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At a regular meeting of tne Federal Reserve Board held in the orrice of the Board on Friday, May 10, 1913, at 11:30 A. M., PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Warburg, Mr. Miller, Mr. Delano, Mr. Willis, Secretary. The minutes of the meeting of the Board held on May 8, were read and, on motion, approved. The minutes of the meetings of the Gold Export Committee held on May 9 and 10 were presented and, on motion, approved and be action tnerein set forth ratified. The minutes or trio meetings of the Capital Issues Committee held on May 7 were presented and, on motion, approved, and the action therein set forth ratified. Discount rate sheets from various Federal Reserve banks were presented and ordered riled. It was noted that a proposed cnange in the trade acceptance rate at San Francisco nad already been called to the attention of Governor Harding, who had suggested to that bank the maintenance of 7s4 vs rate uniform ;,itri those in force at other banks. Discussion of rate and reserve conditions at various Federal Reserve banks ensued. A memorandum of Counsel re redemption or National bank motes in lawful money was read and referred to Committee No. 3. A letter rrom tne President of the Atlantic Nationai Bank of Jacksonville, Florida, re rates of interest an deposits there, was read and discussed. It was agreed to consider the interest situation more fully at the hearink: on the proposed branch in District No. 6 snortly to be held (1,:v le). Letters re tne establishment or a credit to staoilize Canadian excnange were read and referred to the Governor for informal reply. Reports of Committees were approved as follows: No. 1, Dated L:ay 10, recommending the appointment of Geo. A. Englisn (Division or Foreign change) at i;480 per annum, effective Is:ay 10. 10, recommending the approval of the appointment of P. J. as Assistant Federal Reserve Agent at El Paso, at ,2,100 per annum, ertective June lb. 'S Dated May 10, recommending tne appointment of Miss L. S. Black, at :11,320 per annum, effective upon assuming duty; (Board's Staft). No. 2. Dated May 9, re the adoption of an identical date tor calls for condition to be sent by the Comptroller of the Currency and by tile Board. 9, recommending acceptance powers to 1002; for tne Hamilton National Bank, or Chattanooga, Tennessee. " 10, recommending the admission of State institutions upon terms named by the Committee in each case as follows; Commercial Savings Bank & Trust Co., Toledo, 0. 150 shares in the Federal Reserve Bank or Cleveland. The Southwestern Bank & Trust Co., Miami, Fla: b0 snares in cue Federal Reserve Bank of Atlanta. North-western Trust & Savings Bank, Chicago. 4o0 shares in the Federal Reserve Bank or Chicago. Bank of Commerce, Sinton, Texas. 20 shares in the Federal Reserve Bank of Dallas. Bank of Stanwood, Stanwood, Washington. 21 snares in the Federal Reserve Bank of San Fran. Bank or Oaktiold, Oakfield, Wisconsin. 21 shares in tte Federal Reserve Bank or Chicago. A letter from the Comptroller of the Currency informing me Board of the following appointments of money counters, was noted; Mary A. Riordan, $900 per annum, effective May 1. Margaret Fishburn, 000 per annum, effective May 6. A letter from Deputy Governor Traman re date of settlement of acceptances was read and, an motion, referred to Committee No. 2. A letter from GovernorVan Zandt re date of eligiblebill of lading drarts was read and referred back to Governor Harding for reply. A letter or Federal Reserve Agent Curtiss, re the agreement of Boston banks as to rates of Interest on deposits, was read and referred back to Governor Harding for reply. Governor Harding stated the present situation witn reference to the metnod or carrying on examinaulons of Federal Reserve banks, and suggested a grouping of banks for this purpose. The matter was rererred tb Committee No. 1 ror speedy attention. On motion, it was voted tnat there be referred to Committee No. 1 ror report:- An inventory, Including cost and value of all furniture and otner property used by. trio Capital Issues Committee, but awned by mile Board. 2. List or all employees in service or said Committee, with salaries. . Report as to lease of premises in rational netropolitan Bank Building, amount of rental, duration of lease, etc. On motion, at 1:05 P. M., the Board adjourned. APPROVED: e--
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