C8 /1 t A meeting of the Executive Committee of the Federal Reserve Board held in the office of the Federal Reserve Board on Thursday, May 21, 194 , at 1115 a. m. b ftely v, tel egrara dated May 20th from the Chairman of the Federal Reserve Bank or 4 4.8 48 City, advising that the Board of Directors on that date voted to PREbENT: Mr. Miller, Presiding Mr. Hamlin Mr. Janes Mr. Magee Mr. McClelland, Assistant Secretary. The Assistant Secretary presented the following matters which were °°114111 ered and acted upon by the Committee as set out below: Matter approved on initials by the Executive Committee yesterday; erteoti ye the first business day following that upon which approved by the Reserve Board. a rediscount rate of 3% on all classes of paper of all maturities, Upon motion, the informal action of the Executive Committee in approving for the Federal Reserve Bank of Kansas City a rediscount rate of 3% on all classes of paper of all maturities, effective May 21st, was ratified. 411ot Telegram dated May 20th from the Governor of the Federal Reserve 0 t Boston tittt e, tlacie advising that the Board of Directors, at a meeting on that 3:10 0han8e in the bank's existing schedule of rates of discount kIldi 1)111%0143e. Letter °I% itezsa a l'Ette or Without objection, noted with approval. dated May 19th from the Secretary of the Federal Reserve City, advising of the extension of the bank's minimum effective 1% to cover acceptances maturing within 90 days. Without objection, noted with approval. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
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C8
/1 t
A meeting of the Executive Committee of the Federal Reserve Board
held in the office of the Federal Reserve Board on Thursday, May 21,
194, at 1115 a. m.
bftelyv, tel egrara dated May 20th from the Chairman of the Federal Reserve Bankor44.8
48 City, advising that the Board of Directors on that date voted to
PREbENT: Mr. Miller, PresidingMr. HamlinMr. JanesMr. MageeMr. McClelland, Assistant Secretary.
The Assistant Secretary presented the following matters which were
°°114111ered and acted upon by the Committee as set out below:
Matter approved on initials by the Executive Committee yesterday;
erteoti ye the first business day following that upon which approved by the
Reserve Board.
a rediscount rate of 3% on all classes of paper of all maturities,
Upon motion, the informal actionof the Executive Committee in approvingfor the Federal Reserve Bank of KansasCity a rediscount rate of 3% on allclasses of paper of all maturities,effective May 21st, was ratified.
411ot Telegram dated May 20th from the Governor of the Federal Reserve0
t Bostontittte, tlacie advising that the Board of Directors, at a meeting on that3:10
0han8e in the bank's existing schedule of rates of discountkIldi 1)111%0143e.
Letter
°I% itezsaa
l'Ette or
Without objection, noted withapproval.
dated May 19th from the Secretary of the Federal Reserve
City, advising of the extension of the bank's minimum effective
1% to cover acceptances maturing within 90 days.
Without objection, noted withapproval.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
I
5/4/31-2-
Memorandum from the Assistant Secretary dated May 21st, reporting
khrie,4̀11 received from Deputy Governor Rounds of the Federal Reserve Bank of
Nvithat the attitude of the Board, as expressed at the meeting
Ye8tel'claY, regarding the plan for the absorption by the Bank of Jamestown,
4lestownNew York, of the Farmers and Mechanics Bank and the American
bank of that city has been communicated to the Bank of Jamestown,
is willing, if required by the Board, to make a further charge off
4sinat it--8 undivided profits account in connection with the merger to cover
414 4i.tional :190,000 of bond depreciation, although it is felt that they
ueen verY liberal in the charge-offs proposed in the plan as submittedtiliq
anything further is to be done at this time, would prefer to charge off090 00,
°I* the remaining bond depreciation, leaving 0_00,000 to be worked offqtter as
ktther
A rererenCe to the condition of the Oesterreichische Credit Anstalt
141143ade'14k, 4 Und Gewerbe, referred to in a previous cablegram dated May 11,
noay be necessary.
After discussion, upon motion,it was voted to approve the applicationof the Bank of Jamestown for permissionto absorb the Farmers and Mechanics Bankand the American National Bank of thatcity on condition (1) that in additionto charging off estimated losses agreedto by the officers of the bank aggregating$1,236,000, an additional $190,000 of bonddepreciation be charged against the un-divided profits account of the merged bankand(2) that any recoveries on account ofcharged off assets be set aside in a reserveaccount to be applied as the state examinershall from time to time direct.
Cabl-egram dated May 21st from the Austrian National Bank with
Upon motion, the Assistant Secretarywas instructed to communicate the contents
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_3_
of the cablegram to the Governor of theFederal Reserve Bank of New York.
11101ITS OF STAHDING C01.1,UTLES:
441/d) IlaY 20th Recommending approval of the application of Mr. Anton Y.Germak, for permission to serve at the same time as adirector of the Lawndale National Bank of Chicago, Ill.,and as a director of the Terminal National Bank ofChicago, Illinois.
41teds Mah.
Approved.Y 20t Recommending approval of the application of Mr. T. M.
Bennett, for permission to serve at the same time as adirector of the National Bank of Commerce of San Antonio,Texas, as a director of the Yoakum National Bank ofYoakum, Texas, and as an officer of the Standard TrustCompany of San Antonio, Texas.
Approved.
§15toveci:
The meeting adjourned at 11:40 a. m.
Nbriter Executive Committee.
Assistant Secretary.
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