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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: