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ieserve At a regular meeting of the federal 3oard held in the office of the *Board at 11.05 a.m. ---Friday, :larch 9, 1917, PAEOLTiT: 'Governor Harding, presidirg, r. Delano, 4arbarg, 1.4r. Hamlin, Ur. 1Jlen, ssistant secretary. The minutes of two meetincs of the Board on March 6 were approved. Jonsideration was :;iven to a letter from - ederal eserve 4 ,-,;ent Jay, asking ,.pproval of the Board to place %11 7ew York state b..1.11s upon the par list of the ?ederal deserve Bunk of New York .s of pril 1st. In Lai:- connection there was discussion of the situation of the Board's amendment: -nd tae action to be t--,ken in case the anticipated extra session of .;onrees is held. Mr. Jay's letter was referred to the Executive and Clearir.g Jommittees. Governor Harding read a letter from the ?cderal deserve Agent at I:ansas City to the Comptroller of the Currency reporting inconvenience caused by the failure 4 of member banks to receive sufficient number of copies of dividend earning statements, .nd the reply of the Comptroller of the Currency. It was agreed, after consideration of from Joansel, to leave the question memorandum hether the /imeri ,A1 National Bank of .iichmond was at fault in advertising real estate mortgages approved by the 7ederal Reserve :oard to the Comptroller of the Currency. complaint from Counsel of the Board ;,.s to messenger service and his request that a messenger be specially detailed to his office was referred to the Committee on Ltaff. _; reported that he 11_,(1 taken up with .lovernor Mardin-, Counsel the question of early action in connection with the prep,r1,tion of the analysis of state laws on acceptances, and Counsel's memorandam in this connection was ordered to be filed. Counsel's opinion on the inquiry of the National Bank of New York as to the substitution of collateral in connection with acceptances was referred to the Law Committee. Notice was given that Solicitor general Davis Will appear in connection with the ,rgument of the Board's case ,tppe_iled from the decision of the 7,:ichigan State Supreme Court to the Fupreme Court of the United States. 41 letter from the 7ederal deserve Agent at Cleveland making an in4uiry as to trade acceptances and sener.11y in connection - ith the movement to familiarize business ho,user ith this kind of paper, was referred to the Committee on Law. Lir. Delano presented a memortndum laying before the Board forms used in thode Island in connection with the approval of applications for bank charters, and the papers aere referred to "rovernor flarding, that he. night take them ap with the Comptroller of the Currency. rburf; presented recommendations -s to the simplification of the schedule of discount rates for the several 7edertal reserve banks, and after considerJtion this report was ordered to be circulated and docketed for ..!onday, March 12. Approval was given to requests to convert g.z). ) bonds and notes, on ,Tril 1st, as fol2;; bonds into 3,4 lows: Federal Reserve Bank of Chicago, 432,000,eclua1 parts. Federal Reserve Bank of Cleveland, ;;;623,300, - A11,000 ..yer conversion bonds. 1-year Treasury notes,412,300 30! The report of the examinr,tion of the Federal Aserve Bank of Kansas City was presented, &nd referred to the Committee on Operation of that bank. Approval was, upon recommendation of IV:r. Harding, given to the application of the ?irst National Bank of Council fluffs, Ia., for fiduciary powers. deports by the Committee on Staff, making the following recommendations as to appointment and salaries of national bank examiners, were approved: L. .Hoffman, rational Bank Examiner, Philadelphia District, at ,2,400 per year, in place of John 1. Proctor, effective 7.arch 6. il.L.James, rational Bank Examiner, San Francisco District, in place of J.A.74.7err, resigned, at 4,2,400 per annum,- effective 'arch 7. The minutes of the Committee of the Federal Aserve Board on the Clayton Act and Kern ,4mendment for a meeting held at 10.30 a.m. Friday, March 9, were approved. The Assistant Secretary of the Board, Y.A.. was authorized to turn over to the Secretary of the Board, Mr. -Willis, supervision of the Gold Settlement Tund and the combin,;.tion held by him of the safe in which the gold certificates making up the fund are held at the close of business March 10, and was granted leave until March 16, inclusive. At 12.30 the Board adjourned. Assf t Secretary.
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