The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Kie 4-..t a ieetinoftheExecutjve CQnUttee of the Federal Reserve 9oard held in the office of the Governor at 10...Y5 a.M4 on i;ednesday, March 14, PRESENT:' ns. Harding, :arburg, Ur. Delano, Yr. Villi, Secretary. Correspondc!nce and business was presented and disposed of as follows: letter from Federal Reserve Lgent Perrin asking whether the Board would approve the sale of a quarter of a million of Government notes on u 2.-S/4 basis, was read, and Mr. niller was authorized to comin4nicate to nr. Perrin that the Board would approve such action. L letter from Federal Reserve Agent Perrin calling attention to the decline of investments of the San Francisco Reserve Bank, was read, and after discussion it was the concensus of opinion that continued conservatism would be desirable. A letter from Federal Reserve Agent Jay expressing appreciation of the increase in his compensation was read :ind noted. 279 ,1 letter from ?ederal Aeserve Igent Aich to Lir. Hamlin relative to the discount of munitions paper, and also a proposed draft of a reply were read. The latter was considered bat it was agreed that a letter be written simply stating that the reserve banks have no paper except that which is definitely authorized by law. letter from ?ederal deserve Agent Perrin recommending the appointment of a professional code maker to prepare a code for Federal reserve banks, was noted bat no action taken. Correspondence with 7ederal reserve banks as to the joint castody and control of 17ederd reserve notes, was read bat no action was taken. suggested change in the Board's proposed amendments to the Federal Aeserve Act which would provide for sach joint custody or control, was considered, and it wasinformally agreed that Counsel be asked to begin work thereon. A letter from .lovernor Seay with reference to the opinion of .3ounsel interpretino: the trade acceptance as being a bill of exchange drawn against actually existing values, published in the last Bulletin, was read; also a draft of a reply to draftThe Seay's letter, prepared by :AD sei. was approved for transmission. report of the ::.ommittee on Staff, ander date of March 13, %..pprov ng of the transfer of LI:aminer Burrell to the New York District, and the appointment of Examiner Stearnsin the Philadelphia District, was adopted. The Secretary of the Board was directed to telegraph Federal reserve agents informing them that they might release their annual reports for use in the newspapers of Friday morning, March 16. Informal discus serve agents ensued, b on f the salaries of Fed .1 re- no action was taken. On motion at 11.15 a.m. the Co 'Itt e adjourned. 11. 410.01#7.40
@FedFRASER