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.r• At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:10 a. m., on Wednesday, June 7, PRESENT: Mr. Hamlin, presiding Mr. Cotton Mr. Delano Mr. Elliott Mr. Warburg Mr. Harrison Mr. Harding Mr. Dulaney Mr. Broderick Mr. Allen, Secretary. The meeting scheduled for 11:00 a. in., on Tuesday, June 6 was postponed. The minutes of the meeting of June 5, were road and approved. Mr. Cotton and Mr. Elliott discussed with the Board the recent amendment to the Clayton Act, the procedure thereunder, and the ap• plication of the Act to private bankers. The whole question was then referred by the Board to Counsel with the request that they present 477 -357 forms of procedure and instructions to Federal reserve agents for the consideration of the Boatd. The Board voted to regularly send copies of a table showing percentages of gold and total reserve carried by each Federal reserve bank against net deposit and note liabilities, prepared by Mr. Jacobson, to each of the Federal reserve agents and Federal reserve banks for their information. Attention was called to the Executive Order issued by the President of the United States making June 14th a holiday and the Board voted to close its offices on that day. A letter from Mr. F. A. Drury, President of the Merchants National Bank, Worcester, Massachusetts, approving the clearing plan, and a letter from Mr. John T. Walker, President of the Third National Bank of Union City, Tennessee, complaining as to results anticipated through 6.38 the operation of the clearing plan were referred to the Committee on Clearing. The application of the Amorican National Bank of San Francisco, recommended by the Deputy Federal Reserve Agent at that city, to accept to 100% of their capital and surplus, was upon favorable report of Er. Warburg, granted. Application for stock recommended. by Mr. Harding as Chairman of the Committee on Member and State Banks was approved as follows: DISTRICT No. 8. Shares. First National Bank Rector, Arkansas 15 The question, whether the Board should as a body participate in the Preparedness Parade on June 14th was referred to Mr. Delano and Mr. Harding for report. Approval was given for the payment of the expense account of Mr. M. C. Elliott, Counsel for the Board, in the amount of 1A58.42 on his trip to Pensacola, Houston, New Orleans and Dallas. Lir. Warburg, 12:r. Harding and Mr. Delano were authorized to attend the meeting of the New York Bankers' Association at Atlantic City and thereafter to proceed to New York for a conference at the New York Bank at the expense of the Board. The question of snowing separately in the Saturday statement the five per cent fund held against Federal reserve bank notes, upon which a favorable report was made by Mr. Miller, was laid on the table. Approval was given to a report of the Committee on Issue and Redemption recommending the printing of notes in the following denominations and amounts for the Federal Reserve Banks of New York and Atlanta: For the Federal Reserve Bank of New York, 030 840,000 in denominations as follows: t5 denominations " 10 20 50 ft 100 412,600,000 12,200,000 4,240,000 600,000 1,200,000 ?or the Federal Reserve Bank of Atlanta, 012,400,000, in denominations as follows: 05 denominations 10 20 At 1:45 p. In the Board adjourned to meet at the call of the APPROVED: Chairman. 4:6,000,000 5,000,000 2,400,000 overnor.
@FedFRASER