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L.t a meeting of the executive Committee of the Federal Reserve Board, held in the office of the Governor at 350 P. 11., on Lpril 17, 1913, Mr. Harding, presidin, Er. Willis, secretary. Mr. Miller, Er. Harding stated that the Federal Reserve Bank of Richmond had telegraphed asking that it be given- a rediscount of acceptances with other Federal Reserve banks amounting in the aggregate to 49,000 1 000, at a rate Which it thought should net exceed 4. He added that Richmond's present reserve was below .50, and said that he had thought of the following distribution: 42,000,000 to I:inneapolis ,A,000,000 to Philadelphia ;3,000,000 to Chicago. The three banks named were those which were best able to furnish relief on account of their relatively high reserve percentages. after discussion it vas agreed to adopt the allotment as thus set forth and to revest that rediscount be granted by the three banks in Iuestion at 4-1X with the endorsement of the Richmond Fed- oral Reserve Bank. Ur. Hardi,,, v,as authorized to telegraph each of the three banks advising them of the decision and Informing them of the allotment made to them. On motion, at 4:05 P. M. journed. 1122R074,1): Chairman the Committee ad-
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