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nr) 2A a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Governor at 10.40 a.m., Friday, .iiugust 10, 1917, PRIZEIT: Governor Harding, presiding, Hamlin, Mr. Miller, Mr. Lllen, i.ssistant Secretary. Governor Harding presented the following matters, upon which the action indicated was taken: Letter from Federal Reserve tent Martin stating the salary fixed for the manager of the branch of the Federal Bank of St. Louis at Louisville as Y5,000. Approved. Memorandum from Counsel relative to iniairies made by John Poole, of ';:ashinton, under date of July 26, with regard to the discount of collateral notes given in connection with Liberty Loan subscriptions. Referred to the Governor that he might make proper disposition of the matter. Letter from Federal Reserve Itgent Jay stating that six Federal Reserve 4ents thought no further audit of the Gold Settlement Fund necessary, and two others held some audit desirable. aeferred to the Governor, who was re- 4uested to make suggestions to Mr. Jay for handling the matter. Letter from Governor Strong stating negotiations which had been opened with the Federal Reserve Bank of row York by representatives of the Bank of Italy looking to an arrangement between the two institutions and asking the feeling of the Federal Reserve Board in the matter. Refer- red to governor Harding that he might consult as to the pronosed arrangements with the Secretary of the Treasury and the State Department, if necessary commanicate with other Federal reserve banks-in districts having business with Italy, and communicate to governor Strong the result of his - inquiries. Letter from Federal Reserve Lgent Perrin as to membership in the system of the Bank of Italy of San 2rancieco, with a memorandum from Counsel. Referred to the governor that he might request Lir. Broderick to draw a letter to Federal Reserve agent Perrin, this letter when prepared to be sent to Mr. 11:iller. Suggestions of the Federal Reserve Bank of St. Louis that the by-laws for the branch bank at Louisville empower the head office to assign the banks which should do business with the branch. Voted that the Board adhere to its ori- ginal form of by-laws but that the suggestion be •made to the Federal Reserve Bank of St. Louis that they report - later as to territory, when the Board will give consideration to their recommendations. Letter from Depqty Governor Treman suesting the selection of representatives from each district to:attend the meeting of the A.B.A. in September and defining the position of the Federal Reserve system as to clearing and collection. Delano. This was accompanied by 1 memorandum from Mr. Governor Harding was authoried to make reply. A memorandum from .Mr. Miller, to which was at- tached a letter from the Federal Reserve Bank of Mew York forwarding a resolution suggesting that the fee of a member lL1) Of the Executive C:ommittee not an officer of the bank be i per meeting. After discussion it was voted to approve pay- ment of ‘ 0. Letter from Secretary Redfield, enclosing a communication from J. it. Venon, Inc., rew York, dated August 3, relative to the matter of Scandinavian exchange. In this connection Governor Harding read a letter written by him to the Postmaster General bearing upon the same subject. ro action was taken. Governor Harding read a letter from Governor Strong relative to matters discussed between them on Governor Harding's visit to :Tew York. This letter was noted. letter from ?ederal deserve .gent dich was presented, calling attention to crop conditions in the Northwest, and especially :orth Dakota, and sup—esting their effect upon subscriptions to the next Liberty oan. This letter was referred to Governor Harding that he might call it to the attention of the Secretary of the Treasary. Hamlin presented a letter from -rcnibald 17ains of 2:ew York, stating a re4uest made to the Lmerican ?oreign D.:change Bank to establish a credit for the :.Texican ?sovernnent. This letter was referred to Governor Harding that he might take It ap with the Secretary of State and reply to :s:r. Yains. J. letter from ?ederal aeserve Agent aellborn, dated .,.agust 6, forwarding the application of the Uational Bank of SavaLnah, of Savannah, la., requesting permission to accept bills and drafts to an amount not to exceed 100,; of their capital stock and sarplas and recommending that the re„luest be granted. This upplic:Aion was approved. ,t 11.45 the Jommittee adjourned. ...LMOVLD: Score Uaairmun. /v.