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At z. special meeting of the Federal Hi:verve Poard held in the office of the 'Vice Governor on Thursday, :',eptember 13, 1917, at 5 P. Present: rr. Harding, presiding, rr. Delano, !Ir. Hamlin, Mr. Mr. 11r. \Allis, Secret: ry. Governor Warding read to the Board a first drat of a report prepared for the Secretary of thc Treasury by the informal committee of bankers -.nd others which had, been discussing, the question of foreign exchange during the past two days. Some suggested modifi- cations were presented and incorporated, and the fir et dra ft cr.crcd to the Committee. The minutes of tlx morning meeting of the Loard held on SeiRtember 13, wore read and, on T.10 4,;i011, approved. An opinion of Counsel with le ference to the quorum necessary at .meetings of the Poard VirtS presented and, on motion, referred to the Committee on Law. A letter from Governor Aiken of Boston, with reference to the development of short term paper, was presented, and, on motion, it IPP voted that the Governor transmit to all Federal Reserve banks a letter giving them the substance of the Aiken plan. "i letter from Governor Fancirr of Cleveland, with reference to the payment of shipping charges on 'old, ris rend and, on motion, it -was, voted that tIr Governor write to Governor Fancher appirovint:-; of th2 payme nt of such shipping charge s by the Federal Reserve bank, and suggesting that the bank should also bear, abrasion losses up to a retsonable amount. A letter from Governor Sawyer, of KFin WASCit, vit h re fe rence to the method of notifying member banks concerning the, forthcoming election of direct° , was referred to Counsel for, on opinion, the Governor to have the power to notify Governor Sa.3yer accordingly. A letter fron ' 4r. Arthur 1.1. Heard, president of the Amoskeag National l'nnk, of Manchester, N. H., relative to t he sq,rincs bark situation in that State, was read. On motion, it was voted that the Governor write Mr. Heard acquainting him with the present Government bond discount policy of the Board. On motion, it was voted tint tlx) Executive Committee have po,,ier to pass upon all pending gold export applications while awaitLIE- the development of a definite policy, in conjunction with the Treasury. • The Secretary of the Eoard presented. the minutes of the gold export conference held by the Board on Sept. 12, and duly approved by Tlr, Delano to whoni they hnd been referred. The minutes were ordered filed. On motion, at 5:40 P. 'A., t1r Board adjourned to meet en Tuesday, September 19, at 10 A. M.
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