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226 At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:00 a. in., on Friday, February 16, PRESENT: Mr. Hamlin, presiding Mr. Warburg Mr. Delano Mr. Harding Mr. Williams Mr. Miller Mr. Willis, Secretary. The minutes of the meetings of February 15; the morning and afternoon meetings of February 16; and the meeting of February 17, were read and approved. The minutes of the conference between the Board and the Federal Advisory Council, held at 3:00 p. in., on February 15, were presented, and referred to Mr. Delano. The report of the examination of the accounts of former Federal Reserve Agent Ingle, prepared by Mr. Gidney and Mr. Imlay, were referred to Mr. Harding for report. An opinion of Counsel relating to the rate at which new stock' should be paid for by members of the Federal Reserve Bank of Richmond was approved, and the Secretary directed to inform the bank accordingly. Mr. Harding reported to the Board a letter received from Governor Seay of Richmond, with accompanying information as to discounts for the Fourth National Bank of Fayetteville, and also with respect to the purchase of Government bonds at Richmond. The report was noted and ordered filed. On motion the chairman of the Committee on Law was directed to formulate a letter to Counsel inquiring his opinion as to whether banks withdrawing bonds must or must not keep a minimum of ,;50,000 of bonds on deposit with the Treasurer if they were organized prior to December 23, 1913. A letter of Governor McDougal of tvohr-ori . Chieggo objecting to the continued administration of the Gold Settlement Fund and the Federal Reserve Agents' Fund as a joint fund, was read, and the subject referred back to the Joid Oettlement Committee. A letter from Counsel with reference to certain correspondence with A. O. Crooier having been read, the Secrbtary was directed to draft siad transmit a letter in accordance with the suggestions of Counsel. The Secretary was further directed' to circulate the opinion of Counsel as to the questions raised by Mr. Crozier. The question of appointing a date for hearing the appeal of the Louisiana banks was laid an the table. /7 A memorandum prepared by Mr. Delano for the use of nr. George H. Paine in promoting the trade acceptance idea, was aprroved, and the Secretary was directed to prepare an arti- cle for the use of 1:r. Paine. .1 letter from the Federal eserve Bank of Cleveland makins inquiry about the basis on which surrenders of stock shall be paid for, was referred to Counsel. IL letter from Federal Reserve .gent sawyer with reference to the question of publishint; the facts;7.,.s to methods of passing on executor and trusteeships was referred to the Cartlittee on Member and State Banks. On motion a rate of 3; for trade acceptances with :aaturities of not over 90 days established by the 2ederal Reserve Bank of Boston, was approved. The question as to the payment of the salar:,, of Mr. J. L. Cross, now in the employ of the Federal Reserve Bank of Kansas City, was referred to the Camittee on Operation of Federal Reserve Banks with power to act, meliorandum prepared by Mr. Warburg • raising certain questions with reference to the Board's power in clearing checks, was referred to Counsel. Letters from Governor Weld of :inneapolis relating to the Board's Annual Report, and a recent inquiry put by the 3tatistical Division, were read and on motion referred to the Committee on Operation with power to act. letter from the Federal Reserve Bank of 3t. Louis with respect to the accumulation of national bank notes, was ordered circulated. The question of records for Federal reserve bank notes, to be kept by the Beard, was presented in connection with letters submitted by Mr. A. C. Miller. After discussion the mat- ter was laid on the table. On motion the Secretary was directed in the future to send to members of the Advisory ;c,uncil the following: (1) Printed regulations issued by the Board. Printed circulars issued by the Board; (3) MiMeographed rulings of general interest transmitted to Federal reserve agents; (4) Press notices, if any, sent to Federal reserve agents; (5) Federal Reserve Bulletin. The Governor of the Board presented a . letter asking the Commissioner of Internal Reve• • nue for further ruling as to the taxation of Federal reserve bank stock. The letter was approved and ordered transmitted. • The Governor of the Board presented a letter from Senator Owen asking the opinion of the Board as to a certain amendment regarding the residence of bank directors. The letter was referred to Er. Harding. The Governor of.the Board presented a letter from the Secretary of the Treasury accompanied by a telegram from Mr. Walker Hill as to amendments to the Clayton Act. The document's were referred to the Cami,littee on Law. The Governor of the Board prosented request from Mr. Koüntzo asking for a conference with the Governor relating to the Clayton Act. He was instructed to inform the in- quirer that the latter would'be accorded an interview. hr. Delano and hr. Harding reported briefly the result of conference With Yr. W. Fleming of Kansas City. On motion at 1:15 p. in., the Board adjourned to meet on honday, February 21, at 11:00 a. in. 3ecr tary. A _MOVED: Chairman.
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