Upon call of the Vice Governor, a special meeting of the Federal Reserve

Board was held in the office of the Federal Reserve Board on Friday, April 26,

1929 at 11:15 a.m.

alth,

PRESNT: Vice Governor Platt

Mr. Hamlin

Mr. MillerMr. JamesMr. CunninghamMr. Noell, Asst. Secretary

Mr. McClelland, Asst. Secretary

The minutes of the meeting of the Federal Reserve Board held on April

revised in accordance with suggestions at the meeting yesterday, were

l'ead and approved.

The minutes of the meeting of the Federal Reserve Board held on April

25th were read and approved.

Mr. Miller then presented and read to the Board a redraft of the pro-

letter to the Chairmen of all iederal Reserve banks, requesting further

44a fuller cooperation of the Federal Reserve banks and member banks in the

Board,'s policy of prohjoiting the misuse of the discount facilities of the

Pauraj, Reserve System by member banks carrying heavy investments in loans to

ill'olters and dealers.

The

the Federalto

14crease

After a general discussion, the Assistant

Secretary was directed to furnish a copy of the

proposed letter to each member of the Board for

study and suggestions.

Vice Governor referred to the fact that the board of directors of

Reserve Bank of Chicago meets to day and will probably take action

the rate of the bank.

After discussion, Mr. Hamlin mOved that if,

advice should be received this afternoon that the

directors of the Federal Reserve Bank of Chicago

have established a rediscount rate of 6,7, the

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Vice Governor be instructed to advise the Chicam

directors that the Board disapproves their action

and has determined the rate of the bank to be 5.

Mr. Hamlin's motion, being put by the Chair,

was carried, Mr. Platt voting "no".

420

Memorandum dated April 25th from the Director of the Division of Research

and Statistics, recommending the appointment of Miss Eleanor S. Hanford as

Junior Assistant in the Division, at a probationary salary of „;1600 per annum,

effective October 1, 1929.

Approved.

Letter dated April 25th from the Assistant Federal Reserve Agent at Phila-

delphia, requesting the designation as special Assistant to Examiners of Mr.

l'Alrle V. Bartow, an employee of the Currency Department of the Bank.

Approved.

Letter dated April 25th from the Secretary of the Federal Reserve Bank

Of New York, advising that the board of directors at its meeting on that date

rilacle no change in the bank's schedule of buying rates, but quoting the follow-

trigresolution adopted by the directors with respect to the discount rate:

"VOTED subject to review and determination of the

Federal Reserve Board, to establish a rate of six per

cent. for all rediscounts and advances, effective. from

the onening of business April 26, 1929 and until fur-

ther notice and superseding the existing rate but with

the understanding that this action of the board of di-

rectors of this bank is predicated upon approval or dis-

approval by the Federal Reserve Board today."

Noted.

Letter dated April 25th from the Governor of the Federal Reserve Bank

Of Philadelphia, requesting early and favorable action by the Board on a

liecommendation of the recent Governors' Conference that reserves of member

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banks be calculated upon deposits as at the opening of business, instead of

the close of business as at present.

Noted, the Board not yet having been advisedformally of the action of the Governors' Conference.

OF STAE DING C r2EES :

Dated, April 26th, Aeconmenaing changes in stock at Federal ,Aeserve Banksas set forth in the Auxiliary Minute Book of this date.

Recommendations approved.Dated April 26th, Aecommending action on applications for fiduciary powers

as set forth in the Auxiliary Minute Book of this date.Recommendations approved.

Dated, April 25th, Recommending action on applications for admission of state

banks, subject to the conditions stated in the tmdiviaual

reports attached to the applications, as set forth in theAuxiliary Minute Book of this date.

Recommendations approved.Datea, April 25th, Recommending approval of the application of Mr. G. N.

La Lone for permission to serve at the same time as di-

rector and officer of the Minnehaha National Bank, Min-

neapolis, Minn., as director and officer of the Produce

State Bank, Minneapolis, Minn., and as officer of the

First National Bank, Minneapolis, Minn.Approved.

The meeting adjourned at 12:45 p.m.

0-,

Assistant Secretary.

Vice Governor.

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