The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1157 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Thursday, August 22, 1940, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak Davis Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters hereinafter referred to was taken by the Board.: The minutes of the meeting of the Board of Governors of the Pecieral Reserve System held on August 21, 1940, were approved unanitousiy. Memorandum dated August 21, 1940, from Mr. Van Fossen, AsLatanChief of the Division of Bank Operations, submitting a letter cla 'ted August 17 from Mr. Wagner, Vice President of the Federal Re' bank of Cleveland, requesting approval by the Board of changes the Personnel classification plan of the Bank to provide for the e at4 Lorl of the new positions of "Assistant Compositor" and "Junior ?I‘e8ernan" in the General Service Department. The memorandum stated that 4.,e 'n proposed changes had been reviewed and recommended that they be 41°Pl'oved. Approved unanimously. 1158 8/22/40 -2Letter to the Presidents of all Federal Reserve Banks, read- ing as follows: "There are enclosed for your information a table Showing applications for membership received by the Board during 1940, and a statement containing excerpts from the bank relations reports submitted by the Federal Reserve Banks for the month of July. "In response to the inquiry made in the letter accompanying last month's summary of bank relations reports (R-678) as to whether the summary was useful to Federal Reserve Banks and should be continued, replies have been received from ten of the Federal Reserve Banks, copies of Which are attached. It will be noted that of these ten all but three appear definitely interested in having the report continued. The two banks from which replies have not yet been received indicated in response to a similar Inquiry a year ago that they favored the continuance of the report and copies of the letters written at that time are also attached. "The few suggestions made as to methods of improving the report seem to tend in different directions--in some cases there is interest primarily, if not exclusively, ln relations with member and nonmember banks. In other cases the interest seems to be very largely in the general comment on business and banking conditions. In making 111) the summary, we are, of course, limited by the nature of the material submitted by the Federal Reserve Banks. In the absence of any suggestion that this material be submitted in a uniform manner, the reports come to the Board varying widely from one another in nature. SODIR of the Federal Reserve Banks submit a brief comprehensive ?tatement, sometimes comprising less than a page, which 18 used practically in entirety in the summary. Other Reserve Banks submit long detailed reports of many pages from which paragraphs here and there are selected. The InaJority of the banks submit a single report for the month, but one of the Federal Reserve Banks submits copies of the separate reports of each bank representative making a visitation trip. Accordingly, whereas the report of Tle bank may be quoted almost in entirety, only a small traction or fractions of what another bank reports may be quoted. "In compliance with the expressed wishes of the 1159 8/22 40 -3- "majority of the Federal Reserve Banks, the summary will be continued." Approved unanimously. Thereupon the meeting adjourned. fORAxL'tar.
@FedFRASER