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At a specii,1 meeting of the ikderal Reserve Board held in the office of the lovernor on Tuesday, :arch 27, at 3.50 p.m., PIESENT: Mr. Harding, presiding, Warburg, Mr.- Miller, Mr. Hamlin, .Mr. Williams, Mr. Willis, Setretary. Governor Harding laid before_ the Board a communication from the Secretary of the Treasury, announcing his intention of. issuing ,,53,000,000 temporary certificates of indebtedness at 2:.;, and suggesting that they be offered to the Federal Aeserve 3anks. On motion the follaming telegram was authorized and ordered transmitted: Secretary of Treasury informs Board he will offer to Federal Reserve Banks certificates of indebtedness authorized by existing law in suitable denOminations aggregating fifty million dollars for ninety days at two per cent interest rate, in anticipation of income taxes due June. Please advise Board promptly if you wish to participate, stating amount desired. Funds should be available to Treasury on or before Saturday next. Secretary of Treasury expresses opinion that this is excellent opportunity for Reserve Bunks to secure desirable Short-time investment and demonstrate their usefulness fiscal agents of Government. Discussi n of the lending policy of ?ederal reserve banks ensued. On motion at 4.07 p. m. the Board adjourned. APPdOVLD:
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