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558 a meeting of the Executive committee of the A Board _held in the office of, the Board on 7riday, May 2f.-) at four p.m., iiarburg, Mr. Delano, Mr. Miller, Mr.1111s, Secretary. L letter from Senator Owen addressed to Governor Harding transmitting,Correspondence recommending amendments to the Federal aeserve4ct permitting the admission of small State banks, was noted and ordered referred to Mr. Harding upon his return. letter from Governor ?ancher of the Federal ae-. serve Bank of Oleveland asking for fhe release of Mr. Frank V. Grayson from the staff of the Federal eserve Board to take appointment at the 7ederal deserve Bank of Oleveland, dating June 1, was read and, on motion, Mr. Grayson's release was approved as of June 1, 1917, Pursnt to a rekiuest from 1,:r. Hamlin, it was, on motion, voted that the Secretary of the Board transmit to Hon. John Burke, Treasurer of the 7nited States, coy of the Board's letter relating to the use of coin counting machines. eu, letter from lovernor :ells of St. %ouis tr.Esmitting a circal-r received from - bond house :rhich questioned the wisdom of investing in lovervilent bonds as compared vith other securities, was noted and ordered filed. .letter from Lr. J. J. Vincent addressed to Secretary of the Treasury ::c.doo requesting an appointment in the B-ltimore Branch of the Federal deserve Bank of flchmond in the usual coarse. .report from the Oommittee on •taff approving the appointment of 1:r. Bertram Jhesteman to fill a va3ancy caused by five months' leave of absence of Nation_d 3,olk E:ca,ftiner 7enry Ti..7ann_, at a s_lary of •400 per annum, on motion, approved. ,report of the Oommitt(e on t:t:.ff approving certain changes in the lower salaries at the Federal eserve Bank of ,.tlanta, was, on motion, approved. To comranictions tr.nsmitted by the Secretary of state, one from the Lmerican 7anister -t nristiana, Norwy, the other from the 3ervi,In 1.:inister -t ,shinton, were ordered circulated in the ::;113cative Folder. Inquiry was made with reference to the question hether the :,*ore..ittce on EtLff had considered the proposed r60 increases in salaries Of ilessrs. Aken andrtiss of the Federal Reserve Duni,: of Boston. i. Delano, the jhairmin of the ,Jo=ittee, rcported that no decision .had been arrived at. Lr....*arburg presented a letter from Governor Fancher makin o in,airy about the transfer of funds on behalf of Hebrew clients who det- ired to send money to reltives living in the Polish provinces occupied by many. On motion, it 'la's voted that he transmit the inquiry to Counselor Polk of the state Derartment. Discussion of the ,aesti n of perr.itting the Federal Reserve Banks Issue )10 participation certificates indicating ownership in Liberty Loan bonds, ensued. darbarg was authorized to telegrarh to ;:iicago that the Board believed it within the competence of 2ederal deserve Banks to issue receipts for ten dollars substantially on the lines proposed by row York, it being specified, however, that the Board would insist that certificates be issued in form sufficiently large to preclude any danor of such Certificates beins. used 4s circulation. They would further have to be issued in consecutive numbers and bonds held against these ten dollar certificates would have to be kept in ustod-, in a manner which would render it easy for examiners to Verify them from time to time. It was agreed that a letter m13.ht well beaddres ed to Messrs. Y. Erlanger, Blungart (r.: Co., favorably comrlending their endeavor to popularise trade cccept,nces it was further voted that it should be sua.gested to the ?ederal leserve Bank Of New York to write Such a letter rather than - to have the Vice-3overnor of the Board sion it. The 'ice o1ernOr was inztricted to prepare 4 let- ter for r.onday covering refliscount transactions between 1.7ederal eserve Bzikt in connection with the pnts to be made on the 7.iberty Loan.
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