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4[66 A meeting of the Executive Coukdittee of the Federal Reserve Board 17as held in the office of the Federal Reserve Board on Monday, December 28, 1931/ at 11:35 a. in. PRESENT: Governor Meyer Mr. Hamlin 11.1% Tames Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. The followin- natters of business were considered and acted uoon by the Committee: Letter dated December 24 from the Secretary of the Federal Reserve Ballk of New York advisini7 that the Board of Directors, at its neetinf-, on that c/ate, made no change in the bank's existing schedule of rates of discount and NZehase. Without objection, noted with approval. Report of Committee on Salaries and Expenditures on a list submitted 13/T the Federal Reserve Bank of Chicago of employees for whom the directors ". 0rized leaves of absence with pay, on account of illness, during the Qd Lovember 19 to December 17, 1931, where the total of such absences since iUar 1, 1931, has exceeded thirty days; the Board's Corudittee recomnending Oval of the salary payments involved. Approved. Telegraphic reply, aporoved by the Governor on December 26, to a tele l'am of the same date from Deputy Governor Rounds of the Federal Reserve 84, 4ez 1•4ew York requesting permission to Purchase from the First National Bank or Y°11-13Y-the-Sea, New Xersey, :;,;30,000 of tax revenue notes of the Borough On-by-the-Sea, which appear to be legally eligible and to conform to the 80,b %krd s Regulations except in regard to Population of the town, the percentage 12/28/31 -2- telation of net funded indebtedness to the value of taxable property, and the Proportion of the amount offered to the total outstanding issue; the reply Stating that the Board authorizes the purchase by the New York bank of the Warrants referred to. Reply approved. 2eplies, approved by five members of the Board on December 24., to letters dated December 16 and 19 from the Federal Reserve Agent at Atlanta, rethat the First National Bank and Trust Con_any in Orlando, Florida, the First National Bank of Sylacauga, Alabama, and the Hancock National Bank °r Sparta, Georgia, have been deficient in their required reserves for a °11-0c1. of more than six months, and recammendinr, in each case that the Board take no action at this tine, pending receipt of further reports from the • A gent with regard to the reserve records of the banks referred to, which will be furwarded to the Board about January 20, 1932; the replies stating that, accordance with the federal Reserve Agent's reconmendations, the Board is taking no action ulthou:h copies of the letters are being furnished to the C) aptroller of the Currency for the information of his office. aeplies approved. approved by five members of the Board on December 24, to a lettr dated December 12 fram the Federal Reserve Agent at Dallas reporting °Iltinuous reserve deficiencies on the part of the First State Bank, Lorenzo, TezEta ) during the Period lilay 16 to November 15, 1931, and submitting a t-fk -.Cr\ ' 41:11endation of his Board of Directors that the Board defer action on the Tflatter until June 30, 1932, at which time the bank's reserve record will be 1*"ievied and, if still unsatisfactory, a recommendation will be made to the ."-u that the institution be cited to wmear and show cause why its member- 12/28/31 -3- 1P in the System should not be terminated; the reply statinr: that, in accordance with the recommendation, the Board will take no action at this time, but suggests that, if the Federal Reserve Agent has not already done so and 1111.1 s3 he feels that sone reason exists why the action should not be taken, he address a letter to each director of the member bank, as required by Section IV(b) of Regulation "D". Reply approved. Reports of Standing Committee dated December 28 recommnding approval °r the following changes in stock at Federal Reserve banks: J.ications for ORIGINAL Stock: Shares zlational 3ank of Charleroi, Charleroi, Penna. trict Sccarity ilational Bank, Viborg, S. Dakota. 240 240 18 Total 18 258 Approved. The meeting adjourned at 11:50 a. in. Secretary:
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