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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