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At a regular meeting of the iederal Reserve Board held in the office of the Board or Wedn,sdaw, May 15, at 11:10 M., Mr: Harding, presidin, Mr. Delano, 1.1r. Warburg, Mr. Hamlin, Mr. Miller, Mr. Willis, I-iecretary. The minutes of the meetini;s of the Board held on May 1'6 (morning and afternoon) were read and, on motion, approved. The minutes of the meeting of the Ixecutive Committee held on May 14 were read and, on motion, approved, and the action therein set forth ratified. The minutes of the meetings of the Gold L.-4port Committee held on May 14 and 15 were read and, on motion, anoroved and the action therein set forth ratified. The minutes of the hearing of the Eansas City bankers before the Board on May 13 were presented and referred to Mr. Delano. Mr. Harding read a letter from the Third National Bank or Columbus, Georgia, re the exchanc:e situation in general ensued. The matter was referred to Governor Harding and Mr. Delano jointly. Governor Harding called attention to a newspaper article re the abolition of service charges at Federal Reserve banks, originating in Philadelphia. The matter was referred to the Chairman of the Philadelphia Committee with request to caution the Philadelphia bank as to its announcements or statements. The question of rates of discount at Kansas City being presented, the matter was discussed and the following schedule bffered: Member bank's call notes secured by Commerce paper 15-days 4k 4i- 4 do 41. 5 4 52 4i 4-1z. 4 16-90 Member bank's collateral notes secured by U. S. bonds 15-days and certificates Rediscounts secured by U. S. bonds and certificates 1-90 kgric. and live stock paper over 90 Trade acceptances 15 do Existing rates percent. Rates reported by Committee Commercial paper Commerce paper ?reposed rates percent. Maturities 16-90 (a) 4„_ 4. 6 4fr (b 51) 5 (a) Four per cent for 15-day paper. (b) Four per cent 15-day maturities, this being the regular 15-day rate and zG per cunt for 16-90 .days. On motion the discount Committee's recommend- ed rates as named in the foregoing schedule were approved, all other Federal Reserve banks to be notified accordingly. A letter from Federal Reserve Agent Hardy, re purchase of land at75,000 t 4'100,000 by the idchmond bank, was read and the purchase authorized, Governor Harding to write accordingly. A letter from Federal Reserve Agent Ramsey, re charging off a part of the cost of the balk building at Dallas, was presented and on motion referred to the Dallas Committee. A letter from Governor J. Z. =iler, Jr. re discount of oil paper was presented and noted, Governor Harding to reply, approving the policy that is being followd at Kansas City. At this point Mr. Williams entered the meeting. A letter from Assistant Secretary Leffingwell re the distribution of one-year Treasury notes among Federal Reserve banks was read and noted. A letter fro the Altus State Bank of Altus, Oklahoma, re branches, was read and noted. A letter from Chief Examiner Broderick, transmitting a copy of the recent report of examination of the Kansas City Federal Reserve Fank, was read and referred with the report to the Committee on Eansas City. Reports of Committees were presented and approved as follows: No. 1. • Dated May 15, recommending the temporary appointment of G. W. Holt at ,";AOO per month, effec, tive this date. Datd May 15, recommending admission of state institutions upon conditions named in each as follows; Bank of Sturgeon Bay, Sturgeon Bay, Wis. 36 Shares in tne Federal Reserve Bank of Chicago. The Alpena County Savings Bank, Alpena, Mich. 135 shares in the Federal Reserve Bank of Chicago. The Exchange Bank of Tallahassee, Florida. 32 shares in the Federal Reserve Bank of Atlanta. Dated Lay 2. recommending approval oC the application of the First National Bank of Forman, North Dakota for fiduciary powers. Dated Lay 15, recommending changes in capital stock as follows: pplications for oriuinal stoc;,.. District No. 7. iirst National Bank Hinckley, Ill. Shares 19 19 District No. 12. Chowchilla National Bank Ch-wchill4, Cal. 24 24 Total ..43 Aoplications for surrender of stock. District No. 7. American National Bank First National Bank Merchants National Bank LLfayette, Ind. do do Shares 83 189 240 312 District No. 11. Wharton National Bank Wharton, Tex. Total.. 20 20 532 The question of the appointment of a fiscal agent for the Board was discussed and referred back to Committee No. 1 with power to act. On motion, at 1 P. LI., the Board adjourned. APPROVED:
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