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.4A a r:eeting .of the Executive Committee of the Federal deserve Board held. in the office of the Vice loverno.r ,lednesday, La 23, at 3 p.m., PT: Lr.,;arburg, presiding, r. :Jr. Delano, I.:r. secretary. The toestion of a day to day rate of discount effective at the Federal deserve Bank of TTew York, tal-Ien under advisement at the morning meeting of the Committee, was again discussed and, on motion, it was voted to authorize the Vice Governor to prepare a form of letter to Federal iieserve ent Jay stating the position of the :ioard with reference to the day to day rate, and approving a rate of P.. to 4: subject to definite restrictions that such rate is to be used only for the purpose of restoring to the market money drawn out as the result of the public loan operations. ../arburg thereupon submittE,ci such a forir. of letter which was tentatively agreed to for submission to the Board/ Brief discussion was given to a resiuest from the Aeserve Banl: of revi York for an opinion as to whether certificates of )13 denomination sho,;ing participation in the Liberty on Bonds, should be issued by the Federal .ieserve 552 ' Bank, It wa agreed torepor matter to,-the Board. On motion a rateof discount of •aci, 90 day tomer notes, secured by _Treasury Certificates -and Liberty Loan Bonds h notes bearing the endorsement of a member bank, was approvuLfor the Federal ieserve Bnksof jhicago, nta, is and n Francisco. motion at 4.15 p.m. the APPAUVLD: aa man. omm t ourned.