Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, October 30, 1916, Volume 3, Part 2

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1_097

At a regular meeting of the Federal Reserve
1
Board held in the office of the Board at 11 A. L. on
Nonday, October 30, 1916,
PRESENT:
Vice Governor Warburg, presiding, Er. Delano,
Liz. Hamlin.

Liz-. 2.iiller.

Liz. Willis, Secretary.
The minutes of the meetings of the Board on
4uuLusaay, October 25th, and on Friday, October 27th,
were read and Approved, subject to certain modifications designed to show the history of the Board's action
on the proposed French industrial credit.
The Secretary of the Board presented a form of
letter relating to forthcoming reserve payments, and the
same was on motion approved and authorized for transmission.
On motion the Committee on Bulletin was empowered
to make a reference to Governor Harding's forthcoming
. address before the New York Chapter of the Institute of
Banking, in the November_issup of the Bulletin, adding
thereto such discussion of the general .policy of the Board
as to acceptances as might be deemed wise-in view of the




!_098




Governor's expression in the address referrud to.
An opinion of Counsel relating to the endorsement of paper having been presented to the Board,
it was on motion approved.
An opinion received from Federal Reserve Agent
Ramsey as to the eligibility of fifteen-day paper behind Federal Reserve notes, was referred to the Committee
on Law.
On motion the Governor of the Board was authorized
to fix a date for the hearing of L:r. A. L. Hamilton at su°4
time as would suit the convenience of all concerned.
The Comrlittee on 1:;taff having reported favorably
for a probationary appointment for Jr.L

J. Li- .jler at a

salary of,g 200. per annum, the appointment was, on
motion approved.
Certain advertising matter with reference to tho
relations of U. 3. Treasurer John Burke to the operations
f the Federal Reserve Bank of 1::inneapolis, having been
called to the attention of the Board, it was agreed that
I.'s. Hamlin should present the matter to the secretary of
the Treasury, a d report the outcome of the.conferenco to
the Board.

At 11:60 A. L. a recess was taken, the Board
to meet as soon as convenient in the office of the
Governor.
t 12 noon, the Board having reconvened in the
Governor's office, the question of the pending action on
the 2rench industrial credit was discussed.

It was

agreed that the Governor set forth the policy of the
Board as to acceptances in his forthcoming address to
be delivered before the Yew York Chapter of the Institute
of Banking, and he was requested to write a letter to
2edural Leserve agents embodying the substance of his
remarks as an indication of the views of the Board as to
those credits.




On motion at 12:15 P. ::. the Board adjourned.

Secretary.