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1199 At a. meeting of the Executive Committee of the 2edura1 Reserve Board held in the office of the Governor at 3 P. M. on Tuesday, November 28, 1916, PT- SEET: Governor Harding, presiding, r.7arburg, !Ir. Delano, Lr. 7i1lis, r,ocretary. L:r. Harding presented a letter from Federal Reserve Agent ills transmitting a letter from the State Banking Commissioner of Pennsylvania unfavorable to permitting ration,.1 banks to engage in insurance activities. After discussion it 'ias agreed that the secretary transmit to Lr. 7i1ls copy of the memorandum recently received from Counsel with respect to this matter. Mr. Harding presented a copy of a letter written by T:r. J. P. Cotton to rr. Elliott with respect to intervening in the lIassachusetts case invblvinr7 trust powers of rational banks, and also a memorandum of Counsel with respect to the same. The documents were noted and ordered passed to file. rr. 7ardints presented a letter from Counsel addressed to the Comptroller of the Currency with respect to the 4_200 powers of the Committee on Issue and Redemption and the Executive Committee, holding that the Board has power to invest in either or both of these coLznittees the authority to pass on issues of Federal 2,eserve notes. The contents were noted and the letters ordered passed to file. Mr. Harding presented a memorandum received from Chief of Division Broderick as to reports of member bank reserves, and the same was read. The Secretary was ordered to transmit a copy of Mr. Broderick's memorandum to Govern°r reDougal of Chicago who had first brought the matter to the attention of the Board, saying that the Board is inclined tO think favorably of Mr. Broderick's recommendation for additions to the method of reporting, but considers the second, third and fourth suggestions as probably not now applicable. nr. 7arding presented a memorandum from Counsel commenting on a recent opinion of Counsel rerabb of ( ,an Francis° as to the best place of keeping the reserves of State banlo' after discusriun it was agreed to submit the memorandum of Counsel to Federal Reserve Agent Perrin on his approaching visit to "ashington. On motion at 3:30 P. M. the Committee adjourned. Secretary.
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