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A meeting of the Executive Committee of the Federal Reserve Board We.s held in the office of the Governor on Tuesday, April 28, 1931, at 10:45 a. 1316 2RES11T: Governor Meyer Mr. Miller Er. James Yr. McClelland, Assistant Secretary The Assistant Secretary presented various matters which were con814/Grad by the Committee and acted upon as follows: Report of Law Committee, submitting without recommendation, 41311cation of Hr. L. W. Estes for permission to serve at the sane time as Ol'ficer and director of the Columbia National Bank of Washington, D. C., cl as a director of the Washington Loan and Trust Company of Washington, b. 0. , approval of which is recommended by the Federal Reserve Agent at Riellniond. In this connection, consideration was given to a memorandum from e°141213e1 dated April 23rd calling attention to the fact that Liz. Estes has eci. both banks for some time but has overlooked securing the approval of the 'eueral Reserve Board; also that the Board has heretofore approved five a plai.n A44 --"4-0118 of other directors for permission to serve the two institutions l'etarred to, After discussion, upon motion, it was voted to permit Mr. Estes to continue to serve the two banks, and to advise him that the Federal Reserve Board reserves the right to reconsider at any time its action in approving the application. Letter dated April 22nd from the Assistant Federal Reserve Agent atLu , lalactal3oli5 transmitting a telegram from the cashier of the First 141110/%1 Bank of Dickinson, North Dakota, outlining the steps which the be4ws PzoPoses to take to provide competent supervision for its trust 4/2a/31 411artment if its application for full trust powers, on which action was clererred at the meetiivg of the Executive Committee on April 21st, is 4Proved. In the light of the additional information submitted by the Assistant Federal Reserve Agent, the application, upon motion, was approved. Letter dated April 23rd from the Secretary of the Federal Reserve Bank Of Kew York, and telegram dated April 24th from the Chairman of the l'ecieral Reserve Bank of Chicago, both advising that at meetings of their b°ards of directors on the dates stated, no chances were made in the banks' E4°4ting schedules of rates of discount and purchase. Without objection, noted with approval. Natters informally anproved by the Executive Committee on April 2214/ 'namely, telegraphic requests from the Governors of the Federal Reserve -" of Boston and Chicago for approval of minimum authorized buying rates ()x' banie --ers' acceptances of41 l/4510. Formally approved. Letter dated April 24th from the Secretary of the Federal Reserve Ilkok or Cleveland, requesting approval by the Board of a minimum authorized '.4.0 rate of 1 3/8/0 for the purchase of bankers' acceptances at that bank. Approved. Telegram dated April 23rd from the Secretary of the Federal Reserve 4, 14k or Linneapolis, and letter dated April 23rd from the Chairman of the Nier al Reserve Bank of Dallas, advising of the establishment of the Nao /71 '3 schedule of effective buying rates on bankers' acceptances: V28/31 -31 to 45 days 46 to 90 days 91 to 120 days 121 to 180 days Repurchase 1 3/8% 1 1/2% 1 5/8% 2 (7; 1 1/2% Without objection, noted with approval. Letter dated April 21st from the Secretary of the Federal Reserve 4111c of Kansas City, advising of the establishment of the following schedule Or effective buying rates on bankers' acceptances: 1 to 45 days 46 to 90 days 91 to 120 days 121 to 180 days 1 3/0% 1 1/2% 1 5/8% 2% Without objection, noted with approval. Telegrams dated April 22nd and 27th from the Federal Reserve Bank of v 'ork advising that dealers, on those dates, made further reductions 14 their bid and asked rates on bills. Noted. ' ,latter informally noted with approval by the Executive Committee on ADrii 27 th, namely, telegram dated April 27th from the Deputy Governor of the Peu Reserve Blank of I ew York, advising of the establishment on that tle.te 13f the following schedule of effective buying rates on bankers' 4e(lePtEuices: 1 to 45 days 46 to 120 days 121 to 180 days Repurchase 11/4% 1 3/8% 2% 1 3/0% There being no objection, the informal action of the Committee was ratified. Matter informally noted with approval by the Executive Committee on 4/28/31 -4- 413111 27th, namely, telegram dated April 27th from the Governor of the -4'64era1 Reserve Bank of Boston, advising of the establishment on that date or the followini; schedule of effective buying rates on bankers' acceptances: 1 to 45 days 46 to 120 days 121 to 180 days Repurchase 1 1/4% 1 3/8% 27, 1 1/2% There being no objection, the infor,lIal action of the Committee was ratified. Report of Committee on Salaries and Expenditures on letter dated 4111 21st Pram the Comptroller of the Currency, recommending approval of aalarY of j2,700 per annum for National Bank Examiner Gerald Griffin, Etalazed to the First Federal Reserve District; the Board's Committee also reeQuzending approval. Approved. Telegram dated April 23rd from the Federal Reserve Agent at Richmond, 4(51r1:; of the death on April 22nd, of 1,:r. H. B. Wilcox, director of the 44' 1:raore Branch of the Federal Reserve Dank of Richmond. Doted, with regret. 1,Temorandum from the Chief of the Division of Bank Operations, dated 410tii 24th, advisin(; that on Aril 8th the Federal Reserve Bank of Boston ' ,zed ' ' 000,000 of gold coin, and on April 14th a like amount, for the 1141111t of the Argentine Embassy in Washington under substantially the same tlons as governed similar transactions in 1925 and 1930. Doted. Llemorandum from Counsel dated April 7th, submitting draft of reply t° lett -er dated i:arch 21st from the Federal Reserve Agent at Chicago, in- 4/28/31 -5whether a branch office such as is contemolated by a recent Iowa atatute may be established by a state member bank in that state; the proposed etIlY stating that the Board is clearly of the opinion that such a branch "ce would be a branch within the meaning of Section 9 of the Federal Re'17 ' 3 Act, and could not lawfully be established by an Iowa state member bank. Upon motion, the proposed letter was approved. Letter dated April 27th from the Comptroller of the Currency, replying to c3ard es letter of April 18th, with regard to continued deficiencies in the reserves of the First ITational Bank of Kinston, Y. C., the Lational Bank °Is LaGrange, N. C., and the ,Arst National Bank of Victoria, Va.; the °°flIPtroller stating that the First 2lational Bank of Kinston has since closed, eZd that he concurs in the recommendation of the Federal Reserve Agent at litehmo not that no action be taken at the Present time with regard to the other t170 banks. Upon motion, it was voted to approve the Vederal Reserve Agent's recouwendation, and to request him to keep the Board advised of any developments affecting either the National Bank of LaGrange or the ifirst flational Bank of victoria. Letter dated April 23rd from the Federal Reserve Agent at St. Louis, bt t-ng copies of a re:)ort containing information relative to Caldwell (3124)anY, A. J. Banks and Company and Banco Kentucky Company, recuested bY the Board in a letter addressed to him under date of January 29th. Upon motion, it was voted to refer Mr. Wood's letter and enclosures to Counsel for report as to whether the Information submitted, or any part thereof, should be transmitted to the Department of Justice. (71: r`-.0 tt-wl 4/28/31 -6- 11 -:LPORTS 01? STANDING COLlaTTEES: bated, April 22nd 23rd 24th 25th 27th 1)Eited, bated, April 22nd April 22nd April 22nd April 24th 1)4ted, April 25th Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary 'dilute Book of this date. Recommendations approved. Recommending approval of the application of Mr. Val H. Mitrrell, for permission to serve at the same time as a director of the First rational Bank of Longview, Texas, and as a director and officer of the Commercial National Bank of Shreveport, La. Approved. Recommending approval of the application of Mr. Henry Schafer, for permission to serve at the same time as a director of the Fidelity National Bank of Oklahoma City, Oklahoma, as a director of the Citizens National Bank of El Reno, Oklahoma, and as a director of the First National Bank of fhite Deer, Texas. Approved. Recommending approval of the application of Mr. Aaron L. Jacoby, for Permission to serve at the same time as a director and officer of the Brooklyn National Bank of New York and as a director of the Citizens Bank of Brooklyn, N. Y. Approved. Recommending approval of the application of Mr. Howard N. Flanders, for permission to serve at the same time as a director and officer of the ':Tebster and Atlas 1:ational Bank of Boston, Mass., and as a director of the Maiden Trust Company, Malden, Mass. Approved. Recommending approval of the application of Mr. Harry H. Rogers, for permission to serve at the sane time as a director and officer of the Exchange National Bank, Tulsa, Oklahoma, and as a director of the City-Central Bank & Trust Company, San Antonio, Texas. Approved. The meeting adjourned at 11:30 a. m. e (k2Z a 1 6;05 / Assistant Secretary (E xecutive O ftnittes) AUXILIA.RY MINUTES (April 28, 1931.) Reports of Standing Committee dated April 22nd, 23rd, 24th, 25th, and 0110as:recomthending changes in stock at Federal Reserve Banks, approved as 4 . (411, 4 lications for OAGINAL Stock: Pirst Shares National Bank in Washingtonville, N. Y. i)47! .q4latii. ( 24.1. 1 4.4verae National Bank, Luverne, Minnesota. 39 39 36 Total 36 75 4 l ication for ADDITIONAL Stock: Pourth Northwestern National Bank, Minneapolis, Minn. 15 A lz ,4cations for SUALiENDali of Stock: ,latrict No. I. 40aton-O ontinental National Bank, Boston, Mass. (Cons. Of the Boston National Bank and Continental National Bank of Boston) 75 1/istriet No, 4 1'T111e National Bank, Coolville, Ohio. (Insolvent) 30 "rat National Bank, Weston, Ohio. (V:L.Abs. Citizens Banking Company of Weston) 21 414strict No, 5. tlaaal Bank of Norton, Norton, Va. (Insolvent) „latrict No. b. vitizens B and Trust Company of Jefferson, Ga. zi (Insolvent) National Bank, Panama City, Fla. (Insolvent) 14 atrict pi, No. 7. 'at National Bank, Burt, Iowa. (Insolvent) latriet tio. 9 15 75 51 48 48 69 210 279 30 30 78 78 114 Total 114 675 at Ilational Bank, Durand, Wis. (V.L.Suc. by First IlatiOnal Bank in Durand) District No. 12 44Ic ()f Commerce, Aphu . 4 4-01rea : Oregon City, Oregon.(Insolvent) Rza(.01 Assistant Secretary.
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