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Lt a regular meeting of the Federal Reserve
Board held in the office of the Governor on Thursday,
June 26, at eleven a.m.,
Mr. Harding, presiding,

Mr. Hamlin,

Mr. 4arbarg,

Mr. Miller,

Mr. Delano,

Mr. Willis, Secretary.

The minutes of the meeting of the Board held
on June 27 were read and, on motion, approved.
The Secretary of the Board presented the discount ratesheets for the week for the various Federal
reserve banks, no changes being requested.

The sheets

were noted and ordered filed.
A report of the Committee on Audit and Examination, dated June 27, and approving a salary of 42,400
per annum for Mr. Ryburn G. Clay, effective when Mr.
Clay reports for duty, was, on motion, approved.
A report of the Committee on

ud1t and Examina-

tion dated June 28, recommending the approval of certain
increases in examiners

salaries, recommended by the

Comptroller of the Currency, was, on motion, approved,


as follows:
No. 1 - T. J. Goodwyn
2 - Bertram Chesterman
3 -(ro changes recommended)
4 -(No changes recommended)
5 - Richard L. Hargreaves
6 - J. William Pole
6 - LIorton M. Prentis
7 -(No changes recommended)
8 -(No changes recommended)
9 - Ben Hayes, Jr.
10 - W. E. Fair
12 - H. H. Gaither


$2400 02700
2400 2700








On motion a report of the Committee on Staff recommending certain advances in salaries for members of the
Board's staff, was approved as follows:
Nelson Stuart, Chief Clerk, office of Secretary, from
41800 to 42100 per annum;
H. W. Kitzmiller, Clerk in charge of Printing, from
01800 to 01950 per annum;
J. S. Kean, Stenographer, office of Secretary, from
41200 to 01320 per annum;
Imlay, Assistant to Chief, Div. of Audit and Examination, from .2500 to 42800 per annum;
24. C. :Idelson, Asst. Examiner, Div. of Audit and Examination, from 03600 to 04000 per annum;
E. L. Smead, Assistant to ahief, Div. of Re. &,Stat.,
from 01800 to 02100;
Ammon L. Smith, Clerk,
from 41320 to 41500 per annum;
A. H. Laning, Clerk,
from 41320 to 01500 per annum;
J. E. Bizzell, Clerk,
from 41200 to p1320. per annum.


Er. Delano presented a suggested draft of by-laws
for branch banks, based on a draft of by-laws prepared by
Mr. Miller and recommended for the Spokane Branch by Federal Reserve Igent Perrin.

He suggested that this draft

be sent out to Federal reserve banks as a tentative outline of by-laws suitable for the use of newly organized

Discussion ensued and, on motion, the Executive

Committee was authorized to send out the draft with such
suitable modifications as it might deem best.
Mr. Delano presented a letter addressed to Federal reserve banks with reference to the clearing system,
the same being intended as a report of the Committee on
Clearing in lieu of the report presented on June 26 and
then withdrawn.

On motion, it was voted that the Commit-

tee on Clearing be authorized to transmit the revised letter with such minor modifications as might be deemed best.
Mr. Delano presented a letter from Mr. Jerome T.
Thralls of the .American Bankers .Association, requesting
a conference with the Board on the subject of clearing.
The letter was noted.
Mr. aarburg reported briefly the results of a conference he had held with representatives of the Guaranty
Trust Company of New York respecting its prospective


membership in the Federal reserve system.
On recommendation of the Committee on Investments,
it was, on motion, voted to authorize the Norfolk National
Bank of Norfolk, Virginia, to accept up to 100'7J of its
capital and surplus, .1,500,000.
Governor Harding presented to the Board communications as follows:

letter with reference to the interpretation placed

by Senator Owen on the meaning of the Hardwick Amendment.
The letter was referred to the Committee on Clearing.
A letter from Governor Liken with reference to the
application of the new reserve requirements.

The letter was

.ordered circulated.
A letter from Secretary Curtis of the Federal Reserve
Bank of New York, asking the advice of the Board with reference to circulating member banks concerning matters growing
out of the new amendments.
A letter from Mr. C. W. Hinsch of Cincinnati conveying resolutions adopted by the convention of Rotary Clubs,
recommending banks to take membership in the Federal reserve

A letter from Federal Reserve Agent Perrin with refer-


ence to the territory to be assigned to the Spokane branch.
letter from the Minnesota Bankers' issociation
transmitting resolutions approving the work of the Federal
reserve system.
letter from Federal Aeserve Lgent A.11s with reference to the conditions alder which the Guardian ?rust
savings company of Cleveland may enter the System.
letter was referred


to the Governor for a suitable answer.

By unanimous consent it was agreed that during the
coming week stated meetings would be held on Monday and
Tuesday, dednesday being a legal holiday.
On motion, at 12.30 p.m. the Board adjourned, to
meet on Monday, July 2, at eleven a.m.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102