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At a special meeting of the Federal reserve Board, held in the office of the Board on 7,onday, :arch 29, 1920, at 3-15 PRESENT: The Chairman The Governor Mr. L'iller L:r. Hamlin Mr. Y,oehlenpah Mr. :Emerson, Assistant Secretary. PRESENT ALSO: Mr. Harrison, General Counsel. Mr. W.:.- rwick, Comptroller of the Treasury. The Chairman presented for consideration, sub-sections (b) and (d) of Section 211 of the Transportation Act of 1920, with respect to the advice and assistance to be rendered by the Federal Reserve Board in connection with passing upon securities offered as collateral to loans to be granted by the Secretary of the Treasury in accordance with the provisions of this Act. After prolonL-ed discussion, during which the Comptroller of the Treasury advised the Board that it would be within its statutory rights in meetirc, the expenses in connection with the duties Imposed under sub-section (d) of Section 210 of the Transportation Act of 1920, out of the assessi2eAs levied against the earnings of the Federal rieserve banks; on motion duly seconded, it was voted that a committee on rtilroad securities be appointed, consisting of 7'(,ssrs. l'aul M. Warburg, F. A. Delano and Brad.le,W.Palmer, to advise the Board in connection with the administration of the duties imposed upon the Federal Feserve Board by the provisions of sub-section (d) above, to he kaawa as the Committee on Railroad Securiti the Federal Reserve Board to pay the expens. of the jommittee, and salaries and expenses of such experts, assistants and clerical shall be needed, and that the Chairman Lc desianated to notify the committee of their appointment. At 3-55 P.M., the meetin6 adjourned. Assistant Secretary. Approved: Ohairraa.
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