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At a meeting of the Federal Reserve Board held in the office of the Board at 11:35 a. in., on Thursday, June 8, PRESENT: Mr. Hamlin, presiding Mr. Warburg Er. Delano Mr. Harding Mr. Allen, Secretary. The minutes of the meeting of June 7, were read and approved. A telegram from the Federal Reserve Agent at New York, suggesting that an opinion be obtained from the Attorney General on the constitutionality of the provision of the Federal Reserve Act under which member banks are required to cover checks at par, was read but no action taken. The application of the Chemical National Bank for permission to accept drafts or bills of exchange to an amount equal to its capital and surplus, favorably recommended by the Federal Reserve Bank of New York, and by Mr. Warburg, ws approved by the Board. The application of the Federal Reserve Bank of Cleveland for permission to purhase a note for % 1 5,000 of the City of Richmond, Kentucky, due in five months this being a city of less than 10,000 inhabitants, favorably recommended by Mr. Warburg, was approved by the Board. A letter from theFdr1Reserve Agent at Minneapolis, asking an increase in his salary from cg,500 to 09 000, was referred to Ur. Delano that he might consult with Mr. Miller. Governor Hamlin was authorized to communicate with Senator Owen, advocating a slight change in one of the amendments offered by the Federal Reserve Board, suggested by the Federal Reserve Bank of Boston, iñ'bonnection with bvma6a banks. 66, The Committee to whom was referred the question of participation by the Federal Reserve Board as a body in the preparedness parade on June 14th reported that since the Secretary of the Treasury had invited the Board individually to march with him in the parade, and the members of the staff of the Board to join the employees of the Treasury Department, participation by the Board as a whole appeared, because of the small number of its staff, to be undesirable. At 11:50 a. in., the Board adjourned to meet at 11:00 a. in., on Tuesdny, June 13. Secretary. APPROVIAT: Chairman.
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