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Federal Reserve Bank of St. Louis
á
I .. t o r
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l discussion by
rburg; not re o.rtod
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25
Recom end";ions o? Auditors Con....
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261 - 262
hould to bo matntninod
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In ion-Subtreasury Federal
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Federal Reserve Bank of St. Louis
262
Reduction
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c
of Fedoral
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l u t i o n to o.r:tnrA l .,
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{
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dral R
r v e Boo.rd
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o to aoquire
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GOVERNIIG
OltAUGES
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Soe Colleetion and learance
uoOLLECIDIBLE Af a\R
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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
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Federal Reserve Bank of St. Louis
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Comittee m
419
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Federal Reserve Bank of St. Louis
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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
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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
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Aloo ln Oovornors Cont renco
5th
6th
7th
217 - 219
312 - ,t,.t· '1
( 93 -
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On reports to Federal Reserve
:Soard
On Regulations governing loans
11 , l!rnl la.nia nnd. othor roal
estate
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COlltf.ImSIOlv O.F
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Federal Reserve Bank of St. Louis
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ot •
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the Secretary
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rederalReserve
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an
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Federal Reserve Bank of St. Louis
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bf :.,od.oral Resorvo nJ.t of
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84 -
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DIREOT-
RDISTRIOT
, - 111
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4 - 1 - l15
21 - 22
commi t t o aon
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Comnittee to r e p o r t to Foderal
Resor ro Board on
ND C U R E C Y
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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
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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
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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
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Federal Reserve Bank of St. Louis
23O
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84 - 111
3
229 .. 2
TYIN BILLING
,B CHARGES
IEOERAL
A.MKS
133 -
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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
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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,
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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
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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
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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{\
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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
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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
@FedFRASER