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csOD At a special meeting of the Federal Reserve Board held in the office of the Governor on March 18, 1919, at 11:30 A.:.:., PRLSENT: The Mr. Mr. Mr. Mr. Governor Hamlin Miller Williams 3roderick, Secretary. Business was presented and disposed of as follows: Letter dated March 15th from the Federal Reserve Agent at New York, with further reference to the suggested appointment of Mr. 3hepard J. Morgan as Assistant Federal Reserve Agent. Voted to approve the appointment of Mr. Shepard J. Morgan as Assistant Federal Reserve Agent at New York at a salary of 7,500 per annum, upon the understanding that he will devote substantially his entire time to that office. The minutes of the meeting of the Board held on March 17th were read, and on motion approved as amended. The minutes of the meeting of the Gold Export Committee held on March 18th were presented and approved, and the action therein set forth ratified. Letter dated March 13th from Mr. George M. Peek, Chairman of the Industrial Board of the Department of Commerce, suggesting designation by the Federal Reserve Board of some one to represent it on the cooperating committee of the In- dustrial Board. Crdered tabled until the next meeting Board. the of The uovernor stated that exceptions were in order to Jeneral Counsel's memorandum of :arch 17th in re policy- of the Board as to construction of Section 11 (k) of the toederal Reserve Let as amended by the Act of September 26, 1918. r:o exception taken. The uovernor reported the following rediscount transaction, pursuant to authority heretofore vested in him: 2arch 17th, by the Federal Reserve Bank of Chicago for the Federal Euserve Bank of Dallas, 5,000,000 member bank 15 day collateral notes secured by uovernment obligations; rate 4. Report dated March 16th, recommending action on applications for fiduciary powers as stated in trio auxiliary minuide nook as of this jate. Approved. I ;) Report dated :.:arch 17th, recommending approval of application of Mr. Nicholas F. Brady for permission to serve at same time as director of the 1,:er3hants National Bank, :Ter York City, and the ::orristown Trust Co.,Liorristown,:7.J. .;pproved. leport dated ,*.arch 17th, recommending ap2roval of application of LI-. F. F. Brooks for permission to serve at same time as director of the First National Bank, Sewickley, Pa., and of the First ::ational Bank, Pittsburgh,2a. 1,.pproved. Report dated March 17th, recommending approval of application of ::„r. Philip L. Gaffey for permission to serve at same time as director and vicepresident of the First National Bank, ..;an ?edro, Cal., and as director and cashier of the Harbor City Savings Bank, San Pedro, Cal. Approved. Letter from the Comptroller of the Currency dated March 17th, advising of the appointment of Miss Margaret E. Bicknell and Miss Gertrude 1!.. Croe as Clerk-counters in the Division of Redemption and Issue, at a salary of .1,02y each per annum, effective :larch 17th. A)proved. Lpplication of The Peoples Bank, New Bern, North Carolina, for membership in the Federal Reserve System. Voted to instruct the Federal Reserve Agent at Richmond that the Board can not approve application without recommendation of the Executive Committee of his Bank. Lemorandum by Mr. Imlay dated March' 15th, recommending the sale of the Board's. surplus equipment in New York 1 and the purchase of such euipment as is needed from the Capital Issues Committee, through the General Supply Committee. Lpproved. -4Letter from the Comptroller of the Currency dated February 15th, in re suggested discontinuance of certificates of destruction of Federal Reserve notes (Form 2334). The overnor submitted for approval draft of reply by him under date of March 17th. Approved. Letter dated March 15th from the Federal Reserve ent at t. Louis, in:luiring as to the pro?riety of paying - Council for attendfee to a member of the Federal Advisor, ance upon meetings of the Board of Directors of the Federal Reserve Bank of ,t. Louis. The Governor was authorized to reply in the negative. Letter dated March 14th from the Federal Reserve Agent at Dallas, transmitting notice of withdrawal of the Lake ?rovidence Bank, Lake Providence, La., from the Federal Reserve ','ystem, six months from March , 1919. roted. Letter dated March 17th from 1,:r. Philip H. Gadsden, Chairman of the ::ew xork Committee on Public Utilities Conditions, requesting that he be given an opportunity to address the Board and the Governors of Federal Reserve banks at the forthcoming conference. tr:s -5The Governor was authorized to advise Gadsden that if he will 2ut in writing the statement he desires to make, the Board will be glad to grant him fifteen minutes for the discussion thereof at the Conference with Governors. Letter dated March 17th from the Council on Foreign Relations, inviting the Governor to attend and address a conference of the Council on Lpril 2d. Voted that the Governor be authorized, in his discretion, to attend and address the meeting at the expense of the Board. Memorandum by General Counsel dated Yarch 15th, in connection with the exercise of fiduciary powers by rational banks in the State of New York. Voted that it shall be the policy of the Board to continue granting such powers, and that General Counsel be authorized to visit New York and Albany for the purpose of settling points of difference with the Attorney General and the State Banking Commissioner of New York. On motion duly seconded, L. . Hamlin was authorized to instruct the Federal ileserve Agent at Boston to submit to him a complete and detailed report of the circumstances surrounding the acquisition by the Federal Reserve Bank of Boston of bank property. Memorandum by the Secretary dated March 10th, in re continuance of the -lease of the direct telegraph wire between New York and Chicago, heretofore approved for a -6period ending April 1, 1919. Voted that the lease of such wire between New York and Chicago be continued for an indefinite period, inasmuch as lease is terminable at any time upon one day's notice. Report of examination of the Federal Reserve Bank of Boston as at close of business February 15, 1919. Ordered circulated. The Governor reported the reserve positions of the several Federal Reserve banks. At 1:15 P.M., the Meeting adjourned. Secretary. Approved: ,00,05;00P Gover