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At a regular meeting of the Federal Reserve Board on Friday, February 23, 1917, PRESENT: ' Ur. Harding, presiding„ Ur. Ur. Warburg„ Ur. Villis, Secretary. Mr• lAiller,, The minutes of the meeting of the Board heldon Wednesday February 21, were re,,d 4nd on motion approved. The following resolution having been presented was on motion adopted:. • RESOLVED: That whenever the Federal Reserve Board ' shall vote to request a member to accept an invitation to address any organization or meeting on behalf of the Board or shall otherwise officially authorize u journey on its behalf ,the expenses of such journey shall be charged to and paid by the Board subject to the usual rules and regulations governing such expenditure.. A letter from Federal Reserve Agent Martin regarding the maintenance of the proper sequence in the serial_ numoeys of Fodetal 1,eserve notes so as to allo.v for storage in Sub—tre,..suries ithout interfering with such sequence under the rules of the Loard was read and r.iferred to the Executive CoL:LitLee with power to act. Report of an audit of the accounts of the Federal Aeserve A:;ent at Can ranci3s3o was referred to the Com- mittee on Operation of the ?ederal .73eserve Bank of Can 2rancisco. - letter from lovernor :cord of ..tlanta 7,ith reference to a special form of trade acceptance offered him was referred to the 1ommtttce on Discounts. letter from qovernor dells of ;:t. Louis with reference to the balance of his b-n1 in the 'old Settlement ?und was noted and passed to file. application from the Aderal eserve 4q;cnt at New York for .1 6,600,000 of.,17ederal --Zeerve notes of the fifty dollar denomination was read and on motion approved, action thereon already having been taken by the Executive Committee under the new regulations of the Board relating to the it-sue of notes. memorandum from I.r. arbar v,ith reference to a directorship in the larfield rational Bank and the 1.1utual Bank, both of New York City, was, on motion, referred to the Committee on Clayton ct for report. memorandum of Counsel with reference to the establishment of the proposed Dank of Yansas.was read and passed to file. 4, letter from ?ederal Reserve 21gent Perrin proposing a plan for the deposit of Federal reserve notes in Sub-treasuries was read and the question of the present quarters occupied by the Federal deserve Bank of San Francisco as well as the adequacy of the vaults stitution was given general discussion. t that in- On motion both subjects were referred jointly to a special committee consisting of the Chairman of the Committee on Operation of the Federal lecerve Bank of S-n Francisco (Lr. =11cr) and to the Jhairman of the Committee on Aelations with the Treasury Department (Lir. Hamlin). The Secretary read 4 telegram from Chief of Division Broderick announcing the completion of the examination of the Federal Reserve Bank of Dallas. Governor 'larding read a letter from Governor L:cDougul of Jhicago with reference to the discounting of member bank paper technically in excess of the liittion of 10 percent of capital and surplus. The matter was referred to the Committee on Law. Governor larding read a letter from the Federal Reserve Bank of Cleveland relative to the recent_forgery which resulted in the loss of - ank of lhiladelphia. serve s other letters from Federal ject. 2,OOO. at the Federal Ae- He also presented various eserve Banks on the same sub- It appeared that of the eleven banks nine probably would not have been subjected to similar loss while two might have been. Governor Harding read a letter from Federal Reserve Agent Ramsey regarding the enlargement of the clearing system pointing out that further active measures were needed including the re-establishment of the post office collection order. dovernor 'Tarding read a letter from Governor dells of . Louis with reference to the proposed loan of Transit Manager 21ttebery to the Board. The letter was referred to Delano. 3-overnor ilarding read a letter from the ,mptroller of the Currency suggesting the elimination of tlie present charges made by Federal Reserve Banks for itcrls of checks cleared. The n,ALter was discussed and it was informally agreed that the broadening of the scope of the present collection system rather than the abolition of the charge • Cr, 6,0 would naturally be the net step forward. idarburg moved that henceforward the record of amendments or the A2der,,,,1 eserve Let, now maintained In the office of the secretary of the Board, be kept by Counsel, the secretary to forward to Counsel all references or matters relating to such amendments, especially such as develop in meetings of the Board. The motion was discussed and referred to the Executive Committee. Governor Harding presented a letter from the Comptroller of the Currency with reference to the docketing of Committee reports ;ith suggestion th-t all such reports should he docketed and notice thereof given at least thirty minutes before the meeting at which they are to be considered. The letter was referred to the Executive Committee for report. Upon the recommendation of the Secretary of the Board it was ordered that the minutes of the Committee on the Clayton Act be bound and indexed in an individual volume separate from the general minutes of the Board. On motion at 12.23 p.m. the lo,,rd ,.djourned to meet on Monday, February 26, at 11.00 a. . APPAOVL airman.
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