The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
At a meeting of the ixecutive Committee of the Federal Reserve Board held in the office of the Board on Thursday, December 6, at 11:30 A. 11.., PRESENT: Er. Harding, presiding, Lr. DelLno, Mr. Warburg, Lr. Secrut,ry. Lfter discussion of the proper designation to be made of Lr. F. I. 11...3ht, and thu work to bd entrustui to his charge, it was, on motion, voted that his division be designated as "The 'oreign Exchange Division", and thLt, Mr. Yen be referred to s "Chief of the Foreign Exchange Division." A letter from the iederai Reserve Bank of Philadelphia with reference to the earnings of that Bank, was read end, on motion, referred to the Committee on Operation of the Philadelphia Bank. A letter from the Yederal Reserve Bank of Boston stating the facts as ;:o heavy rediscounts secured by government obligations at that Bank, was read, but no s.ction taken. Discussion of the question whether ;;..mendments to the Federal Reserve let should be recluested in the Board's annual report, ensued, wqd it was informally agreed that probably no amendments had better bo reAuested at this time. Pelano called attention to le te s written him by Messrs. Aiken and Sturgis relative to the question of membershig for mutual savings banks shoing that 8U0 membership would be of no particular value to them or to the general situation, and saggesting that some &itemstive 1 n, designed to take care of .the -savings bunks, be devised. On motion, at 11:50 A. 11., the Committee adjourned. APPEOVED: Secretary. Chti.
@FedFRASER