The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1191 At a meeting of the special committee appointed by the Board at its session,on Tuesday, June 22, to act in lieu of the Executive Committee on the subject of discount rates, held in the office of Mr. Warburg on Thursday, June 24, PRESENT: Mr. Warburg Ur. Williams Mr. Willis, Secretary. The Secretary of the Board presented the usual weekly discount rate reports, calling attention to the fact that the banks might be classified as follows: Banks recommending no changes in old rates: Boston New York Cleveland Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Banks recommending changes in old rates: Philadelphia - Richmond - 4% 11 to 60 days instead of 4% up to 60 days 4% . up to 60 days instead of 60 days. 4N up to Banks asking short term rates: New York San Francisco St. Louis Philadelphia 3% for maturities not over 10 days 3% "i 15 day maturities • ti 3% " 15 " 4 up to 10 days. 1192 After discussion the changes requested were authorized on condition in the cases of the banks of San Francisco and St. Louis that the maturities be made 10 days instead of 15 days as proposed, this change being for the purpose of starting the new 370 rate proposed by the banks upon a basis of uniform maturity.. It was informally agreed by the members of the Committee that the Third National Bank of Scranton, Pa., be notified through the Federal Reserve Bank of Philadelphia, that its application for power to exercise the functions of registrar of stocks and bonds, had been approved, the same being on the basis of a favorable report as to the record of the bank made by day. the office of the Comptroller of the Currency this ned. On motion at 12 noon, the Committee adjour Secretary. APPROVED: Chairman.
@FedFRASER