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At a regular meeting or tne rederal neserve Board neld in 'cm office or the board on Yriday, may 24, 191b, at 11:4b A. M., PRESENT: Mr. Warburg, presiding, Mr. namlin, Mr. Delano, Ur. Williams, Mr. Miller, Mr. Willis, Secretary. the minutes or trio meeting or time Board held on May 22 were read and approved. the minutes or tne joint sessions or tne board and the Advisory Council, held on May 20 and 21 were reported /dun minor modifications and ordered passed to tile. the minutes or the meetings of the Gold Export Committee, held on May 23 and 24 were presented and on motion approved and vue action therein set torch ratitied. Discount raze sneets rrom various rederal Reserve banks, no changes requested, were presented and noted. A letter from Senator R. L. Owen Transmitting a memorandum regarding tide establiaament of an allied banking corporation was presented and ordered eirou- lazed. A letter tram Governor E. R. rancher regarding tne question of mid-year bonuses to employees of Federal Reserve Banks was presented, also a proposed reply of Ur. Hamlin, and noted. A letter tram uovernor E. It. rancner, witn reference to methods or onarging discount for additional days involved in the collection or items was presented and, on motion, referred to Committee No. 2. A letter from Deputy Comptroller Kane, asking that ;Ile board transmit lists of directors granted permission to serve with specified banks, was read and the lists authorized to be transmitted accordingly. A letter from Governor Morse of Boston, regarding une replacing of silver certificates by Federal Reserve oank notes or Federal Reserve notes, was read and on motion referred to Mt. Warburg to draft a reply. A letter from Governor Mores regarding the question of charges for collection of checks was referred to Mr. Delano. A letter from Federal Reserve Agent Wills with reference to the effect of a guaranty of bank deposits was referred to the Comptroller of the Currency. Letters and memoranda rram members of the Capital Issues Committee with reference to expenses incurred by them were referred to the former Capital Issues Committee (4r. Warburg, Chairman). A letter from Governor McCord with reference to a conference regarding rates of interest paid in Atlanta on balances was read, noted and referred back to Governor Harding. A letter from Senator Owen, suggesting a conference in Washington regarding Che proposed Oklahoma pranoh, was read, noted, and referred back to GOVerrOr Harding. A report dazed May 23, with reference to the exemption of certain employees of the International Banking Corporation from draft ans read and, an motion, action suspended. Reports of Committees were presented and approved as follows: No. 1. Dated May 21, recommending the approval or the appointment of W. H. Black as Assistant Cashier of the Federal Reserve branch bank ox New Orleans at a salary or $200 per monta, effective May 7, or at suon date as Mr. Black takes up nis duties. Dated May 24, approving appointment or Messrs. Wardrop or Pittsourgn, and W. S. Rowe or Cincinnati, as Assistant Federal Reserve Agents at tile orancnes or -me Federal Reserve Bank or Cleveland in their respective cities. No. 2. Dated May 21, recommending tue admission or new institutions upon conditions named by tue Committee in eacn case as follows: Security Bank and Trust Co., Wharton, Texas. 34 snares in tue Federal Reserve Bank or Dallas. Peoples trust & Savings Dank, Perry, Iowa. 31 snares in the Federal Reserve Bank or Chicago. No. 3. Dated May 23, various reports recommending action upon airectorates under the Clayton Act, conditions as to wnicn were brougnt to tne attention or the Board tnrougn letters from the orace of the Comptroller of tne CurrenCy. Dated May 23, recommending transmission or a letter regarding proposed consolidation of the Somerville National Bank and the Somerville Trust Company, tue same oeing in accordance wizn the opinion of counsel on une subject. Dated May 23, recommending tne grant Of power as trustee, executor, administrator and registrar 40 tne South Bethlenem Natl. Bank, South Betnlenem, Pennsylvania. On Motion it was voted mat Committee Vo. 3 oe autnorized, wnenever investigacion snows tnac no change or action is required witn reference uo directors or banks wnicn nave been called uo tne attention of me Board oy ulJe Comptroller or the Currency to enter sucn records as may be necessarz; witnout orinutag ne matter rurtner to tile attention or zne Board. A proposed drart or a letter addressed to Yederal Reserve Banks and Federal iteserve Agents regarding issue or Federal, xeserve bank notes was, on motion, approved and ordered uransmi Zed. Upon recommendation of tne Richmond uommittee, Mr. Howard Bruce or Baltimore Maryland, was elected a Class C Director or tne rederal Reserve Lsank or Eicnmond for the year ending December 31, 191U. On motion, tne question or publishing in tne Bulletin resolutions passed by the Advisory Council at its recent meeting was referred to tne Executive Committee wita power to act. The Comptroller of the Currency read to the Board, a memorandum relating to the policy of guaranteeing bank deposits. Discussion ensued. A teleKram from Yederal Reserve Agent Ramsay Of Dallas requesting permission to oe absent rrom Dallas on personal ousiness was read and the absence requested approved. On motion, at 12:55 P. M., the Board adjourned. APPROVED: Chairman
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