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At a meeting of the Executive Committee of the Federal Eeserve Board held in the office of the Governor on Saturday, June 22, 1918, at 3:15 PRESENT: Mr. Harding, presiding, :.arburg, r. Lii1er, Lr. ii1l1, Secretary. Governor Harding presented business as follows: The ,i-aestioh of quarters for the Division of Foreign Exchange in row York was discussed and a report prepared by 1.:r. F. I. :ent, Director of Foreign Exchange, was read and on motion it was voted that :Ir. Kent be authorized to engage quarters in the Equitable Trust Company building in accord with tne plan sot forth in the report. Kent was instructed to send to banks a form of inquiry relating to foreign axchange profits, which form was submitted in a letter from Yr. Kent. 2. resolution, proposed by Mr. Hamlin and referred to the Executive Committee of the Poard for the insertion of minor modifications, if any, with respect .to public expressions of members as to the opinion of other members on matters not formally passed on by the Board was read and approved for action without change. It was voted to inform Governors of Reserve banks that the Board wishes to consult with them mainly on questions affecting the sale of Treasury certificates and related matters, clearins, branches and foreign exchange, in Washington on July 1st and the following days. A dividend at the rate of 65, for the Federal Reserve Bank of Richmond for the period January 1 to June 30, 1918, was authorized. A letter from Assistant Secretary Leffingwell transmitting a letter from Governor Seay regarding the , the Third Liberty Loan was organization for placins read; also a letter from Gowerner Seay dated June 15th re a statement as to the rendering of aid by Federal Reserve banks in placing Treasury certificates. discussion of discount rates ensued. General' It was voted to say to Governor Seay that no general public statement at this time is expedient; the Governor to advise him accordingly. confidential telegram from Governor ;:old of nirneapolis re the location of the financing of the corning grain crop was read and it was agreed to say that the telegram will be forwarded to the U. 6. Food Administration. .:1 L memorandum of L •. Hamlin, re a proposed statement by the Capital Issues Colz:mittee reLarding the policy to be pursued in restrictin„; credits was read and referred to the Secretary for reply. A letter from 1.1r. Huston Thompson of the Department of Justice, re participating in a campaizn in behalf of the Bo:" Scouts was read and referred tO the Secretary for reply. memorandum of Counsel re the power of the Board to establish special agencies was presented and ordered circulated. A letter from the Department of Connurce cutler) re the relative position of the London and rew York discount markets was read and noted. report referred to the Committee by the Board, with reference to the establishment of a new Division to be called the Division of Analysis and Research, etc., was taken up for consideration, discussed, and ordered favorably reported back to the Board. On motion, at 5:30 P.L., the Committee adjourned. APIROVLD: Secretary, Chairman.
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