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At an adjourned meeting of the Federal Reserve Board held in the office of the Board at 3:00 p. m. on Monday, October 19, 1914 PRESET: r. Williams Mr. McAdoo Lir. Hamlin Mr. Warburg Mr. Delano Mr. Harding Miller. The Secretary of the Treasury presided and "Mr. H. P. Willis acted as secretary to the meeting. The British Ambassador introduced Sir George Paish, andMr. B. B. Blacett. Sir George Paish outlined the general situation regarding the payl:.ent of American obliL,ations to Great Britain. Discussion of the cotton situation ensued and led to consideration of pending problems of foreign exchange. Sir George Paish took the view that the unpaid balance could not be laid until the cotton movement bagan, and expressed the opinion that full licluidation could not be accomplished until possibly this time next year. Asked whether any definite plans had been made for opening the London Stock Exchange, he said that negotiations were still in progress looking to that end. Sir George Paish added that arrangements would be made for carrying over the 3tock axch:.nse loans, based on -past transactions. After the conclusion of the conference above described, the Board resumed regular business and voted that members acting in their individual capacity might undertake the supervision of the proposed cotton loan fund. The jhairrxtn thereupon requested hr. Harding and Warburg to act as an unofficial administrative subcomuittee to take general charge of the matter. After further discussion of the proposed plan of cotton relief, the Secretary of the Treasury undertook to complete the details .111d inform the Board of progress at a later meeting. On motion, at 4:30 p. in., the Board adjourned. APPROVED: Ohairnan.
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