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• a meeting of the Exective Committee held in the office of the Governor Monday March 12; at 9.50 a.m., PRESENT: Governor Harding, presiding, Mr. Delano, Mr. darburg, Mr. 7i11is, Secretary. Business was presented to the Committee and disposed of as follows: • ,arbarg stated briefly the situation as to the examim.tion of the Meveland Trust Company, and submitted a letter from President Goff. L letter from Assistant Secretary Alen as to the use of room 179, 7reasury Department, by the Bcy,rd was read and noted. Documents relating to the question :. ihether transfers could be made by ?ederal leserve Banks for member banks through the Gold Settlement 7und direct to other member banks were 'resented. The matter -was discussed, with special reference to a proposed transfer to the Riggs National Bank, Aid was finally ordered placed on the docket.. A letter from Governor Seay with reference to the reserves now carried by the Federal Reserve Banks under the col- lection system, statin:7; that the psent practice of computing reserves was not satisfactory and that collection items should not be deducted from deposit liabilities of Federal aeserve Banks whs read. The matter was discussed and referred to 1.h.. Delano, with the aid of the Transit Expert, A letter from qov(rnor Feay . i h reference, to reairing the parch,- of bonds from oat ide the district in ease bonds offered inside were less than a de proportion of the sh.'re of the ?ederal Reserve Bank was mad. It was agreed that the Governor shoi1d write, stating that it was undesirable to circularize member banks on the subject and that he should call the attention of Governor Se y to the prevailing practice. ,-, letter was presented from Governor McJord with reference to the purchase of bonds in the :Alanta District, in .12v; whether he might take over certain bonds direct from banks which had offered them in advance of the official date. A telegram to be transmitted by the lovernor, st.ating that the Board saw no advantage in such earlier transfer was approved and ord cd transmitted. 4 3 .4:7 say, Letters from Federal eserve Agent Jay and Governor lhoads with reference to bonds were read and it was agreed that the governor reply that all data relating to bond allotments should be in hand before Tlarch 31st. letter from Federal eserve Agent ;iellborn stating th..t the Board of 7)irectors of ptlanta had authorized the architect to draw plans for a building to cost not over .170,003, on the basis of normal prices, was read. It was agreed that the governor should write and find out the actual cost that is contemplated. A letter from Daniel Felleher, of Seattle, with reference to the establishment of a branch Federal reserve bank in that city, was read and noted. A letter from a. F. 7. Johnson with reference to estate loans was read and noted. Letters from Federal Aeserve Agents with reference to the joint custody of notes at reserve banks, were read And noted. A letter from Federal eserve Agent Jay with ref- erence to the par basis for check collection in 7ew York was read and it was agreed that the governor send him an oatline of the proposed bank of taxation of non-member cheeks. r from . ?ranci co, Governor Calkins, of San the preparation of a code was referred to the ,3ode Committee. h letter from the ?ederal eserve Bank of Y,ansas City stating that the title of Vice Governor has been abandoned and that of Depaty Governor substit cd there w read and noted. 2 letter from Federal eserve I gent ia sey regard- ing the cost of shipping notes to St.M.'s raising the estion whether the cha for transportation shoald be made now notwithstanding the notes are not in the possession of the bank W4 read and was referred to the Con-ittee on Issae and Red mp ion. letter from ' ,Iederal eserve Age t ,7e1lborn as to the cost of transmitting funds to the and referred to the :ommittee on letter from Assistant Peters wit f ce to th Was read relsary lelations. ecr ta y of the ''' e3s BoArd's providing for the s..t.la odian of the va lt at the Bareaa of En- r graving and Printing, at a salary of „f11400 per year, was referred to :r. %rbarg as a special sub-committee. .i. litter from 7ederal deserve ;,3ent Wills with reference to the shipment of notes to Cincinnati and asking the determination of the treatment of serial numbers was read, and the follo::ing resolution was adolted: :lesolved, That henceforward reLoisitions for ?ederal reserve notes sh_.11 be supplied by shipping direct from 7ashinc3ton, the supply already in sub-treasuries to be regarded as an emergency stock and to be drawn upon only under exceptional conditions. Yo attempt shall be made to maintain the continuity of serial numbers. The issue of notes to the public without regard to the serial numbers of those held in sub-treasuries shall be authorized, regulations to the contrary now in existence to be repealed. memorandum from Counsel asking for an appropriation o 4420.50 for law books was approved. A letter from the Federal deserve Bank of Ltl nta making a rate of 3T. on paper 15 days or less was ordered docketed, with favorable report. 41 memorandum from r. arbarg with reference to the revision of discount schedules was ordered docketed for action by the Board. On motion, it was voted that the Law Department be ii:117 "7 in6trctei hf:ncefomard to keep ndments proposed or adopted affe tin ReEerVe Ict L,11 the Aderal nd changes therein. morninF, meet o' -1 o regal- the Bo-rd w fixed for t 147. On motion, at 11.10a. . orittee cdjour cd.
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