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253 At a regular meeting of the Federal Reserve Board held in the office of the Board at 2:45 p. m., on October 23, 1914 PRESENT: Mr. McAdoo Er. Williams Ur. Hamlin Er. Warburg Er. Delano Mr. Harding Er. Taller. The Secretary of the Treasury presided and Er. H. P. Mills acted as secretary to the meeting. Sir George Paish and Er. Basil S. Blackett representing the government of Great Britain and a committee of bankers representing American banking and financial interests were present and the meeting was devoted to an exchange of views regarding the present situation of foreign well exchange between the United States and Great Britain as as to the discussion of allied problems. The committee of H. American bankers included Er. Jacob H. Schiff, Er. Albert Er. Benjamin Strong, Jr., Er. H. P. Davison, Er. T. H' Price, Mr. Samuel EcRoberts, Mr. F. Q,. Brown, Er. Charles Starek, Mr. William Woodward, Er. James Brawn of New York, F. J. Wade of St. Louis and Er. D. L. Wing of Boston. 25o The Secretary of the Treasury stated that the English delegates wore present upon express invitation from the Treasury of the United States, but were without authorization to act. He asked for a free and in- formal expression on the ',art of those present, and invited the representatives of the Nev; York bankers to speak first. This invitation was followed by a general discussion in which practically each of those present participated, and after the views of the bankers had thus been obtained, Sir George Paish and Lr. Blackett were invited by the Jecretry of the Treasury to state their views of the situation. They briefly outlined the situ- ation now prevailing in England with respect to trading in securities and with reference to international indebtedness. The members of the Federal Reserve Board upon request of the Secretary of the Treasury indicated their opinions regarding the problems before the meeting and suggested various points at which additional information was desired. Upon the suggestion of the Secretary of the Treasury the bankers, after a conference among themselves, 207 suggested as a speoiaicommi subject further LIessrs Wiggin e to con der the whole Benj. Strong, jr., Albert H. and James Brown. These gentlemen were thereupon named by the Secretary of the Treasury as a committee for the purpo indicated. The meeting adjourned at 5:30 p. APPROVED: Ohairman.