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At a regular meeting of the Federal deserve Board
held in the office of the Board on Friday, May 11, at 11
a.m.,

Er. Harding, presiding,

Mr. Hamlin,

Er. .,farburg,

1'.1r. Mier,

Mr. Delano,

Er. ,iillis, secretary.

The minutes of the meeting of the Board held on
Thursday, May 10, at 11 a.m., were read and, on motion,
approved.
A letter from Federal Aeserve Agent Perrin assenting to the postponement of the forthcoming conference of
Federal reserve agents, was read and, on motion, it was
agreed that the Governor of the Board write all Federal
reserve agents deferring the conference until further notice.
Telegrams from Governors Vold and Miller urging
the exemption of Federal reserve bank employees from military service, were read and noted, and referred to Governor
Harding for such reply as he might think necessary.
The Governor of the Board read a memorandum setting forth the allotment of new certificates of indebted-

ness among Federal reserve points, as established by the
Treasury Department.
Lr. Hamlin stated that in conversation with him,
Li-. Jacob H. Schiff of New York, on the 10th instant had
asked him to urge upon the Board the necessity of having
2edera1 reserve banks grant rediscounts in advance of withdrawals of money resulting from the purchase of bonds.
Governor Hardinc; read a letter from the Federal
serve Bank of Dallas with reference to the attitude of the
State Banking Department of Texas with regard to affiliation
of the State institutions in Texas.
Correspondence with Ader-1

eserve Agent Aich with

reference to the cancellation of notes at Federal Aserve
Banks, presented by the L;ecretary of the Board, was referred
to Li.. Delano for investigation.
The plan of sealing packages of gold certificates in
order to avoid recounting at the periodical audit, previously
presented to the Board, was again taken up, and Y.r. Hamlin
reported the receipt of letters from Federal

eserve 'gents

practically all assenting to the proposed plan.

In view, ho.:

ever, of some expressions of doubt in various quarters, it was







agreed that theSecretary of the Board prepare a form letter outlining in detail the rhture of the plan to be pursued, and requesting that each agent give his unconditional
approval to the same.

action on the proposed plan was cas-

pended antil replies had been received.
Governor larding read a memorandum received from
Governor btrong covering a variety of topics, including the
question of counting 7ederal reserve notes

as

member bank

reserve; the problem of relieving savings banks through
nccomrAodation based on securities; the question of interest rates on deposits in state and member banks; the question of present methods of publicity regarding bond issues;
the question of loans on lovernment bonds by ?ederal deserve Banks; and the question of finding some method of
coordinating reserve districts.
un motion, the SecretLry of the Board was authorized
to accept an invitation to address the “merican Institute of
Banking at Toledo, Ohio, at some time uuring June, visiting
the Pennsylvania Bankers' iissociation En route, at the expense of the Board.
The secretary of the Board presented the question of
furnishing to the Official Bulletin cop7-of the circular re-

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luting to banking transactions with alien enemies.

on

motion it was voted to advise the editor of the Official
Bulletin that the matter should be tiken up with the Department of State.
La., Hamlin having stated that a letter would probably
be received from Y.r. aowe of •incinn.,ti with reference to the
payment of coin by banks in Ohio, it was, on motion, voted to
refer this letter upon arrival to qovernor Harding to prepare
a suitable form of letter on the subject t

2ederal reserve

banks.
On motion it was voted that Lssistant Secretary _lien
be authorized to accompany L:r. Hamlin and Lord Cuniiffe on a
vi:it to Boston darin; the coming week.
The Secretary of the 3(K.rd submitted a form of subscription list for employees, reLiaestiLg contributions to the
G. 4.t. A. ::Lemorial Exercises, har.ed him by Jhief Jlerk ,ilmeth.
No action was taken.
On motion, at 1L.20 p.'1. the Board adjourned to meet
on :.:onday, Lay 14, at eleven




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