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A meeting of the Federal Reserve Board was held in the Board Room at 11:10 A. M., Tuesday August 15, 1916, PR,13ENT: Governor Harding, presiding, Mr. darburg, Delano, Mr. Hamlin, Mr. dilliams, Allen, Oecretary, The minutes of the Board rooting July 28th, and the minutes of the 4xecutive Committee meetings July 31st, August 3d, 10th (A.1:.. and and 14th, were read and approved. )2.:%) The minutes of the hearings held on August 8th and 9th, in connection with the petition of Wisconsin and Michigan banks, were referred to 11r. Delano for approval. The 2ocretary was directed to record in the minutes the designation of Hon J. I. G. Harding as Governor of the Board and the designation of Hon Paul M. :iurburg as Vice Governor of the Board. On'motion of 7.!r. Hamlin, it was voted to request the Committee on Clearing, Mr. Delano and !:r. Harding, to attend, at the expense of the Board, a conference of Governors on the subject of clearing, to be held in Boston on August 22d. Approval was given to the reruest of the American 'rational Bank, Fort dorth, Texas, for permission to accept to one hundred per cent of its capital stock and surplus, this being recorrrended by the Governor and Federal Reserve Agent at Dallas and approved by Mr. Harding and Mr. iilliams. Upon recommendation of Mr. Jarburg, approval 'as given to the reruest of the Federal Reserve Bank of San Francisco to take %,40,000 Jordan School District, Salt Lake County, Utah, certifieates of indebtedness, the total issue being ,i 28,000. Upon lotion of 1":'.r. Hamlin, the Governor and Vice Governor of the Board were requested to attend, if Possible, a meeting of the American Bankers' nssociation in ransa3 City, September 53-25, at the expense of the Board. The (,u.:3stion raised to the irznediate .payment of checks by Federal Reserve Banks upon request, where compensating balance is kept, and a letter from the First National Bank of Hatties• burg., Lass., relative to the clearing plan, were referred to the Committee on Clearing, to be discussed at the Boston Conference, if this was found desirable. The request of the New : Orleans Branch of the Federal Reserve Bank of Atlanta, tru mitted by the Federal Reserve Agent atJ,tlanta, to reduce its corrodity rate from 3 to 3 per cent discussed, and referred to ,,iovernor Harding that he might take up the matter 1tii the iederal Reserve Agent at Atlanta, raising the cuestion of the desirability of decreasing the commodity rate at this time. Approval was given to an increase in salary of a clerk in the Atlanta Bank from 65 to 05 per month. • The designation of Ogden, Utah, as a reserve city was referred to the acecutive -ith the request for a report and recommendation to the Board. request for a ruling as to the discount by Federal Reserve Banks of bills of exchange which exempt the drawer from liability was referred to Counsel that he might submit an opinion to the Board. It was voted not to circulate a request for contributions for Civil Oervice retirement, such circul tion being in violation of the rules of the Board. A letter to Federal Reserve Banks as to the final conversion date for United 'itates 2 per cent bonds wa referred to Governor Hard- ing, aith porer. The mAssignment of members of the Board to its committees was referred to the Executive Committee for report to the Board. A requestfrom "The Nation's Business" for answers to nuestions upon which they desire to prepare an article was referred to the Governor,with power. The opinions of Counsel for release in the September Bulletin were referred to the Committee on Law. A letter prepared by Counsel to Leo, Higginson ez Co., Boston, was Law Committee. In this referred to the conn cticn, 1r. Hamlin suggested that the Committee ask the Interstate Co Commission whether the merchandise described in the letter would take the full import rate. There was discussion of a letter to Federal Reserve 4gents, instructing them as to applications from member banks desiring to accept to 100,4, at the close of which the matter was referred to the Law Committee. A from of consent under the Kern amendment to the Clayton Act was referred to ere° (.)47:1) darburg and Mr. Hamlin for recommendation. Hamlin was requested to accept an invitation to address the Ohio Bankers' Association at a meeting to be held on September 13th, the trip to be undertaken at the expense of the Board. On motion of Mr. Delano, Chairman of the Committee on Staff, approval was given to an increase of 17,; in the salaries of the serve Bank of Federal Re- New York, the same to be applied to the purchase of insurance upon officers and employees of the Bank, this approval being given contingent upon favorable opinion of Counsel in the matter. There was discussion of the situation of amendments to the Federal Reserve lict, and particularly as to that permitting the issuance of notes against gold, and the matter of amendments was left in the hands of Governor Harding. Jilliams presented a statement of 8110 figures shown by the abstract of the last Comptroller's call, June 30th, which had been prepareu but not yet given to the press. Hamlin stated his desire to be absent upon vacation from August 17th until 4,ugust 28th. Applications for stock in federal Reserve Banks were approved as follo.Ts: Shares. DISTRICT No. 5. Bishopville lational Bank, Bishopville, 3. C. DISTRICT ro. 67 9. Winona Nat'l. Bk. ,;inona. Pinn. 75 DISTRICT No. 11. 2irst rational Bk. 8 Loran, 2qx. 150 Total Applications for surrender of stock in Federal Reserve Banks were approved, as follows; DISTRICT No. 2.. Ashokan Nat'l. 13c. Brown Station, N. Y. Shares. 24. ShLires. DISTRICT No. 3. 17 Towanda, Pa. Citizens National Bk. .270 Philadelphia, Pa America, of North Bank Y:echanicsburg,". 3 Second National Bank, 2 Hegins, National Bank, Pa. First Lehigh Valley National Bk. Bethlehem, Pa. 20 J. 2 2.!ullica Hill, Farmers National Bank, 314 DISTRICT No. 4. First National Bank, Roscoe, Pa. 5 Bank of Faysville, N.B..Assn. Laysville,Ky.70 Torrow, Ohio 1 Torraw National Bank, :Jamisbur, f'hio 90 First National Bank, Lidway National Bank, Lidway, Pa. , 6 New Salem, Pa. 6 First National Bank, Punxsutawney Nat'l. Bk. Punxsutawney, Pa. 30 Masontown, Pa. First National Bank, First National Bank Jackson, Ky. 30 Catlettsburg Nat'l. Bk. Catlettsburg, Ky. 12 Prestonsburg, Ky. 3 First National Bank, 15 Lincoln County National, Stanford, Ky. DISTRICT No. ;2.77 6. First National Bank, Spring City, Tenn.21 21 JISTRICT No. 7. Larshalltown, Ia. First National Bank, National Bank of Waupun, ;iaupun, us. Aurora, Ind. First National Bank, 5 2 16 17 17 DISTRICT No. 8. First ilational hank, Sturgis, Ky. ( 810 DISTRICT No. 12. First National Bank, First I:ational Bank, Shares. 75 Lerced, cal. Emett, Idaho. 17 Total 9L ---761 _....---... At 12:40 the meeting adjourned, subject to call. APPROVED:
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