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S Minutes of the meeting of the Executive Committee of the Federal Reserve Board, held in the office of the Governor of the Board at 10:00 A. M., Tuesday, September 5th, 1916, PIMENT: Governor Harding, presiding, Mr. Viarburg, Mr. Miller, Mr. Allen, 6,:cretary, Governor Harding reported that the President had been requested to delay signing the Act containing the amendments recently passed to the Federal Reserve Act, and that in the meantime nepresentative Class would attempt to have corroction made. A letter was presented from the Governor Of tho Federal Reserve Bank of Lansa:; Citj, stating the desire of that bank to convert 3411,000 of 22; bonds into .*Y; bonds and notes, and ex-wessing the willingness of the bank to take 3356,000 in addition to their quota, should this amount be allotted to them by the Board. This letter was referred to the Governor for reply. Governor Harding presented a letter from the Governor of the Federal Reserve Ban of Dallas, stating the proposal of that bank to sell to the Federal Reserve Bank of Chicago .:. 00,000 37, bonds and .:',600,000 37., notes, with an agreement to reLurchase, with interest, January 1st. The Governor was authorized to a:rorove this proposal and to write to the Federal Reserve Banksof Dallas and Chicago as to the arrangement of details of t_e transaction. A letter forwarded by the Governor of the Federal Reserve Bank of Atlanta, written by the First National Bank of Thompson, Ga., with reply, was referred to the Clearing Committee :iith power. A letter stating that 11. Stuart Hotchkiss of New Haven, Conn., a Director of the Ch:atham Phenix National Bank of New York City, and tuo others, is no.; in the far East and cannot file his application under the Clayton .ct until about ember 1st, .as prese.-,ted and. the delay approved. by the Committee. A memorandum from Mr. Delano, Chairman of the Committee on Organization, Expenditures and staff, aroving the writing of group insurance for employees of the Federal Reserve Board, and. suggesting that new bids be obtained. from life insurance companies, and that the Counsel for the Board draft a form of resolution covering the matter, was approved by the Committee. .1 letter Via:: read from the Governor Of the Federal Reserve Bank of Boston stating the willingness of that bank to participate in rodiscounts for the Federal Reserve Bank of Dallas to the amount of five million dollars. The Committee authorized. one day additicnal leave to John Dellavcnin compensaticn for his attend.ance at the Department in connection with the work of the Board on Labor Day, a legal holiday. 9 The following resolution was ayproved by the Board: RESOLVED: That Mr. H. Rozier Dulany, Jr., be authorized, emowered and directed to turn over to 17.r. Ray M. Cidney the combination which Mr. Dulany now holds to the vault in which are idaced the gold order certificates making up the Gold Settlement and Federal Reserve Agents' Funds, and 2,1: IT FURTHER RESOLVED: That Mr. J. A. Broderick be requested to chock the contents of the safe when this transfer is made. Mr. Warburg suggested as a .topic for the next conference of Governors, the desirability of having one of the two men holding the combina7 tions to the safe in which the Gold settlement and Federal Reserve Agents' funds are kept, do so as a representative of the Ag:nts and of the Federal Reserve Banks. A =morandum from Mr. Delano was presented in which it was suggested that care be taken to send cories of letters written to :zonts, to the bank, and copies of letters written ,to the banks, to the Agents. t A toleL;rau was read from the Temple State Ban:: of Ta'n-210, Texas, to the Secretary of the Treasury, urcinc: that he o?:mose the a peal of that .„ort of the Federal Reserve Act requirinc banks to par customers' checks. Further consideration was c.iven to the eomnlaint that the .:ansas City Clearin fixes a mininram interest rate of house but no action taken. ecrA.,r,r presented the re_orts of examination of the accounts of the Federal Reserve ...gents at Chicago and Kansas City, anL„ the ret)ort of the examination of the Federal Reserve Lank of These were ordered referred to the two committees. Lr..or:Yurc suLceste,_ this additional tonic for the m.,etinL: of the Federal Advisor; Council. 'Tow can we further the entrance of State Systea, and banks into the Federal Reser , line?" what should be done alor,- Secretary.
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