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2 At a meeting of the Executive Committee of the Federal Reserve Board held in the Board Room on I.:arch 13, 1919, at 3:40 ?RESENT: The Governor Er. Hamlin Las. Williams Mt. Imlay, Acting Assistant Secretary. Y.r. Harrison, General Counsel. The Governor read a copy of letter which he had been advised was being sent to the Federal Reserve Board by the Director General of Railroads, regarding the financing of the several railroad corporations whose property is urder Federal control, the question having arisen as to thether or not Federal Eeserve banks may properly rediscount drafts drawn by manufacturers, individuals or corporations, upon the Director General of liailroads, to cover the cost of equipment, material or supplies sold to the Director General of Railroads when accepted by the Director General of Railroads and offered for rediscount by a member bank. Mir. Harrison read a draft of letter in reply in the affirmative and, after discussion u')on motion made and seconded, the same was adopted. At 3:56 P.M., the meeting adjourned. .,00J Approvea: . .Acting Assistant .Jecretar.
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