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At a special meeting of the Federal Reserve Board held in the office of the Board at 11:00 a. m. on Eonday, :Tovember 2, 1914 1:r. Hamlin Hr. 7arburg Delano Er. Harding The Governor of the Board presided and Hr. H. P. 77i11is acted as secretary to the meeting. The minutes of the preceding meeting were read and approved with anendments. . Warburg was requested by the Board to draft a reply to be sent to Governor :.cDougal of the Ohicago Federal Reserve Bank relating to the acceptance of checks upon the opening.of the banks. ' The Board informally agreed that so far as possible in the future formal connunications should be ad:I-tossed to the Federal Reserve banks direct and not to member banks. The Jecretary of the Board was requested to tabulate .the available data regarding pay of Directors and officers of Federal Reserve banks. The Secretary was directed to consult with Assistant Secretary Ealburn regarding the conditions under which 3(o the Sub-Treasury acts as a member of Clearing-houses, and to inform the Board in that regard. The Secretary was directed to communicate to Governor 7ells of Dallas that coin paid to the Federal deserve Bank of Dallas is to be taken within the limit • of tolerance at face value; and without that limit, at bullion value. An Inquiry of the Ohio Bankers Association as to whether the Federal Reserve Bank of Cleveland may be a member of that association was referred to hr. Harding as a committee of one to prepare .a draft of reply. The Governor of the Board submitted a report from the Attorney General that he could not answer questions submitted to him regarding the meaning of Section 22 of the Federal aeserve Act. The Secretary of.the Board was directed to inform Governor Aiken of the Federal Reserve Bank of Boston that although silver certificates are not desired in payment of reserves to Reserve Banks they may be legally tendered. An inquiry from Governor :cDougc,.1 regarding the functions to be performed by Federal Reserve Banks at opening was referred to ilessrs. Harding and :larburg. Communications relative to tIle Cotton Fund were referred to hr. Harding. 301 A letter from Er. Allen Hollis regarding the status of the Deputy Reserve Agent was referred to Counsel. The Board discussed the question whether express charges should be paid on shipments of cash for stock subscriptions, or only on payment for reserves. The question of estimating the probable cost of the Board's work and sending out a call for payment of assessments was referred to Er. Delano with power to act. The Board deferred action on the question whether or not fines should be established for shortage of reserve during the first month's operation of the system. A telegram from Ex.. John Perrin regarding the question of acceptance of certificates of deposit by the Federal 2eserve Bank of San Francisco in payment of reserves was referred to Mr. Miller for reply. On motion the Board adjourned to meet on Wednesday at 11 a. m. Secretary. API-'201/ED: Chairman.
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