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a8,3 a meeting of the r:Lecutive Committee of the Fe' eral deserve Board held in the office of the Governor on Tuesday, June 5, at eleven a.m., PRLSENT: Mr. Harding, 1,:r. Delano, Mr. Miller, 1,:r. Willis, Secretary. Governor Harding read to the Committee a memorandum left in his hands by Y,r. Warburg with reference to the eligibility of paper madety non member banks and used for the purpose of securing discounts at 7ederal reserve banks, when protected by Government obligations. 7e also read a tele- gram which Mr. Warburg had transmitted to Governor Seay on June 4, answering questions with reference to this matter. The correspondence was noted and ordered filed. Yr. Harding further read, a memorandum prepared by Mr.Warburg presenting a proposed amendment to the rational Bank 4ict designed to modify the rresent provisions limiting the amount of loans in proportion to capital, in so far relates to loans based on GovernrAent obligations. as No action was t% ken. Yr. Larding further read for the information of the jommittee a letter he had received from Mr. L.'J. Wing of La Jrosse, isconsin, ,ith reference to exchange charges and statements said to have been made by Jr. Harding with reference thereto. Er. Harding presented to the Committee the applications of the German Savings Institution of St. and the Jefferson Commercial savings Bank of Gretna, Louisiana, for admission to the Federal reserve system, together with the favorable recommendation of the Federal Reserve Banks of St. Louis and :Alanta, respectively, and also of the Chief Examiner of the Board. Both applications were discussed in detail, but action was deferred until a full meeting of the Board could be obtained. 1:iller presented to the Committee a circular recently sent out by the Federal Reserve Bank of San 2rancisco with reference to the Liaestion of relations between small member banks and reserve city banks, and approving of these in preference to rediscount rel,tions between the small banks and the Federal reserve bank. The matter was discussed and ultimately referred to 1:r. 1:111er to be dis.poced of according to his best judgment pending a fall meeting of the Board when further discussion could be given to the subject. .pau.lrocprz aa41Tumoc atm. 'wed .parsua uo'.upuov.rzSuTpuad ot jo uoTso • Uri:J.1 Tr:Tir 6 uuTlot4UO Tp reaauat .ssoaS -uo,2 uT 2uTpuad .)-4Ou 4 407 OAJOSOL IrJapae]ato O4 cuaaa;aa to.pA o4 pa44 swaurpuawn „To otanixe .p .TT uT u J -na4 1101 P13.01,SuTP.tnir,, *aTi S*SC
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