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Lt a special mooting of the Federal Reserve Board held in the Board Room at 3:00 P. M. dednesday, nugust 30, 1916, PRMENT: Governor Harding, presiding, Mr. ielano, Mr. ;arburg, Mr. Hainlin, Mr. Mr. Miller, 111is, 411en, Socretary, also, Mr. Mliott, Mr. Harrison, and Mr. Dulany, (all of Counsel's office) Consideration was given to the policy to be imrsued by the Federal Reserve Board in cr_ntinF: authorities under the Kern amendment to the Clayton 2.ct. serve "gent at A letter from the Federal Re- an Francisco aas read and Counsel for the Board presented a memorandum on the ruestion of competition between trust companies and National banks. There was extended discussion of the matter but without action. Upon recommendation of the Committee on Issue and Redemption, the Board authorized a ship- 1 1b S'"4 C) ment of - 13,000,000 in Federal Reserve notes re- quested by the Federal Reserve Agent at Eansas City in the following denominations: 1.,000,000 in fives, 1,040,000 in tens, 960,000 in twenties. A general committee Of the Board on applications under the Clayton Act was named as follows: Hamlin, 11r. 'darburg. cting upon a telegram from the Federal Reserve Bank of Chicago, apiproved by the Committee on the Chicago Bank, the Board voted to approve a decrease in the rcte for 60 day paper at that bank from 4N to 4,.% effective August 31st. Acting upon a telegram from the Federal Reserve Bank of an Francisco, approved by the Committee on Investments and Discounts, the Board authorized the purchase by that bank of yl5,000 tax anticipation certificates of Uintah School District and County, Utah. At 5:10 P. Li. the Board adjourned to meet at 10:00 A. Li. on Thursday, August 51, 1916. APPROVM:
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