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962 :tr At a meeting of the Executive Committee held in the office of t1E Governor of the Federal Reserve Board at 10:15 A. M., Thursday, September 14, 1916, PREsani: Governor Harding, presiding, Mr. Warburg Mr. Miller Mr. Allen, Seer eta ry. The request of t'.te Federal Reserve Bank of Atlanta to establish a rate of *73 for promissory notes of member banks, running fifteen days, was approved. The Governor was requested to write to the Federal Reserve Bank of Chicago in connection with the apparent large number of withdrawals of small banks from the collection system. Governor Harding presented a report from the Deputy Federal Reserve Agent at Chicago relative to the complaint of the Mellen National Bank of Pittsburgh that there was discrimination 913 by the Federal Reserve Bank of Chicago against Pittsburg checks and the Governer was requested to ask further information froa the DeDuty Federal Reserve Agent, advising the Federal Reserve __gent at Cleveland of the favorable change made by the Chicago bank as to Pittsburg checks which places them on the same basis as Cleveland checks. A letter from the Federal Reserve Agent at Dallas as to acceptances to 1007J of capital and surplus was referred to Counsel. letter prepared to. the Governor of the Federal Reserve Bank of ninneapolis holding that the bank may take bends of the City of Minnearolis, which have run to within six months of their maturity as an investment, was approved. A question was raised by the Federal Reserve Agent at Atlanta as to the rediscount of merchants' paper given for the purchase of millet seed, the question being whether these notes could be classed as acricu3tural raper, was referred to the Committee on Discount. Mr. wiarburg presented a memorandum for the -ore,.:c in connection with the "orh of the Board on Cl_v tor ct applicatims and this .,as referred to Mx. Miller. At t-o sl-Lrestic:1 o.L Mr. .iarbur,,:: it was voted to make the limit of -crieultural raper which may be taken by a Federal Reserve Bank 5p of the assets of the bank, and to incorporate this in th„ new issueof regulations of the Board. Banks desiring this limit to be ilyr:-asd may apply to the Board. / The circulars and r1ticue wore o. proved by the Executive Com:Atte°, subjoct to changes to be made by 11,:r. Yrner and Mr. Harrion, and ordered to he printed. At 11:0021 M. ;,- unittee adjourned.