Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, April 3, 1931, Volume 18, Part 1

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A meeting of the Executive Committee of the Federal l',eserve Board was
held in
the office of the Federal Reserve Board on Z7riday, April 3rd, 1931,
at 12:00
noon.
PRESENT:

Governor Dayer
Hamlin
'La% Miller
27. Janes
Lr. EcClelland, Assistant Secretary.

The Governor referred to a reTay made by the Board, unCter date of
23rd, to an
inquiry received from Governor Calkins, Chairman of
tile G
overnors' Conference, that it was not deemed necessary to call the
8Pring conference of governors, as the Board felt it would be more
eo/iveient and satisfactory to take up any natters which cannot be postDcter4
Until the regular autumn conference at a time when the governors are
ea1lerl
to dashington
c
for a meetin', of the Open 1:,arket 7-Jo1ley Conference.
Re ata,t
ed that he has since reached the conclu!Aon, after discussions with
'
011* or
tae covernors, that it is desirable to hold a spring conference.
After discussion, unon motion, it was
voted to advise Governor Calkins that upon
further consideration the Board deens it
advisable to have the usual spring conference
of governors and would be glad to receive
his suggestion as to a convenient date.
The Assistant ;;ecretary then presented reports and coimunications
We

considered and acted upon as follows:

Letter dated April 2nd from the Jecretary of the Federal Reserve Bank

or

yo

/le 1.1re
b

CI

and telegrams dated April 2nd from the Chairmen of the 7ederal
n48
a
'

of :_ansas City and

an Francisco, all advising that their

es

Of d.
'rectors at meetings on the dates stated made no changes in the
b rIket
ei8ting schedules of rates of discount and purchase.




Without objection, noted with
approval.

4AV31

-2-

If
Letter dated ::_arch 30th from the Assistant Federal .2,eserve Agent
"Chicarro, advising that the St. Joseph Valley Bank, Llkhart, Indiana,
Der institution, has taken over the assets and assumed the liabil-8 Of

the houth hide State Dank of Elkhart, a nonmenber bank; the

.48813tant - ederal

esove Agent stating that it is not believed that the

case of the institution involves any change in the general character
or the assets of or broadening in the functions exercised by the member bank.
loted, with approval.
Draft of letter to the Vederal lieserve Agent at Atlanta, prepared
tile lines of discussion at the meeting on liarch 31st, with regard
tO

al's
"of

its own stock held by the Citizens Bank and Trust Company,

4141
/111811,( eorgia; the letter advising that although the member bank has
,
Y :)een granted as much time as could re:Isonably be expected to diskee
or this stock under ordinary conditions, because of the unusual cirNat
'
e ll es under which it was acr.uired and the conditions now existing,
te
'I'd Will follow the Agent's recommendation and take no action at this
aPp
--ectine; the membership of the 'Citizens Bank and Trust Company, reai

however, that the Federal 2eserve Agent keep in close touch with

tu"ioh and submit a further report to the Doard not later than the
etlq ot
the current year.
Approved.
Morandum from Counsel dated April 2nd, with regard to an applica,oh
-111'4de 1,
uY the Iiibernia Trust,Comany of New York City, a nonmember
,J4;)
c.'"c Le cancellation of 18(j0 shares of stock in the "federal laieserve
r,
%,1;1010, '-" :tork standing in the name of the Broadway and Plaza Trust Company
City; Counsel advising that there is no legal reason why the




4/3/31

-.3-

Should not approve the application, as recommended by the Assistant
Federal Reserve Arent at New York, effective if and when the Broadway
Plaza Trust Company is merged into the Hibernia Trust Company under
the laws of the State of rew
York.
Upon motion, cancellation of the
stock was approved as recommended.
The Governor then Presented a letter addressed to him by Ni'. Charles
r)* stone, of
the real estate firm of Stone and Fairfax, Washington, D. C.,
ifl

whether the Board is interested in considering the purchase of

Ille PtoPerty of the Metropolitan Club, located at 17th and H Streets, N.
484 site for a I- rederal Reserve Board building.
Upon motion, the Governor was requested to reply that the Board is not
interested in the purchase of the property.
The meeting adjourned at 12:25 p.




sistant Secretary