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• At a regular meeting of the-?ederal Aeserve Board held in the office of the Governor at 3.15 p.m., :lednesday, October 17, ri Mr. iarburg, presiding, .1dr. Miller, Mr. Hamlin, Mr. Delano, Mr. il1ias, Mr. Ii11is, Secretary. .The minutes of,the.meeting of the Board held on October 15 Were read and, on motion, approved. The minutes of the meetings of the4xeCutive Committee held. on October 15, 16 and 17 (gold exports) were presented, and on motion, approved, and the action therein set folqh ratified. .0n motion, Mr. Hamlin was authorizedto travel at the expense of the Board to certain points where he has been asked to address meetings in aid of the effort of Federal Reserve Banks to place Government bonds. An opinion of Ooansel with reference to the relation of Aderal Aeserve Banks acting as fiscal agents to the Federal eserve Board, and the method of treating their expenses in that connection was presented,• and, on motion, referred to the Jommittee on Law, a copy to be sent to each member of the Board. 4,t this point ,Icting Secretary of the Treasury Crosby and '!r. Jbert Ltrauss entered the meeting. ,.cting Secretary :;rosby by appointment joined the members in order to, ascertain the Board's view concerning the best methods to be employed in establishing control over foreign exchange in the manner provided by the recent proclalation of the President of the United States. telegram from Deputy Governor qoopes of Dallas, viith reference to the treatment of alien enemy deposits in a member bank which had made ini,uiry of aim was, on motion, referred to Joansel. .iarburg read varioas telegrams and. letters annoancing applications of non-member banks for membership in the 2ederal .leserve system. jpon recommendation of the Committee on :::embership, the application of the Bankers Trust Aympany of Levi York for admission to the Federal aeserve system was, on motion, upprovea, upon the conditions set forth by tke ;ommittee, and the institution accordingly ordered admitted. A, letter from Federal iZeserve gent Perrin with refer- ence to regulations regrding checks on enemy banks under the new 'trading with the 2i:nemy —ct, Was read and, on motion, re- ferred to Co sel. opinion of Joun el with reference to the_question,what minimum number of, members woald ,constitute a Auoram at meetingsof the Federal Reserve Board was pre- sented and ordered circulated. letter from the - ede/[1, Trade Jonission asking for certain thta rE barks" was referred the 0 o the:(2:-_;rt .,. of "live stock nthe .o_rd for reply. dates of dir;:--) :zit at theReserve :Loik of Francisco were mendation of ?ederal Reserve For trade ace pt4,,!;ce:, ing within 60 days, j::, ninety days, 47) .11)011 46( 1 ,1;:;i7L, 2:e t as follows: co172.0:ity paper matur1.:ty-olle to Li letter from President Hinsch, of the FifthThird'!Tatlonal Bank of Cincinnati, in reference to a proposed change in the rtethod of firing country bank reserves, was referred to the ,Committee on Legislation. , arburg reported that he had received fror the Treasiry Department for safe-keeping a certificateof deposit for ten million dollars in favor, of the Federal Reserve Bank of row York. 14r. !.aller presented an infor ry rror Fed- 14' 2errin Ls to whether tne Board woald be eral reserve willint; to sanction a salary as 1iih as ::,.6,000 for an 4ssistr ant Aderal, .i.eserve ;gent. Infornal ey4ess1ons of, opinion were favorable, and Lr. Miller was a'uthorized so to state. On notion, at 4.30 p.m. the Board adjourned. 1
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