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A meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Friday, May 6 1931, at 11:40 a. m. PRESENT: The Chairman Governor Meyer Yr. Miller Mr. Tames Mr. Pole Mr. McClelland, Assistant Secretary. The Governor reported advice received over the telephone from the ' °15/rernor of the Federal Reserve Bank of Cleveland that the Board of °*ectors of that bank this morning voted to establish a rediscount rate t 2 1/25 on all classes of paper of all maturities, effective the first b118ine55 day following that on which anproved by the Federal Reserve Board. Upon motion, the rate of 2 1/2% established by the Cleveland directors was approved, effective tomorrow, May 9th. The Governor also reported that the Chairman of the Federal Reserve nIz 01: Chicago had advised him over the telephone that the Executive a°1111attee of that bank will take action today, under authority given it bY the Board of Directors, to establish a rate of 2 1/2%% After a brief discussion of other possible rate reductions, upon motion,. it was voted to authorize the Executive Committee to approve for any of the Federal reserve banks, reductions in discount rate of one-half of one per cent at a time down to but not below 2%. The meeting adjourned at 11:50 a. n6 Assistant Secretary. 4111)roved:
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