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At a meeting of the.Lxecutive Committee of the :Federal Eeserve Board held in the office of the Governor at 11 A. L. on Friday, December 1, 1916, PRESEVT: Governor Tlardin, presiding, Mr. Hamlin, r. 7111is, Cecretary. Er. .Warburg, The Secretary of the Board presented a report of the examination of the Federal Reserve Bank .of Minneapolis. The same was ordered referred to the Committee on Operation of the Federal Reserve Bank of Minneapolis. . Orders were entered with respect. to Federal Reserve notes as follows:• ahipment to Kansas City of ing denominations: Fives, Tens, 90,:; in the follow- $460,000. 440,000. Shipment to Boston of .4;4,000,000 in the following denominations: Fives, Tens, ;3,000,000. 1,000,000. Shipment to the Assistant Treasurer at Philadelpta.$ , to be held subject to the order of the Federal Reserve denociinationlh notes the in Philadelphia, at Agent folloring Fives, Tens, ..... Twenties, Total, $1,400,000. 1,120,000. 480,000. Release to San Francisco through the Assistant ?reasurer at that place of :1,000,000 as follows:$400,000. Twenties, 200,000. Fifties, 400,000. • . • . Hundreds, Print for the Federal Reserve Bank of Kansas City $25,000,000 additional notes as follows:Fives, Tons, Twenties, . 7,960,000. 7,040,000.. Print for the Federal Reserve Bank of Atlanta 200,000 additional notes as follows:Fives, Tens, Twenties, $l,000,000. 1,000,000. 3,200,000. The Committee further ordered the rectification of the recent order for the release of curl-01.1'v at Chicago, amounting to $1,000,000 in notes of the )20 denomination, changing it soas to authorize the release of 0860,000 in $20 noted and 040,000 in $10 notes. A letter to the Governor of the Board with respect to acceptance rates at Atlanta having been read, it was, on motion, voted that the Governor write a letter of advise approving of a differential rate of one-fourth of one per cent as between the acceptances of member and non-member banks. A letter from Federal Reserve Agent Bosworth with reference to purchases of 2:"; bonds at Chicago was read and noted. A letter from Governor Treman of 7.7ew York with regard to the statement of condition of Lazard Freres was read and a reply sent by the Governor of the Board was approved.. A letter from Secretary Curtis of Now York, as to making of bankers acceptances against gold, sent to Peru, was read and it was voted that the Governor write approviAg of the eligibility of such acceptances. A letter from Federal Reserve Agent Jay, with reference to the choice of an assistant to the Federal Reserve Agent was read and noted. A telegram from Chief of Division Broderick, with reference to the attendance of r. Jacobson and himself at the Auditors Conference at Chicago was rez..d and it was agreed to authorize Kr. Jacobson to stop at St. Louis en route to Chicago. The Governor of the Board presented a letter from Federal reserve Agent Ramsey in reply to the Board's lotto" as to the holding of banks on acceptances. This letter 1205 was ordered passeti to :no. Governor Harding read a letter frotn2r. Charles A. Lyerly as to land purchases by the. Federal Reserve Bank of Atlanta; also a letter from Governor Aiken of Boston with reference to the endorsement of paper by member banks on a separate slip. It was informally agreed that members of the Board should sit with reserve agents during the coming week when topics specially germane to the Committee work of Board members are presented. OA motion at 11:40 A. L. the Committee adjourned. tkio Secretary. AP;:tC7-D /lairman.
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