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At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:15 a. m., on Monday, May 1, PRESENT: Mr. Hamlin, presiding Mr. Harding Mr. Miller Mr. Delano Mr. Allen, Secretary. Tao minutes of the meeting of April a were read and approved. Messrs. Jay, Wills, Bosworth, and liartin, a committee of 2ederal reserve agents to prepare a program for the meeting on May 29, called the attention of the Board to the work upon vehich they were engaged, and asked ror suggestions. The committee was requested to proceed with its work, and it was arranged that the suggestions of the committee of the Board in connection with this matter, Should be presented to them. A Mr. Hamlin stated the receipt by him of information from the Attorney General to the effect that he had suspended work upon his opinion on clearing, and was authorized to said to the Attorney General a note accepting for the present this disposition of the matter. A letter from Mr. W. 14, Douglas of Brockton, Massachusetts, asking the opinion of the Board on the ruling of the Comptroller of the Currency that demand notes of more than six month standing be reported by national banks as overdue paper, was read and referred to Mr. Harding. A letter from the Federal Reserve Agent at Philadelphia asking if charts could be used in the reports of business conditions for the Bulletin, was noted, and this question listed for the Agents' Conference. A letter from the Federal Reserve r;1 Agent at Minneapolis, submitting an agricultut.al land mortgage credit plan prepared by him for publication in the Journal of the Ameri- can Bankers' Association, was ordered to be circulated. A letter was read from the Southern Supply & Machinery Dealers' Association, expressing its views on exchange charges. This was referred to the Committee on Clearings. It was directed that a letter from the Curay Smelting & Refining Company, asking if national banks could purchase the bonds of the company, be first referred to Mr. Harding, and then circulated. The special order of the day, the revision of the Board's circulars and regulations for 1916, went over to be taken up at a full .meeting of the Board. The Committee on Staff reported favorably on the request of the Comptroller of the Currency for leave without pay for Miss Dorothy Barnard during the month of May that she might continue work in the Division of Insolvent Banks, and the appointment of an additional clerk to take her place in the Issue Div ion. This was voted by the Board. Covorncr Hamlin roporteti the sub- mission to Counsel of the question raised by 141r. T. P. Beal, Director of the Federal Reserve Bank of Boston, as to the liability of directors under certain conditions arising out of a loan of 10 per cent of capital to one borrower, and the purchase of his acceptances in excess of this amount. A letter addressed to the Board under date of April 28, by the Comptroller of the Currency, in which he forwarded and approved recommendations of the Chief of the Division of Issue for increases in salaries of one clerk from 41,000 to 41,200, and of two a from 0900 to 01,080 each, was read, and, after discussion, the matter was laid upon the table to be taken up at a full meeting of the Board, but not before Monday, May 8. The application of the First National Bark of Jackson, Kentucky, for permission to reduce its capital stock in the sum of $50,000, favorably reported by Mr. Hard.lug as chairman of the Committee on Member anal State Banks, was approved. The application of the Fourth National Bank of Fayetteville, N. C., for the surrender of 62 shares of stock in the Federal Reserve Bank of Richmond, was, upon the recommendation of Mr. Harding, chairman of the Committee on Member and State Banks, approved. At 12:25 p. m. the Board adjourned to meet at 11:00 a. m. on Tuesday 2. Secretary. APPROVED: Chairman.
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