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At a regular meeting or tne Federal Reserve Board held in the orrice of the Board, an Monday, May 13, 1918, at 11:30 A. 4, PBESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Mr. Willis, Secretary. Mr. Miller, Mhe minutes of tne meeting or tne Board held on April lo, were read and, on motion, approved. The minutes of tna meetins or the Gold Export Committee held on May 11 and 13, were presented and, on motion, approved and the action therein set forth ratiried. The minutes or the Capital Issues Committee held an May 9 were presented and, on motion, approved. letter dated May 10, rrom Federal Reserve Agent Wills re pamphlets on trade acceptances was read and note. A letter dated May 9, from Federal Reserve Agent 4i1is re legislation providing for the guaranty or bank deposits was read, discussed, and agreed tnat the Governor reply. A letter from *the Federal Reserve Bank or an es. 99 1,4 Francisco, naming a rate of 4% on trade acceptances maturing lb-90 days, and a telegram from Federal Reserve Agent Ramsay of Kansas City, Urging an increase of rates efreczive May 20, were read and discussed. A memorandum of Er. Warburg re reports on tne gold noldings of member banks was read and referred to Governor Harding for consultation with tne Comptroller of the Currency as to trio best mottled o: getting the desired data. Correspondence re -um issuance of trade acceptances against garage service was read and laid on trio table. Assistant Secretary of the Treasury Crosby at this point entered tne meeting and discussion of trio general situation affecting remittances abroad and otner matters ensued. At this point Mr. Williams entered the meeting. Reports of Committees were presented and approved as follows: No. 1. Dated May 11, recommending an increase in the salary of Examiner H. E. Albert from $3,00u to $3,300, effective May lb. 11, recommending acceptance of trio resignation of Miss Mabel Mickley (Board's Stafr), effective June 10. $00 No. 2. Dated May 2, recommending 'a form or letter to be sent to Federal Aeserve Agent 41ustin regarding the status of tne Board's present regulations on acceptances. No. 3. Dated May 11, recommending the approval of the application or W. D. Clark under tne Clayton Act. If b, recommending tnat tne application or the First National Bank or Amherst, Nebraska tor rid. ciary powers oe On motion, at 1:lo P. 3.1., 'die Board adjourned. APPROVED: Secretary. Chairman I If
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