Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, January 23, 1932, Volume 19, Part 1

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A meeting of the Executive Committee of the Federal Reserve Board
was held in the office of the Federal Reserve Board on Saturday, January 23,
1932, at 11:30 a. in.
PRESENT:

Governor Meyer
nr. Hamlin
Mr. Liagee
Mr. Morrill, Secretary
Mr. McClelland, Assistant Secretary
Mr. Harrison, Assistant to the Governor.

The Committee considered and acted upon the following matters:
Telegram dated January 23 from the Chairman of the Federal Reserve
Bank of Richmond advising that the Executive Committee of the bark, under
authority of the Board of Directors, today voted to establish a rediscount
- on all classes of paper of all maturities, effective the
rate of 3 1/2;;
first business day following that on which approved by the Federal Reserve
Board,

The Governor stated that he had talked with flr. Miller over the

telephone and that Mr. Miller had expressed hirself as being in favor of
approval of the rate.
After a brief discussion, the rate
of 3 1/2% established by the directors
of the Richmond bank was approved,
effective January 25, 1932.
Telegram dated Tanuary 22 from the Chairman of the Federal Reserve
Bank of Chicago advising that the Board of Directors, at its meeting on that
date, made no change in the bark's existing schedule of rates of discount
and purchase.
Without objection, noted with
approval.
Telegram dated Tanuary 22 from the Governor of the Federal Reserve
Bank of San Francisco, in reply to the Board's wire of yesterday, advising




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1/23/32

that promptly upon request of Boise bankers for reestablishment of a currency
supply in Boise, Idaho, the San Francisco bank took up two proposals with
them, one of which the reserve bank expected to carry out promptly but had
received no further advice; that :500,000 is now being sent to Boise, and
that this amount will be increased if it apoears to be necessary.
The Secretary was instructed to wire
the Governor of the San Francisco bank,
requesting that he advise in detail regarding the arrangements made for custody
of the currency supply and for releases
therefrom.
Report of Standing Committee dated Tanuary 22, recommending approval
of the following change in stock at a Federal Reserve bank:
Shares
Aulieation for ORIGINAL Stock:
District No. 9.
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First and Farmers National Bank, Portland, U. Dak.
Approved.

The meeting adjourned at 12:00 noon.

Approved:




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