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Alt a meeting of the Executive Committee of the ?ederal eserve Board held in the office of the lovernor at 9.45 a. m. on Thursdly, -'ebruary 1, r. Harding, presiding, Lr. warbrg, Secretary. Mr. 1:r. Delano, The Governor of the Board read a letter from :r. dilliam ..00dward of rew l'ork recommendin2 that drifts on reserve 1.!_nks be made payable instead of receiv ble at a ?ederal reserve bank. was agreed that r. The matter Was discussed, and it oodward's sug3estion should be ac- eerted. The governor of the T-Apard read a letter from the rational lissociation of Credit Lien asking for a speaker from among the membership of the Board for Y.ar2h 9. Various other letters were presented, but no action was taken. The Governor of the Board state the result of a conference with the Secretary of the "reasury held on January 31, with reference to the bond policy of the Treasury. He raised the question whether it was desir- able to transmit to the Secretary at this time the memorandum as to Government bonds vihich had been prepared. It was agreed that the matter be referred back to the Board. Sundry letters from the rompeian Oil company ind other concerns interested in the state of Spanish exchange, were ordered reported back to the Board without recommendation. The Governor of the Board presented the question of a proposed arrangement with the State Bank of Saussia at Petrograd relative to the holding of gold, and it was agreed that he should write to the Secretary Or the Treasury expressing an opinion adverse to action of the kind proposed at the present tire. The Governor of the Board presented a letter from :r. J. P. !organ of the .1Alvisory ,:ouncil, relative to top, i08 for the approaching session of that body. Mr. Delano was appointed a sub-committee of one to frame suggestions for the programme. A memorandum prepared by Chief. Examiner Broderick with reference to weekly reports of member banks, which 99 had been referred to the Executive Oommittee, was ordered circulated. letter from a Federal reserve agent with reference to the treatment of unearned interest in stAtements of 1)..nkk profits, was read and discussed, and it was agreed that the governor bring the substance of it to the attention of the Comptroller of the Currency. On motion at 10.20 a. m. the Jommittee adjourned. `...;ecretary. idTdOVLD:
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