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A meeting of the Federal Reserve Board was held in the office or the Federal Reserve Board on Friday, February 20, 1931, at 11:30 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. James Mr. Pole Mr. EbClelland, Assistant Secretary. The Assistant Secretary presented various matters of business which Were considered by the Board and acted upon as follows: Letter dated February 19th from the Secretary of the Federal Reserve Bank of New York, advising that the board of directors at a meeting ft that date made no change in the bank's existing schedule of rates of discount and purchase. Without objection, noted with approval. Matter approved on initials yesterday, namely, telegram dated eb wary 19th from the Chairman of the Federal Reserve Bank of San ?relitn 4 -4.800, advising that the board of directors at its meeting on that (14ts made no change in the rediscount rate of the bank, but voted to establish a minium buying rate on acceptances of 1 1/2% and the following aelledu1e of effective buying rates: 1 to 45 days 46 to 120 days 121 to 180 days Repurchase 1 1/2% 1 5/8% 25 1 3/4c,1 Upon motion, the informal action taken yesterday was ratified. Letter dated February 18th from the Federal Reserve Agent at gnds with further reference to the examination of member banks in Ohio "est 14rginia which were not examined either by State authorities or the 2/20/31 -2- 6,1 Federal Reserve Agent during the year 1930. Noted. Memorandum from the Assistant Secretary dated February 9th, subL-1.tting reports of surveys made by the several Federal Reserve Agents of banks in outlying sections of reserve cities in their respective districts, "well as in the Central reserve city of Chicago, which have been granted allthority by the Board to carry reduced reserves against demand deposits; the memorandum pointing out that all of the Federal Reserve agents recommend that the present reserve requirements be continued, except the Federal ReOa Agent at Minneapolis, who makes no recommendation, and that there have been no changes in the character of the deposits of any of the banks conIn the Ninth District which would seem to warrant a discontinuance °t the privilege. In his memorandum, the Assistant Secretary pointed out " 8 era1 cases, regarding which the Board might desire to direct inquiry to the Vederal Reserve agents. Upon motion, authority previously granted to outlying banks in reserve cities to carry reserves of 7% against demand deposits, and to outlying banks in Chicago to carry reserves of 10% against demand deposits, was continued. 14x. Pole then advised the Board of the information in the possession "hie office, received from the Chief National Bank Examiner, regarding the ,— '"411agement of the newly organized First Merchants National Bank and 14‘let —.Pally of Middletown, N. Y., whose application for trust powers was 418ellseed at the meeting yesterday. After further discussion, it was voted to request the Assistant Federal Reserve Agent at New York to submit a detailed report to the Board regarding the proposed management of the new bank. L. 2/20/31 -3OP ST'ANDING COKLITTEES: Dated, February 20th Dated, February 19th Dated, February 19th Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary 11inute Book of this date. Recommendations approved. Recommending approval of the application of Yr. Charles E. Hatfield, for permission to serve at the same time as a director and officer of the Newton Trust Company of Newton, Mass., as a director of the Harvard 2rust Company of Cambridge, Mass.; and as a director of the Lechmere National Bank of Cambridge, Mass. Approved. Recommending approval of the application of Mr. Nathaniel Orens, for permission to serve at the same time as a director of the National Bank of Far Rockaway, New York; and as a director and officer of the Globe Bank and Trust Company of Brooklyn, New York. Approved. The meeting adjourned at 12:30 p. m. Assistant Secretary. 413Proved: - 60 1 AUXILIA.H MINUTES (February 20, 1931) Reports of Standing Committee dated February 20th, recommending chanpes ba stock at Federal Reserve Banks, approved as follows: AP.P.lications for ADDITIONAL Stock: District No. 2. ?int National Bank, Millburn, N. J. District No. 5. Parmers & Merchants National Bank, Bel Air, Md. Pirst National Bank, Lonaconing, Md. Second National Bank, Towson, Md. 'National Bank of Snow Hill, Snow Hill, N. C. °4waY National Bank, Conway, S. C. 'itizens National Bank, Elkins, J. Va. irst National Bank, Bassett, Va. Pirat National Bank, Big Stone Gap, Va. Pirst National Bank, Broadway, Va. !licples National Bank in Gate City, Gate City, Va. st National Bank, Gloucester, Va. Aational Bank of Gordonsville, Va. Ilerchants National Bank, Hampton, Va. !id Point National Bank, Phoebus, Va. 13irat National Bank, Richlands, Va. 0P1 Bank, Rural Retreat, Va. 2 t National Bank, Linden, Ala. 4,,rst National Bank, Oneonta, Ala. ‘t,;itizens Bank and Trust Co., Jefferson, Ga. 41rat National Bank, Gulfport, Miss. Shares 90 90 4 3 15 2 12 1 3 1 3 2 1 3 6 6 3 1 66 9 2 1 1 Total 13 169 m4 14 t, -1.cations for SURAENDER of 3tock: " 4 National Bank, Naffs, Ohio. (V.L.Abs. by tki, nPirat National Bank of Bellaire, Ohio) - avings & Trust Company, Warren, Ohio. (Decrease in capital and surplus) trict No. 7. cel. Avenue National Bank, Chicago, Ill. (Insolvent) 4rat National Bank, aaterloo, Iowa. (V.L.Abs. by Commercial National Bank) laf . -riot No. 9. "rat -v Aational Bank, Petersburg, N. Dak. (V.L.Abs. u mati b_Y Permers State Bank) 7l81 Bank of Gary, Gary, S. Dak. (V.L.Abs. by ret National Bank of Gary) 30 180 210 a 132 180 312 24 30 54 2/20/31 ,) Aaplications for SUaliENDE.i of, Stock: (Cont'd) District No. 10. First National Bank, Peabody, Kans. (V.L.Abs. by Peabody State Bank) Shares District No. 11. First National Bank, New Boston, Tex. (Cons. New Boston National Bank, with the above bank) First National Bank, Nainviaw, Tex. (Insolvent) District No. 12. ReileY National Bank, Hailey, Idaho. (Decrease in surplus) 60 60 36 120 156 15 Total 15 807 Assistant Secretary. APproved: G) •
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