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At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:05 a. in., on Thursday, May 4, PRESENT: Mr. Hamlin, presiding Mr. Harding Mr. Delano Mr. Miller Mr. Allen, Secretary. The minutes of the meeting of May 3 were read and approved. Attention WAS called to the request of the Federal Reserve Bank of Minneapolis for an increase in its commodity rate from 3% to 41, and a telegram to the Federal Reserve Agent at Minneapolis asking that the reasons for the increase be stated, was authorized. Resolutions of the Federal Reserve Bank of Philadelphia on clearing, forwarded by the Federal Reserve Agent, were read. Affirmative action was taken upon the requisition of the Federal Reserve Agent at New York for 02,000,000 of Federal reserve notes in the 05 denomination, the request being favorably reported by the Committee on Issue and Redemption. The application of the Merchants National Bank of Worcester, Massachusetts, to accept up to 100% of its capital and surplus, favorably reported by Mr. Harding, was approved by the Board. Governor Hamlin was requested to prepare a letter to Honorable W. L. Douglas of Brockton, Massachusetts. Applications for 143 shares of additional stock in Federal reserve banks, favorably reported by Mr. Harding as chairman of the Committee on Member and State Banks, were approved as follows: DISTRICT No. 9. First National Bank First National Bank Shares. Parker's Prairie, Minn. Chatfield, Minn. 1 5:11 First First First First First National National National National National Bank Bank Bank Bank Bank 1 Dunnell, Minn. Grey Eagle, Minn.b Montevideo, Minn.1 Park Rapids,inn.3 Starbudk, Minn. 1 DISTRICT No. 10. First National Bank First National Bank National Bank of Commer ce First National Bank Caspar Nat'l Bank First National Bank Stock Growers National Bank Cedar Vale National National Bank of Commerce Galena Nat'l Bank Citizens National Commercial National First National Bank Creighton National First National Bank First National Bank Citizens National Stockmen's National First National Bank First National Bank First National Bank Montrose National First National Bank First National Bank Holdenville,Okla.3 Lone Wolf, Okla. 2 Tulsa, Okla. Verden, Okla. Caspar, Wyo. Kemmerer, Wyo. 3 1 15 30 Rawlins, 7,yo. 9 Cedar Vale, 1(flas.6 Dodge City, Kans.1 6 Galena, Kans. Great Bend, Kans.3 Hutchinson, Kans.3 Syracuse, Kans. 3 Creighton, Nebr. 2 1 Decatur, Nebr. 12 FriPnd, Nebr. 3 Norfolk, Nebr. Rushville, Nebr. 1 St. Edward, Nebr.2 Valentine, Nebr. 1 Loveland, Colo. 3 Montrose, Colo. 6 Saguache, Colo. 12 Savannah, Mo. DISTRICT No. 11. Bartlett Nat'l Bank -lartlett, Texas 1 5:32 Mr. inner reported the action taken by him in connection with the reserve of the Mercantile Trust Company of St. Louis. The Committee on Clearing was empowered to give consideration to an amendment providing for the issuance by the Treasury Department of gold certificates of the lOO,OOO rienomination for use in connection with the Geld Settlement Fund, and to urge the passage of such an amendment in a letter to Representative Glass. A report of Mr. Harding recommending the institution of daily settlements through the Gold Settlement Fund, was laid before the Board, and, on motion of I:1r. Miller, the Committee on Clearing and the Gold Settlement Fund Committee were authorized to institute daily settlements when, in their judgment, they should be needed. Governor Hamlin presented a letter or from Governor Strong asking that Governor Seay be requested to prepare figures in - connection with the mendment as to the issue of Federal reserve notes. This was author- ized, as was also the submission of a memorandum prepared by the Governor to Federal reserve agents, Senator Owen and Representative Glass. An amendment suggested by Representative Hill of Connecticut covering the investment of deposits in savings departments of national banks, was read to the Board, and referred to the Law Committee. Attention was called to a letter sent out by the Treasury Department as to the time of submission of bonds for conversion at the quarterly periods. At 11:40 a. m. the Board adjourned to meet at 11:00 a. m., on Fri Secretary. APPROVED: Chairman.
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