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A meeting of the Executive Committee of the Federal Reserve Board was 4q41, 4 ' 11 the office of the Federal Reserve Board on Thursday, Tune 4, 1931, at 4:30 PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. Magee Mr. McClelland, Assistant Secretary. The Governor stated that in accordance with the suggestion made at 4 4140 etinC on June 2nd, he discussed with the Undersecretary of the Treasury the 414 tter of the separate publication in the body of the weekly Federal Re4"41% bazar -- statement, under the caption: "Special Treasury Certificates", of the 613ecial ene-day certificates issued to Federal Reserve banks by the 1).ea'atirY Department to cover overdrafts at quarterly tax payment dates, and lEtt 14ersecretary Mills had advised him that the Treasury Department would obJection to the proposed classification and that he thought it would 141. cisairable change' After some discussion, upon motion, the proposed change was approved. The Governor also reported that, as requested at the meeting on April Ne 4,1 has discussed with Undersecretary Mills the matter of appointment by eral Reserve Board of a representative of its Division of Research and Department, as zlifathe es to serve, along with a representative of the Treasury er the Federal Statistics Board which is to be organized under the ectio 4 of the Bureau of the Budget. Be stated that he advised Undersecretary It t hat it was the feeling of the Board that it should not participate in qi Ar °--$ed activity and that the Undersecretary believes that the Board's `41 iS CorreCt. A general discussion followed, during which Mr. Wyatt, the Board's Counsel, was called into the meeting and he was instructed to collaborate with the Director of the -2Division of Research and Statistics in the preparation of a letter to the Undersecretary of the Treasury. Mr. Wyatt then left the meeting. The Assistant Secretary then Presented a telegram dated Tune 3rd from the pi. ' 40irman of the Federal Reserve Bank of Boston, advising that the Board of krec4 ' sere: at its meeting on that date, made no change in the bank's existing aehea of rates of discount and purchase. Without objection, noted with approval. The Assistant Secretary also presented letter dated Tune 3rd from the abairmat Of the First Federal Foreign Banking Corporation, referring to the Iltient in (Ile the capital and otner matters disclosed in the recent examination corporation and reported to the Board by the Examiner in Charge in his kert, reaalatun — Of June 2nd; the letter stating that the matters will be considered t4 -4eeting of the Board of Directors scheduled for Tune 9th, following the action of the directors will be promptly communicated to the Federal Board. Noted. The Governor then presented draft of reply to letter addressed to him by h 8ecretary of Commerce under date of Llay 21st advising of a proposed qiNe)1 the 1 form of the Survey of Current Business, published by the Dettke ht; stating that it has occurred to the Department that the most ci tt lara et°rY method for presenting authoritative statements on business con- A '41t1.^ ,) the different Federal Reserve districts would be to use in the new Ny c/rtioial reports from each of the several Federal Reserve banks; and NteAt4 4-4e that if this plan meets with the approval of the Board, the Ltitic 6/4/31 -3- N341"Llnent would appreciate having a statement not exceeding 50 words, describing "ees conditions in each Federal Reserve district, in its hands by the 23rd or en 4eh 2 1onth. The proposed reply advised, for reasons stated, that it is ' "ed. the plan would prove to be impracticable in actual operation and the be 41'lliee Of the Board feel that it is preferable for the business reporting or the Federal Reserve System to continue not to be connected with tlloae °f the different executive departments of the Government. After some discussion, the letter was amended and approved. Reference was then made to the list submitted by the Federal Reserve 41kk C)r New Yorks ordered circulated at the meeting on Tune 2nd, of employees taat batik Who were granted leaves of absence with pay on account of illness, (ilktiiie the month of May where the total of such absences since Tanuary 1, 1931 ezeeeded thirty days, and attention was called to the fact that in several ItitEtt ees, employees who have been with the bank a comparatively short time ttave, aince January 1, 1931, been granted leaves of absence with pay ranging Nqa 93 to 120 days in excess of the usual 30 days. The Assistant Secretary was instructed to prepare a letter to the Governor of the bank requesting information regarding the cases referred to. The Governor then brought up for consideration the matter which was 141‘el'I‘e(1 o_ t° him at the meeting on April 11th for discussion with Governor n(11. "44111e1Y, action of the Executive Committee of the Federal Reserve Bank 4) k:4114"1)°118 in voting, subject to the approval of the Board, to pay at qlwEtIr warren, widow of the former cashier of the bank who died on : ‘11 is 1930, the balance of Llr. Warren's salary for the year; the payl'tt.4111e been made without formal submission to the Board. The Governor t° the statement made by Governor Young while in Washington attending onference of Governors that the action of the Executive Committee Vq31 1 -4- ctthelanneapolis bank had been reported to him, as Governor of the Board, Ithathe wa8 In Michigan on a vacation last summer, but that he had overlooked "braitt Nserit it to the Board. It was the consensus of opinion of the members that in view of the fact that the action was taken by the Linneapolis b With the knowledge of the then Governor of the Board, the Governor not °bjeetill --g and not reporting the matter to the Board, the bank might be justitie(1 ' - flaying drawn the conclusion that its action was not disapproved by the 11%,x0. ' 4 It was also felt that the Board could not usefully reopen the natter - time, the important thing being to safeguard against a repetition of am --occurrence in the future, which has been accomplished by the action of cl on June 2 in ruling that hereafter in the event of the death of an al ' orTiee °r employee of a Federal Reserve bank, the salary of such officer or k%eA - should be paid only up to the next succeeding pay day. Reference was then made to the various matters on the docket of un14113hed :41,011 business, including the letter received from Mr. Charles E. Latchell, National City Bank of New York, replying to the Board's letter of 29' 1929 the with regard to Mr. Mitchell's public statement on March 27, letter having been held, at the meeting on April 2, 1929, for future 41(le ration. Upon motion, the letter was ordered passed to the files. 140111, op kteq STAIWMG COMMITTEES: 11.ne 3rd Recommending a change in stock at a Federal Reserve bank, as set forth in the Auxiliary Minute Book of this date. Reconnendation approved. The meeting adjourned at 12:45 p. m. Assistant Secretary. e) AUXILIA,21 =TES (June 4, 1931.) RePOrt of Standing Committee dated June 3, recommending a change in vox at a Federal eserve Bank, approved as follows: i ation for SUli.ADEA of Stock: l'ir” National Bank, Brandt, South Dakota l'usolvent) Shares: 18 18 Assistant Secretary. 4113Proved:
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