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t a regular meeting of the Federal Reserve Board held in the office of the Governor at eleven a. m. on :iednesday, May 16, PRESENT: :111€r, ;.. burg, presiding, Ur. Hamlin, . 2,11en, ssistant tJecretary. 1.7,r. Delano, The minutes of the meetings of the Board held on May 11, morning, May 11, afternoon, May 12, and May 14, were red, nd on motion, approved. The minutes of the meeting of the Executive Committee held on May 12 were read and approved, and the cction therein set forth ratified. On motion of Mr. Hamlin, Mr. Miller Was designated a member of the %xecative Jommittee to serve during the absence of Governor Hardirg. Attention was directed to a letter from Federal _Aeserve -gent lerrin asking for the decision of the Board in connection v.ith the designation of Ogden, Utah, as u reserve city, and this matter was referred to Mx. Del no and :r. Miller. They were also,by vote of the Board, made a standing committee on central reserve and reserve 51 Vice Governor Warbarg suggested considertion of the question whether a rate of below 90 commercial paper for the Liberty Loan Bonds should not be established by Federal .leserve Banks, and this was discussed but without action. 4 letter from senator roindexter transmitting letter from the Olympia National Bank of Olympia, ,ashinton, relative to a change in law to cover the acceptance of abraded gold coin by was referred to ederbl Aserve Banks at its full value, r. Delano ar r.1.1iller for a report on the whole matter. letter from Charles -arker Breese of ::orfolk, Va., to the Comptroller of the Currency complaining of speculation in food prodacts,and alleging that aid in this endeavor was given by national banks, was re: d, -nd it was voted to return the letter to -ith the request that he ob- tain the n-mes of the people who have engaged in speculation and the banks assisting them, for the assistance of the Board in looking into the matter. The substance of a memorandum from the British Lmbassy with reference to a Chicago bank suspected of doinc: business with alien enemies, transmitted under date of Lay 15, was ordered sent to the Federal Reserve Bank of Jhicao for appropri,.te action by the Chicago Aderal Aeserve A letter to Vice Governor Warburg from Mr. A. D. uelton, editor of the AMerican Bankers' Journal, relative to alarm on the part of savings banks because of the situation as to the sale of Government bonds, was read, and it was voted that the Board would 2:ive a hearing on this matter to Ur. George E. Edwards, president of the Savings Bank Section of the American Bankers' 1,ssoci_tion, at eleven o'clock on May 21. Changes in capit1 stock of ?edema Reserve Bunks, duly recommended by the Committee on Member rad State Banks, were approved as follows: Applictions for A.ditional stock. District 2:o. 4. First National Bunk, Georgetown National Bank First National Bank First National Bank of Salisbury, Alliance, 0. Georgetown, Ky. Brookville, 0. Lik Lick, Pa. 24 15 3 District No. 7. First & Hamilton Natl Bank District Fort Wayne, Ind. 246 12. First rational Bank Linnton, Ore. 4 0-1 District No. 5. Caroline National Bank First National Bank Page Valley National Bank First National Bank Darlington, S.J. Hartsville, L:.J. Luray, Va. Romney, .1. Va. 1 1 13 1 16 i09 iipplications for surrender of Stock. District No. 7. Hamilton National Bank 'A)rt ,;,yne, Ind. 360 District :To. 10. First NationL..1 Bank 7%irf'x, 14 374 4plications for Original stock. District No. 5. ''irst National Bunk, Fairfax, S. 0. 14 District No. 10 First National Bank Summerfield, rans.17 letter from the Jentral National Bank of 2niladelphia deploring the restrictions placed about loans which can be rediscounted by ?ederal reserve banks, and suggesting that the relArictions as to credit status be less rigid, was referred to the "orlIrlittee on Investment. The request of the Federal Aeserve Bank of New York for additional notes of the 4100 denomination, so that their sapply of notes %oald be as follows, was approved: 5's 10's 20's 50's 100's 220,000,000 200,000,000 60,000,000 20,000,000 80,000,000 The minutes of the Jlayton 4,ct Jommittee for a meeting held in the office of Yr. Hamlin at 3 p.m., ::ay 16, were read and approved. Conditional approval was also given to the request of the 7irst rational Bank of Payette, Idaho, for permission to reduce its capital from ,;,;60,000 to .50,000. The re luest for reduction of its surplus from ,,;20,000 to i0.0,000 was not acted upon The fiscal ,gent of the Board, 1.:r. Alen, read a telephone memorandum from the Federal Reserve Bank of New York requesting that there be withdrawn from their credit balance in the Gold Settlement 7und 425,000,000, and that this be paid to the Federal deserve Bank of rew York through the Assistant 'Measurer at rew York. 'Ton the stat'ement of Li.. Hendricks that this payment was vitally necessary, the Fiscal ,igent was authorized by the Board to mi_ko it, subject to telegraphic confirmation by the New York Bank. 523 On motion at 12.30 p.m. tie 'ord A.joarnt ,i, Ass t 'cc.tretar;T. ,1220VED: Chairman.
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