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4tt a meeting of the Executive Oommittee of the Federal Reserve Board held in the office of the Board at 12 noon on Thursday, January 17, PALSLLT: LIr. Harding, presiding, :Tr. Delano, Lr..arburg, :7r. Allis, Secretary. Hamlin, 41, letter from the ;lien Property custodian rearding the question of desinating private banks as depositaries, was presented by Governor Harding, read and discussed and various methods of determining the banks that should be permitted to hold funds on deposit for the Custodian, were outlined. o final action was taken. Governor Harding reported progress regarding the issu1n3 of the Board's annual report. . .;arbarg outlined the result of in,uiries he had made in row York with reference to the best methods of investigating and passing upon applications for capital issues, and also discussed the question of the personnel necessary to conduct investigations, and administrative side of the work. He suggested first of all the obtaining of a capakle investment bunker who should be on the ground prqctically /Alan ..7orbes as continuously, and ra7gested tae name of chief adviser in re'.7ard to the andertakin3.. The names of var- ioas other persons who mijht at in an advisory capacity, and also the nes of persons probably eligible for Llembersaip on the e.- icAtive staff in char.7e of the aork were also saggest(d. It aas informally arced that ,:arbarg present the na,re of 7.r. :Ilan "Thrbes to .r3ecret,tr7 of the "reasiry ::c;doo in order to ascertain his ideas in reard to the matter. aovernor Trarding presented t letter from 7ederal serve Lgent iich in ahich reiuest was made that the Troacury Department send to /eserve agents copies of commanications relative to the Liberty Loan canraign which might be addressed It was aqrced that lovernor to lovernors of /eserve ban;:s. larding ask I,Lsistunt'.„ecretary of the "reasary Leffingwell to write a letter to 'lederal eserve banks stating that when- ever any communication is had either aith •?ederal eserve agent or aovernor, a ern-7 of the commznic%tion sqould be :ell, to Lie other. on otion, at 1 p.r. the oittce ad:oirned.
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