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At a meeting of the Federal Reserve Board held in the office of the Board at 11:10 a. in., on Saturday, June 3, PRESENT: Mr. Hamlin, presiding Mr. Warburg Mr. Delano Mr. Harding Mr. Miller Mr. Allen, Secretary. The minutes of the meeting of June 1 were approved, and the minutes of the Conference with Federal Reserve Agents on June 2 were referred to Mr. Delano for examination. A letter from the Governor of the Federal Reserve Bank of New York relative to the sale of 3% thirty-year bonds, was read to the Board and referred to Mr. Delano. After further consideration, approval was given to the purehase of a note for 025,000, County of Northampton, Pennsylvania, b, the Federal Reserve Bank of Philadelphia. 646 Resolutions of the Alabama Bankers' Association, forwarded to the Board by its Secretary, were read. The report of the Audit of the Gold Settlement Fund was referred to the Committee on Gold Settlement Fund. The Secretary was directed to order a reprint of the supply of reports of earnings and dividends sent out to National banks to be returned on July 1, that duplicate copies of these reports might be furnished for Federal reserve banks. The request of the Comptroller of the Currency for extension of leave without pay for Miss Dorothy Barnard, of the ISSUE) Division, for an additional month, that she might assist in the work of the Insolvent Division, favorably reported by Mr. Delano, was granted. Counsel's :memorandum relative to the reserve of the Mercantile Trust Company of St. Louis, was read to the Board and Mr. Miller authorized to take the matter up with the Federal Reserve Agent at St. Louis, suggesting that it be presented to the Mercantile Trust Company and that both the Attorney for the bank and for the trust company be permitted to file briefs if they desire. A report of the Committee on Staff and Expenditures, covering the question of salaries for the staff of the Board, was presented and approved. In this connection Mr. Hamlin moved that 0100 be added to the salary of 41,200 now paid to Mr. A. H. Laning, stenographer in the Governor's office, in consideration of his assistance in the work of the Gold Settlement Fund and work done and to be done by him on digests of the Federal Reserve Act and the Clayton Act. This motion was lost. On the approval of the report of the Committee on Staff and Expenditure, Governor Hamlin was recorded in the negative. Mr. Delano presented a letter from the Governor of the Federal Reserve Bank of Boston, stating the progress made in the negotiations with the Boston Clearing House Association. Er. Warburg and Mr. Harding were appointed a Committee to draft a letter covering the action of the Board on June 1 in connection with the petition of certain Connecticut banks to be attached to District No. 2. Attention was called to memoranda prepared by Mr. Warburg as follows: 1. Reserves, with tables. 2. Investments of Federal reserve banks with tables. 3. Gold holdings of Federal reserve banks. 4. Government bonds purchased by Federal reserve banks. Governor Hamlin suggested showing the 649 5% reserve against Federal reserve bank notes in the Saturday statement and this question was referred to the Committee on Reports and Statistics. Mr. Harding stated that the Federal Reserve Agent at Atlanta had raised the question whether the bank might pay on July 1st, a dividend which would make the total dividend paid by the bank on its stock to January 1, 1916, 6%. No objection was made. Mr. Warburg called attention to a letter from the Governor of the Federal Reserve Bank of Philadelphia, asking if that bank could charge off on June 30, the cost of certain Federal reserve notes printed but not placed in circulation. This let- ter was accompanied by a memorandum from the Chief of the Division of Audit and Examination. At 12:15 p. m., the Board adjourned 651 to meet at 11:00 a. m., on Monday, June 5. Secretary. APPROVED: Chairman.
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