594 A meeting of the Executive Committee of the .Zederal .,eserve Board was held in the office of the Federal Reserve Board on Londay, June 23, 1930 at 4:15 p.m. RESENT: Vice uovernor Platt 11r. Hamlin Mr. James Mr. Cunningham Mr. McClelland, Asst. Secretary Report of Committee on Salaries and Expenditures on memorandum dated June 2ord, submitting dividend resolutions of the Federal Reserve banks, together with the usual statements in regard to probable losses on paper of failed and over -extended banks, and pointing out that four banks - Boston, Richmond, Kansas City and San Francisco - will not have sufficient earnings to pay accrued dividends and, consequently, a portion of the divi- dend payments of these banks will have to be made out of surplus. The Assistant Secretary called attention to the fact that at the meeting of the Board on June 9th the Executive Committee was authorized to approve payment of dividends out of surplus by any Federal Reserve bank which may find it necessary to do so. Upon recommendation of the Committee on Salaries and Expenditures, it was then voted to authorize the payment of a semi-annual dividend by each Federal Reserve bank. Telegram dated June 21st from the Deputy Governor of the Federal Re- serve 3ank of Boston and letter dated June 20th from the Federal Reserve Agent at Dallas, both advising of the establishment on June 20th of the following rates for purchases of bankers acceptances: 1 to 90 days 2% 91 to 120 days 2 1/8;4 121 to 180 days 2 3/8,4 Repurchase 2 1/6"; dithoat objection, noted with approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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594
A meeting of the Executive Committee of the .Zederal .,eserve Board was
held in the office of the Federal Reserve Board on Londay, June 23, 1930 at