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At a special meeting of the Federal Reserve Board, held in tIn Board Room at 2:30 P. M. Tuesday, august 29, 1916, PR3SEUT: Mr. HaTlin, Governor Harding, presiding, I's. Williams, Er. Delano, Mr. Miller, Mr. Warburg, Mr. Allen, Secretary, The formal application of the Federal Reserve Bank of New York for authority to open an account with the Bank of England was presented and discussed. The Governor of the Board read a memorandum prepared at his reouest by Mr. J. F. Curtis, Counsel for the Federal Reserve Bank of New York. The following resolution was offered by Mr. Warburg and agreed to by the Board, "That it is the sense of the Board that an agreement substantiallY along the lines of that submitted by the Federal Reserve Bank of New York, should be authorized. 874 PROVIDED, HOJEVER, that the right to be reserved to the New York bank under Section 9 of the proposed agreement to comnence operations before the conclusion of the war, be not exercised vrithout further authority from the Federal Reserve Board, and, PROVID3D FURTHER, that a committee of three shall first take up the matter with the Department of State and report to the Board that the Department of State sees no impropriety in its granting such authority." iJr.:/arburg also offered the following resolution, which was adopted by the Board "That the committee of three to take up the auestion.s above outlined with the Department of State consist of the Chairman and Governor of the BoLird and .41r. Hardin, the Governor to have power to fill any vacancy." At 41:30 P. 1% the Board, adAurned.. to meet at 11:00 APPROVZD: on "lednesday, Aw7us 4 ,
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