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imeeting of the Federal Reserve Board was held in the office of the 448tea Reserve Board on Tuesday, November 18, 1930, at 11:30 a. 116 PRESENT: Governor Meyer Mr. Hamlin Mr. Miller nr. Cunningham Mr. Pole Mr. McClelland, Assistant Secretary The noinutes of the meeting of the Federal Reserve Board held on November were read and approved. The minutes of the meeting of the Executive Committee of the Federal Resem. 've board held on November 17th were read and approved and the actions Iliticied therein were ratified. Telegram dated November 17th fram the Chairman of the Federal Reserve tazic or New York advising of the election of Mr. David C. Warner, President th 6 Endicott Trust Company, Endicott, New York, as Class A Director of theb ahk* and the reelection of 1,1r. Samuel W. Reyburn as a Class B Director, %oh. a term of three years beginning January 1, 1931. Noted. Tel -egram dated November 17th from the Chairman of the Federal Reserve 14,bik c)t Richmond advising of the reelection of Mr. Charles E. Rieman as a 0146.4 4 Director of the bank, and of la.. Junius P. Fishburn as a Class B 114ecto each for a term of three years beginning January 1, 1931. Noted. 6legram dated Novetber 17th from the Secretary of the Federal Reserve tiktiat °t Minneapolis advising of the election of Mr. H. C. Hansen of Churchs or * North Dakota, as a Class A Director of the bank, and the reelection • John S. Owen as a Class B Director, each for a term of three years 11/18/30 -2- begillaing Xanuary 1, 1931; also of the election of Mr. J. E. O'Connell of lieleila• Montana, as a Class B Director of the bank for the unexpired portion or ths term ending December 31, 1932, to succeed Mr. Norman B. Holter, resigned, Noted. Letter dated November 17th from the Deputy Governor of the Federal Rees, 'we Bank of Cleveland advising that the aIlount of 33,334.00 for electrical title 41 eq41Pnent to be installed in the Pittsburgh Branch building, which was oved by the Board on October 24, 1930, is not sufficient to cover the reof the branch; that the additional necessary equipment can be in)fl the original contract for $276.40, making a total of 33,610.40, 414 ' leqUesting approval by the Board of the additional amount. Upon motion, it was voted to approve an increase in the amount of the contract covering electrical equipment for the Pittsburgh Branch to ',610.40. l'he Assistant Secretary reported for the record the following formal No istendations adopted by the Federal Advisory Council and submitted at the 144t meeting of the Council with the Board this morning. "1. In the opinion of the Federal Advisory Council the Present situation will be best served if the natural flow Of credit is unhampered by open market operations or changes in the rediscount rates. The seasonal demands during the balance of the year should be met by rediscounting on the Part of member banks. "2. The Federal Advisory Council has had brought to its attention by the Secretary of the National Association of Pinance Companies the wish of the members of that Association that 'the notes of finance companies, given to the banks for funds to be used in financing the sale of merchandise', be made eligible for rediscount by the Federal Reserve banks. The Council does not believe the rules of eligibility should be extended to make such notes eligible for rediscount." t.> The neting adjourned at 12:00 o'clock 2100110 Assistan Secretary
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