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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.