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At a regular meeting of the Federal Reserve Board held in the office of the Board on Friday, February 1, at eleven A. M., PRESENT: Ur. Warburg, presiding, Mr. Miller, Mr. Delano, !Ir. Willis, Secretary. Mr. Hamlin, The minutes of the meeting of the Board held on January 30 were read and, on motion, approved. The minutes of the meetings of the Cold Exports Committee held on January 31 and February 1 were prevented and, on motion, approved, and the action therein set forth ratified. The minutes of the meetings of the Capital Issues Committee held on January 30 were presented and, on motion, approved and the action therei* not forth ratified. Mr. Warburg reported he had communicated with the Philadelphia Committee in charge of the selection of a Governor for that bank, and that the Committee ryould arrive in Washi et ri for consultation on Tuesday, February 5. In this connection Mr. Warburg rend n letter from Mr. Joseph Vayne of the Board of Directors, and letters he expected to send to Messrs. Thomsen 4 linrrison. Correspondence with Covernor Van inrCt RILC oetl-een Fresident Culian of the Tex-r Cattle Raisers '‘ssociation and the Secretary of the Trersury regerdinv the stntus of cattle psper in Texas, was presented And outlined, rnd, on motion, referred to the Dalins Committee. The F,ecret-ry of the Board stnted the substal,ce of n conversation with Mr. James G. McNnry regarding the o-gari7ation of P branch -t Fi Paso, Texas, and ruse sus- mitted a telegram from Mr. Maary regarding the status of El P9so. The !nets were notcd. A memoranduN oi Counsel regarding the status of savirgs noccunta under specified conditions nt Wilmington, Delaware, rae presented and, on motion, referred to the Committee (n L-r. Letters from uovernor Rhoads reporting the recovery of a lost shipment ol bonds; nnc discusrinp the matter of movinr into new quarters, were presented rrd ordered Preirllt to the nttention of Governor Herding • A letter from Federal Reserve Agent Ferrin recarding a possible conference of Federal Reserve agents wes read and, on motion, laid on the table until the meeting of mordny, February 4. A resolut on fixinr the status of the Executive Comnittee FeLruary 1-4, vas, on motion, dopted ns fel- lows: YHEREAF., by resolution of the ronrcl adopted ct the meeting held on the twelfth eny of Dece-111-er 1917, it was by resolution provided that the Governor, nnd in his snserce, the Vice Governor, should have authority to make requisition upon the Comptroller of the Currency for delivery of Federal Reserve notes to any Feder-1 reserve agent; nnd WPEREAS,,it hPs now become necessary to imke provision for delivery of such notcs nnd for the performance of other executive acts usually performed by the Governor and Vice Governor during the absence or disability of both officials; NW, THEREFORE, rE IT RESOLVED that Messrs. Hamlin, Liiller and Delano be, nnd they are hereby constituted and appointed Executive Committee pro tempore, with full power to perform .lduties and exercise all powers of the Executive Committee during the absence or disabilitY of the Governor and Vice Governor, Mr. Hamlin being, cald he hereby is, constituteri and npneinted Chairman of Pnid Committee with full power to sign all mnia, ord s !Ind other pipers usually signed by the Covernor, or Vice Governor, ns Actirg Chni,-man of the i:xecu- tive Committee, durins- the nbseroe or disability of the Governor and Vice Coverpor. A tclegram from Deputy Covernor Calkins of Snn Frnncisco regarding rupee exchange, vas rend and discussed and referrtd to Mr. Warburg for reply. A letter fror, the Phelps Dodge Corporation adarersed to C. H. Bates regarOirig the supplyinr of gold for export by Federal Reserve bqnke, wns rend and, on motion, referred to Mr. '.arburg as chairmnn, with power to not. A report of Committee No. 1 re salaries in the fiscal arent'r department at the Federal Reserve Ennk of 'ctlnnta nnd the /ley: Orleans Ernnch, was laid on the tnble. A report of Committee No. I dated Februnry 1, approving the salary of mr. R. Y. Cidney at 4,5OO t the Federnl Reserve Bark of New York, wan approved. A report of Committee No. i anted Feoruary 1, approving r.ortain salaries for the sta!f of the Capital Insues Committee Was approved. The question of alloying Mr. R. M. Gidney to participate in bonuses, was referred to Counsel.. A report of Committee No. 2 approving the admission of state institutions upon conditions named by the Committee in each case, was approved and the institutions ordered admitted as follows: Farmers Loan tk Trust Compqny New York City. 3,600 shares in the Federal Reserve Lank of Now York State Savings Bank, of Warren, Varren, Michigan 24 shares in the Federal Reserve Bank of Chicago . The Bank of Hammondport, Hammondport, N. Y. 60 shares in the Federal Reserve Pank of New York. Leesburg State Bark, LPesburg, Fla. 24 shares in the Feder-1 Reserve Bank of Atlanta. Lewiston State Bark, Lewiston, Montana 36 shares in the Federal Reserve BR nk of Minneapolis. Bank of Santa Monica, Santa Monica, California 95 Shares in the Federal Reserve Bank of San Francisco. Mountainair State Bank, Mountainair, N. M. 18 shares in the Federal Reserve Bank of Dallas Central Savings Bank 4t Trust Co., Akron, Ohio 600 shares in the Federal Reserve Bank of Cleveland. State Bank of . Coloma, Coloma, Michigan 19 shares in the Federal Reserve Bank of Chicago. First State Bank, Paris, Texas 135 shares in the Federal Reserve Bank of Dallas. City Bank e Trust Co., New Orleans, La., 190 shares in the Federal Reserve Bank of_htlanta. Superior Savings e; Trust Co., Cleveland, Ohio. 900 shares in the Federal Reserve Bank of Cleveland. A report of Committee No. 3 approving the grant of the powers of tru-tee, executor, administrntor and registrnr to the Boulder National Bank of Boulder, Colo— rado, was rend and, on motion, approved. A memorandum of n proposed arrangement between the Treasury and the Mexican Covernment es to gold ship— ments to Mexico mar, presented and ordered circulated. A drnft of a letter proposed to be sent by Mr. i:arburc to Director Thompson of the Philndel.rhi!? flank, wns read and noted. A memorandum of Counsel re the endorsement of paper in favor of banks discounting domestic acceptances, was presented rind ordered referred to the Committee en Law. Mr. ,Warburg reported the situation as to renewal acceptances in .NeT York, and rears letters from Governor Strong on the subject. Discussion cnsuod. was invited to draft a reply for the Board. At.12:40 P. M. the Boars adjourned. APPRUVED: Mr. Y;arburg
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