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A meeting of the Executive Committee of the Federal Reserve Board 118.8 held in the office of the Governor on Wednesday, April 29, 1931, at 11:05 a. in. PRESENT: Governor Meyer Mr. Miller Mr. Tames Er. McClelland Assistant Secretary. The Assistant Secretary presented the following matters for consideration and action by the Committee. Telegram dated April 28th from the Chairman of the Federal Reserve ila k of Atlanta, advising of the establishment of the following schedule of effective buying rates on bankers' acceptances: 1 to 45 days 46 to 120 days 121 to 180 days Repurchase Without objection, noted with approval. Telegram dated April 29th from the Deputy Governor of the Federal 've Bank of St. Louis, and letter dated April 27th from the Secretary of the 'eueral Reserve Bank of Kansas City, both advising of the establishment 4t these banks of the following schedule of effective buying rates on bara. '-'erst acceptances: 1 to 45 days 46 to 120 days 121 to 160 days Without objection, noted with approval. Telegram dated April 28th from the Chairman of the Federal Reserve an Francisco, advising that the Executive Committee has established t1 1/441111m authorized buying rate for purchases of bankers' acceptances or 1 141°, and the following schedule of effective buying rates: 4/29/31 -21 to 45 days 46 to 120 days 121 to 180 days Repurchase 1 1/4% 13,4% 2;13 1 1/25 Upon motion, it was voted to approve the minimum authorized buying rate established by the San Francisco bank, and, there being no objection, the establishment of the above schedule of effective buying rates was noted with approval. Report of Committee on Salaries and Expenditures dated April 29th 04 list submitted by the Federal Reserve Bank of Chicago of employees for ,Whcfnl the directors approved leaves of absence, with pay, on account of illneeet during the period from March 27th to April 23rd, where the total Or such absences since January 1, 1931, has exceeded thirty days; the Boam' 8 Committee recommending annroval of the salary payments involved. Approved. Letter dated April 21st from the Undersecretary of the Treasury, elici°8itg copy of a circular from the Director of the Budget providing r°1' tha °rganization of a Federal Statistics Board, which would include t o e!flbers appointed by the Treasury Department and the Federal Reserve 130m I'd • the Undersecretary suggesting that, if ai;reeable, the Federal Reserve 130azid designate as a member of the Federal Statistics Board a representative troz 4 "tte Division of Research and Statistics. A discussion followed, during which doubt was expressed as to the advisability of participation by the Board in the proposed activity, and Governor Meyer was requested to take the natter up informally with the Undersecretary of the Treasury. LisMorandum from Counsel dated April 23rd, prepared in accordance tl ' le action taken at the neeting on April 21st, with regard to the ' leq1Neerf: -- of the Pennsylvania Company for Insurances on Lives and Granting 4/29/31 411aallit1es, Philadelphia, Fennsylvania, for a reconsideration by the Board O1 its ruling that the Pennsylvania Company, since its consolidation in Liar eh 1930 with the Colonial Trust Company, is subject to all of the conof membership to which either constituent institution was formerly ellbject, including one imposed on the Colonial Trust Company, reouiring the consent of the Federal Reserve Board prior to the purchase of stock in any Other bank or trust company. After a general discussion, action on the request was deferred. Letter dated April 28th from the Federal Reserve Agent at Philadelphia, clvi8i 1g that in view of the action taken at the meeting of the Board on 4111 15th with regard to the application of the Cumberland Trust Company of 811dgeton, 14. T., for neLbership in the Federal Reserve System, the applicant 1344k " h requested that the application be withdrawn. Upon motion, it was voted to take no further action on the application. itl iTS OF STANDIFG COMMITTEES 1)4teds April 28th Recommending approval of the application of Mr. Julius L. Meier, for permission to serve at the same time as a director and officer of the American National Bank of Portland, Oregon, as a director of the First National Bank of Salem, Oregon, and as a director of the United States National Bank of Eugene, Oregon. Approved. The neeting adjourned at 11:45 a. rup A -iDDrovea: Assistant Secretary
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