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41 At a special meeting of the Federal Reserve Board held in tie office of the Board at 3.00 p. m. on Friday, June 4, :)RT,S3NT: Mr. Hamlin, presiding, Mr. 7arburg Mr. Delano Er. Harding Mr. Williams Mr. Miller Mr. Willis, 3ecretary. The minutes of the meeting of June 3 were read and approved. On motion issues of Federal Reserve notes, duly reco ,?nded by the .lommittee on Issue and Redemption, were approved as follows: The Federal Reserve Bank of .1)hilade1phi, A500,000 of tho following denominations: .5 denomination 10 „2,000,000 500,000 The Federal Reserve Bank of 3oston, ,)1,000,000 in the following denominations: 50 denomination Pt 100 ,1600,000 400,000 On motion the application of the Bessemer National Bank of Bessemer, Alabama, for the right to exercise the functions of trustee, executor, etc.., was approved. 482 Applications of the following banks to cise exe— the functions of executor, trustee, etc., were placed on the suspended list: First National Bank National State Bank Clarence, 1w/a Elizabeth, N. J. All the foregoing being upon the recommendation of Mr. Harding and Ni'. Williams. The report of Mr. Harding relative to the insurance of the employees of the Board recurring for consideration, Mr. Hamlin presented a similar plan for comparison, the latter being the method which is being nut into effect by the Boston Chamber of Commerce. General discussion of the subject ensued, and on it was agreed to refer back to Mr. Harding his report the insurance of employees, and also the plan of the for Boston Chamber of Commerce submitted by Mr. Hamlin, further study and report. On motion a reply sent by Mr. Warburg to Goverunder nor Strong of the Federal Reserve Bank of New York, certain date of June 4, relative to the reinvestment of approved, funds of the bank in New York Gity warrants, was . and the Secretary was directed to so inform Mr. Strong resolution The Secretary of the Board presented a 483 adopted by Group VI of the New York State Bankers, As4ociation, relative to the cost of examination of national banks, which was ordered received and filed. .A communication from the Secretary of the Treasury, asking that if possible the Board release the minutes of the Gold Pool of 1914 in favor of Mr. J. J. Arnold, having been read, the Board directed the Secretary of the Boai.d to transmit these minutes or such part of them as ho deemed best, provided there was no breach of confidence in so doing. The reviadd draft of the circular and regulation relating to the membership of State banks in the Federal reserve system, was taken up for consideration and further revision made. The Secretary was directed to secure a supply of revised pace proofs, for delivery Saturday morning, June 5. On motion at 5.30 p. m. the Board adjourned to meet at 11.00 a. m. on Monday, June 7. Secretary. APPROVED: Chairman.
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