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C8 A meeting of the Executive Committee of the Federal Reserve Board held in the office of the Federal Reserve Board on Thursday, May 21, 194, at 1115 a. m. PREbENT: The Assistant Mr. Mr. Mr. Mr. Mr. Miller, Presiding Hamlin Janes Magee McClelland, Assistant Secretary. Secretary presented the following matters which were °°114111ered and acted upon by the Committee as set out below: Matter approved on initials by the Executive Committee yesterday; bftely v, tel egrara dated May 20th from the Chairman of the Federal Reserve Bank or 44.8 48 City, advising that the Board of Directors on that date voted to a rediscount rate of 3% on all classes of paper of all maturities, erteoti ye the first business day following that upon which approved by the Reserve Board. Upon motion, the informal action of the Executive Committee in approving for the Federal Reserve Bank of Kansas City a rediscount rate of 3% on all classes of paper of all maturities, effective May 21st, was ratified. Telegram dated May 20th from the Governor of the Federal Reserve 411ot 0 t Boston advising that the Board of Directors, at a meeting on that tittte, tlacie 3:10 kIldi 1)111%0143e. 0han8e in the bank's existing schedule of rates of discount Without objection, noted with approval. Letter /1 t °I% itezsaa l'Ette or dated May 19th from the Secretary of the Federal Reserve City, advising of the extension of the bank's minimum effective 1% to cover acceptances maturing within Without objection, noted with approval. 90 days. 5/4/31 -2- I Memorandum from the Assistant Secretary dated May 21st, reporting khrie, `411 received from Deputy Governor Rounds of the Federal Reserve Bank of Nvi that the attitude of the Board, as expressed at the meeting Ye8tel'claY, regarding the plan for the absorption by the Bank of Jamestown, 4lestown New York, of the Farmers and Mechanics Bank and the American bank of that city has been communicated to the Bank of Jamestown, is willing, if required by the Board, to make a further charge off 4sinat it --8 undivided profits account in connection with the merger to cover 414 4i.tional ueen :190,000 of bond depreciation, although it is felt that they verY liberal in the charge-offs proposed in the plan as submitted tiliq anything further is to be done at this time, would prefer to charge off 090 00 , °I* the remaining bond depreciation, leaving 0_00,000 to be worked off qtter as noay be necessary. After discussion, upon motion, it was voted to approve the application of the Bank of Jamestown for permission to absorb the Farmers and Mechanics Bank and the American National Bank of that city on condition (1) that in addition to charging off estimated losses agreed to by the officers of the bank aggregating $1,236,000, an additional $190,000 of bond depreciation be charged against the undivided profits account of the merged bank and(2) that any recoveries on account of charged off assets be set aside in a reserve account to be applied as the state examiner shall from time to time direct. ktther A Cabl -egram dated May 21st from the Austrian National Bank with rererenCe to the condition of the Oesterreichische Credit Anstalt 141143ade' 4 Und Gewerbe, referred to in a previous cablegram dated May 11, 14k, Upon motion, the Assistant Secretary was instructed to communicate the contents _3_ of the cablegram to the Governor of the Federal Reserve Bank of New York. 11101ITS OF STAHDING C01.1,UTLES: 441/d) IlaY 20th Recommending approval of the application of Mr. Anton Y. Germak, for permission to serve at the same time as a director of the Lawndale National Bank of Chicago, Ill., and as a director of the Terminal National Bank of Chicago, Illinois. Approved. 41teds Y 20t Mah. Recommending approval of the application of Mr. T. M. Bennett, for permission to serve at the same time as a director of the National Bank of Commerce of San Antonio, Texas, as a director of the Yoakum National Bank of Yoakum, Texas, and as an officer of the Standard Trust Company of San Antonio, Texas. Approved. The meeting adjourned at 11:40 a. m. Assistant Secretary. §15toveci: Nbriter Executive Committee.
@FedFRASER