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3, At a meeting of the Executive Committee of the Federal Reserve Board held in the office of tie Governor at 10:00 2.. IA. Saturday, September 1915, PRESEI:T: • Governor Harding, presiding, Mr. Warburg, Mr. Miller, Mr. Allen, Secretary, The Governor prusented a letter from the Governor of the Federal Reserve Bank of Minneapolis further in relation to the purchase by that ban]: of long time bonds whose maturity date now brings them A.thin the six months limitation. '2-al:, was referred to the Committee on Investments and Discounts which will consult with Counsel. The Board declined to give to Childs and Company of Chicaao the amounts of 3 bonds and note held by the twelve Federal Reserve Banks.' Governor Harding presented a letter from 914 the Governor of the Federal Reserve Ban:, of Atlanta inclosing a request for open market operations from the Atlanta Trust Company and it was agreed that it was not desirable to enter into such o-oorations at this time, and that the Governor should write a letter to the Federal Reserve Bank of Atlanta covering tills matter. A latter was read from the Federal Reserve Bank of Atlanta, stating that they shipped in and paid out United States notes because they found it cheaper to do so than to issue Federal reserve notes, and it was agreed that Governor Harding should express the Board's disapproval of the practice in a letter to Federal :aeserve Agent at Atlanta, a copy of the letter to go to all Federal Reserve Agents. A proposed letter to Federal Reserve Agents, covering the matter of elections to vacanci proved. in Class A and B Directors, was ap- 915 After CUSCUSSiC11 of the situation at Dallas it was agreed that Cr`overrior Harding should t91.17e up the matter further with the Federal Reserve Agent. At 10:30 A. Li. the Coininittoe adjourned. ,
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