Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, January 31, 1916, 11:15 AM, Volume 3, Part 1

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At a regular meeting of the Federal'
Reserve Board held in the office of the Board
at 11:15 a. m., on Monday, January 31,
PRESENT:
Mr. Hamlin, presiding

Mr. Warburg

Yr. Delano

):1:1* .Harding

Mr. Willis, Secretary.
The minutes of the meetings of January
28, morning and afternoon, and of January 29,
were read and approved.
On motion Mr. Harding and Mr. Williams
were named a special committee to discuss with
Federal Reserve Agent Ingle the question of his
relationship to the Federal Reserve Bank of Richmond.
11r. Hamlin reported that as he had been
informed that the sub-committee of the House Committee on Appropriations did not need the presence
of the Board in connection with the aubtreasury
question he had refrained from sending the letter

*

addressed. to the 'Committee which had been adopted.
On motion it was voted that a copy
Of the letter sent to Leder_l Reserve Agent
Jay Concerning the desirability of giving
greater latitude to Federal reserve banks in
dealing with statements to be received from
Private bankers in connection with the purchase of their acceptances be transmitted to
all Federal reserve agents.
A report on the examination of the
Federal Reserve Bank of Philadelphia was referred to Er. .:larburg.
On motion it was voted that the bonds
of lessrs. Tenison and IcCaleb be released as
Of the dates on which these two gentlemen left

office and that the Governor be authorized to
Sign the release Ath approval of Counsel.
On motion it was voted that the application of the Federal Reserve Bank of Clove-







land for power to purchase the warrants of the
city of Covington, Kentucky, to the extent of
':7. .180,000 at 3.1p

be approved.

On motion it was voted th_t the Board
approve the appointment of Mr. M. A. Thompson as
assistant to Federal Reserve Agent Sawyer at Kansas City -at a salary of

2,100 per annum.

It was agreed that the offer of the
Comptroller of the Currency to send to the Board
data relating to the condition of the Phillipsburg National Bank, Phillipsburg, New Jersey, be
accepted, the Secretary so to notify the Owl
,—
troller.
On motion the Board adjourned to moot
at 3:00 p. m., this day for a discussion of the
Aquestions relating to . the Annual Report.'

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