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,A7t•a. regular meeting of - the:Federal Reserve' DonrC held in the office of the Board on Monday, February 11, at eleven A. M., PRESENT: Mr. Harding, presiding, Mr. Hamlin, Mr. Delnno, Mr. Willis, Secretnry. Mr. Miller, The minutes of the meeting of the Board held on Saturday, February 9, were read and, on motion, approved. The minutes of the meeting of the Cold Exports Committce held on February 11, were prevented and motion, on pproved and the action therein net forth rati- fied. The appointment of Mr. P. J. Faulkner as Assistant Federal Reserve Agent at Cincinnati at 0,100 per annum, effective at once, as recommended by Federal Reserve Agent Wills, in a letter of February. 9, was, on motion, approved. - A communication from Assistant Secretary Leffingwell stating thrt the Bank of England and the Bank of Franco had been designated as Government depositories, was rend and noted without objection. A letter from Federal Reserve Agent Austin notifying the Board of the election of Mr. E. P. Passmore at Governor of the Federal Reserve Bank of Philadelphia at .,20,000 n year, effective on taking office, way rend and the appointment approved. On motion, owing to the absence of Assistant Secretary Allen, the following resolutions were adopted: OLVP,D, That Mr. H. P. Wiliy, Secretary of the Federal Reserve Board, be and he is hereby authorized to net as Fiscal Agent of the Board, effective at once, aild that he be -,uthoriz,d to sign all checks and documents which the Fiscal Agent is authorized to sign, such designation and appointment to continuo until revoked. RESOLT:D, That Mr. W. M. Imlay be and he is hereby appointcd Acting Assistant Secretary of the Federal Reserve Bonrd, effective at once, with authority to sign all documents and checks which the Assistnot Secretary authorized to sign,' of the Board is at present such designation and appoint- ment to continue Ili effect until revoked. A letter from Federal 'Reserve Agent Rnmsey, of Dallas, dated February CJ, re the recent deffacation ;,4%;•+,.;,.1".;z1, at that pince, war read and noted. A telegram frool Federal Reserve Agent Viellborn regarding a meetinr to be held for discussion of legielntion ns to memberrhip in the Federal Reserve system, was rend and the Governor authorized to wire certain persons nnned in the telegram cnlling their attention to the proposed meeting. A telegrnm from the Union & Planters Bank Trust Company of Mernphi asking the Board's permission to cRrry out a proposed merger with the Mercantile National Bank, was rend, with n report frou the Secretary that the telegram had been submitted to the Comptroller of the Currency and returned without comment. Or motion, it was voted that the Governor telegraph that the Board sees no objection to the merger. A letter from the Federal Reserve Bank of Dallas re auditinF methcds in the Liberty Loan Department, was presented and noted. A letter from Covi-n-no• Morse of Boston re Liberty Loan subscriptions in New England, was read and, on motion, the matter discussed and referred to the Governor with power, it being the sense of the Board that Governor Morse is correct in thinking that New England Is being reuested to take somevhat more than its share of the Government borrowings. Governor Harding called the qttention of the Board to the fact that Honorable R. L. Oven had visited him this morning to discuss a proposed Foreign Exchange bill, and that a conference between the Board and Senator Owen had been set for Thureday, February 14, nt eleven A. M. A letter from Governor Seay re large advances to member banks currently being made on paper necurtd by Liberty Bonds, was rend and general discussion of the Government loan situation ensued. It was agreed that Gover- nor Seay be advised that the Beard would watch developments and do what is necessary to maintain approximate equality of reserves in the several districts. A letter from Federal Reserve Agent Ramsey re the possible application of the American Trust & Savings Bank of Albuquerque, New Mexico, was read and it vas informally agreed that the Board sees no reason why the applicatioe should not be made. A report of ConmittEe No. 1 recommendirr the appointment of Mr. Miryon at *125 per month was approved. Reports of Committee No. 3 were presented and, 1 on motion, approved as follows: Dated Feb. 8, granting powers as truttee, executor, adminiatrator and registrar to the San Miguel National Bank of Las Vegas, N. M. " 6, approving the application of Mr. P. R. Easterday under the Clayton Act and Kern kqendment. At this point Mr. Wililams entered the room. The special order for the dny, the discussion of the rediscount features of the War Finance Corporatier bill, war takeo up for discussion. Governor Hording called attention to a resolution on the gf-neral financial situation which had been adopted by the Board on December 8, 1917. Discussion ensued. Governor Harding Orosented eraft4,10,of amendments 4 to the Federal Reserve Act designed to carry into effect the changes auggesU4 by the Board in its annual report which were -reviewed (subject to later report by Committee Ho. 3, if necessary) and favorably acted upon for transmission to the Chairman of the House Bank and Currency Committee; the draft -relating to Section 22 being presented merely tentatively fer-informationiWith reference to proposed changes in Sectim19 relating to the reserves of banks located in the outlying districts of a reserve city; and with reference to the proposed change in Section 22 re loans to directors, the Comptroller of the Currency asked to be recorded in opposition. On motion, it was voted to submit to Counsel the papers in connection with certain fees received by Mr. Harrison Nesbit of Pittsburgh, with request for an opinion as to the Board's dut,y, if any, in bringing the matter to the attention of the Department of Justice. At 12:55 P. K. the Board adjourned to meet for special conference on the Vinr Finance bill at eleven A. M., on Tuesday, February 1:-!. APPROVED: Chairman