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At a regular meeting of the 2edera1 Reserve Board held in the office of the Board at ll'A. E. on Thursday, October 19, 1913, PRE&XT: Governor Harding, presiding, Lr. Warburg, Er. Mr.:E Jecretary. Er. Delano, The minutes of the meetin of the Executive Committee of Wednesday, October 18, and of the meeting of the Board on .:iednesday, October la, were read and approved. The question .of selecting a member of the staff of the ".Avis ion of Issue was discussed and laid on the table pendine; further information. Lir. Hamlin gave notice that he would, at an early date, offer a motion requesting the President to extend the Civil Service rules to the staff of the Board. An opinion of Counsel relating to the question of loans on real estate equal to one-half of the value of such real estate and Improvements thereon, was adopted as the action of the Board, and was referred to the Committee on Bulletin for publication if thought desirable. A letter from ra*. Hugo Breitner, Consul at Vienna, referred by the Department of Jtate, with reference to an Austro-Ameriean credit after the close of the “uropean was, was presented to the board, and Mr. Warburg read a memorandum recommending that the Board reply that no action was feasible at this time. The matter ''as referred to the Law Committee with instructions to prepare a suitable reply. An opinion of Counsel with reference to the proper definition of time certificates of deposit, was referred to the Committee on Law with power to act. A plan for the insurance of employees of the iederal Reserve Bank of Dallas, was presented to the 3oard, and on motion approved. An opinion of Counsel with reference to certain acceptances of the Social Circle Cotton Mills, was read, and on motion referred to the Committee on Law. A request from the Silk Association of the United States that a speaker be supplied to address the Association with reference to the relation of the iederal Reserve Act to the silk trade, was referred to the Governor for a suitable reply. A letter from the Eechanics & fletals National Bank of New York requestinc: permission to accept drafts designed to furnish dollar exchane, was referred to yx. l'arburg as a special committee, the Secretary meanwhile to acknowledge its receipt. A synopsis of the Clayton Act as affecting bankers, prepred by iederal Reserve Agent Austin, was presented to the Board, and Counsel authorized to transmit to M.'. .riustin a letter preoared by him with reference to the sz.:.!ne. The sjnopsis was referred to the Committee on Lulletin. letter from 2ederal Reserve A,;ent Wills withdrav.ing the proposed discount rate made by the Vederal Reserve Bank of Cleveland on domestic acceptances, :as presented 1--) the Board and contents noted. request from :Ir. H. B. Mcox of Baltimore askine; a hearing with reference to the Clayton Act, having been read' it was on motion voted that the Governor anpoint a counittee to hear Lr. i1cox at 3:30 r. on 2riday, October 20. An annlication from the v'ederal 1,eser7e ,ank of Yar15° City for an issue of :600,0u0 in Eederal :,eserve notes, and one from the i.'ederal ,,esurve Bank of LE:A. Louis for an issue of ',2,000,000, duly recommended by the Committee on Issue Redemption, was approved. 1075 It wee agreed that hearings under the Clayton Act, set for Friday, October 20t11, &mild begin at 10:30 A.'t. 'On motion at 12:10 P. the Board adjourned. 3 cre APPROVED:
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