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1098 At a meeting of the Executive Comr-dttee of the Federal Reserve Board held in the office of the Board at 10:10 A. .. on Friday, October 6, 1)16, PEEENT: Governor Harding, presiding, :r. Delano, Jecretary. 7:arburg, The Governor of the Board presented a letter from Governor Seay of Lichmond submitting a rate of 34:, on promissory notes of member banks running from one to fifteen days. The proposed rate was approved, and the ,Jecretary ordered to inform Governor Seay by wire and post the rate. A letter from Counsel as to Thether a Federal auserve bank may loan on promissory notes of members secured by county warrants, and stating that no authority for such loans is given, was approved and ordered printed as a ruling. The Secretary of the Board was ordered to advise the Federal Eeserve Banh of Dallas accordingly. The Comptroller of the Currency having communicat0d. that he would return to 7:ashington at 3:00 P. L. this day, it was agreed to defer the Board meeting from 11:00 A. :.I. to 3:00 P. M. A letter from Counsel with reference to the 'Itatus of a director who desires to serve on the Board of a savings bank in California without being either an officer or director, and taking the view that such action tould be illegal, was brought to the attention of the Committee and Federal Leserve Agent Perrin ordered notified accordingly. A letter from the First National Bank of Richmond with reference to the question whether it is necessar:,' to require in a savings department that the passbook be presented at each withdrawal in order to retain the benefit of the 5 reserve requirement, was discussed and the de- cision reached that the Board would modify its past ruling. A letter from Federal Reserve Agent Jay as to the present status of dollar exchange in south American counties was read to the Corrnittou and noted. A letter from 1.:r. James E. Zunts of the Now Orleans Branch, with reference to certain nroceedings against D. Wellborn, rQW Orleans representative of the Federal 1-,.eserve Agent, was read and the contents noted, the Governor to write a suitable letter. A me„Iorandum from Counsel to Mr. Delano as to modi- fication of the definition of a private banker was discussed. c„' 1_030 Affairs at the iederal ieserve Bank of Philadelphia affecting certain details of the clearing situation there, and the election of directors, were discussed, and suitable letters ordered written. On motion at 10:45 A. LI. the Committee adjourned. kAge Secretary.
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