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At a regular meeting ofthe Federal Reserve Board held in the office of the Board on Y,onday, March25, 1918, at 11:00 A. M., PRESET: Mr. 1.11 ler, Mr. Harding, p esidi . Willis,Secretary. Mr. Warburg, Mr. H mlin,_ The minutes ot the meeting of the Board held on March 23 were read and, on motion, approved. The minutes of the meeting of the Gold - " port Co ittoe held on Mari 25 ware presented and, on motion, oved and the action therein sot forth ratified. The minutes of the meeting of the Capital sues Committee held on March 20 were presented and, on motion, aporoved nd the action therein set • forth ratified. The minutes of the meeting of the joint session between the Board and the Governors of the Fedeml 7:eserve banks were r)resented and received and,ordered passed to file. The question of the usual qu rt rly chance in the personnel of the ecutive Committee was ro ferred to the Governor for action. On motion, the appointment of Paul Taylor as assistant cashier of the Federtal Eeser e Bank of Dallas, at i5,000 per annu::., was approved, effective on taking office, and the secretary was directed to give notice by wire accordingly. An opinion or Counsel, holding the making of acceptances against live cattle, with chattel mortgage protection and agreement to renew not permissible, was presented and, an motion, aoproved, notice to be sent accordingly. The resignation of Assistant Secretary Allen was presented and, on motion, approved effective at close of business April 30, with leave from April i. It was directed that the Governor write Er. Allen a letter expressing the Board's thanks for faithful service. Er. Hamlin submitted a letter from Mr. J. H. :.:cCune, re the b:.-laws of the Pittsburgh branch and the powers of local directors. This was read, discussed, and referred back to Mr. Hamlin for reply. A list of declined, suspended and tabled ap)lications for the exportations of gold, prepared for transmission to Senator R. L. Owen, was presented and, on motion, approved. The question of interest and discount ratesFederal Reserve banks was discussed, but no action taken. At this point 1.1r. Williams entered the meet- The question of publishinc the opinion of the Attorney-General re the dearth!: of checks, laid before the Board on March 23, was discussed and it was agreed to ask the Attorney-General to withhold it from publication. On motion, at 12:10, the Board adjourned. Ae210VED: Secretary