The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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.