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586 LA a meeting of the Fecutive Federal onimittee of the eserve Board held in the office of the Vice .Gov- ernor on Wednesday, June 6, at 12.15 p.m.,' PiiEZENT: Yr. Warburg, Mr. Mr. Mr. Willis, Secretary. Delano, ar. Warburg read a letter received from Governor ahoads of Philadelphia, with reference to participation in the Liberty :',oan campaign. The letter was noted but no ,action taken. In view of the fact that several members were absent, Mr. Warburg announced that it would be necessary to lay all pendingz.pplications of banks for membership on the table until a fall meeting of the Board. darburg laid before the Committee a letter from the Yew York Federal deserve Bank containing facts as to a British credit of :50,000,000 which is shortly to be paid off by the British stock banks in .301d, and raising the vestion whether it would be possible for Federal reserve banks to count such gold held abroad for them under satisfactory conditions, as part of their reserve. In this connection he briefly discussed the main facts as to the sitt.iationin New York. riembers of the Oomrnittee expressed their opinion informilly with reference to.the reserve vestion, aid it was agreed that no action be taken at the present time until more attention coild be given to it. On motion LITAOVID: ChzArman. at 1 p. m. the ommittee adoarned.
@FedFRASER