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1943" 4L1 At a meeting of the Executive Committee of the Federal Reserve Board held in the office of the Board on Monday, October 25th at 11:45 a. Ir., PRESET: Mr. Hamlin, presiding Mr. Miller Mr. Delano Mr. Willis, Sec'y The Secretary of the Board presented applications for Federal reserve notes, duly recommended by the Committee on Issue and Redemption. On motion these applications were approved as follows: RICHMOND, $600,000 in 10's 400,000 in 20's Total $1,000,000 NEV YORK,$1,000,000 in 5's 1,000,000 in:101 s 960,000 in 20's Total $2,960,000 The Secretary of the Board read a letter from Federal Reserve Agent Perrin relating to raised Federal reserve notes circulated in the San Francis,. co District and a proposed reply. On motion the re- ply as suggested was approved. Mr. Delano presented an opinion of Counsel relating to the right of Federal reserve banks to establish domestic agencies in the United States, and on motion the opinion wao referred to the Governor of the Board for consideration,with a view to publication.. Mr. Miller called the attention of the Committee to an opinion received from the office of Counsel relative to the question of furnishing estimates Of future expenditures to the officers of the Treas ury Department. After discussicn it was informally agreed that'Mr..Miller make further investigation on the same subject. General discussion of the Reserve situation throughout the country ensued. On moticn atf12:304. m. the Committee adjourned. Secretary. APPROVED: +Re,-ver—,................1111•40.10•0111.11.41.OW—el..1.0110 Chairman.
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