal reserve agents, - After considerable discussion, it vas understood that t h i s proposal would be toJre 1 up for f i n a l a c t i o n at t'ittte During the c o u r s eof the discussion Mr, i c onforeno ,.,.. er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis b r i e fd i s c u s s i o n . i t Willer l e f t tho m e e t i later AND IT '"I.AS t!11.RTIBR VOTED i the conferenao that it 1s highly deairnblo bank notas aha.11 be retired as rapid y aa po that the oonferanoe is opposed to tho pr1noi 8 f 1..i-tional e bltt aub:,. o t i t u H n g any form ot b o n d - e o u r o d ourreney o 1 p r e - tha is aGnt national bank note ourrenoy. During the oourse of tho discussion ontt1ia subj r roman le ·t the neoting•, Renewing the Federal ,P;.roosod. n.mandroap.1_,..,llo,c 5. " nclat ion o lo.at aummor for br-lllloh banlm in oi t i e s _ .- O1. 7ED that t h i s am nd.tnant the conference.concur in recommending Provision for aaoocinte 1p io 11 the Federal t.leao ve s,. t m - ..f t e r n 'bri I 1 dt d i s c u s n i o lt is the sen.so of t h e conf reno th t e s o c i u t a t a t a mambera i n t o the a;ysto would , t ndeno to prevent St t baiiltsv p:;;irticularl9 VOTED tha.t it o permit have the b ttor ol se o, St te hanks. from ntP.rinR the syste and t h a all concessions tho.'.t should be made to Stat .. to induce them to enter the syatem ha.ve been msa ulations of th Federal lenerve Board d e s nd eu rplus , - On motion. this o it instate powe to raccept Pup to 1 p o wa VOTED th?,t tlle aouference. ao1icur in rooommending amendment 11 t ral fox- e d e r a l resorve note issues. On m o t i o n . i t was VOTED that t h e conference concur in reaommondin t h i s amendment. I!roposod. a.nendment fl'o ___-:... Section 22 of the Federal to clarified,- This proposal was passed without action, amondmont.o, ixth exception to provide for f l s , .... • o OtJ. .motion, it 1... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis as ,. .... m motio • the :.mond Seathn, 6 2 R 8 bank's l i a b i l i t y by ad. in oonour in r oo VO ndin 1 gold c e r t i f i e a t o sin or t h o USO Of t h e Federal endm t h e den mks and 'odor 1 rAse:rv of 801d. - After considorablo disoua ion ao gold h e l d by the Federal reserve for general u 1otva t -i ng the poaoib1lity of oounti1 t1c as p a r t of t h e s. s e t s of tho an c md r "Ollt existing laws. and on motion. it w s VOTED that the conforanoe con in rooommandin the propoood aroondment, provided the deral r servo banks ara not authorized by e x i s t i n g awto onrry all outstandin.,.odoral ros rvo notoa a.a ia.bilitio.a and all gold dopositod with tho ederal re or e agent to reduo l i a b : t l i t y p o n o u t s t a n d i n g Fed ral roaorv notoo no assets of tha bank At t h i s point tho aeorot r:, l ft t h e rneetine- and Mr, Van nclt aa oeoratary pro tom. TOPIC O 5 (a) t om:i t t e , , re read t ce. central reserve cities. Committe report 1 hioh Mr o had s u b m i t t e d o.rl! r in th Whereupon, on motion, it wa VOTED the report that £ i 1 e , and that the thanl be received and pl of t h o onferenc ed to the committee for their arduous labor. TOPIO ro 24 SERVE FEDERAL RESERVE ACT PROPOSAL BY "... IDJ (Continued) BOA&D Proposad amendmont 1lo...4 plan suggested by Fedor 1 urther discussion na, reserve duo annt a f t e r consi VOTED that, hand at t h i s tl tha.t t h e amendment s u g g o s t sgants to r e v i s e t h e re would resul t in to be mait ta. ined to handle i t s bu ouch an amendment pliah the purpo t h a t , in li u tho araandmant deral resorv .- r r brought up his subJact le debs.to md om mct!on. it and information t iuio:u of the conference reg t ederal rooerv ired of mombor bo.nk"G l reserve roq'trl.1 oa nk in order adequately hat 1 t is d o u b t f u l , i f ed, wh tho r 1 t would accom nawe r fore, t rul vo oa.rd t bo permitted to oount of t h e i r lAwful re rvee 1t VO2D tatement Over2rs https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis : b reque tad t o p pre rovide oll of . lib opting a th 2 fo e chai t l lent 1onod b-, lOvornor v t'I O,. t 1( rdin , a reaente•l to the governors, the co i:f'aroncc th ct co " r nco ould oe tmao1t.O t , 8 tor co11.aideration There followed o. d.lscuosion o!' t h o policy pursued by t h o v'l.rio ul rosorva bant".s with reopect to paying increased a a l a r i o o or bonuaoa, but no a c t i o n was had thereono 1,t tih e end. ot't t h i o tliocussion n the u oonforence 4 o.d.,.journed : at 6 l December 14, at 9 : 3 a , m, Daoen1bor l• Tho conference reassemblod at 9 : 4 0 • 7ello uni Ri\t RESERi/E BOARD ( Proposed l an All present o x c o p t io alker TOPIC NO, 24" tl'El) , suggested by reconsideration AMENDMENTS 2O THE FEDERAL RESERVE CT Ollt inuod). .ded.uoing raaorves o.ml. a l o p t i n J n i m l Amendingnt 1Ho, Federal reserve a g e n t s , - This subjeot Whereupon, a r t e r was again taken 11e1derablo liaousaion o.nd 11 riot ion t VOTED t h a t tb<Jre bo s u b s t t t u t e d tor t h e roool l.tio11 horoto:1'1e Jtlanod r i t h roopoot to t h i n pro oood o.mendrnont the following: I1E?OLV tnat tho oonf.orence approves t 1 " ' i n o i l e a o aood1od in t h o plan submi t t o d by tho raoorvo a rents, but i .1' opinion tho.t in deciding upon t h o percentages or reserves to bo held no Miditional bJ.ruon · 1 1 : t l c l bo plaooti u on t l 1 c o u n t r y banKo; 1.nd "1.lno t h a t · in decidi tt.non :furthor changes in reserve roquiro e n t o the at t u o on lta which a r o Jo o i t a r i e a r o r countr banks, l t h o u n, contral r .. ervo cut l l O t locatod in oithor reserve 1 ' o d e r a . l r • should bo to.ken into consideration, TOPIC NO, 12, - FOREIGN ARRANGE{RITTS, The c h a i r m a n stated this sub Jeot lnoludod natters o/ great delicao.1. the oon,:orenee :v-oul executive session, at which the secretary reported progress with respect B'-lbJeoto At tlie oloao or tho a a a a 1 2 1 tho The cbairmn.n ata.ted t h a t the governors' conferences t t 1 eo amUt https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ir, ta eonforenee we.a resumed(, e had ap ointed as u. coranittoe tnatter of tlle a.ttemlanca o · persons other t h a n governors of ..:'ode 9tl.l Wold, chairman, and Messrs, to ::a f :r McCord and o:1ld bo a • :.ed. to ra_po:rt at tho next ©onrerence hi ppo:lntu v t t h e oon i t t oard in t b i with I r , Warburg and ur, nee , Elliott, Counsel 1 f o r the Federal serve \"la.8 \Ulq.oratood, ,-;1thout formal action, th: t "r .. Fanohe-; 'If 'Mltlld forward oopi ;i o tho r e p l i e s reocived from the Federal 'Re:;;erve Board. on this oub,.1oot to o an cf the governors. TOPIC I o . 6. - OOLLCTIrs lD C!,Eflru...rC (Continued) ( l ) Cha.rgee to be oolleoted by member banks f r o m t h e i r patrons, to b 1mpo ed for coll ct ion or a l e rillg bv ed ral reserve b ' o chairman st ted th.l.t he undorstooo t h i s subject o 91 of the h covered by w a s Feaoral Reserve Board, and 1 € r e p o r t e dbri f l , t s s r a o a.rburg nd Delo.no or th d ui th t r di oua ion, it was understood, o lld report to tha 'edoral t se1·ve i thout formal o ederal 11.,., tt t tl t a o rd th e n e r a l oons .u t the promulgation of any r e g u l a t i o n in t hottld tl 1 of the American eotivit1 • nnl'"'&rs .n..uoo1 t i o d, rurther, that th o r-es as outline o ov rnore to be too high the - On motion, it OlIO c ne,il.,.t ne t tng thr:t the o of t t 1 t r:J f on tho or ot the ad rel n o t t i n z d u l y adjourned s i n : d i e at 11 On otion,. tbo with the C ederal Reserve Board, VO 11 present except • sre • 1 Warburg, Vd iessrs, Willis and cUta,o i. Allen Federal R e s e r v e Boar the conferenoe. t a 1.vi .f is to to permit reduction of capital stock of F e d e r a l res https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis rat \kll r and ,i1:U1uns of t ,s e"' :tttl 2he chairman r e p o r t e dto the by O c l l e ti:.nt1 t'/'a.lk., r .. Delano, F .mU.1 • a resolutions adopted " l ti O • be appointed by the ohairrnsn to oonsicl.or. the questions involved in the o s t a b l i ment or brp.11oru l na to th b or egenei ral Reser Oard. nt mr t111 "ourned at 1 , 3 p , m,, for the pres han Ii to be dintrJ.b tc governor, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ot Federal reserve banks am ai t> report ti e i r ooncl which timea stateme 7 i 1 3 i s , Secretary ot the lJ'edernl Reaervo Dea r oo:rrospctnd.ents and a copy given to each INDEX TO NINTH CONP'ERENCE OF GOVERNORS OF FIDERAL RESERVE BANKS. l. Appointment of Chairman. 1 2. Adoption of program 2 3. Minutes of'8th Conference of Governors 3 4. U n f i n i s h e d business (a) Distribution of expenses of moving gold for gold fund. (b) Retroactive liability for expenses of 9 operating gold fund (o) Disposition of matters reported to Federal ) reserve board. d ( 1 Collections and clearances (see topic 6) 5. Committee reports: (a.) (b) (o) (a) (e) (f) (g) Committee on reserve and central reserve cities, Committee on allotment of investments Committee on disposition of Government bonds Committee on reserve banks acting as fiscal agents for the Government Committee on use of postmasters for collect1ng nonmember bank items Committee on Uniform reports of reserves and enforcement of reserve penalties Committee on form of statement for service charges 11 49-595 26 47 79 82 84 lll 6. Collections and clearances; (a) Report of transit men's conference (b) Cost of operating collection department. Items to be included. Distribution of expenses. Postageon mixed mail. (c) Statements for member banks showing available balances• Daily, weekly or monthly? ( d) S t a .te ment s showing b a l a n c e s between 1•', R. banks• Daily, weekly or monthly? (e) Remittance basis for member banks ( f ) Direct interdistrict routing. (g) 274 274 274 278 283 Method of c o a l i n g w i t h member banks t h a t deduct exchange. Should a differential be allowed country banks? (h) Immediate availability of (1) Drafts on F. R. banks (2) Checks drawn on member banks located outside Federal reserve cities (3) Bank drafts on member banks located outside Federal reserve cities () District numberson checks (j) Curr.ncy shipm n t s . (k) Should two ncaounts bu m i n t a i n u d betwuun https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 215 F. • bnnl:s, 275 168 27 27 283 285 275 6, C o l l e c t i o n s and c l e a r a n c e s : (Continued) (l} Charges to be collected by member banks from 275 t h e i r patrons, and charges to be imposed 285 ( m) f o r c o l l e c t i n g or c l e a r i n g by F. R. b a n l t o . Compensation. to member banks f o r c o l i e c t 1 n g (n) E l i m i n a t i o n of service charge on c o l l e c t i o n s (o} (p) handled for mernbet"banks Uniformity of service charges Service charge for items forwarded direct 1 terns on non member banl-cs. by member banks f o r F. R. b a n k s ( q) 29l (x) ( y) (z) 276 Correction of time schedules of reserve banks 292 Use of words " C o l l e c t i b l e at par through Federal reserve banks." (u) (v) (w) 291 288 Service cho.rge on government checks deposit.. ed with F. R. banks 292 (r) Returned i t e m s . Should p r a c t i c e be changed? (s) { t) 417 37 Delaysin mails. Transfers between F. R. banks Telegraphic transfers Action of A. B, A. Committee S t a t e banks romi t t i n e ; o.t p e r . Handling of time items 276 277 278 314 315 315 7. Report from auditors' conference 248 8. Gold Settlement Fund. (a} Daily settlements. 337 (b) Silver and legals - lir. Gidney's plan, 346 ( c) 342 Branches in non-subt r e a s u r y F. t . c1 t i e s (d) Division between banks and reserve agents (e) Audit of fund 9. Currency and reserves: (a) Retirement of greenbacks (b) 345 A c c e l e r a t i n g r e t i r e m e n t of n a t . bank n o t e s (c) Federal reserve notes an reserves (d) Promissory notes of member banks as collateral for F. R. notes (e) Issue of demand certificates of deposit payablein gold to member banks deposit1ng gold. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (f) Vault r e s e r v e s . T r a n s f e r o f . law. 344 344 345 345 347 347 Amendment to Should federal reserve notes issued against gold count as liabilities and the gold as an asset of the reserve banks? {h) Should a. government official.or board be given discretion to readjust from time to time the denominations of silver and gold 349 (g) 345 c e r t i f i c a t e s in o r d e r to f o r c e a i l v e r c e r - , tificates into circulation and gold into bank reserves? 345 1. Acceptances, e t c (Informo.l d . i s c u s s i o n with Mr. Warburg. Not reported,) l1. Purchase by one F · R. bank of i n v e s t m e n t s or a c - ceptances originating in another district 12. Foreign arrangemerts. (Executive session) 111 4l6 Conversion of one year 3% T r e a s u r y notes i n t o 3 y e a r 3% bonds, l37 14. Uniformity in treatment of organization expenses. 326 15. Inquiries ma.de of reserve banks by member or other banks in other districts, 127 16. Reduction of paid-in c a p i t a l of F. R. b a n k s . 328 17, Amendment• to Sec. 6 2 , prmitting national banks to loan up to 1% of capital and sur- plus when properly secured. 139 18. Regulations governing loans on farm lands and other real estate. 149 416 19. National banks as insurance agencies. 152 2. Accumulation of gold. 154 21. Change branch F. R. banks to offices or agencies 332 22. . Press statement. 3 4 2 Next m e t i n g . 419 Additional topics. ----·-----=-Secretary's report on Conference with F. R. Board Monday, December ll. Attendance of o t h e r s t h a n Governors at conferences 19 4 Amendments to Federal @serve Act proposed by Federal Reserve Board, Salaries, bonuses, etc, Joint Conference with Federal Reserve Board at the , 3 Department 1 2 Tuesday, 2 -Dec. 12. 7 6 1 Treasury https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 352 41