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j A meeting of the Federal Reserve Board was held in the office of the Board on Friday, May 13th, 1921, at 11:20 a.m. PRESENT: Governor Harding Mr. Platt Mr. Mr. Mr. . Mr. Hamlin Miller Mitchell Ori ssInger Hoxton, Secretary. Minutes of the meeting of the Board held May 12th were read and on notion approved. The Governor reported the reserve positions of the several Federal reserve banks as at close of business May 11th and. the status of rediscounts between the Federal reserve banks as Of the same date. Upon recommendation of Governor Harding, the salary of Mr. Imlay for the month of May, 1921, was ordered increased fl'25.00. Letter dated May 9th, from th3 Chairman of the Federal Reserve Bank of Dallas, advising that the Board of Directors of that Bank had, subject to the review and determination of the Federal Reserve Board., reduced the ordinary rates at that bank from 38 -2- 7% to 6-1-1. Upon motion, the Board approved the action of the Directors of the Federal Reserve Bank of Dallas and determined the following changes in the discount rates of that Bank, effective Monday, May 16th: Trade acceptances, 15 day notes secured by eligible paper, commercial paper or maturities, agricultural and live stock paper up to six months, 64-fi] instead of 7. as heretofore. Mr. Platt voted "no". Mr. Famlin moved that the inter -bank rediscount rate be Changed to 63 from 7, effective Monday, May 16th. Carried, Kr. Platt and Mr. Miller voting "no". Letter dat ed May 12th, from the Chairman of the Banking and Currency Committee of tha House of Representatives, submitting for the comment of the Federal Reserve Board House Bill No. 242 amending the Federal Reserve Act with respect to the rediscount at Federal reserves banks of paper submitted by state bank members in those cases where the member bank has loaned to one borrarier in excess of 10'17 , of its capital and. surplus. Referred to t13 Law Corrrnittee, with the suggestion that the matter be bioudnt before the Federal AdviSDry Council. Letter dated May 6th, from t1 Chairman of the Federal Re- serve Bank of 3an Francisco, suggesting that a reserve be set up by that bank to cover expenses incurred throu0h fiscal agency operat ions. 1 '? 369 -3- It was the sense of the Board that no such reserve should be set up at the present time. Letter dat ed. May 11th, from the Comptroller of the Currency, requesting the Board's approval of a salary of $3,000 per annum to be paid. to Mr. Clarence E. Brag, National Bank Examiner in the Eleventh Federal Reserve District. Approred. At 12:35 p.m. the meeting adjourned.. Secretary. ftj
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