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C.1 Upon call of the Governor, a meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, December 23, t, t 1930, at 4:15 p. Governor L':eyer hir. Hamlin Lir. Jailer 1.1r. Tames Pole Lir. 1:1cClelland, assistant Secretary. The Governor rePorted advice just received over the telephone from Governor ilarrison that the Board of Directors of the Federal Reserve Bank of liew York had voted, subject to review and determination of the Federal Reeerve Doard, to establish a rate of 2,; for all rediscounts and advances, effective from the opening of business December 24, 1930, and until further edvice superseding the existing rate, with the understanding that this action i8 Predicated upon approval or disapproval by the Federal Reserve Board today. He also reported that the Lew York Directs voted to request the 'ederal eserve Board to reduce to 1 1/2% the rate established by it as the Itlinimum buying rate for the purchase of bankers' acceptances by the iew York Bank. Upon notion, the rediscount rate of 2% established by the ITew York directors on all classes of paper of all maturities was approved, effective tomorrow, December 24, 1930. Upon motion, it was also voted to establish a minimam authorized rate of 1 1/2% for purchaseSof bankers' acceptances by the Hew :7ork Bank. The meeting adjourned at 4:25 p. m. Assistant Secretary Goiernor
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