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At a reollar meeting of tde Federal Reserve Board held in the office of the Board at 11:20 a. m., on Wednesday, May 17, PRI;SENT: Mr. Hamlin,.presiding Mr. Warburg Mr. Delano Mr. Harding Mr. Miller Mr. Allan, Secret The minutes of the afternoon meeting. of May 16 were read and approved. A letter from nr. Po tus J. Wade on the reserves of the Mercantile Trust Company, was read, and the Governor authorized to refer to Counsel additional questions raised in connection therewith. Mr. Delano and Mx. Miller were appointed an editorial committee to have charge Of the Federal Reserve Bulletin, with the Secretary or Assistant Secretary. The question of printing in the Fed- eral Reserve Bulletin an address by Pierre Jay on "The Country Bank ahd Federal Reserve Sy tern," was referred to the editorial committee on Bulletin. Governor Hamlin stated that the chairman of the Bot:rd desired to consider with the Board the policy as to printing speeches in the Bulletin, and the committee was requested to take up with him the proposal to print Mr. Jay's address. The manorandum of Counsel on the purchase by tne New Orleans Branch of .460,000 of 25 bonds for its own account, was referred to Mr. Warburg and Mr. Harding. A letter from the Farmers and Mechanics National Bank of Philadelphia asking that forms be forwarded to be filled out by persons serving on the boards of directors of more thin one bark or trust company, and desiring exemption under the amendment to the Clayton Act, was referred to Counsel that the 594 necessary forms might be vorkod out. The request of tile Federal Reserve Bank of Chicago for approval of its purchase of 95,0u0 of to notes of municipalities in ass- ac.iusetts with less than ten thousand population, was, upon recommendati on of :dr. Warbarg, approved. The report of the Committee on Audit and Examination on salaries of national bank examiners, was referred back to Yr. Harding and iir. Delano for consultation with - e Comptroller of the Currency. Applications for the surrender of 84 shares of stock in Federal reserve banks, duly .recommended by Mr. Harding as chairman of the Committee on Meaber and State Banks, were approved as follows: DISTRICT No. 4. YIrst National Bank Shares. Liontpolier, 0. 24 591 DISTRICT No. 6. Ben Hill Nat'l Bank of Shares. Fitzgerald, Ga. 30 DISTRICT No. 7. First National Bank Noblesville, Ind. 30 At 11:45 a. m., the Board adjourned to meet at 11 a. m., on Thursday, My 18. Secretary. APPROVED: Chairman.
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