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1057 At a regular meeting of the Federal leserve 3oard held in the office of the Board at 11:00 a.,m. on Friday, December 3, ET2JENT: Mr. Hamlin, presiding Y.r. Warburg Mr. Delano Mr. Harding 1.r. Liner Lr. Willis, 3ecretary. The minutes of the following meetings wore road and approved: Meeting Meeting Meeting Looting Meeting Meeting of of of of of of 3:00 p. m., Tuesday, November 23. 11:00 a. u., Tuesday, November 30. 11:00 a. m., Monday, November 29. 3:00 p. m., Monday, November 29. 11:00 a. u., Wednesday, December 1. 3:00 p. m., Wednesday, December 1. On motion .the minutes of the conference of the Board with the Executive Cornittee of Governors, held on November 23, and favorably reported by 1:x. Warburg, to whom they had been referred, were approved and ordered entered. On motion it was voted to authorize the Governer of the Board, in his discretion, to send to Honc)rable Garter Glass, Chairman of the House Banking 1.058 and Currency Committee, the opinions of ::essrs. Cotton and Elliott relative to redistrictin. The 3ecretary of the Board read a letter from Deputy Federal Reserve Agent noCaleb of Dallas presenting his resignation. On motion it was voted to accept the resignation, and authorize :Ir. Harding to send a suitable reply. A letter from the Federal Reserve Bank of Philadelphia asking for permission to carry Government bonds on its books at market value, was referred to V.r. 77arburg as a special committee, said committee also to consider the general policy of member banks on this subject. Lr. Delano presented a draft of a proposed letter relating to a change in the status of deputy Federal reserve agents. The letter was read, and after discussion it was agreed to name December)3 as the date for definite consideration, and if possible a vote on the matter. Mr. Delano presented a memorandum of progress on behalf of the Committee on Clearance, explaininc, 1059 briefly the position now occupied by the Committee. Mr. Miller moved to present the subject of clearing to the Attorney General of the United Jtates for the purpose of ascertaining an opinion relative to the power of the Board to apply a mandatory system, the Governor and Counsel together to draft the proposed letter to the Attorney General. The motion prevailed, Mr. Delano's memorandum being laid on the table pending the receipt of a reply. 11:r. Williams called attention to the advisability of asking the reserve banks in certain sections to cut their rates on commercial paper from 45 to 3, it being reported that some member banks in some large cities were making rates lower than those charged by the Aderal reserve banks. The matter was discussed, but no action taken. // The pronosed circular and regulation relating to open market operations, were read and revised, and a new print ordered. , rd I060 011 motion at 1:10 p. m. the Board adjourned to meet at 3:30 p. m. this day. Secrctary. 20.1110VIZ: Chairman.
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