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11_ A meeting of the Executive Committee of the Federal Reserve Board V4sheld in the office of the Federal Reserve Board on Friday, May 22, 19311 at 1115 a. m. PRESENT: Mr. Mr. Mr. Mr. Miller, Presiding Xames Magee McClelland, Assistant Secretary. The Assistant Secretary presented various items of business which Wet° considered by the Committee and acted upon as follows: Matter informally approved by the Executive Committee yesterday, on 8.1411°11tY granted at the meeting of the Board on May 8th, namely, tele°Rill dated May 21st from the Chairman of the Federal Reserve Bank of San 4113.(42001 advising that the Board of Directors had voted to establish a Ii (ilecoluit rate of 2 1/25; on all classes of paper of all maturities, effective MaY 23rd. The Assistant Secretary stated that upon instructions ot the , Aembers of the Executive Committee, the matter of the effective date he tew rate was taken up by telephone with the Governor of the Federal lietlerve Bank of San Francisco, whose attention was called to the Board's 1111" elld regulations which provide that announcement of rate changes shall bee,cle mediately after the close of business on the day on which the Q1144ge is approved and that the new rate shall be effective at the ""411111g of the first business day following that on which the announcelht la Made; that Governor Calkins advised over the telephone that the 1'4'43 1713111c1 be made effective on May 22nd instead of May 23rd, and that the Co1 rd.ttee had, therefore, approved the rate effective today. Upon motion, the informal action of the Committee in approving the establishment by the Federal Reserve BarOc of San Francisco of a rediscount rate of f (3 V22/31 -22 1M/I on all classes of paper of all maturities, effective May 22nd, was formally approved. Letter dated May 21st from the Secretary of the Federal Reserve Bank or " 11 York, advising that the Board of Directors, at its meeting on that te, Made no change in the bank's existing schedule of rates of discount kad PlIrchase. Without objection, noted with approval. Printed circular dated May 19th, from the Chairman of the Stockholders' Advisory Committee of the Federal Reserve Bank of Dallas, advising that the ?irthAttual Meeting of the Stockholders Association of the bank will be held 41 lokialls on Wednesday, June 3rd. Noted, and referred to Mr. James for consideration of the matter of attendance at the meeting. Memorandum from Counlel dated May 20th on letters dated May 8th and leth ---°M the Secretary of the Federal Reserve Bank of Atlanta, submitting a 45/40r4 411m Of procedure for the handling of notary fees at the bank and 44411 44 4 Of its branches; Counnel advising that the arrangement is the same tilt which has been in effect at the bank since 1926, the only material being the use of a written contract between the bank and the notary. Noted, and ordered filed. ()tire 1/raft of reply to letter dated Nay 21st from the Assistant Federal e 4g At at New York transmitting voluntary notice of intention to with- NIT rrcim membership in the Federal Reserve System, filed by the Trust 41)4. or m Itik4 "Yarning County, Warsaw, New York, with the request that the Board the 4- v. quirement of six months' notice of intention to withdraw; b/22/31 -.3-- the ProPosed reply stating that since there does not appear to be any unusual irmlastances justifying the waiver of the usual notice, the Board, in "c°11:18-ilee with the recommendation of the Board of Directors of the New York 'has voted to deny the request; the proposed letter further stating 1)41/k t4t at the expiration of six months from May 12, 1931, the date upon which the tm.. " 4ce of intention was received, the Federal Reserve bank, upon ellrtellder Ofthe stock held by the member bank, is authorized to make 4ProPriate refund thereon. Upon motion, the proposed letter was approved and ordered transmitted. Letter dated May 20th from the Chairman of the Federal Reserve Bank °tellicego, with regard to the general banking situation in Indiana and teterting particularly to the continued unsatisfactory condition of the ‘t°11er American National Bank of Indianapolis. After discussion, upon motion, it was voted to refer the letter to the Comptroller of the Currency with the request that, at his convenience, he discuss the matter with the Board. Letter dated May 19th from the Assistant Federal Reserve Agent at °41No $ with reference to the unsatisfactory condition of the American CQ41131eTti and 41 ' ent Savings Bank of Davenport, Iowa; the Assistant Federal Re- stating that practically no adjustment has been made in ttlQiz6d assets since the last examination, but that certain reorganization t1144a , 111%4 1*(5 under way, the details of which will be furnished to the Board av eilable. Noted. S/22/31 -4- 1.1%TS OF STAMDING COnaTTEES: bated, Iv_ aY 21st Recommending changes in stock at Federal Reserve Banks, as sot forth in the Auxiliary Minute Book of this date. Recommendations approved. The meeting adjourned at 12:00 noon. 414tmtd: Member Executive Committee. (Zzecutive Co Mmittee) L'.2, 193l) ite port of Standing Committee dated May 21, recommending changes in tederal Aeserve Banks, approved as follows: 84001r r14. 41) 1 loations for SURAENDE.411 of Stock). Gra Pe Belt _aticnal Bank, Westfield, N. Y. (Vol. Liq. Abs. by National Bank of ',;e stfield) P,Istr et Lro. 8. r "'"a Il ational Bank, Flora, Ill. (Vol. Lici. 4bs. by First Natiotal Bank of Flora) I) istr•lot pir Iro. 10. st Iiational Bank, Ralston, Okla. (Vol. Sue. by First Commerce Bank) Shares: 36 36 45 45 18 Total 18 99 Assistant Secretary. .kri3roireci: —enbur 41cecutive Committee.
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