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At an adjourned meeting of the Federal Reserve Board held in the office of the Governor of the Board at 3620 p.m., Thursday, June 1, 1916, PRESENT: Mr. Hamlin, presiding Mr. Miller Mr. Delano Mr. Warburg Mr. Allen, Secretary. The minutes of the meeting of Wednesday, May 31st, were read and approved. The linutes of the Conference of the Board with the Federal reserve aents, June 1st, were referred to Mr. Delano for approval. There was no change in discount rates. The memorandum of the Chief of the Division of Audit and Examination, suLgesting a letter to Federal reserve agents, requesting that notice be sent to the Federal -7eserve Board of any change in the systemo of control of assets in the hands of Federal reserve agents was approved and the letters ordered . to be sent. A letter drafted by Counsel to the Federal reserve agent at New York, relative to temporary certificates for stock, was approved and ordered to be sent. A letter prepared and signed by Counsel to the First National Bank of Hawke 'Flye, Iowa, as to national banks acting as insurance agents, was ordered to be held until the Governor could confer with the Comptroller of the Currency. A letter of Counsel to White and Case, 14 Wall Street, New York City, was approved, but to be sent without inclosing Counsel's opinion in connection with the matter. A letter of Counsel to the First National Bank of Black Lick, Pa., was ordered to be forwarded if approved by the Comptroller of the Currency. Attention was called to a letter to Counsel from the Counsel of the Federal Reserve Bank of Dallas, relative to the proposed action of the Texas bankers in connection with the Board's clearing plan. A telegram from the Federal Reserve Bank of Atlanta, relative to its procedure in connection with the clearing operations, was referred to the Committee on Clearings Mr. Miller reported a conference with the Federal reserve agent from Minneapolis as to the salary of Mr. Mosher, his assistant, and recommended that no action be talien on either salary until January 1917, when other salaries are to be considered. On motion of Mr. Warburg it was voted, with the understanding that the subject would be opened upon the request of Ur. Hard- ing, that the hearing on the petition of ce tam n Connecticut banks to be separated from District No. 1 and attached to District No. 2, would be deferred by the Board. This action was taken on the ground that the clearing system is going into effect on July 15th and the Federal Reserve Bank of Boston expects to make an arrangement with the Federal Reserve Bank of New York so that no hardship will be imposed upon the petitioning banks. The Board wishes to observe the results of the operation of the clearing system in this district before taking action in the matter. A new hearing will be accorded to the banks in a reasonable time if desired. Mr. Warburg moved that the Board take no farther action looking to chance in the amendments to the Federal Reserve Act reported to the Senate but that any desired changes be called to the attention of Representative Glass when the bill reaches the 641 House. This was voted. It was voted to make the reconsider- ation of the report of the Committee on printing speeches in the Federal Reserve Bulletin a special order for the meeting on Monday, June 5. The same action was, after discussion taken in connection with the subject of foreign agencies. A memorandum prepared by Mr. Warburg and a memorandum of Counsel on the subject of "Substantial Competition" under the Clayton Act were read and ordered to be copied and circulated among the members of the Board. At 4:45 p. m., the Board adjourned to meet at 11:00 a. m., on Friday, June 2, in the office of the Governor of the Secretary. APPROVED: oard. Chairman.
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