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At a regular meeting of the Federal Reserve Board held in the office of the Board at 11 A. on Tednesday, October 18, 1916, PRESkrT: Governor Harding, presiding, Mr. Miller, Mr. Warburg, Mr. Hamlin, Mr. Delano, Mr. "Allis, Secretary. The minutes of the meeting of the Board on Tuesday, October 17, were read and on motion approved. Certain letters relating to the clearing and collection system t,t Jacksonville, Dallas and Baltimore were read, and on motion referred to the Committee on Clearing. A letter from Federal Reserve Agent Jay, relating to gold received from abroad and the acceptance thereof by the Federal Reserve Bank of New York, was read and Mr. Warburg authorized to inform Mr. jay that where foreign gold is deposited with the Federal 'Reserve Bank, it may purchase that gold and pay out a reasonable percentage of the value of such gold pending the time it is assayed, and paid for. The Governor of the Board read a draft of a letter to the Federal Reserve Bank of Atlanta relative to its • recent purchase of real estate, in accord with the instructions given at the meeting of October 17th. The letter was approved and ordered transmited. An application for notes from the Federal Reserve Bank of Atlanta, duly recommended by the Committee on Issue and Redemption, was approved as follows:11,000,000 of the 110 denomination. Azplications for the exercise of fiduciary powers were approved as follows:Lorchants National Bank, 1.7.ichigan City, Ind. First National Bank, Rochester, Ind. Reports of the Federal Reserve Agent at Kansas City and of the Federal Reserve Bank of Kansas City, were referred to the Committee on Operation, Vt. Delano, Chairman. * A report from the members' secretaries relating to the continued use of the water-copy system inconnection with the new riling system, was discussed, and on motion referred to the Executive Committee with power to act. a Yr. Hamlin presented to the Board a communication from 1.1r. Swager Sherley, relative to the establishment of 1 a branch bank at Louisville. Discussion ensued, but no action was taken. On motion it was voted to appoint Friday, October 20, at 11 A. M. as a date for hearing Mr. Robert Garrett of Baltimore with reference to his status as a private banker. At this point Mr. Williams entered the Board nOOM. Discussion in regard to the application of Mr. J. Ogden Armour for permission to continue as director of the rational City Bank and the Continental & Commercial Vational Bank was begun. At this point Mr. Williams excused himself from further attendance. • After further discussion of the application of Mr. Armour, it was on motion voted to approve it tentatively until January 1, 1917, on the condition that Yr. Armour is in the meanwhile to present his case more fully before the Board, the status of his directorate being still undetermined pending further action. It was agreed that like action 'Should be taken with respect to Messrs Joseph D. Oliver, now a director in the National Park Bank of d the First National Bank of Chicago; John u. Shedd, now a director in the 7ational Park Bank of New York and the Illinois Trust & Savina.s Bank of Chicago; John A. Spoor, now a director in the First rational Bank of Chicago and the Guaranty Trust Co p, ly of Yew York; J. J. ritchell, now u director in the Chase rational Bank of Y w York and the Illinois Trust & SayIns Bank el' chicago. On motion it was voted that letters air; tw Board's position be sont by the Governor to t",.; inLviduals enumerated, zind that subsequently a suitable -ment be given to the press, the letter and statement to be presented to the Board for approval. It was further informally agreed that the canes thus suspended under the Clayton Act be made a special order for consideration at some ' e between now and January 1, 1917. - On motion at 1:10 P. L. the Board adjourned to meet at 11 A. Li. on Thursday, October 19th. 6ocretary. 1 • At a meeting of the Lxecutive Committee of the Federal Reserve Board held in the office of the Board at 3:15 P. on Wednesday, October 10, 1916, 1 PRESIZT: Governor Harding, presiding, llr. •Warburg, lir. Delano, lir. Willis, Secretary. The request of the Federal Reserve Agent at Atlanta that the Comptroller of the Currency be requested to order the release on the part of the Assistant Treasurer at Yew Orleans to the Daw Orleans Branch of the Federal Reserve Bank of Atlanta, 3500,000 in Federal Reserve notes of the 120 denomination, approved by the Committee on Issue and Redemption, was presented and approved. At 3:20P. 11. the Committee adjourned. Secretary. APPLOVLD: it
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