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1189

at a meeting of the Federal Reserve 74oard held in
the office of the Governor on Saturday, November 25, 1916,
at 11 A. L.,
PRESLNT:
Governor Harding, presiding,

Ir. Delano,

Mr. Miler,

Mr. 7arburg,

14r. Hamlin,

Mr. —illiams,
Yr. Willis, Secretary.

On recommendation of the Comlittee on Issue and
Redemption the following actions in relation to Federal
Reserve notes were voted:
The release of $400,000 in the 5O denomination
from the Sub-treasury at San Francisco, for the use of
the Federal Reserve Bank of San Francisco.
The shipment of1,800,000 of Federal Reserve
notes in specified denominations to the Federal Reserve
Agent at Richmond.
The issue of 4,5,000,000 in specified denominations
Reserve Agent at New York.
Federal
to the
Mr. Harding presented a letter from Mr.

iiliam

Ingle, President of the Baltimore Trust Company, with reference to tie acceptances of that institution.

The letter

was noted and appropriate action ordered taken.




r. Harding presented a letter from Governor Seay

190




of Richmond with respect to certain questions relating
to bankers' acceptances.

The letter was read and contents

noted.
r. 7illiams presented, and the Secretary read,
a letter from Mr. George H. Partridge of Minneapolis relative to exchange charges at that place, and submitting
various documents relating to the subject.

Discussion

ensued, and the matter was referred to the Committee on
Clearing.
The minutes of the meeting of the Committee on
Member an4 State Banks, held on November 23rd, were read
and the action taken by the Committee as therein set forth
ratified as follows:THE FOLLOWING APPLICATIONS WELE APPROVED:
Chapin National Bank, Springfield, Mass. - Trustee only.
rational State Bank, Elizabeth, Y. J. - Registrar of stocks
and bonds.
Merchants National Bank, Hillsboro, Ohio. - Trustee and
Registrar of stocks and bonds.
Portland National Bank, Portland, Maine. - Trustee, Executor,
and Registrar of stocks and bonds.
Whiteland National Bank, Whiteland, Ind.-,
iTrustee, Executor,
First National Bank, Walla 7;alla, Wash. Administrator, and Registrar of stocks and bonds.
THE.FOLLOWING APPLICATIONS WERE HELD FOR FURTHER
EXAMINATIONS.
Do Smet National Bank, De Smet, S. D. and
aykesville National Bank, Sykesville, Md. - Trustee, Executor,
Administrator, and Registrar of stocks and bonds.

I 191

TH

ioLLo,JITG LIPLICATIOE ''AS REFUSED:

First rational Bank, American Falls, Idaho.
having brought up the question of
emoloyees at Federal Reserve banks who were connected
both with the Federal Reserve agent and the executive
management of the bunk itself, discussion ensued, and it
was moved that the several Federal Reserve banks be informed that such joint employment should not be undertaLen in the future, and that in those cases where it
exists today, it should be terminated on and after
January 1, 1-117.

Upon being put to a vote, the motion

prevailed.
The Secretary of the Bo:rd read a letter from the
Federal Reserve Agent at Boston, relative to the question
of organizing a new rational bank at Woburn, ::assaehusetts.
The letter was noted and ordered passed to file.
A letter from Governor

olc1 with reference to the

as;:um!ition of dividend liability in connection with the
transfer of certain banks, was read and referred to the
Governor of the Board to be answered along the lines of
a recent adjustment between the Dallas and ransas City
Districts in a similar matter.




1192




The Comptroller of the Currency renorted informally certain facts with respect to holdings of foreign
securities on the part of Fational tanks.
A letter from Governor Fancher as to the declaration of a dividend at the Pederal Ileserve Bank of Cleveland,
was referred to the Committee on Operation of the Cleveland
Bank with power to act.
Nr. Delano moved that in view of the Thanksgiving
holiday on the thirtieth instant, the official business of
the Board be terminated at one o'clock on :lednesday, rovember 29th.

The motion prevailed.

Mr. Harding presented to the Board 4 proposed form
of statement as to foreign credits and gold importations
7

into the United States, rind the matter was discussed and
copies of the statement distributed to members of the Board.
.Lt 12:15 P. M. a recess was taken until 12:45 P. M.
On reassembling at 12:45 there were present:-

LT.

Harding, presiding, Mr. Warburg, Mr. Miller, Ni'. Delano, :jr•
Tlamlin, and 1:1r. —illis, Secretary.
The statement previously presented by the Governor
,) was taken up for consideration, reconsidered, and amended.
On motion, at 1::20 P. N. the Board adjourned.

3ecretarY'
07:401"
9
Chairman.