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•t• z Ainfeel 4,1^ Minutes of actions taken by the Board of Governors of the eu- Reserve System on Wednesday, August 18, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Hammond, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board --'es of actions taken by the Board of Governors of the - e System on August 17, 1948, were approved unanimously. Telegram to Mr. Carstarphen, Secretary of the Federal Reserve r St Louis, reading as follows: ! letel August 17. glIst ? Board approves, effective Aue.chra c",„:, 1948, rates of 1-1/2 per cent on discounts and Under Sections 13 and 13a except advances to rtletblre—T\e'le, Partnerships, and corporations other than cert rn,-anks under last paragraph of Section 13; 2 per cert advances under Section 10(b); 1-1/2 to 2 per thlall Portion of discounts for and purchases from tirtat-1:11g institutions under Section 13b for which 0)latic-'4g institution is obligated; 3 to 5 per cent Ilezse7 sealces direct to industrial or commercial busikati illnder section 13b including advances made in .... 1)ation with other financing institutions; mini 11117113 , eerit rates on bankers acceptances of 1-1/2 per 45.ttiri°r maturities up fcilto 90 days, 1-5/8 per centmat rttie ' s-'les of 91 u for cent to 120 days, 1-3/4 per Dilrehl;°.1 ' 121 to for re,cent 180 days, and 1-1/2 per eSe agr eements; and minimum buying rate of 1-3/4 Irotre,lat (In trade acceptances. Otherwise Board ap; clisco- esta adblishment without change of the rates o iiice and schedul%e dad existing purchase in your Of i riillgUsinich was contained in your telegram Board will announce change at 4 p.m. E.D.T. Approved unanimously. AmOt /1.1 A 441 8/18/48 -2Letter to Mr. Sproul, President of the Federal Reserve Bank Nei,/ yor.L, ,& reading as follows: 118 We understand that you would be willing to lend crea '?nri Grant of your staff to work on the instalment goaL lt regulation for a period of about a month. The app-r; in need of help on this job and would much -ej ' ate Your arranging to make Mr. Grant available r this period. tetroi"4. 111 view of the short period for which it is conraeril-a`'ed Mr. Grant will be on this special assign%lt is also understood that his salary and exPezise Pea incident to the assignment will be paid by the era1 Reserve Bank of New York." Approved unanimously. Letter to Mr. Neely, Federal Reserve Agent at the Federal e c't Atlanta, reading as follows: 11.1 ,accordance with the request contained in a : letts `Lated August 5, 1948 from First Vice President , the Board approves the payment of salary to i!ier; westerhaus, Vault Custodian and Federal Reserve etr ts Representative, at the rate of $3,420 per Assistant annum ive August 1, 1948 and to D. J. Ducamus, ee -e lbialllt -11st°dian and Alternate Federal Reserve Agent s te ' aLlve, at the rate of $3,060 per annum effective tuer 1, 1948." unanimously, together with Approved a letter to Mr. Clark, First :ice President of the Federal Reserve Bank of Atlanta, reading as follows: 11:1111 1,,ere is enclosed a copy of a letter to Mr. Frank bc3r saei, Fedeal payment r Reserve Agent, approving the Federal Nerv r:rie to Messrs. Westerhaus and Ducamus, Agent's Representatives, at the New Orleans 8h8/48 -3"Since it is the responsibility of the Federal jeserve Agent to appoint members of his staff subthe approval of the Board, it is felt that he i, sh°1-lid make the recommendation for any changes the salaries of such employees. It is suggested ". this procedure be followed in the future." ,vlsory Letter to Mr. Herbert V. Prochnow, Secretary, Federal Adreatai °Iincily 38 South Dearborn Street, Chicago 90, Illinois, 4 as follows: tob "At the meeting of the Federal Advisory Council the; e ll held in Washington on September 19, 20 and 21, co would appreciate having the benefit of the tic e41's views with respect to two matters of par111r. interest to the System: he.s t 1. The House Banking and Currency Committee rece wice reported favorably and the House in the storielt+ePeolal session approved a proposal to ./.eresev;Pe former ratio of required gold certificate 8.Ra'ri r,;_si,held by Federal Reserve Banks of 40 per cent xederal Reserve notes and 35 per cent against sibi-ri7:- Reserve Bank deposits. In view of the post the"6"Y that this proposal may again be advanced in °4ress, the Board would like to know what the 4tti"t%e Of the Advisory Council would be towards it. Et/ici er In the light of developments in the mortalz 11441.7 it field since the Council met with the oar what is the Council's judgment as to the efet aZe 6l ess of policies of restraint so far adopted 4AD - would the Council's recommendations be as to -r°Driate further action?" Approved unanimously. C hairman pro tem.
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