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L17
At a regular meeting of the Federal
Reserve Board held in the office of the Board
at 11:15 a. m., on Friday, April 14,
PRESENT:
Mr. Hamlin, presiding Mr. Williams
Mr. Delano

Mr. Harding
Mr. Miller

Mr. Allen, Secretary.
The minutes of the meeting of April 13
were read and approved.
A letter from the Federal Reserve
Agent at New York, suggesting a meeting of himself and tie Federal Reserve Agent at Cleveland
with members of the Board on May 1 to prepare a
programme for the Federal Reserve Agents' Conference, was read and referred to the Committee on
the Programme for the Agents'.Conference.
Two special orders set for the day,
Election of Class 0 Director at Dallas,
and,




4,38




Consideration of the opinion of Mr. J.
P. Cotton as to the application of the Clayton
Act to private banking firms with capital of
$5,000,000,
were postponed and made special orders for Monday, April 17.
A request of the Federal Reserve Bank
of Philadelphia for permission to take $2,000.00,
3e0 warrants of the school district of the City
was,
of Franklin, Pennsylvania, due August 1, 1916,
upon the recommendation of Mr. Harding, approved.
Upon the recommendation of Mr. Harding,
the request of the Fourth Street National Bank of
Philadelphia to accept up to 100% of its capital
and surplas, aggregating $9,000,000., with the aplphia,
proval of the Federal Reserve Bank of Philade
was given favorable action by the Board.
Favorable action was taken upon a report
compenof the Committee on Staff recommending that
sating leave be given to eaployees of the Division

of Statistics who come to work at eight o'clo
ck
on Saturday mornings in connection with
the
preparation of the weekly bank statement.

It

was also recommended by the Committee and voted
by the Board that where employees of the
Board
are detained in connection with this statement
after three o'clock on Saturdays during the
summer half-holiday period, an additional halfday be credited to leave.
An opinion of Counsel, holding that an
acceptance form forwarded by the Federal Reserve Bank of Atlanta is undoubtedly a bill of
exchange and not a note, was approved, and the
Opinion ordered to be released for printing in
the Federal Reserve Bulletin.
Upon favorable report of the Committee
on Staff, leave without pay was grant
ed to Miss
Dorothy Barnard, an employee of the Division of Issue, for the month of April, that she might
perform work in the Division of Insolvent Banks
.




460




At 11:35 a. m., the Board adjourneJ
to meet at 11 a. m*, on MondAy, April 17.

Secretary.

APPROVED:

Chairman.