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600 A meeting of the Board of Governors of the Federal Reserve bystellal was held in Washington on Saturday, April 24, 1937, at 11:45 a. r. PRESENT: Mr. Mr. Mr. Mr. Eccles, Cnairman Broderick McKee Davis Mr. Mr. Mr. Mr. Con Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman sideration was given to each of the matters hereinafter re- rerl'ed t° 8nd the action stated with respect thereto was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal _ 1,eserve ,,Ystem held on April 23, 1937, were approved unanimously. Telegram to Mr. Kimball, Secretary of the Federal Reserve Bank or New -yor1_, Stating that the Board approves the establishment withby the bank on April 22, 1937, of the rates of discount and Plar Chase in its eXi:Airw, schedule. Approved unanimously. or Letter to Mr. Sinclair, President of the Federal Reserve Bank '-uiledelphia, reading as follows: 5L Z te ie. lrence ef is made to your letter of Aoril 9, in proposed retention in service of Mr. Samuel R. 21 1, Assistant Cashier, for a period of one year from April 01, 937) on which date Mr. Earl will have attained the aFe 'L) Years. z "Before writing its letter, X-9798, of January 21, 1937, to the retention in service by the Federal Rebanks of officers and employees after they have at: tained or iled age 65, the Board carefully considered the objectives Elb,1.1 retirement system and came to the conclusion that jr the --nee of outstanding reasons it would be in the interest With Car, reSPeCt 601 4/24/37 -2- "of the System as a whole to retire officers and employees uPon the attainment of age 65. Continued physical and mental or ordinarily the individual's financial situation, aoes not in the Board's opinion constitute exceptional circumstances that would warrant a departure from the policy set forth in its letter of January 21, 1937. "After reviewing this situation in the light of the ,statements made in your letter, it does not appear that there are any unusual circumstances which would justify Is 8 Board in making an exception in the case of Mr. Earl "Y aPProving his salary beyond the end of the calendar year 1937." Approved unanimously. Letter to Mr. Newton, President of the Federal Reserve Bank of ktlellta, reading as follows: 23 "Reference is made to Mr. McLarin's letter of February ti requecting the Board's approval of the following new posii;:°11 which your Executive Committee recommended be included personnel classification Plan of the New Orleans vi:anch. Position Maximum annual salary AUditing ;12.00 Special representative 01,1 "AccordinG to the Board's records there is at the New h-p:a!na branch a stock of unissued Federal Reserve notes which peen held under the triple control of an officer of the brch, a representative of the Auditing Department stationed pecI EctETlla anch, and the Federal Reserve Agent or Assistant la eral Reserve Agent at the Federal Reserve Bank of Ataccordance with an agreement between the Federal se::rve Agent at Atlanta and the Governor of the Federal Reof-Ile, Bank of Atlanta approved by the Board in its letter It is assumed from the description Cu?b8r 15, 1930. Of: le,Orx shown on the Form A page inclosed with Yr. ;IcLarin's re vuer that it is now proposed to appoint some Person not 01."1Y* in the employ of the branch as a representative triple Auditing Department to act in the above mentioned " rl'le control arrangement. It is understood that a similar engement is now in effect at your Jacksonville branch. tit "At most of the Federal Reserve banks having branches thenich a stock of unissued Federal Reserve notes is held, ' e is now in operation a plan under which notes are held 602 4/24/37 -3"in the joint custody of a branch officer and a /ederal Reserve Agent's Representative. This Federal Reserve who is carried on the Agent's payroll Agent'sla.Pr ive, and is lely responsible to him for the Proper performance of his duties, must have the same qualifications required by the -Law for other assistants to the Federal Reserve Agent and must give like bond. In the absence of a Federal Reserve Agent, he is responsible to the Board of Governors but as a Practical matter is expected to cooperate with, and work subject to the direction of, the Assistant Federal Reserve Agent at the head office. When not engaged in his duties and retiring Federal Reserve notes, the Federal Reserve AEent's Representative may, with the approval of the Federal Reserve Agent and the President or the Manager of 4 the branch, perform such work for the branch as, in the n - i°13 of the Federal Reserve Agent, is not inconsistent his duties as Federal Reserve Agent's Representative. "In view of the fact that under this plan there is eliminated the necessity of appointing as a representative of the Auditing Department a person not regularly in the employ mthe branch and since the elan has proved practicable at a ber of the Federal Reserve branch banks, it will be appreted if consideration is given to the advisability of apor nting a Federal Reserve Agent's Representative at the New Orleans i , and Jacksonville branches in lieu of the plans now effect or the plan now proposed for the New Orleans branch. eh° "There is attached for your information a Form A page a standard description of work which the Board has ;;' rt: 3antly app --roved for the position of 'Federal Reserve Agent's Pres entative' at a branch." J Z Approved unanienously. Letter to Mr. Alfred T. Sihler, Assistant Vice President of the Reserve Bank of Chicago, reading as follows: with "Reference is made to your letter of February 27, 1937, respect to the distribution of X letters regarding ,"ioa T. In this connection you point out that the l Bot Feri s Trans. No. 2102 of October 2, 1934 (1,8038) request,3d eral Reserve Agents to see that certain rulings regard04.RegU1ati0n T 'are furnished promptly to appropriate whileiala of each securities exchange in his district', cttt e the Board's letter (X-9673) of August 18, 1936 indib114- -2 that X letters should not be distributed as received that the substance may be used in answering inquiries. Re 603 4/24/37 -4"As you know, 48 rulings numbered consecutively from 1 through 48 were issued for public distribution as numbered rulings interpreting Regulation T, and all such numbered rulings were published in the Federal Reserve Bulletin. However, subsequent interpretations of Regulation T have not !Jeen in the form of such numbered rulings, but have been the usual form of X letters similar to those relating to other matters. subsequent X letters regarding These R egulation T contain identifying serial numbers in accord! flee with X-9673; but, while these numbers were continued Iron'. the number 48, this was done merely as a matter of convenience and was not intended as a continuation of the numbered rulings interpreting Regulation T. Only one of these s Ubsequent X letters has been published in the Bulletin. It was intended that only the 48 rulings which were des ignated as numbered rulings interpreting Regulation T Should be distributed in accordance with X-8038. Other X letters should be treated in accordance with X-9673, although ! , *141inge which are published from time to time in the Federal xt_e.serve Bulletin may, of course, be referred to and given lie distribution as such. The Board feels that national exchanges should not be treated differently from Other persons with respect to the use of X letters in accordance with X-9673." T Approved unanimously. Thereupon the meting adjourned. / 1 41011 Approyea: Chairman. 1Y) (tAti) 41, Secretary.
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