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A meeting of the E:x,ecutive,Committee of the 7edera1 Reserve Board was 1) held in the office of the Federal deserve Board on Thursday, April 16, 1931 at 1120 a. m. PRESENT: Governor ILeyer Ur. Hamlin lir. Miller Mr. McClelland, Assistant Secretary. The Assistant Secretary presented a telegram dated April 15th from the boa . , suairman of the Federal eserve Bank of Jt. Louis, advising that his Of directors, at its meeting on that date, made no change in the bank's e4istinC; schedule of rates of discount and purchase. Without objection, noted with approval. The Assistant Secretary also presented a memorandum dated April 15th rt. the Chair,aan of the System Committee on Bank deserves, submitted in rclarleo with the action taken at the meeting of the Board on April 7th, atati rtg that if agreeable to the Board, the Committee will defer making a -c recommendation regarding the publication of a summary of state laws Cli re,.. 'erve reauirements until it has completed the Preliminary draft of its Ce3aeral report. 1,oted with approval. Reference was then made to the discussion had at the meeting yester- clar ill connection with the membership application of tne ::umberland Trust 3rid3.eton, 1. J., and to the advisability of adopting as a general 13°11eIr in actilv!, on aPplicatioTis of state banks and trust comnanics for memberill the Federal deserve System, the recuirement that at the time of tO membershin, the applicant bank shall be free from all known losses (lecreciation, so that on the day its membership becomes effective its "telell:t will reflect as nearly as possible the true value of its assets. 4/16/31 -2Upon motion, it was voted to present the proposed nolicy for discussion at the forthcoming Governors' Conference. R2PORTS OF GTA_YMIG 001TITT9ES Ntted, bate April 15th 16th April 15th lecommending changes in stock at 2ederal eserve Tanks, as set forth in the Auxiliary :inute Book of this date. Recommendations annroved. lelommenuin anproval of the annlication of ir.A. 1. Kimball, for permission to serve at the same time as a director and officer of the -irst National Bank of lako, Nevada, and as a director of the Lational Conner 3ank of Salt Lake City, Utah. Approved. The meeting adjourned at 12:00 noon. Assistant Lecretary 41. 1-)roved: (Zxeeutive ''qzmittee) aa1.1.1..2.Y LJLi (April 16, 1931.) ehar ii.eports of 6tanding Ja:Taittee dated April 15th and. 16th, reoommendiag iges in stock at iederal li,eserve Banks, approved as follows: 'cations for 0;A1.ii,;..iL stook: 4Wil.:12,ILJo. 2° Liriaen National Bank, Linden, 13is trict N 11. Liberty National Banc in Paris, Texas. Shares • 150 150 60 Total 60 210 Assistant Secretary. I • • I
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