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1054 At an adjourned meeting of the Federal aoserve Board held in the office of the Board. at 3:15 p. rn. on Wednosdazi December 1 1117t.: PRE31 , Lir. LcAde°, presiding Mr. Warburg 1,:r. Hamlin Mr. Harding . Delano Mr. Wiliiwris Miller . Willis, Secretary. In accorth,nce with previous agreement the draft of the circular and regulation relating to open market transactions, wa., taken up for con ideration, read by the oo retary, amended and approved. The jocretary of the Board was directed .to send the circular and relation to the printer, and to di tribute tne proof to the members., On motion the Board approved a rate of • 31 ,j; for paper up to 10 days named by the Federal Reserve Bank of Kansas City. On motion applications for stook in Federal reserve banks, duly recommended by Kr. Harding, were approved as follows: • 1055 Shares. DISTRICT No. 9. 2irst National Bank First National Bank Hayti, S. Dak. Durand, is. 17 27 The Secretary of the Board having presented requests for the recent opinions of Messrs. Cotton and Elliott on the subject of the powers of the Board on redistricting, the question of making these opinions public was, after discussion laid on the table. The resignation of Mr. Charles E. Peabody as director in the Feder:A. Reserve Bank of San Francisco, having been submitted to the Board, it was agreed that Mr. Miller should immediately take up the question of a successor, and report at his convenience. The Secretor,/ of the Board having read a report prepared by Yr. Harding and Mr. Warburg relative to the retirement of national bl,nk circulation and the refunding of United States bonds, it was on motion voted that the report with the' file of papers relating thereto, be transmitted to Assistant Secretary of the Treasury Malburn ; for his information. A report presented by Li*. Harding favoring the suggestion of Federal Reserve Agent Wellborn that the Comptroller of the Currency have bank examiners, in their regular visits to member banks, go carefully into the rediscounts made by any bank with its Federal reserve bank and report thereon, was read to the Board, and on motion approved. The Secretary of the Board read a letter from Yr. J. F. Curtis of New York announcing the forthcoming meeting of the National Bank Section of the American Bankers' Association simultaneous with the approaching meeting of the Conference of \ Governors of Federal reserve banks. The question of a joint meeting was informally discussed, but no action was taken. On motion at 5:15 p. in. the Board adjourned to meet on 2r1day, December 3, as 11:00 a. in. LITa0VED: Chairman. Secretary.
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