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At a regular meeting of the Federal Reserve board held in the office of the board at eleven A . M., co Friday, February 15, 1918, FM8E:UT: Mr. Hnrding, presiding, . Hamlin, Mr. UarburF, Mr. Miller, Mr. Delano, Mr. Willis, Secretary. The minutes of the meeting of the Bonrd hcle on February ld nnd 15 were presenteC and, on moticn, approved arid the action therein net forth rntified. A letter from Federal Reserve -Agent Rams4 at Kansas City re the loss of :',400 in Federal Reserve notes scot to the Denver Er-nch, recli and referred to Gov- ernor HardinF for discussion with the Comptroller of the Curreixy. A letter fron Governor StronE regarding the Board's letter outlining an acceptance pclicy was rend and it Vine agreed to sny that the Boar6 had advised all Federal Reservebnks of the acceptincl conclusions arrived at. A letter from the Secretary of the Treasury re withholding of income tax on alien-owne6 deposits held ip American b-nke, war rend and a copy ordered sent to all Federal Reserve baLks. A memorandum of Counsel re the question whether the Board should bring to the attention of the Depnrtment of Justice the facts regsrding certain fees pnid to Harrison Nesbit, President of the Bank of Pittsburgh, was read and the file relating thereto vas ordered referred to the Depnrtment of Justice through Councel. A memorandum of Counsel re the question of renerve requirements in reserve nnd ceArn1 cities, was rend and referred to Mr. Ccttcn for an opinion through Committee No. 3. A memornndum of Ccunsel re the stntus of savings accounts at Wilmington, Delaware, vino presented lnd referred to Committee No. 3, for pullicntion, if npproved. A memornnd.61a of Couurel re unrestricted endorsements on pnpor delivercd to Feder.,1 Reserve agents was rend nnd, on motion, referred to Committee No. 3. A memorandum of Counsel re the questiol) whether documents nttnched to drnftn or bills of exchange drawn domestie transnctions must be m-(le out or endorsed to order, W9S road and ordered printeo in the Feder-11 Re- serve Bulletin. Reports of Committee No. 1 yore presented nd approved as fc:lows: Dated Feb. 12, fixing the salnry of W. H. White at Chicago. ft 13, recoNmending the appointment of Mies M. Elins (board's Staff) nt 100 per month, effective February 13. 10 13, 111 the appointment of R. B. Chamberlin. (Board's staff) a“1,500 per ,annum, effective on assuming duty. 12 npproving the appointment of E. F. Baxter as Secretary of the Federal Reserve Bank of Cleveland. The appointment of P. C. Ramsdell to the Board's rtnff cancelled, he being unable to accept. Reports of Committee No. 2 were presented and approved as follows: RecomNendipg n readjustment of cartificntes of indebtedness among Federal Reserve banks,ordered transmitted tc Mr. L. B. Franklin. Recommending the admission of the folloving institutions on conditions named by the Committee in each case: State Bank of Wayne County, Wayne, Nebraskn. 30 sharer in the Federnl Reserve Bank of Kansas City. Union Bank & Trust Co., Helena, Mont. 240 sharer in the Federal Reserve Bank of Minneapolis. ,--;11Z0 "4,t Trust Compnny of Wyoming County, Warsaw, N. Y. 72 shnres in the Federnl Reserve Bnnk of New York. Reports of Committee No. 3 were presented and approved as follows: Withholding for the prevent fidueinry powers for the Citivens Nntiennl Bnnk, Dicksol, Tenn, ernnting to the Second National Bank, Titusville, Fn., powers as trustLe. Approving the tranami5nion to Feder-11 Reserve Agent,Rich of an informal opinion of Counsel re fiducinry powers in Montana. Passing upon applications under the Clayton Act dnted February 11 and 14. p....ssirr upon alleged violations caithe Clayton Act dnted Feprunry 9 nnd 12.• The report of the Bnitimore Committee re directors it the Bnitimore 12,1nch, was again taken up and Governor Harding stnted the result of certail conversations on the subjoct. Cu motioo, the following directors were declnred elected: Mr. Ingle Mr. Lnldo Newcomer Bnitimore Enitimere The Secretnry wns directed to communic te with Richmond and make simultancLus nnnouncement af, to the organ- ization of the branch. A telegram from Fede nl Reserve Agent Perrin inquirin-p the =reason for the large holding of Tistasury certificates by New York and Cleveland reserve banks, was presented and considered; the question of a suitable reply being referred bnck to Mr. Miller. It vas informally agreed that routine questions relating to the sale and'diatribution of the'Index-Pigest Le referred to the SecrotRry of the Board vith.power to ct. Cn motion, Rt 12:15 P. M., the Board adjourned. idTliCVLD: Chairman