Show FEDERAL FERAL RESERVE RESERVE- EARNING MILLIONS Governor Harding Testifies on Standing of System WASHINGTON May 5 Earnings of of- the federal reserve system this fiscal year were estimated at by Governor Governor Governor Gov Gov- Harding Harding- of the federal reserve board in testifying today at the house rules committee hearing oh the resolution resolution resolution tion proposing an Investigation of the administration of the federal reserve act These earnings he said would exceed by those of last year which he said represented a return of per percent percent percent cent on capital stock Without explaining his statement Governor Harding told the committee that serious problems confronted the country in the next six months Complaints of country bankers against the universal par clearance order of the reserve board ho said were to the board like fleas to a a. dog who must have fleas to know he e is a dog Mr Harding said he had no objection to ant investigation of the orders order's methods Alexander W. W Smith of Atlanta counsel counsel coun coun- sel set of ot the State and National Banks' Banks Protective Protective Protective Pro Pro- association submitted affidavits of Nebraska farmers that checks drawn against them lad had been returned to the persons receiving them with the notation Payment refused although the checks had not been presented by the reserve banks for payment |