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Lt a regular meeting of the Federal Reserve
Board held in the Board Room on Monday, Decernber 3,
1917, at 3:00 P. M.,
Mr. Harding, presiding,

Mr. Miller,

2.:r. Warburg,

Mr. Delano,

Yr. Hamlin,

Mr. Willis, secretary.

The minutes of the meeting of the Board held
November 30 were read and on motion approved.
The minutes of the meetings of the meetings
of the Executive Com'littee held on Tovember 2:2 and
30 were presented and on motion approved and the action therein set forth ratified.
The first special order for the day, the dis,
cou :t rate question, was taken under advisement.


ernor Harding stated the substance of a conference he
had had with Governor Strong of the Zederal Reserve
Bank of Ne;: York, regarding the discount rates, and
general discussion ensued.
On motion it was voted that beginning with
Wednesday, December 5, the stated meeting of the Board
be at 11 A. M. instead of at 3 P. M., as at present,
the meeting (Lys to be the same as now.


The report of Chief :xaminer Broderick as to
the recent examination of the Federal Reserve. Bank of
Atlanta, was presented and on motion referred to the
Committee on operation of the Federal Reserve Bank of
. letter from Federal Reserve ;gent Jay, relative to unifyi-n

state tank legislation regarding

reserve requirements read and on motion referred
to Counsel with re,nest for a list of states in which
such legislation is needed.
L letter nrom Federal Reserve !gent Lust in
regarding the renewal of six months demand notes ms
read and the Secretary directed to mike further inquiry from Mr. Austin.
An opinion of Counsel


to the status of 1:r.

J. Davis Brodhead (lately appointed under the Alien
Property Custodian) as director of the federal Reserve
Bank of Philadelphia, was read ar.d on motion it was
voted that Lir. Brodhead should cooperate with the Board
in applying the Board's etirlier ruling regarding the
holding of public office by directors.
A letter from Federal Reserve Agent Welborn



tne Board of nis action regarding tne retire-

ment of tnc stock neld by the Hibernia National Bank
of New Orleans, way reEd and referret' to Counsel.
Upon recommendation of Committee No. 2, it was,
up to 100,:
on motion, voted to grant power to accep of Pittsof capital arid surplus to the Union Trust Co.,
burgh, Pa.
Upon recommenda(ion of Committee No. 3, the apat the same time
plication of J. W. Gilliland to serve
as director of certain named banks was approv
A request of Lssistant Postmaster General rocker
ed to the
for an appointment with the Board was referr
y and
Governor witn the suggestion that ne meet Mr. Docker
if necessary, make a later appointment for him :.ith
It was ordered entered in the minxtes that the
of the United
Board had received from the Attorney General
t, an opinion
States in reply to the Board's recent reques
under exstating that LatioLal banks in New York may not
proveded in
isting law exercise tne full fiduciary powers
the federal Reserve lot.
Upon report of Committee
1, it was vote

No. 1

(a) dated December

to appoint Mr. Mark A. Lies of the Fed-


oral Reserve Bank of Chicago AssistLint Federal Reserve
Agent, such appointment to be valid until December 31,
Upon recommendation or Committee Yo. 2, it was,
On motion, votocl to admit, upon conditions named by the
Committee, the following institution:
German American Bank,

Yew York. City.

A general discussion of the question of credit
exoans ion ensued.
The question of changing the present met:Iod of
making regulations for the issuing o: Federal Reserve
notes was referred to Counsel, to be taken up with the
The application of the National City Bank for
authority to constitute its subbranch at Montevideo an
independent branch was considered and on recommendatIon
of counsel tho application was granted and the following order entered:
At a stated meeting of the Federal
Reserve Board, duly held at its
offioe in the City of Thshington,
District of Columbia, on December
3, 1917.


Mr. Harding, presiding,
Mr. Warburg,
Mr. Hamlin,
Mr. Miller,
Mr. Delano.

In the Matter
-of tneApplication of The National Cit:'
Bank of New iork, for leave to
constitute its sub-branch, agency
or office in Montevideo, Republic
of Uruguay, of its Branch in the
City of Buenos Aires, Argentine
Republic, an independent Branch.



imo National city Bank of New iork having filed an
Application with this Board for the purpose of obtaini
in the City o: Buenos Lires,
authority to establish a Branch
Argentine Republic, and the said Anplication having been
2, 1914,
granted by this Board by an order dated September
thereafter been opened and
and the said Branch having
being now in operation, and the said Bank having filed
this Board for the purpose of Obfurther Application with
City of Montevideo,
caining authority to establish in the
, a sub-branch, agency or office of its
Republic of Uruguay
said Branch in tne City of Buenos Lires, Lrgentine Republi
further Application having been granted by this
and the said
the said subBoard by an Order dated April 16, 1915, and
or office having thereafter been onened and
branch, agency
filed a
being now in operation, and the said Bank having now
obtainfurther Application with this Board for the purpose of
y to constitute the said sub-branch, agency or ofing authorit
an inde,
fice in the CitL of Montevideo, Republic of Uruguay,
pendent Branch of the Bank, and the said further Applica
been considered, and it appearing that the said Apnsving
plication is properly made under the laws of the United
re, it is
Etates of America and should be granted, Now, therefo


ORDLEED, tnat the said application be and it heretry is a,99roved and that the said Bank be and it neretv is
autho2ized to constitute the said suo-brancn, agency or office in the Uity of Lontevideo, tepublio of uruoaay, an indesendent Branch of the BEnk.
—. t. U. Harding,
H. Parker Willis
letter from uovernor ;Liken, retarding the status
of curtain cotton mill paper was presented and referred to
Comittee tIo. 2 (Papers in Ur. ":arburg's n nds).
A letter from the ieederal Reserve Bank of Boston
informing the Board that it had fixed rates in a3cordance
with those in force in other panKs, was read and the rates
Governor Harding read a letter addressed to Mr. F.
I. Kent regarding his service for the Board and on motion
the transmission of the letter was authorized, the uovernor to F.,:et the approval of the Comptroller of the Treasury
as to reimbursement for expenses.
Governor Harding read a teieram from Ur. J. S.
Drum, of Los i"rt 1 s, regarding the question of a special
session of the California Leg'.isiature.

'the teierarn was



discussed and on motion referred to the Governor.


Miller was requested to communicate with Federal Reserve Agent Perrin.
Letters froin Federal Reserve Agent Perrin as
A letter regarding a proposed pension system,
referred to Committee No. 3.
A. letter regarding location of office of tne
Chief National Bank Examiner in the new building of the bank, referred to Governor Harding.
A letter as to clearances through the oank by
the Assistant Treasurer of tne United States.
' letter from the rational Von-Partisan League
regarding the question oC aid to farmers through Federal Reserve Banks was read and discussed, and the letter referred to the Governor for transmission to Federal Reserve Agent Rich and Mr. Herbert quick or the
Farm Loan Board.
Letters from tne First National sank of
Albuquerque, and from Federal Reserve Agent :lamsey, regarding the -possible transfer of the bank to another
district was read but no action taken.
A renort

or Committee No. 1, regarding the sal-

ary of W. D. Wellborn, at New Orleans, was read and adopted.


A report of Committee Vo. 1, dated December 1,
relative to the classification of 1,:r. J. E. Bizzeli,
with reference to draft, was read and tooroved.
On motion it was

vote(i that a member of the

board be designated to visit Boston to aid in entertaming the Japanese Financial Commission.
A memorandum of the Secretary of the Botrd regardinl.; present practice as to the Executive Folders
read bnd noted.
The report of the Committee having in charge
the luestion of reports by member banks (made a special
order for the day) was read and discussed and on motion,
it was voted to reco=;t the report.
telegram from governor Vold naming rates of
discount as follows was read and the rates approved:
Commercial paper
Commercial paper
Agricultural and

16-G0 days 4e;
61-90 days
:31-180 days b".2

On motion, at 0:20 P. M. the Board adjourned to
meet at 11 I. Y. on 7:ednesday, December b.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102