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At a regular meeting of the Federal Reserve Board held in the office of the Governor on Wednesday, November 21, at 11:45 A. M., PRESENT: Mr. Harding, presiding, Mr. Delano, Mr. Hamlin, Mr. Willis, Secretary. Mr. 7/11liams, The minutes of the meeting of the Board held on November 19 were read and on motion, approved. The minutes of the meetings of the Executive Committee (Gold Exports) held on November 19 and 20 were presented, and on motion approved, cad the action therein set forth ratified. The minutes of the sessions of the Board with the Federal Advisory Council held on November 19 and 20, were presented and on motion, referred to Mr, Delano for renort. A letter from Federal Reserve Agent Perrin with reference to methods to be pursued in transferring pills purchased by the Federal Reserve Bank of San Francisco from the Federal Reserve Bank of New York, they to be held actually on deposit in Nex York pending collection, was read and after discussion, it was agreed that no action ' was needed, and the letter was ordered passed to file. A letter from Assistant Secretary of the Treasury Leffingwell with reference to certain purchases which it is intended to make in Canada on behalf of the Italian Government, was read and discussed. It was agreed that the matter be referred back to Governor Harding with power to act, and that it is the sense of the Board that no action on the part of the Board is now called for. A memorandum of Counsel witn reference to war savings certificates, and the proof of a circular Which is being sent out b, the Secretary of the Treasury on the same subject was also presented. It was the sense of the Board that there is no objection to the treatment of these certificates by banks in thv way outlined in the circular and menorandum. The question of directors at branches being brought up, Ur. Delano nominated the following as the Board's representatives on the Board of directors of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland: T. H. Given, Sditor of the Pittsburgh Post, and President of the Farmers Deposit Natioral Bank. , Ur. J. H. Lockhart, Pittsburgh, Pa. On motion, the two nominees were declared elected, and it was agreed that the Governor notify Federal Reserve Agent "nlis of the action, but that there be no publication of the names until the board of directors of the Federal Reserve Bank of Cleveland has elected its representatives on the Branch board. Mr. Delano placed in nomination the following as the Board's representatives on the board of directors of the Denver Branch: Ur. Alva Adams, Pueblo, Colorado. Mr. John Evans, President of the International Trust Co., Denver, Colorado. On motion, both nofninees were declared elected, the same agreement as to notification as in the case of the Pittsburgh directors being made. • On motion, a report of Committee No. 1, dated November 20, approvinge salary of $24J0 for Examiner Thos. E. Harris, was adopted. Upon recommendation of Committee No. 2, the following named State institutions were admitted to membership in the Federal Reserve System upon conditions named in the report of the Committee in each case: 1,•,4 Grafton Bank & Trust Company Philadelphia Trust Company Ladd & Tilton Bank Bank of Rosana Grafton, W. Va. Philadelphia, Pa. Portland, Oregon. Rosalia, Wash. A proposed letter to the President of the Citizens and Southern Bank of Savannah, Georgia, with reference to membership in the sstem, stating the conditions under which the Board would a3prove such membership for it, was read and the Secretary ordered to transmit the same. Governor Harding stated to the Board that the Division of Statistics would be directed to begin inquiry at once into the question how a change in reserve requirements, based upon a grouping of deposits as time, bank, and demand, would alter the present reserve arrangements. It was agreed that the conduct of this in- vestigation be referred to the Executive Committee in cooperation with the Comptroller of the Currency, acting jointly, they to be aped to make a general survey of the question, as indicated, and to report to the Board. Governor Harding presented the draft of a telegram to Federal Reserve banks stating that the Advisory Council having recommended an advance of 14.-- of 170 on each class of paper bought or discounted by Federal Reserve banks, the Board desires to have the banks order such an increase in rates. It was, on motion, voted to refer the matter to the Governor with power to draft and send a telegram on the subject. Assistant Secretary of the Treasury Rase at this point entered the meeting and presented to the Board the question whether there was any way to prevent bonds issued by the revolutionary government of South China from being imported into the United States. The matter was discussed, but no action was taken. On motion, at 12:45 P. M. the Board adjourned. APPROVED: Secretary Chairman
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