The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
4[49 A rneetinc of the 7edera1 Reserve Board was held in Jashington on. 1\lesdllY, November 22, 1932, at 11:35 a. m. PatfOT.,TT: Governor Meyer Mr. Hard in Mr. Miller Er. Samos Eagee r. 1..orri11, Secretary Harrison, Assistant to the Governor Er. Goldenweiser, Director, Division of Research and Statistics Er. Smead, Chief, Division of Bank Operations Mr. Wyatt, General Counsel Er. Paulger, Chief, Division of Examinations. The Governo r stated that following the meting of the Board yesterday, l earned from the Jecretary of the Treasury that the text of his annual 41.)ort for the fiscal year 1932 had gone to the printer for final Proof. 4vniertor Leyer stated that he informe d the Secretary that the Board considered the 811tIoary report of the Cormnittee on Branch, Group and Chain Banking as '4111 prelirainarY form, subject to revision; and that the Board is not l'eaclY at this time to decide when it should be released for publication. qoirernor i,.eye r added that he understood that the Secretary had subsequently ecI his report to eliminate all reference to the summary report. There then ensued a general discussion of the summary report sub141tte . to the ° ' . by the Committee on Branch, Group and Chain Banking. : 111%(1 At the conclusion of the discussion Dr. Goldenwas informed that it appeared to the members eci'r the Board from the surriary report and from his 83eriPti0n of the volumes containing the detailed ?Port that the Committee had done excellent work 17.3.thin the limits which it had prescribed for its , 117estigation and studies; but that it was felt that 1 4 " i"ere were important aspects of the Problems involved bp 'tne matters covered which should be dealt with more fr°'EtalY before satisfactory conclusions could be . t) L lizr on the basis of the Committee's report as to ntal changes in the banking strue ture of the a -,ntrY, especially with reference to branch banking. Golderweiser indicated the feeling that there were 11/22A,2 -2- 450 interesting aspects of the ruestion which had been raised which the Comnittee could not have studied Without greatly expanding its operations and increasing the expense and tire involved. He stated that the sunvary report would be reviewed for the purpose of covering as far as practicable on the basis of available information certain aspects of the matter which had developed during the discussion. The Board nembers expressed the feeling that for the tire being action upon the question of publication of the report should be deferred, and that care should be exercised that the report in its existing form should not find its way into publication. in this connection the Secretary reported that the Governor of the NerAl Reserve T3ank of Boston had called him on the telenhone this m.orning 41'cl atat --ed boax.d. that he had contemplated discussing the committee report with the d irectors of the bant at its meeting today, but that in view of the N%rd'R 6e1egra.m of yesterday he was uncertain what to do about such a disaioll ,— * tiorrill stated that he had suggested to Governor Young that he tram such discussion until '''urther advice is received from the 7oard. The Board then considered and acted unon the following matters: Tele gram dated rovember 22, 1932, from the Chairman of the 7ederal Bank of 'It. Louis, advisilv; that the board of directors, at its t°claY1 made no change in the bank's existing schedule of rates of (11zo /lilt and purchase. Tith.out objection, noted with approval. Tel(I graphic reply to a telegram dated rovember 21, 1932, front Deputy iibUnds of the Tederal Reserve Bank of New York, requesting authority e. Azrther advance in accordance with the provisions of section 10()) of Ntie ral Ilevt .rork Ett the Reserve Act, as amended, to the Pelham National Bank, Pelham, the aaunt of „20,000, for a period of ninety days, with interest tat n.. f e 5 1/2 per annum, and on the security of miscellaneous 11/22/32 -3- .11 ' "()Irlere t collateral notes with a margin of at least 25;;; Deputy Governor ilctulds stating as the reason for the advance that the bank has experienced a e()tillued withdrawal of both commercial and savings deposits. The reply atated tliat the Board authorizes the advance subject to the terms and con" 8 rO COrrriended. Unaninously approved. Te leGraPhic reply to a telegram dated November 22, 1932, from Deputy ?sounds of the ]Tederal Reserve Bank of New York, recluesting authority tor a further advance in accordance with the provisions of section 10(b) of the. ' (Ieral Reserve Act, as amended, to the Atlanta National Bank, Atlanta, sc'rk 'in the aaount of )10,000, for a Period of ninety days, with interest tit the r4to of 5 1/2r!, per &mum., and on the security of miscellaneous domestic horlda 171-th a margin of at least 25; Deputy Governor Rounds stating. that the lokik 4_ 43 484 to make snall loans to farmers pendin: the disposition of their alld that the town and school districts have been withdrawing deposits Will not be re)laced until early in 1933. EllAthori_ es The reply stated that the the advance subject to the terms and conditions recommended. Unanimously approved. -°31)1Y to a letter dated November 7, 1932, frau the Secretary of e rurerril; to certain statistics furnished to the Board's Division 01, 11 ' 311 and Statistics and inquiring whether, in view of the present 4ceaaity to economize in Governmental expenditures, the information is a th(4t ra" aid r) 1441 in the work of the Federal Reserve Board. The reply stated decision on the question whether the leather statistics of the °Ilneil will serve the Board's purposes, has been deferred pending 'the e O additional information from the officials of the Tanners 402 -4The reply also reviewed the pur-ooses served by the other statistics eterrea to and stated that4 in view of their usefulness to the Board, the era]. reserve banks, and the public, it is hoped that the Departrcnt of Oottm CO Will continue to furnish them. Thereupon the neeting adjourned. ;ecretary.
@FedFRASER