Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, January 7, 1916, Volume 3, Part 1

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At an adjourned meeting of the Federal
. Reserve Board held in the office of the Board at
3:00 p. in., on Fl.iday, January 7,
PRE3ENT:
Mr. Hamlin, presiding

Mr. Warburg

Mr. Delano

Mr. Harding

Mr. Williams

Mr. Miller

Mr. Willis, Secretary.
The minutes of the morning and afternoon
meetings of January 5, and the minutes of the meeting of January 6, were read and approved.
Ur. Hamlin presented some correspondence
with the Treasury Department relating to the attitude of the Federal Reserve Bank of Chicago as to
absorption of exchange charges. The matter was referred to Mr. Delano with power to act.
On motion it was voted that the following
persons be re-designated as chairmen and Federal reserve agents of their respective banks for the coming years
Frederic H. Curtiss, Federal Reserve Bank
of Boston.

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Pierre Jay, Federal Reserve Bank of
New York.
Richard L. Austin, Federal Reserve Bank
of Philadelphia.
D. C. Wills, Federal Regerve Bank of
Cleveland.
William Ingle, Federal Reserve Bank of
Richmond.
M. B. Wellborn, Federal Reserve Bank of
Atlanta.
C. H. Bosworth, Federal Reserve Bank of
Chicago.
William McC. Martin, Federal Reserve Bank
of St. Louis.
John H. Rich, Federal Reserve Bank of
Minneapolis
Federal Reserve Bank of
Perrin,
John
San Francisco.
On motion it was voted that the following
persons be redesignated as vice chairmen and deputy
Federal reserve agents of their respective banks:
Walter S. Hackney, Federal Reserve Bank of
Boston.
L. H. Treadway, Federal Reserve Bank of
Cleveland.
James A. Moncure, Federal Reserve Bank of
Richmond.
W. F. McLallen, Federal Reserve Bank of
Chicago.
T. C. Tupper, Federal Reserve Bank of
St. Louis.
Edward T. Brown, Federal Reserve Bank of
Atlanta.
The Secretary of the Board reported the substance of a conversation with Governor Strong of Now







York relative to the date of the next conference
of Governors.
A report from Mr. Miller relative to the
cost of shipping Federal reserve notes back to the
bank of issue, was referred to the Committee on Law
with aid of Counsel.
An adverse report prepared by Mr. Warburg
relative to the purchase of acceptance in St. Louis
drawn against goods in process of manufacture, was
received and approved.
On motion it was voted to ask Federal reserve banks when writing to the Comptroller of the
Currency with reference to issue of Federal reserve
bank notes, to send a copy of the correspondence to
the Board.
The Secretary of the Board read a telegram
from Mr. William F. Ramsey of Austin, Texas, accepting the appointment as chairman and Federal Reserve
Agent of the Federal Reserve Bank .of Dallas.
The Secretary of the Board read a letter
from the Federal Trust Company of Boston addressed

to Mr. Hamlin, asking the Latter to write the banking commissioner of Massachusetts in favor of permitting the investment of trust company funds in
South Arlierican securities.
A letter from Federal Reserve Agent Curtiss
relative to the collection of cotton drafts in Boston
having been read, it was ordered that a copy be sent
to the persons who had complained of the practice in
Boston.
On motion at 4:07 p. in. the Board adjourned
to meet on Tuesday, January 11, at 3:00 p. m.

Secretary.

APPROVED:




Chairman.