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986 At a meeting of the Federal Reserve Beard held in the office of the Governor at 11:20 A. M., Wednesday, September 20, 1915, PRESENT: Governor Harding, presiding, Mr. Warburg, Mr. Williams, Mr. Miller, Mr. Allen, Secretary, The minutes of that part of the Board meeting on September 14th, devoted to the Clayton aere approved. Similar minutes for September 13th were passed over. The minutes of the regular meetings of the Board on September 15, 18, 19, were approved. The minutes of the Executive Committee meetings on September 16, 18, and 19, were approved and the action taken ratified by the Board. Applications for a rate of 4% on 15-day paper of member banks from the Federal Reserve Bank of San Francisco, and to abolish a 10-day rate at Philadelphia and establish a rate of 3N for promissory notes of member banks and commercial SI paper running 15 days, were approved. Formal approval was - given to a rate of ZYJ for 15-day paper at the Federal Reserve Bank of Dallas, the Executive Committee having approved the sane. A letter from Frank B. royes of Viashincton as to his application under the Clayton was read and referred to Counsel for the preparation of a rerl, to Be submitted to members of the Board. The application of Alexander 7olf Of iias-ington for a hearing on the refusal to grant his application under the Clayton Act was received, and direction made that hr. Wolf should be notified that a hearing would be given him early in October. Counsel's opinion as to a private banker with a telegram sent to the Federal Reserve Agent at New York in this connection, wore released for 988 use in rerly to inq..iries. The followinjaplicatin or stock and ssrr„inder of stock in Fedsral Reserve Banks approved$ APPLICATIONS FOR ',TOCT.:. DISTRICT. NO. 2. 1 ,irport National Bank, Fairport, N. Y. 23 ,I,JTRICT NO. 3. Ridley Park National Ban.::, Ridley Park, Pa. 28 DISTRICT NO. 7. First National Bank, Merrill, Iowa. Total 30 81 !PPLICTIOIi FOA SURRENXR DISTRICT NO. 10. Citizens National Bank, MCook, Nebr. 45 The application of the Federal Reserve Bank of Richmond for 11,500,000 in Federal Reserve notes of the following denominations was approved: 500,000in fives, 520,000 in tens, 480.000 in twenties, 11.500.000 Total 9S9 The Board approved the allotment of 35 bonds and notes not desired by Federal Reserve Banks to other banks desiring to take the same. Approval was given to a letter prepared by Governor Harding to Senator Morris Sheppard, who had forwarded the request of a constituent that a minimum loan rate be fixed on 'cotton. This letter was also released to be published in the Bulletin. There was discussion of Clayton Act cases without action and at 1:20 P. M. the Board adjourned. ecretary. APPROVED: Chairman.
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