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'4 A meeting of the Federal 'Reserve Board was held in the office of ) the federal ,eserve Board on Monday, April 20, 1931, at 11:15 a. m. PRESErT: Governor Eeyer Yr. Hamlin Yr. Miller Er. Janos Yr. Pole Er. McClelland, Assistant Secretary. The minutes of the meetings of the Executive i- 'oramittee held on April llth, 13th, l'Ith and 16th were approved, and upon motion, the actions retherein were ratified. The minutes of the meeting of the federal Reserve Board held on 4Pri1 15th were approved. The Assistant Secretary presented a memorandum dated April 16th trOM the 1Director of the Oivision of Research and Statistics, recommending the aPDointment, effective APril 22nd, of Mrs. Aorence O'Hare, as a 8ten°graPhe1' in that division, at a salary of 4,560 per annum. Approved. Reference was then made to the reruest of the board of directors of the , ederal Reserve Liank of New York, on which action was deferred at the eeti -1141') of the :aecutive Cornittee on April 18th, that the '. 1ederal eserve Botl,A reduce to 1 1/4:, the rate established by it as the minimum buyinu, rate he Purchase of bankers' acceptances by the hew :ork Bank. After discussion, upon motion, it was voted to establish a minimum authorized rate of 1 1/4';: for the purchase of bankers' acceptances by the liew York Bank. The Governor then presented a memorandum from Counsel dated April t\ 17th, '41th regard to the definition by the Treasury Denartment of the ri7hts, 8,11(1 responsibilities of federal Reserve banks, whether as 2iscal or depositaries of the government, in "cashing" government checks and - 4-20-31 '7) omi Ilarrants under Section 32 of the Treasury Department's circular I;c0. 176; Ccunsel recommending that the matter oe Presented to the forthcoming conference of Governors with the suggestion that it be referred to a cor=ittee study and rePort at the Tall Conference of Governors, and that copies 01' his memorandum be furnished to all Governors for their information; also, that the Secretary of the Treasury be recuested to furnish to the federal Reserve Board for the information of the federal Reserve banks and the Board coPY of an ordnion rendered by the Attorney General in 1925 regarding the --lvY of federal Reserve banks, as fiscal agents, for losses incurred in the ,— ',0tyment of counterfeit war savings stamps. Upon motion, it was voted to approve the reference of this matter to the Governors' Conference in accordance with Counsel's recommendation, and a letter to the Secretary of the Treasury, submitted with his memorandum, recuestinL; a copy of the opinion of the Attorney General referred to above, was approved as arended. Reference was also made to the matter on which action was deferred et t4 e ueetin; on April 18th, namely, letter dated April 15th from the Seer "aa7 of the federal ,Advisory Council, recluestinr:, a list of topics which the 'ederal Reserve Board would like to have the i30uncil discuss at its Ile%t rie Which will be held in jashington on lay 19, 1031. After a brief discussion, it was voted to submit to the Council for its consideration, the ruestion of the real estate situation throughout the country and its relation to banking conditions at the present time. 'I'c$a's01?,.!2113.TD.1.TGCOTITITT_IE.S: 1.1tel, April 18th Recommending action on an application for fiduciary powers as set forth in the Auxiliary 1.1inute Book of this date. Recommendation a-2proved. The ueeting adjourned at 12:10 p. 41)Proved U6 1 i AUXILIA_AY IIINtJTES (April 20, 1931.) Aeport of Standing Committee dated April 18th, recommending action on 44 application for fiduciary powers by the following bank: DISTAICT NO. 8. TENNESSE11;: The Hamilton National Bank of Knoxville. (3348) (Approved as of April 15, 1931, date on which charter was issued by Comptroller of the (urrency.) Pa/ Assistant Secretary. •
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