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Upon adjournment of the meeting of the Federal Reserve Board, a Meettng of the Executive Committee of the Board was held in the office of the Federal Reserve Board on Friday, October 9, 1931, at 12:05 p. PRESENT: ALSO PRESENT: Mr. Mr. Mr. Mr. Mr. il4 Magee, Presiding Miller Tames Morrill, Secretary McClelland, Assistant Secretary. Mr. Harrison, Assistant to the Governor. The Assistant Secretary presented a telegram just received from the Chairman of the Federal Reserve Bank of Cleveland, advising that the Bo8krd of Directors today voted to establish a rediscount rate of 3% on all lass "of paper of all maturities, effective the first business day fellowinC that on which approved by the Federal Reserve Board. In accordance with the authority granted to the Executive Committee, it was, upon motion, voted to approve the rate of established by the Cleveland directors, effective October 10, 1931. The Assistant Secretary presented the following communications and l'ePorts which were considered and acted upon by the Committee: Letter dated October 8th from the Secretary of the Federal Reserve 8ealk of New York confirming the advice received by the Board yesterday of the action taken by the Board of Directors in increasing the discount rate O ' l the bank to 2 1/2:2; the letter also advising that in accordance with the 11111 cutonl the rates on trade bills and on Government securities under l'oPlIrchase agreements were raised to the discount rate, no change being lacle in the effective schedule of buying rates on bankers' acceptances. There being no objection, the latter actions of the New York directors were noted with approval. 10/9/31 -2Telet;rans dated October 7th from the Chairmen of the Federal Re- serve Banks of Boston and Dallas and October 8th from the Chairman of the Pecieral Reserve Bank of Richmond, all advising that at meetings of their Boards of Directors on the dates stated, no chanc;es were made in the banks' existing schedules of rates of discount and purchase. Without objection, noted with approval. Reports of Committee on Salaries and Expenditures on lists sub11.:tted by the Federal Reserve BAnks of Richmond and Dallas of employees for 3711QM the directors authorized leaves of absence with pay, on account of illlie3 8 '(luring the month of SeDtember where the total of such absences since 3-411118'17 1, 1931 has exceeded thirty days; the Board's Committee recommending IIPProval of the salary payments involved. Approved. Letter dated October 6th from the Federal Reserve Agent at Kmisas City --v-LAri 4 sing that it is his intention to conduct a credit investif;ation In co nnection with the state examination of the Corneree Trust Company of 41.18ek3 City which is to begin October 10th, and requesting that the Board 84)131'°Ire l for this purpose, the temporary designation as assistant examiners "30 employees of the Kansas City bank listed in his letter. Upon motion, it was voted to approve the designation of the employees listed as special assistants to examiners for the purpose referred to. Telegram dated October 7th from the Governor of the Federal Reserve Of New York, quoting a public statement made by him on that date with l'egard to the organization of the credit corporation which the President of tlie United States has requested American bankers to form for the purpose of 10/9/31 -3- l'ediecounting for banks assets not now eligible for rediscount at Federal Reserve banks. Noted. Rzpop— STAYDDIG COLLIT"FES: bated, bated, October 9th October '7th Recommending changes in stock at Federal Reserve Banks, as set forth in the Auxiliary Minute Book of this date. Recommendations approved. Recommending approval of the application of Mr. Fred A. Geier, for permission to serve at the sane time as director of the Lincoln rationpl Bank of Cincinnati, Ohio, as director of the Central Trust Company of Cincinnati, Ohio, and as director of the Cincinnati Morris Plan Bank of Cincinnati, Ohio. Approved. The meeting adjourned at 12:30 Ab-r) °ved: • irman, Executive Connit D. in. r- theeutive CO. ) AUXILIARY MINUTES (October 9, 1931) Reports of Standing Committee dated October 9th, recommending changes in 4°0k at Federal Reserve banks, approved as follows: 84 lications for SURRENDER of Stock: No 2. Berik of Europe Co., New York, N. Y. (Insolvent) TrustGlobe Bank and Trust Co., Brooklyn, New York, N. Y. (Insolvent) 1/1„111011—Savings & Trust Co., Warren, Ohio. (Insolvent) ."atiolial Bank of Defiance, Ohio. (Insolvent) b istriet Nn 5 Et(lwey Bank & Trust Co., Richmond, Va. (Insolvent) 4141:21.91. 7. '!:iret National Bank, Merrill, Iowa. (Insolvent) kster National Bank, Inkster, Mich. (Insolvent) kt3Proved: Ch an, Executive Committee. Shares 900 lAILW 2,340 540 120 660 198 198 30 18 Total 48 3,246
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