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At a meeting of the Federal Reserve Board,
held in the oifice of the Board at 10:50 A. M., Friday, beptember 1

1916,

PREBENT::
Governor Harding, presiding,

Mr.

Mr. Hamlin,

Mr. Miller,

Mr. Delano,

Mr. Idlliams,

arburg,

Mr. Allen, secretary,
The minutes of the conferences .- Atli.
Federal Reserve Agents, held on August 31st, '.ore
referred to Mr. Miller for approval.
Upon the favorable report of Mr. Delano,
an entry was ordered in the minutes to the eflect
that the Board had no objection to offer to the
action recamended by the ConfiJrence of Governor°
at their meetinLj, April 17-22, 191,,, for the Iprorating, among the sev3ral Federal ReserveBanks,
of the expenses incurred by Govrnor strong on the
trip made by him to Europe for the purpose of investigatinc and reporting on financial conditions

as they affected the Federal Reserve System.
There was consideration of the request
of the Federal Reserve Agent at Chicago for 'permission to publish his report of business conditions
monthly as a pamphlet for circulation among Federal
Reserve banks.

An unfavorable report was made by

Mr. Delano and the matter was referred to the Committee on the Bulletin with power.
Upon favorable rerort of the Committee
on Discounts and Investments, the board authorized
the Federal Reserve Bank of Chicago to purchase
40,000 warrants of Attleboro, Mass., due December
19, 1916, total amount of the warrants outstanding
being

225,000.
Ex. Harding, for the Executive Committee,

reported a list of subjects suggested for consideration by the Advisoyy Concil at its zieptember meeting and this was referred to the Executive
Committee.




Applications for stock and surrender of

88




stock were avoroved as follows:APPLICATIONS '.02 STOCK.
DISTRICT.Qa. 3.
First National Bank,

Sh_lros.
Florence, D.J.

15

DL,T2ICT No. 7.
Orange County Nat'l Bk. Orange City, Ia. 9
Total
24
APPLICATIONS FOR LIDDITIONAI STOCK.
DISTRICT

2.
a.

Shares.

Tarrytown Hat'1. Bk. Tarrytown,
N.
National Bank of Syracuse, Syracuse,".

30
30

60

DISTRICT No. 10.
Fort Scott State Bank,
City National Bank,

AP''ILICATIOL,)

Fort Scott, an. 2
Altus, Okla.
1
Dotal

,
63

0, „,TOCK.

DITRICT No. 6.
First National Ban,:,

Boaz, Ala.

19

19

DISTRICT No. IQ,
Farmers' N:ltional Bank, jydro, Okla.
16
First National Bank,
Ansley, Nebr. 30
Total
Governor Harding reported the receipt from

46
65

the Governor of the Federal Reserve Bank of Dallas
of a telegram stating currency needs in that District and requesting that a deposit be made by the
Secretary of the Treasury of

15,000,000 with the

Federal Reserve Bank of Dallas.

It was stated

that this matter had received consideration of
the

Executive Committee without affirmative action

but that the question of rediscounting to the amount
of5,000,000 had been ta1Len up with the Federal
Reserve Bank of New York.
the

It was also stated that

Executive CoL.mitteo in conference with Assis-

tant Oecretary LID] burn found th.t it would be im)essible for the Treasary Department, even if reuuest were to be made, to ship anything but gold
or silver from the Subtreasury at St. Loris, and
that the amount requested could not be spared from
New Orleans.
There was criticism of the action of the
Governor of the Federal Reserve Banic 02 Dallas in
'his communization as an ope.1 message, and
eendin,




t
)
1
.




it was suggested by Mr. Delano that the reply
should also be open that any anxiety aroused might
thus be quieted.

After discussion, the Board pas-

sed the following resolution offered by Mr. Delano:
"RESOLVED, that authority is hereby given to
the Executive Committee, acting for the Federal Reserve Board, to arrange, or if necessary to require, rediscounting by Federal
Reserve Banks for any Federal Reserve Bank
requiring such rediscount during the month
of September, in amounts up to 5,000,000.
The Executive Committee was authorized to reply to the Federal Reserve Bank of Dallas.
At 11:30 A. M. the
meet at the call of the

card adjourned to
lor•

Sooratary.

APPROV:D: