A meeting of the Executive Committee of the Federal Reserve 3oard v4. was held in the office of the Federal iieserve Board on Saturday, April 11, 193 1 ) at 11:15 a. 111. PRESENT: Governor IJ.eyer Yr. Hamlin Mr. 1:Til1er Mr. James ICClelland, Assistant Secretary. The Assistant Secretary Presented the following renorts and communica- ti°118 which were considered and acted upon as follows: Matter noted with approval on April 10th, namely, telegram dated ADril gta from i)enuty Governor Kenzel of the Federal Reserve Bank of Lew York ' IcIvisinc", that in order to offset a- mrehension of firmer money rates 48 t he result of '2reasur: financing, the followinr., schedule of buying rates Oliban%ers' acceptances was made effective at the New York bank on that date. 1 to 90 days 91 to 120 days 121 to 160 days Repurchase There being no objection, the informal action taken yesterday was ratified. Te legrams dated April 9th and 10th from the Chairman of the J'ederal tts8ervo T 3 ank of Chicago and the Governor of the Federal ,Wserve Bank of respectively, both advising that on the dates of their telegrams ti le 1 , '°110w1ng schedule of buying rates on banters' acceptances was made Of 1 to 90 days 91 to 120 days 121 to 180 days Viithout objection, noted with approval. Telegram dated Anril 10th from the Secretary of the Federal heserve O f u lnneanolis, advising that the followin schedule of buying rates on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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A meeting of the Executive Committee of the Federal Reserve 3oard
v4.
was held in the office of the Federal iieserve Board on Saturday, April 11,
1931) at 11:15 a. 111.
PRESENT: Governor IJ.eyerYr. HamlinMr. 1:Til1erMr. James
ICClelland, Assistant Secretary.
The Assistant Secretary Presented the following renorts and communica-
ti°118 which were considered and acted upon as follows:
Matter noted with approval on April 10th, namely, telegram dated
ADril gta from i)enuty Governor Kenzel of the Federal Reserve Bank of Lew
York' IcIvisinc", that in order to offset a-mrehension of firmer money rates
48 the result of '2reasur: financing, the followinr., schedule of buying rates
Oliban%ers' acceptances was made effective at the New York bank on that date.
1 to 90 days91 to 120 days121 to 160 daysRepurchase
There being no objection, the informalaction taken yesterday was ratified.
Telegrams dated April 9th and 10th from the Chairman of the J'ederaltts8ervo
T
3ank of Chicago and the Governor of the Federal ,Wserve Bank of
respectively, both advising that on the dates of their telegramstile 1,
'°110w1ng schedule of buying rates on banters' acceptances was madeOf
1 to 90 days91 to 120 days121 to 180 days
Viithout objection, noted with
approval.
Telegram dated Anril 10th from the Secretary of the Federal heserve
Ofulnneanolis, advising that the followin schedule of buying rates on
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''111
eilleElf'° with re''erence to the action of the Dearborn State Bank,
1-11111 a member institution,
of Dearborn, under
kent advisinr; that the
itineetinc,? on April 3rd voted to
in purchasing the
-2-
acceptances was made effective on that date.
1 to 90 days91 to 120 days121 to l30 daysRepurchase
Without objection, noted withapproval.
Letter dated April 9th from the Secretary of the ?ederal Reserve Bank
or r.ew york, and telegrams dated April 10th from the Secretary of the
a. Reserve Bank of Cleveland, the Chairman of the Federal Reserve Bank
or'"mond and the Secretary of the Federal keserve Bank of Atlanta, all
that their boards of directors at meetin-s on the dates stated, made
4° chanzes in the banks' existing schedules of rates of discount and pur-
Without objection, noted withapproval.
'Report of Cormittee on Salaries and .11xpenditures on list submitted
bY thA,ederal Reserve Rank of Richmond, of employees for whom the directors
or thElt bank authorized leaves of absence with pay, on account of illness,(10i
4.11C, the month of ::iarch where the total of such absences since Zianuary 1,1931 I.
Ilus exceeded thirty days; the Board's Committee recommending approval of
the zalarY payments involved.
Approved.
Letter dated April 7th from the Assistant 17ederal Reserve Agent at
Dearborn,
assets of the American
date of iTarch 14th; the
1]xecutive Committee
approve
Assistant Lrederal
of the Chicago bank at
the action of the member bank,
Re-
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4/11/31 -3-
beille; of the opinion that the purchase of the Anerican State Bank did not
14v°1ve a violation of any of its conditions of membership in the federal
teserve oystem.
Upon motion, it was voted to interposeno objection to the action of the memberbank.
Memorandum dated :."arch 30th from the Board's If.xaminer in Charge,
elabrai+.re.)ort of examination of the federal lieserve Bank of ninneapolis
s elenaIranch, made as at the close of business February 17, 1931.
Ordered circulated.
The Governor referred to an entry in the above report that on
"Alrie 2,u) 1930, the -xecutive Committee of the federal iieserve Bank of
1-4"IP°1is voted to nay L.rs. Gray aarren, widow of the foImer cashier of
who died on Tune 21, 1930, the balance of L.d.. Warren's salary
the Year 1930, and that a payment of 3,000 was uccordinly made.
The Governor stated that he had looked over the Board's file with
to the Payment made by the 'federal "ieserve Bank of Cleveland in
/" 25 to the widow of 11.r. D. C. 'hills, and also reL;arding the payment tothe ...
-stete of Governor Stron by the federal ileserve Bank of New York,Which waa
the bank ,
disapproved by the Board early in 1930.
He suggested that this Payment couldbest be taken up by Personal conferencewith Governor Guery of the :"inneapolisBank at the time he is here attending theGovernors' Conference and upon motion, thematter was referred to the Governor forinvestigation and report.
It was also suggested and voted thatthe general nuestion of co'.ipensation forofficers and employees of the Federal-eserve banks after death and duringperiods of incanacitation and extendedillness be brought up for discussion atthe orthcciing conference of Governors.
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The Governor then reported that he had received a communication from
Gr3vernor :orris of the .1edera1 deserve Jank of ,hiladelphia, auvisinr that
lictu been invited to take a position of public trust for a limited period
or t ime which he would not accept without the approval of the ederal
er ve Board, and in connection with which he would take a leave of absence
t(III 81X or nine months, and possibly a year, without compensation from the
4del'al Reserve Dank of lailadelphia.
After discussion, the Governor wasinstructed to inform Governor horns bytelephone that the Board feels unable toaccede to the suggestion of a leave ofabsence for a prolonged Period at thistime.
The Governor then reported on his attendance yesterday, with 17r.
at the meeting of the L3tockholders of the 'iederal ]leserve Bank of
STAIDIGT.(1.
NteaAPril 0th Liecommondin chanr;es in stock at .ilederal eserve anks,
10th as set forth in the Auxiliary :Anute Pooh of this date.llth i.ecommendations approved.
The meeting adjourned at 11:50 a. m.
istant Secretary
41:1Areired:
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(Zatecutiveectrmittee)
AUXILIAAY LIINUTEJ(April 11, 1931.)
aeports of Standing Committee dated April 9th, 10th and 11th,reccimmending changes in stock at Federal aeserve Banks, approved as follows:
AP-MJaations for ORIGINAL Stock:District No. 2.f31111Nir National Bank, Kearny, New Jersey.
4t8t National Bank in Sioux City, Iowa.
tiltitalotr SUARMDER of stock:
nrst National Bank, Newton, Lass. (V.L.Abs. by
Newton Trust Company)
Shares
180 180
300 300Total 480
120
strict No 4-2--ens National Bank, dilmington, Ohio. (Insolvent) 90 90
Tettnal—aa2.12.%\ tizens State Bank, Jamestown, Ind. (Expiration ofc
harter)
APProvea:
120
30 Total
30 -240
Assistant Secretary.
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