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z,̀ .e, • `,.1 At a regular meeting of the Federal Reserve Board held in the office of the Covernor on Tuesday, September 18, 1917, at 10 A. L!. Present: mr. Harding presiding, 14. r. Hamlin, Warburg, r. Delano, kr. Williams, Yr. Willis, Secretary. The minutes of the meeting of the Board held on September 13 were read and, on motion, approved. The minutes of the :reeting3 of the Executive Committee cf the Federal Reserve Board held on September 14, morniiv, and September 14, afternoon, were read and, on motion, ap;,roved and the action therein set forth ratified. Letters from Governor Wold and F. R. A. Austin, relative to the acceptance of State bank examinations, were referred to the Division of Audit and Examination. Cn motion, the reduction of capital stock of the First National hank of San -atec County, Redwood City, California, from 2.02,000 to*4100,C00, approved. Governor Harding presenteu a letter from Lessrs. Bernhard, Seholle & Co., and a letter from the National Bank of Commerce, with reference to the question of the - nts must be attached to acceptances, point at which docum : and the conditions unGer which this must be done. An opinion of counsel on .the amme subject was presentea and general u1scus3ion ensued. It qi s agreed that the policy out- lined by Counsel in the opinion referred to should be generally followed, and that the Governor be authorized to write a suitable letter expressing this view on the part of the Board. Mr. Willis was recorded as not voting, not having giver the subject previous oonsiaeration. A letter from F. E. A. Zzartin, stating that a large concern in St. Louis which was using trade acceptances, found the cost of collection very high and in- quiring the limit of charges under the Board's recent ruling, was read, and it was agreed that the Governor write a suitable letter relating to '3ubjec , cut- lining the Bo ru's policy. Governor Harding announced that advices frcm Mr. Xiller were to the effect thRt Mr. laller iould return to Washington via the Northest, on Septr!uber 24. Governor Harding presented a letter from Director Kinney of the F. . B. of Dallas, relative to the collection of check's, aria announcing that a small naticnal bank in Texas hau determined to retAre from the Federal reserve system on account of the check collection systeTr of the board. The letter was note u ana ordered i,assed to file. A letter from Director Ralph with reference to thi question of receiving lit wsiiLht gola coin, was relit and, on nction, referred to the Executive Cmidttee the Comptroller of the Currency. orts of the Cozwittee on Stuff approving the s,laries of rtional bank exa:Liners, were upproveu as fellows: Richard H. Collier, St. Louis District, froo, ,200 to !k,500 per annum, effective October 1, 1917. ilmore F. H4ins, transferr-,, fro;:: the Chicago to th3 Atlnt District, froL. :45,5',A) to :6,5(4), effective October 15. Cn motion, at 11 A. L., the hoard took a recess U., thi!) until 3 APPECVED: Chairman. Secrot,ry.
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