View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

.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.