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At a regular meeting of the Federal Reserve Board held in the office of the Board at 11:10 a. m., on Tuesday, May 2, PRESENT: Ur. Hamlin, presiding Mr. Harding Mr. Delano Mr. Miller Mr. Allen, Secretary. The minutes of the meeting of May 1 were read and approved. A letter from the Federal Reserve Agent at Minneapolis -,,king an increase in the salary of Mr. Mosher, his assistant, was referred to the Committee on Operation of the Minneapolis Bank for the preparation of a matable letter to be submitted to the Board. Attention vila.s called to the publication in The Annalist of extracts from reports of business conditions prepared for the Bulletin by five Federal reserve agents, and this matter was laid on the table to be taken up at a full meeting of the Board. Letters from the Federal Reserve Agent at Philadelphia and the Vice Governor of the Federal Reserve Bank of Richmond stating their views as to the proposed clearing plan, were read to the Board. Upon favorable report of Mr. Delano, the Board approved the application of the Federal Reserve Bank of Atlanta submitted throug4 the Treasury Department, to convert 3705,300 of U. 3. 4 Consols of 1930 into 455,300 3% thirty-year conversion bonds, and 3350,000 3;07 one-year notes. Mr. Harding reported his approval of a letter prepared by the Comptroller of the Currency addressed to the Chief Justice of the Supreme Court of the District of Columbia, relative to the holding of real estate by trust companies operating in the District of Columbia, and it was ordered that the letter be circulated. hr. Harding's report on the letter of the Ouray Smelting and Refining Company of Denver, Colorado, dated April 26, asking information as to that disposition could be made of ;$50,000 first mortgage Smelter bonds, was read, and ordered to be referred to the Comptroller of the Currency for his information, and return. A report by Mr. Harding on a letter addressed to the Governor of the Board by Honorable W. L. Douglas of Brockton, Massachusetts, asking the opinion of the Board as to the ruling of the Comptroller of the Currency that demand notes of more than six months' standing must be reported as overdue paper, was read, and it was directed that the matter be referred to the Comptroller of the Currency for his information, and return, The Committee on Audit and Examination, Mr. Delano and Mr. Harding, submitted a 521 report to the Board as to salaries of bank examiners, and this was laid on the table to be taken up at a full meetinL; of the Board. The request of Facts and Figures, a periodical published at Jacksonville, Florida, to be placed uflon the exchange list for the Bulletin, was approved by the Board. :41-. Delano read to the Board a letter from the Governor of the Federal Reserve Bank of New York relative to rates for bankers' acceptances. The Board approved the following applications for stock: Peoples Bank, Sumter, South Carolina Farmers & Merchants State Bank, Edgewood, Texas, .26 shares. A letter from the Federal Reserve Agent at Kansas City to Mr. Delano, reporting the statement of Mr. C. E. Burnham, Director of the Federal Reserve Bank of Kansas City, that the banks which executed the organization cer- tificate for the Kansas City Bank had complained that their expenses had not been paid, was referred to Counsel. At 11:55 a. m. the Board adjourned. The Board reassembled at 12:30 p. m. with Mr. Williams present in addition, to meet with Messrs. Jay, Bosworth, Wills. and Martin, representing the Federal reserve agents. These gentleman presented the proposed program for the meeting of Federal reserve agents on May 29, and this was discussed. The request of the Federal Reserve Bank of Boston for permission to buy a note of Lne City of Bath, Maine for 20,000, due in September, 1916, was approved by the Board. • At 1:05 p. m. the Board adjourned to Meet at 11:00 a. m*, on led sday, May
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