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At a regular meeting of the Federal Reserve Board held in the office of the Board at 3:05 p. m., on Monday, June 19, PRESENT: Mr. Hamlin, presiding Mr. Williams Mr. Delano Mr. Harding Mr. Allen, Secretary. The minutes of the meetings of June 15 and 16 were with changes approved. The resignation of Mr. Vance C. McCormick as a Class "C" director of the Federal Reserve BPI* of Philadelphia was read and on motion accepted, effective on June 17, 1916. The filling of the vacancy thus created was referred to the Committee on Operation of the Federal Reserve Bank of Philadelphia. A letter addressed to the Board by Mr. Williams under date of June 16, relative to the circumstances surrounding the granting of the application for a charter for a national 679 bank at Roxbury, Massachusetts, was discussed without action. A letter from the Federal Reserve Bank of Atlanta, was read announcing the death of Mr. W. J. Davis, a Class "C" director of the New Orleans Branch. The filling of this vacancy was referred to the Committee on the Operation of the Federal Reserve Bank of Atlanta. Applications to convert 4; United States bonds, recommended by Mr. Delano were approved as follows: Bonds. Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Notes. Total. $750,000 356,200 $750,000 356,000 $1,500,000 712,200 228,900 176,600 850,000 190,800 179,000 206,400 530,300 500,000 228,000 176,000 850,000 190,000 170,000 206,000 530,000 500,000 456,900 352,600 1,700,000 380,800 349,000 412,400 1,059,300 1,000,000 The surrender of stock in the Federal Ii Reserve Bank of Kansas City, by the American National Bank of Muskogee, Oklahoma, for 101 shares, recommended by Mr. Harding as Chairman of the Committee on Member and State Banks was approved. Attention was called to a letter from the Federal Reserve Agent at Dallas to Mr. Harding forwarding a resolution adopted by the Board of the Dallas Bank asking consideration of recommendations made on January 7, 1916, for in- creases of salary with the request that these proposed increases be now approved by the Board effective July let. On motion it was voted to defer action upon this matter and the letter was referred to Mr. Harding that he might make a suitable reply. A letter from the Federal Reserve Agent at Dallas, asking to be advised as to the eligibility of notes of officers of member banks was referred to Mr. Harding and Mr. Delano. 681 The Rural Credits Bill, as agreed to In conference was referred to the Committee on Investments for report. At 3:40 p. m., the Board adjourned to meet at 11:00 a. in., on Wednesday, June 21. Secretary. APPROVE): Chairman.
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