Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 7, 1918, 11:30 AM, Volume 5, Part 1

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At a meeting of the 1:xecutive Committee of the
Feder:1 Reserve Lord held in the office of the Covernor
at 11:30 A. L., on Thursday, Febru,try 7,

,
PRES:6i a
Mr. Harding, presiding,
Mr. Larburg,

Mr. Hamlin,
. Lillis, Secretnry

Lir. Harding preseqted business which ms acted
upon as follows:
A telerram from Federal Reserve :,gent Perrin proposing thnt div .deLds he paid to Voveril,er 6 to the Lumbermen's Nationnl Bank of Portland, Oregon, on 720 shares; read and Covernor Hcrding authorized to say the pinn is
satisfactory.
A letter from Federal Reser,re i.g.ent Perrin
sugrestinF that, the Federal Reserve Act be amended to
permit States, counties and
al

cities to deposit in Feder-

eserve banks; - discussed, and agreed thnt Covernor

Harding say that in view of the heavy current demands on
bntke, it would be inadvisaL1( to make such a request.
Correspondence re circular letter of January 8
regarding the holding of pnper by Federn1 Reserve banks
for Federal Reserve agents; and Covernor Harding stated
the situation as to restric'ive endorsements on such onner,




The programme for the meeting of Federnl Reserve ngents rith the Board on February 26 was considered, nnd the following topics, tentatively !Treed
on:
1.

The matter of auditing at Reserve blnks,
.

2.

Joi t custody of securities and notes, nnd
endorsement eV notes.

3.

Questios re operation of branch banks in the
several Federal Resorve Districts.

4.

Functions of Assistant Federal Reserve agents.

5.

Problem of organization for proper distribution

of certificates of indebtedness and campaign for
change of Federal Reserve notes for gold; also means
of bringing about contraction of credit vnid more exercise of thrift.
6.

Cnoitaa issue sub-committees.
A statement re foreign exchange instructions for

issue to the press; - rend and nutho-ized for issue.
The condition of affairs at the Federal Reserve
Bank of Philndelphin was discussed; rind the matter of
getting a suit-11)1e Covernor for the Lank considered.
At 32 noon the Committee adjourned.
APPROVED: •

------__
Chai*-mnn

Secretnry