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A special neetin7 of the Federal Reserve Board was held in the office 11 of the Federal Reserve Board on Thursday, October 8, 1931, at 3:20 p. m. PRESENT: Ex. Mr. Mr. MX. MX. Mr. Mr. Magee, Presiding Hamlin Miller Tames Pole Morrill, Secretary McClelland, Assistant Secretary. 1:1% :liner reported that in the absence from his office of Governor 17 'eYer, who is engaged this afternoon at the White House, Governor Harrison r the Federal Reserve Bank of Nev York had advised him over the telephone that the Board of Directors of the New York bank, at its meeting today, voted to establis h, subject to the approval of the Federal Reserve Board, a*reoaaat rate of 2 1/2% on all classes of paper of all maturities, effective LI morrow, October 9, 1931. After a brief discussion, upon motion, it was voted to approve the rate of 2 1/25 on all classes of paper of all maturities, established by the directors of the New York bank, effective October 9, 1931. Thereupon Er. Miller communicated over the telephone with Governor IleYera a -n- reported that the Governor desired to be recorded as approving the "tic% taken by the New York directors. The meeting adjourned at 3:40 p.m. Q 5LCI ) Pi )O-ALiZ44 Secrary. 43?1311°ved: Executive Committee.
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