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At a regular meeting of the Federal Jeserve Board held in the office of the Board at 3:00 p. m. on Tuesday, lovember 10, 1914 2R_ISEHT: Hamlin 1.1r. 7illiams 7arburg Harding 0 The Governor of the Board presided and . 7illis acted as Secretary to te meeting. The Governor of the Board read a draft of a telegraphic reply to certain inquiries propounded by Governor Benjamin Strong, of the Federal Reserve Bank of :Tew York. The draft was approved by the Board. It was directed that copies of Circular :To 11, a pamphlet containing the reports of committees to the recent Convention of Directors and officers of Federal reserve banks be sent to Federal Reserve Agents. ::emorandum of suggested answers to questions put • by Governor Aiken of the Federal Reserve Bank of Boston was taken tip foritliscussion and was approved. Copies of the reply were ordered made and distributed to the members of the Board, and to reserve agents. On motion the Jeoretal-y of the Board was directed to communicate by wire with each federal Reserve Agent and to ascertain the probable andications of his - ederal Reserve notes and when the same would bank for f be needed. The subject of bonds for 2ederal Reserve Agents was taken up and memoranda relating thereto were read to the Board. On motion it was voted that the bond of federal Reserve Agents be fixed at ,4.50,000 each, and that the ,bona of the 3eputy should be fixed at the same alLount. On motion it was voted that the several Reserve e Agents be advisd by wire of the action taken with referenc to their bonds. A draft of a letter relating to certain questions concerning bonding, addressed to Ingle, federal Reserve Agent of Richmond, was referred to ,Coansel for report. aoverna On motion it was voted that an inquiry from Benjamin Strong regarding the figuring of reserves on a tIliftr day basis be answered to the effect that tae Jomptroller's reserve° present ruling with reference to t;.e figuring of such 320 be continued for the time being. Resolutions of commendation of the action of the Board regarding the Cotton Loan Fund, adopted by the Atlanta Clearing House Association, were presented to the Board by the Governor. A Cominnication from the directors of the Federal Reserve Bank of Kansas ,lity announcing their desire to fix 7, as the discount rate at opening and asking certain c!qestions regarding reserves was referred to the Jecretary for reply with instructions to say that action would be taken at an early date regarding the rate to be established and that the Board desired the observance of the provisions of circular :To. 10 regarding the payment of lawful money for reserves. The Jecretary of the Board was directed to wire each bank asking it to telegraph what rate of discount it would suggest as the opening rate, such answers to be in hand Friday morning, "Tovember 13, 1914. A report reardinc; the definition of time deposis in the Federal Reserve Act was submitted by Harding as —Jhairman of the Committee entrusted with this subject. On motion the report in question was approved and ordered printed as Regulation :o. 7. On motion the Board. adjourned o meet at 11:00 a. Li. on `,7ednesday, November 11th. Secretary. A.PPRO'RD: Chair. 1.
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