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374 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, April 4, 1938, at 11:30 a. in. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter referred to and the action stated with respect thereto was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on April 2, 1938, were approved unanimously. Copies of the final page proof of the text of the Twenty-fourth Annual Report of the Board of Governors covering operations for the year 1937 had been sent to the members of the Board for review (other than Mr. Draper who did not participate in the consideration of the report) and had been approved informally by them, following which the text of the report had been printed with the understanding that it would receive the Board's formal approval . The report was approved in the form submitted with the understanding that it would be sent to the Speaker of the House 375 4/4/38 -2of Representatives and the President of the Senate and released to the press today. It was also understood that the same disposition of the report would be made this year as was made last year which included sending copies to all members of the Senate and House of Representatives rather than only to the members of the Banking and Currency Committees of the two houses. Mr. Draper did not participate in this action. Telegram to Mr. Wood, Vice President of the Federal Reserve Bank of St. Louis, reading as follows: "Reference letter March 30. We understand that it is Comptroller's policy not to rule in advance upon eligibility of particular securities and therefore it appears that no reference should be made to Comptroller's views as to Affiliate Fund Debentures. Board also believ es that it should not undertake to determine eligibility of particular securities in advance. However, for your confidential use, on basis of information available to us, it appears that these debentures do not comply with Comptroller's regulations. In communicating with the member bank please do not indicate that Board has expressed any view upon the question." Approved unanimously. Thereupon the meeting adjourned. Approved:
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