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.At a meeting of the Executive Committee of the
Federal

eserve Board held in the office of the governor

at 4.20 p.m., T.,ionday, April 23,
IUL1-11;T:
L:r. Harding,

Mr. A.111 , _Secretary.

Ur. Delano,
Li-. Harding called the attention of the 'Committee
to the draft of a proposed Circular on Federal reserve exchange which had been prepared by the Committee on _Clearing,
presented to the Board and referred to the Executive Committee.
After minor changes had been made in the circular,
it was approved; to go into effect on May 21st.
The draft of a letter to all lov rnors of 7ederal
7,eserve Banks with reference to the circular was agreed
upon and ordered transmitted under date of .April 24th,
over the signature of the qovernor of the Board.
On motion nt 4.35 p.m. the Committee adjourned.

;141.)?dOVID: