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A Meeting of the Executive Committee of the Federal Reserve Board was 4 held i the office of the Federal Reserve Board on Monday, May 25, 1931, at 4:30 a, PRESENT: Governor Meyer Mr. Miller Mr. James Mr. Magee Mr. McClelland, Assistant Secretary. The Assistant Secretary presented various matters which were considered by the uolalMittee and acted upon as follows: Telegram dated May 22nd from the Chairman of the Federal Reserve Bank tatie -‘m°, advising that the Board of Directors, at its meeting on that date, cheage in the bank's existing schedule of rates of discount and purchase. Without objection, noted with approval. Letter dated May 19th fram the Chairman of the Federal Reserve Bank of tlE1148 4dvieing of the extension of the bank's minimum effective buying rate "1% to , --aide bankers' acceptances maturing within 90 days, and of the es4410J.L4cotta ofa repurchase rate of 1%. Without objection, noted with approval. tikit or Letter dated May 22nd from the Acting Secretary of the Federal Reserve ChiCago, advising of the appointment on that date of Mr. William IL t°rraerlY Chief of the Credit Department, as MA/lager of Loans, and re- .titill A "400 -PPI'clval by the Board of an increase in Mr. Turner's salary from to , " 00 Per annum, effective June 1st. ft Upon motion, the salary of ,X,500, fixed by the Chicago directors, was approved. Letter dated May- 22nd from the Assistant Federal Reserve Agent at l'elp°"ing the following national banks for continued deficiencies in S/25/31 -2-4 required reserves during a period of six months or more; the Assistant Reserve Agent calling particular attention to the reserve record of the 411e6118burg National Bank and the First National Bank of Elliott: National Trust Company, Charleston, Illinois. Greensburg National Bank, Greensburg, Indiana. First National Bank, Elliott, Iowa. First National Bank, Lost Nation, Iowa. First National Bank, Northboro, Iowa. After discussion, upon motion, draft of letter to the Comptroller of the Currency, transmitting a copy of the Assistant Federal Reserve Agent's letter and requesting that his office address a letter to the institutions referred to calling attention to the necessity of the maintenance of required reserves, was approved and ordered transmitted. Letters dated May 22nd and 23rd from the Federal Reserve Agent and 4az18taiit ortile Federal Reserve Agent at Richmond, requesting approval by the Board des ignation, as special assistants to examiners, of 30 employees of the 4n4 Ba ltimore Branch listed in the letters; the Agent stating that they l4asist in the examination of the Baltimore Trust te 1.8 to be conducted by the Maryland Department of Examination, and, if toard be Company and its branches zleecieci. has no objection, in other special cases where their services may After discussion, upon motion, it was voted to request Ur. Hoxton to cone to Washington to discuss with the Board the matter of participation in State examinations of member banks. Nk.11 Ietter dated May 19th from the Federal Reserve Agent at Dallas with tot1)(1, t0 the application of the First National Bank of Gainesville, Texas, 11413aion to accept drafts and bills of exchange up to 10% of its 5/25/33. -.3Mt al and surplus; the Federal Reserve Agent advising that in the judgment or tle Executive Committee of the Federal Reserve Bank, the condition of the 4131i-cant is not such as to justify a favorable recommendation on the application 8-i1 d that until the new rifinagement has demonstrated its ability to greatly un- 111/e lie bank?8 condition, it should not be granted acceptance powers. Upon motion, draft of a letter to the Federal Reserve Agent, advising that In accordance with the action of his Executive Committee the Federal Reserve Board has deferred approval of the application, was approved. Letter dated May 19th from the Chairman of the Federal Reserve Bank of A 154ial expressing his views with regard to assessing progressive penalties k411-cient reserves of member banks. The letter, having been previously circulated among the members of the Board, was referred to the Committee on Reserves. V1,414e Letter dated May 23rd from the Federal Reserve Agent at Chicago, ad- the passage by the Wisconsin legislature of a bill changing the con- or the State Banking Department, which is succeeded by a commission of ee Ober having supervision not only over banks and building and loan 4441cse1ati 011 —41 but also credit agencies including finance companies, securities com, -40011.08 ) and holding companies which may own banks. Ordered circulated. Report t 141'. 4 4.1:1:11e8 H. of Committee on District No. 8, recommending the appointment of Murphy, President of the Sipsey Valley Lumber Company, El Dorado, 6112 a director of the Little Rock Branch of the Federal Reserve Bank : . 18ilamp ror the unexpired portion of the term ending December 31, 1933, to Williams, deceased. k 5/25/31 -4- Upon motion, it was voted to appoint Mr. Murphy as a director of the Little Rock Branch for the unexpired portion of the term named. Mr. James reported that he will arrange to attend the Fifth Annual of the Stockholders Association of the Federal Reserve Bank of Dallas, Vhiellvi11 be held in Dallas on June 3rd. °RI's OF STANDING CONMITTEES: 4teds Uay 22nd Recommending changes in stock at Federal Reserve Banks, 25th as set forth in the Auxiliary rinute Book of this date. Recommendations approved. 114teti/ MELY 19th Submitting without recommendation, application of Mr. W. T. Carter, Yr., for permission to serve at the same time as director of the Union National Bank of Houston, Texas, and as director of the Federal Trust Company of Houston, Texas. Approved. 1141e43 IlaY 19th Submitting without recommendation, application of Mr. S. P. Parish, for Permission to serve at the same time as director of the Union National Bank of Houston, Texas, as director of the Federal Trust Company of Houston, Texas, and as director of the Guardian Trust Company of Houston, Texas. btite Approved. 6V 19th Submitting without recommendation, application of Mr.C. L. Carter, for permission to serve at the same time as director of the Union National Bank of Houston, Texas, and as director of the Federal Trust Company of Houston, Texas. Nkteci Approved. SaY 19th Submitting without recommendation, application of Mr. R. D. Randolph, for permission to serve at the same time as director of the Union National Bank of Houston, Texas, and as director of the Federal Trust Company of Houston, Texas. Approved. The meeting adjourned at 12:35 p. n. roawo /14 Assistant Secretary. kholre v nor. (41ceetzti\re Corzlittee) IAITaLIIAaY 3:INTI2ES 25, 1931.) ,ohn,n4eports of Standinr.; r;cirlmittee dated 1,:ay 22 and 25, recammandin7 in stoCk at Federal 2,eserve Banks, ap:roved as follows: 1; .1‘4 -4.cations stock: Jhares: -4.8trict Li o. for . kr11nt0n National Bank, Burlin7ton, District No. 10. O1_ -< gational Bank, licCook, 1,Tabr. 6 3 .2otal 3 9 1C)2 l t",9 .-* 14 of Ba nic :L:,1.C 3;;°1:tti;f5 'I j .t°: (::solvent) trlot /10. 8. Ilatioual Bank, Irvinn7, Ill. (Vol. Li. 413s. by Ilillsboro National Bank, Hillsboro, Ili.) -irat 20 State Baltc, 2almyra, Ill. (Insolvent) 1:011:!riot No. 11. 3tate Bal1k, ;Anson, Telu.as. (Vol. Lig. 4bs. by First 1:ationa1 Bank, :.1130n, ,ti4trhict 12. irst 4 t1ona1 Bank, aeamond, Ora. (insolvent) 50 48 48 18 2otal 18 78 :Assistant Jecretary.
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