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ITI2on call of the Governor, a special r:eeting of the 3oard mas held the 3oard zoom this afternoon (Wednesday, June 27th) at 2:50 o'clock. Governor Urissinp;er rr. rlatt Lir. Hamlin Mier Yr. james Fr. Ounninrtham rr. Hoxton, Secretary. rr. l'he Governor stated that Ir. John W. Davis had been advised of the on the subject contents of the circular a proved by the 3wrd this morning Of had amendments to 1,egulation "J", series of 1920, and that Fr. Davis Promised to submit a written memorandum on this subject. The Assistant Secretar:7 advised the 3oPI'd that the p'ederal .fteserve Bank of Joston had telephoned to know if, in view of the 3oard's recent 111* 4 rUling with respect to discountini; the paper of non-member banks, the 3oston Bank might accept for discount an offering of a member bank at Waterbury, Connecticut, said offering being a note made by a ronni:,[: to the member bank for Futual savin.c;s 3ank, 100,000 secured by Libert: -3onds. Fr. rlatt roved that the discount be authorized. uarried. 'Ton roll call the members voted as follows: Governor Urissinger "no" "aye" Fr. Harlin "aye" Yr. rifler "aye" Er. James "aye" Fr. Ounninham "aye" Fr. Platt /r. Filler moved that the Yederal .aeserve iark of 3oston be advised that the 3oard wishes to know whetl,er or not these borrowings by lutual savings t Banks through member banks are not in fact tantamoun the is such i; that, and hip to an agency relations case, the i4lederal eserve 3ank shall advise its rer-bers that the practice must stop, Carried; Ir. Platt voting "n6". -2- 6/27/23. 1ith reference to a press staterent upon the uuban Agency matter the Governor and the Law Committee, were, 7on motion reonested to prepare and issne srch statement as soon as possible. Telegrar dated June 27th from the uovernor of the federal 1:eserve cal set Bank of 1.-dchmond, raking certain suggestions as to the mechani up nts to ;kesulation mhich will be desirable in view of the Board's amendme "J", bones of 1920. 1:eferred to the uommittee on Clearings. The meeting adjourned at 4:15 P.L. Secretary.
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