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A meeting of the Executive -Committee of the Federal Reserve Board W48 held in the office of the Federal Reserve Board on Wednesday, June 17, 1r , at 11:40 a. m. PRESIITT: Governor Meyer 1;:r. Hamlin I.r. Miller Lagee Ncell, Assistant Secretary. The Assistant Secretary presented the following natters which were e°11sidered and acted upon by the Committee: Telegrams dated Tune 17th from the Chairmen of the Federal Reserve taaik.e„ N4 of Philadelphia and St. Louis, advising that the directors, at their lar meetings today, made no changesin the banks' existing schedules of rates I or d iacount and purchase. Without objection, noted with aooroval. Letter dated Tune 12th from Deputy Governor Crane of the Federal Re- eery e Bank of New York, submitting a tabulation showing the short-term indebtMie 23 between "Tew York banks and bankers and foreign clients as of Lay 31, Ordered circulated. Memorandum from Counsel dated June 11th, submitting draft of letter to th 4JeDllty Governor of the Federal Reserve Bank of Richmond referring to his letter -- of May 5th and stating that under the circumstances outlined, the Board le 0 r. the opinion that no formal action on its -oart prescribing for the Fifth e al Reserve District the progressive penalty for deficiencies in member b4 ' le erves, is necessary at this time. Upon motion, the proposed letter was approved and ordered transmitted. 1O Governor then reported that he talked with the Chairman of the -,ern 1 -4- Reserve Bank of Cleveland over the telDhone this morning with regard -2to the present unsettled banking conditions in Toledo, Ohio, and that Ir. 1)e41441k0 advised that the Federal Reserve bank is supplying currency to meet the equiremenzs of the banks in that city as rapidly as it is being asked for. The Ct°1relmor also stated that reports comino to him :ram Chicago indicate that conare somewhat quieter there. The Board then went into Executive session and reviewed banking con- (lit;-°118 in Euro fe with particular reference to the present situation in Gertlany. 'OT4,Pc te -une 13. J c10::"ITT_23: Recommending a change in stock at a Federal Reserve Bank, as set forth in the Auxiliary Linute Book of this date. tlecommendation approved. The meeting adjourned at 12:20 D. la. Assistant Secretary. 4pprcpired: O kscutive Ocomittee) st.3' AUXILIARY MINUTE (June 17, 1931.) Report of Standing Committee dated June 16, recommending a change in atom, — at a Federal Reserve Bank, approved as follows: tock at,Rarapton National Bank, East Hampton, N. Y. kVol. Liq. Abs. by Osborne Trust Company) Shares:, 120 .320 sistaat Secretary. klArOveiI
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