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11 ::()() A meeting of the Executive Committee of the Federal Reserve Board ' 48 held in the office of the Federal Reserve Board on Thursday, October 151 1931, at 3:40 p. m• PRESENT: ALSO PRESENT: Mr, Mr. Mr. Mr. Mr. Magee, Presiding. Miller Xames Morrill, Secretary. McClelland, Assistant Secretary. Mr. Harrison, Assistant to the Governor. Mr. Miller reported that Governor Harrison of the Federal Reserve 141.11k 01* New York had just advised him over the telephone that the Board °IblArectors of the bank today voted, subject to review and determination Or the Pederal Reserve Board, to establish a rate of 3 1/2% for all redis- Q°11tt8 and advances, effective from the opening of business October 16, . 1931 In accordance with the action taken by the Board on October 14, it was, upon motion, voted to approve the rate of 3 1/2% established by the New York directors on all classes of paper of all maturities, effective tomorrow, October 16, 1931. The Secretary reported that Mr. Hamlin wished to be recorded as a rate of 3 1/2% for the New York bank. The meeting adjourned at 3:50 p. m. 612.6)-yi 15-L/litaqtary. 41313raved: Chai • Executive Committe
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