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5 Go Upon the adjournment of the meeting of the Federal Reserve Board, Meeting of the Executive Committee of the Federal Reserve Board was held 14 the office of the Board on Friday, May 8, 1931, at 11:50 a. m. PRESENT: Governor Meyer Mr. Miller Mr. Tames Mr. McClelland, Assistant Secretary. The Governor stated thet he had communicated with Mr. Wayland W. t51pe, Who was appointed by the President as a member of the Federal Reserve O1 May 5th, and that Mr. Magee had advised that while he can arrange to e°me to Washington at once, he would prefer having about ten days' time. 7111"1 "ernor stated he felt it should be suggested to Mr. Magee that he to to be in Washington and take his oath of office on May 18th, prior "lie official meeting of the Federal Advisory Council on May 19th. The otb,ex, ra"bors of the Board present concurred in this opinion. The Governor then reported that in accordance with authority granted 4tth --elmeeting of the Board on December 27th, he approved yesterday a rediaeo_ ' &4t rate of 3;L established by the Board of Directors of the Federal Ileaerve BE'llk of Dallas on all classes of paper of all maturities, effective The Assistant Secretary then presented the following matters which /lore _ "1°113idered and acted upon by the Committee: tIlliatla Letter dated May 5th from the Chairman of the Federal Reserve Bank of acivisin3 that on that date the bank's buying rate of 1 1/47'07 was telicieci to include all acceptances maturing up to 90 days. Without objection, noted with approval. blV31 -2patter informally noted with approval by the Executive Committee Y"terdaY, namely, advice received from the Chairman of the Federal Reserve riattlz of Dallas, in his telegram regarding the discount rate of the bank, of eatablishmont of a buying rate of 1 1/8% on acceptances maturing within 1 tO 30 days. There being no objection, the informal action of the Committee was ratified. Letter dated May 7th from the Secretary of the Federal Reserve Bank "e17 York confirming advice of action taken by the Board of Directors telbda.Y in establishing a rediscount rate of 1 1/2% on all classes of 13413er Of all maturities, effective today, and advising of the reduction to 1 1 also effective today, of the rate for repurchase agreements on riUllent securities and the buying rates of the bank on trade acceptkiQee 'and on bankers' acceptances maturing within 121 to 180 days. There being no objection, the reductions in buying rates were noted with approval. Telegram dated Nay 7th from the Chairman of the Federal Reserve N ' tat or San Francisco advising that at the meeting of his Board of Directors Ntel, daY, no change was made in the rediscount rate now in effect at the 44,k Ut that the directors had voted to reduce to 1 1/8% the bank's litatira atIthorized buying rate, and to establish a rate of 1 1/443 for 1)14,0b Of bankers' acceptances maturing within 1 to 30 days. Upon motion, the ninimum authorized buying rate was approved, and, there being no objection, the other actions reported by Mr. Newton were noted with approval. 5/8/31 Letter dated May 6th from the Secretary of the Federal Reserve Of Kansas City advising of the establishment on that date of a rate "1 Valo for purchases of bankers' acceptances maturing within 1 to 30 days. Without objection, noted with' approval. Te1e7ram dated May 7th from the Chairman of the Federal Reserve 13 or Kansas City advisins' that at the moeting of his directors on that clat82 no change was made in the bank's existing schedule of rates of discount PlArchase. Without objection, noted with approval. Letter dated May 7th from the Chairman of the Federal Reserve Bank I °11)41ladelphia advising of the considerations which prompted the action oll11-8 directors on May 6th in reducing the discount rate at that bank to Noted. Report of Committee on Salaries and Expenditures on list submitted by Pederal Reserve Bark of lanneapolis of employees for whom the clilleetora approved leaves of absence with pay, on account of illness, during the taolith of April, where the total of such absences since Tanuary 1, 1931 htte eeeeded thirty days; the Board's Committee recommending approval of the L-Tzrpayrnents involved. Approved. Renewal 411 23, bond in the amount of,..)100 000, executed under date of AI City 1931, by Mr. M. L. McClure, as Federal Reserve Agent at Kansas Approved. 5/8/31 Memorandum dated May 7th from the Director of the Division of Reand Statistics recommending that an additional roam be rented in °Us Building, at the rate of $30.00 per month, to provide additional 'Dace for files. Approved. 150s. STANDING COMMITTEES: DEtte May 8th. ( Recommending changes in stock at Federal Reserve Banks, as set forth in the Anxiliary Minute Book of this date. Recommendations approved. The meeting adjourned at 12:20 p. m. Assistant Secretary. t heeutive 0 1ttee) AUXILLAHY MINUTES (May 8, 1931) Reports of Standing Committee dated May 8th, recommending changes stock at Federal Reserve Banks, approved as follows: kakations for SURRENDER of Stock: tr et No. 2 • Seward National Bank and Trust Co., New York, N. Y. (V.L.auc. by Seward Bank of New York) u 8 "1st No. 4. 4ir8t National Bank, Republic, Pa. (Insolvent) Utz. ct N 4 6. Pirst National Bank, Fitzgerald, Ga. (Insolvent) tri No. 9. "u5 National Bank, Dell Rapids, S. Belt. (V.L.Abs. by New First National Bank in Dell Rapids) ot t National Bank, Hawkins, Texas. (V.L.Abs, by Pirst National Bank of Quitman, Texas) rican National Bank, Paris, Texas. (Insolvent) Shares 1,800 1,800 45 45 150 150 36 36 22 180 Total 202 2,233 Assistant Secretary.
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