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290 A. meeting of the Federal Reserve Board was held in the office of the Federal Reserve Board on Tuesday, October 13, 1931, at 11:30 a. m. PRESENT: Governor Meyer Mr. Hamlin Mr. Miller Mr. Imes Mr. Magee Mr. Morrill, Secretary. Mr. McClelland, Assistant Secretary. ALSO PRESENT: Mr. Harrison, Assistant to the Governor. The following matters were presented and acted upon by the Board: Letter dated October 10 from the Secretary of the Federal Reserve ilealk of Kansas City, advising of the establishment on October 9 of the ac heule of buying rates on bankers' acceptances established by the Fed erel Reserve Bank of New York on that date. Without objection, noted with approval. Menorandum dated October 12 from the Director of the Division of Res.. each and Statistics recommending that the leave of absence without pay ellartted to Mr. W. W. Riefler, an employee of the Division, be extended from October 1 to December 31, 1931, in order that he may be able to complete hia work as Secretary of the System Committee on Member Bank Reuerves. Recommendation approved. Telegram dated October 13 from the Manager of the Foreign Depart14ent °f the Federal Reserve Bank of New York, advising that the advance of *4.767 n ' 9060 made to the Sveriges Riksbank against gold in transit to New Yo - was liquidated on October 9. Noted. Report of Committee on Salaries and Expenditures on letter dated Octob, -r 8 from the Chairman of the Federal Reserve Bank of Dallas requesting 291 10/13/31 -2- nTroval of the appointment, at a salary of 42,400 per annum, of Mr. Gaillard 1. Webber to the position (appraised) of special representative in the loan ds Partment of the bank; the Board's Committee recoMmending approval. Approved. Draft of letter to the First Farmers and Merchants National Bank "Troy, Alabama, advising that in view of the criticisms of the trust dePartment of the Farmers and Merchants National Bank of Troy, which consolidated with the First National Bank of Troy to form the First Farmers and t. Merchants National Bank, the Board feels compelled to withhold action on the latter's application for permission to exercise trust powers, which was considered at the meeting of the Board on September 29; the letter also stating that, if and when the bank demonstrates that its trust department iS 11431111g properly handled and that conditions such as those cited by the ele'lliiner will not again be permitted to develop, the matter will be given tilrthor consideration by the Board, that it is the view of the Board that lii the meantime no new trust business should be accepted by the bank, and that steps should promptly be taken to bring about a satisfactory adjustet so far as it is possible to do so, of the matters criticized by the ezaminer, Upon recommendation of the Executive Committee, the proposed letter was approved and ordered transmitted. Report of Committees on Salaries and Expenditures and District No. 1 N 4' 'Letter dated October 7 from the Chairman of the Federal Reserve Bank Of Bo ston, advising that the Board of Directors had voted, subject to the apProvAl -4- of the Federal Reserve Board, to authorize the Governor of the beliks uPon request therefor, to reimburse any member bank represented at thee "theoming stockholders meeting for the amount expended by not more C?(IC r•-ad 10/13/31 -3- than °ne representative of such bank for railroad fare and Pullman accommodation in attending the meeting. Upon recommendation of the Board's Committees, it was voted to approve the expenditure involved in the action of the Boston directors. The Governor then presented a letter dated October 8 from the ?resident of the United States Chamber of Commerce enclosing a copy of a l'aPort submitted by the Foreign Commerce Department Committee of the Chamber on the subject of cooperation of the Federal Reserve Board and Federal Re8el've Banks with the Central Banks of Latin America. Ordered circulated. The Governor then reported briefly on his visit yesterday at the -PnA '''40ral Reserve Bank of Philadelphia. The Board than went into executive session, at the conclusion of Which the Governor reported that the Board had voted to authorize the 744acutive Committee, in its discretion, to grant permission, for periods 11°t e xceeding six months, to any Federal Reserve Bank to rediscount for any Particular member bank good and otherwise eligible paper acquired from or bearing the signatures or endorsements of nonmember banks, and also to ilthorize the Executive Committee, in its discretion in particular cases, to waive the formalities in connection with applications for such permission 131'eseribed in Section IX (b) of Regulation A. l'Q'ORT OF STANDING CO:11ITTME: 4ted, October 8 Recommending approval of the application of Lir. Madison L. Toms, for permission to serve at the same time as director of the First National Bank in Rockaway, N. J., and as director and officer of the National Iron Bank of Lorristown, N. J. Approved. The meeting adjourned at 12:45 p. m.
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