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e Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, August 4, 1947. PRESENT: Mr. Eccles, Chairman Mr. Evans Mt. Vardar/4u Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Mt. Thurston, Assistant to the Chairman Letter prepared for Chairman Eccles' signature to His Excellency, 8a1Arsdor Castaneda Castro, President of the Republic of El Salvador, reading as follows: "I have your letter of July 7, 1947 requesting the services of Mr. Musgrave and Mr. Grove of the Board's staff in connection with a fiscal reform program being undertaken by your Government. "The Board is very sympathetic with the purposes of this program, and we have given the most serious co nsideration to your request. To my great regret, however, it will not be feasible for us to spare Mr. 1,411sgrave and Mr. Grove for work on this project at eresent time since they are fully occupied with important tasks. In addition, Mr. Musgrave is shortly leaving the Board to return to university work. It the meanwhile, I understand that there are plans for establishing a National Institute of Economic Studies it your country which might, when organized, undertake t.udies in this field. Perhaps Mr. Grove or other member the Board's staff may find an opportunity to co llaborate on these or other studies with which the Institute will be concerned." t Approved unanimously. Letter to Mt. Sheehan, Chief Examiner of the Federal Reserve /3/14:k of 1 New York, reading as follows: "In accordance with the request contained in your A 11,3:.3 7 -2- "letter of July 31, 1947, the Board approves the designation of the following employees as special assistant examiners for the Federal Reserve Bank of New York: John P. Armbruster Charles Eaton Eugene P. Emond Joseph P. Gordon Eugene M. McGee Franklin F. Mittricker, Jr. Wallace 0. Raubenheimer" Approved unanimously. Letter to Mr. Denmark, Vice President of the Federal Reserve 841* of Atlanta, reading as follows: "In accordance with the request contained in your letter of July 30, 1947, the Board approves the apPointment of A. D. Wilburn, at present an assistant elaziner, as an examiner for the Federal Reserve Bank of Atlanta. If the appointment is not made effective August 7, as planned, please advise us." Approved unanimously. Letter prepared for Chairman Eccles' signature to Mr. E. F. 84rtel+ u, Fiscal Assistant Secretary, Treasury Department, reading 48 follows: "The Board of Governors will be pleased to comply it the request contained in your letter of July 22, 947, and obtain through the Federal Reserve Banks inlormation concerning the official accounts of GovernOfficers and agencies maintained with State banks .at are members of the Federal Reserve System. "We have been in touch with the Federal Deposit snrance Corporation and the Comptroller of the Curand it is understood that in order that the in/e iL3ormation obtained from national banks, State member pa4ke, and nonmember insured banks may be uniform, a " . )rm will be prepared for use by all three of the bank 1 1134 8/4/47 —3— "supervisory agencies. It is also understood that it Nfill meet the requirements of the Treasury if the information is obtained at the time the next call for reports of condition of banks is issued by all three agencies; and we are planning accordingly. "When the form referred to above is approved, a copy should be sent to Mr. Smead, Director of our DiVision of Bank Operations, so that the necessary copies can be printed for our use." Approved unanimously. Letter prepared for Chairman Eccles' signature to Mr. J. 41gar Hoover, Director, Federal Bureau of Investigation, Depart'nett cf Justice,readingas follows: "I am pleased to learn from your letter of July 25, 1947, that protective surveys have been completed by representatives of the Federal Bureau of Investigation at all of the Federal Reserve Banks and their branches. The Board is intensely interested in improving the protective facilities at the Federal Reserve Banks and appreciates greatly the cooperation of your Bureau in undertaking this Protective Service Program. In this connection, we should appreciate receiving when available copies of the individual etters containing recommendations prepared for delivery to and discussion with the appropriate official of each Federal Reserve Bank and branch bank, referred to in the second paragraph of your letter. These would enable us to follow through on the recommendations relating to each bank and branch. "We especially appreciate your sending with your letter a list of recommendations which might be given coni.deration by a majority of the Federal Reserve Banks and 12ranches. We shall take these up with all the banks with the intention of obtaining as much uniformity as possible ta their adoption. "You will be interested to know that we have already received favorable comments from some of the Federal Reserve Banks with reference to the surveys made by your representatives." l 8/4/47 -4Approved Imanimously, together with a letter to the Presidents of all Federal Reserve Banks reading as follows: "In our letter of April 18, 1947, it was indicated that arrangements were being made by the Federal Bureau of Investigation to make protective surveys at the Fed— eral Reserve Banks and branches which had not already been visited by representatives of the Bureau. We have now been informed that the surveys have been completed ax:Id that individual letters containing recommendations either have been or are being prepared for delivery to and discussion with the appropriate official of each !ederal Reserve Bank and branch. In this connection it will be appreciated if you will report to the Board 1githin the next six months or so which recommendations , ?aye been or will be adopted, and, as to any which it not intended to adopt, why it is considered not fea— sible to do so. "It is understood that you will be furnished also nth a list of recommendations which, in the opinion of la:le Federal Bureau of Investigation, might be given con— sideration by a mBjority of the Federal Reserve Banks and 12ranches. The Board is requesting the Chairman of the Presidents Conference to place on the agenda for the next meeting the question of the advisability of referring these !:ecommendations to a System committee for the purpose of uringing about as much uniformity in their adoption as prac— ticable and the general question of steps that have been and ml-ght be taken to assure that adequate and efficient protec— tlon will be maintained." Assistan cretary.
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