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X-743 Febrt1ary 18, lS18e The regular quarterly session of the Federal Advisory Council opened this m0rning, a joint meeting being held with the Federal in the Board, s assembly room. Tomorrow mornlng at 1~ R8sa~e o'clock the Doard Council and the Board will confer with the Secretary of the TreasuryQ Today' s meeting was fievot ed to the usual opentng s.ddress of Governor Harding. Mr. Harding called the Council's attention to the recommendations made by the Board in its annual report in favor of amendments to the Federal Reserve .'l.ct and to the Board 1 s position as stated in the re.purt rega:t>ding the treatment of paper technically eHgible for discount but in fact not within the scope of the Federal Reserve Act. Mr. Hardin;_~ furr'cher suggested that the COUJ.'lCil be prepared to discuss with the Secretary of the Treasury questions perta5.nine: to bond and certifi~ates issues and he outlined broadly the pres€nt reserve and discount rate problems of the System. At the mor~1lng rr.eeting there were present, beside the members of tre Federal Reserve Board, Messrs. Rue, (Phila.) Wing, (Boston) Rowe, (Cincinnati) Norwood,(Greenville) Wil:wnot,~.Austin) Fleis"-aoker, (Sa.n Francisco) Mitchell, (Minneapolis) Lyerly,(Chattanooga) rtatts, (St. Louis) .. In the afternoon the Council held a closed session.
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