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224 A meeting of the Executive Committee of the Federal reserve Board was held in Washington on Thursday, September 8, 1932, at 12:00 o'clock noon. PRESENT: Governor Meyer Mr.fliller Yr. Tames Er. Magee Mr. 1.:orri1l, Secretary Er. :::cClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. Reply to telegram dated September 7, 1932, from the Chairman of the Fedel'al Reserve Bank of Dallas, approved by five members of the Board on SePtember 7, 19_, ',5z advising that the Federal Reserve Board has approved a rediscollnt rate of 6, established by the board of directors of that bank, • discounts for individuals, partnerships and corporations in accordance • section 13 of the Federal Reserve Act as amended, effective September 8. The re , P-LY also stated that it is assured that the 3',7 , rate on trade acceptalice8 referred to in the Chairman's telegram is a rate on purchases and not °I1 re(lise°11nts, and that on this assumption the Board approves that rate 418°) ef fective September 8, 1932. Approved. Reply to telegram dated September 8, 1932, from the Governor of the Pecierla Reserve Bank of Boston, approved by five members of the Board today, IcIlrisiric that the Federal Reserve Board extends to September 23, 1932, the Illthority 114r11, Of granted in its telegram of Aualst 26, 1932, to the Federal Reserve Boston to advance to the Quincy Trust Comnany, C,uincy, lassachusetts, ccordance with the Provisions of section 10(b) of the Federal Reserve Act, • szaended, not to exceed .1250,000, including the amount of 74,000 outstand- 14°4 411Zust 26, 1932, at a rate of 5 1/2',; per annum, and payable on demand; ier Young havine; advised that althousii the institution is not using the ez'e(lit at present and local conditions are nuiet, it is felt desirable that 9/8/32 the Federal reserve bank be in a position to render assistance should tecessity arise. Approved. Reply to telegram dated September 8, 1932, from the Governor of the al Reserve Bank of Boston, approved by five members of the Board today, cliIi8inC; that the Federal Reserve Board extends to September 23, 1932, the ctutil°ritY granted in its telegram of August 26, 1932, to the Federal Reserve ank Boston to advance to the Peoples National Bank, Southbridge, Massa- ellusetts) in accordance with the provisions of section 10(b) of the Federal serveas amended, not to exceed ,75,000, including the amount of .35,000 outstanding on August 26, 1932, and still outstanding, at a rate of Per annum, and payable on demand; Governor Young having advised that the institution is now using only 035,000 of this credit and their i.tilation is quiet, it is still considered desirable that the Federal reserve should be in position to assist in case necessity arises. Approved. The Governor then reported that in telephone conversations with the Q4317errlor of the Federal Reserve Bank of New York he had been advised that the 1? A e'4eral Reserve Bank of Chicago has requested the Federal Reserve Bank of "Ybrk to Purchase for its account 020,000,000 of United States Government Oblie"i°ns, to replace a like amount of Governments which the Federal Reserve Bwak or chica,s0 on September 6, 193, sold from its own portfolio, for cieliverY today. 11 He also stated that the Federal Reserve Bank of New York °Ibrerod to repurchase from the Federal Reserve Bank of Chicago, should ileeeseity. arise, up to the 012,500,000 of Governments which the Chicago bank t4lItc)ver recently from the portfolio of the Federal Reserve Bank of New York. 226 918/32 -3-. '.8 the consensus that with the adjustment of this natter there is no need 1*(41 414 immediate meeting of the Open Market Policy Conference or the 144mUtive Committee of that body, and it was understood that the arrangements hemt Yesterday for a meeting of the Executive Committee in Washington on Septerdher 9, would be dropped. Report of Standing Committee dated September 8, 1932, recommending ""al of the following change in stock at a Federal reserve bank: 4 lication for ORIGINAL Stock: Valley Shares 17 National Bank, Milton, Oregon. 17 Approved. Thereupon the meeting adjourned. (-)01AALJZ-(7 kbel7dileTed) Secretary.
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