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1582 A meeting of the Board of Governors of the Federal Reserve SYst was held in Washington on Wednesday, December 1, 1937, at 10:15 a.. ra. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Davis 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 reterred to and the action stated with respect thereto was taken by the BOetrd .: Pederal kousiy. The minutes of the meeting of the Board of Governors of the Reserve System held on November 30, 1937, were approved unani- TeleEram to Mr. Stewart, Chairman of the Federal Reserve Bank c)t 414 Francisco, stating that the Board approves the establishment Withlt Change by the bank today of the rates of discount and purchase 111 it8 existing schedule. Approved unanimously. or Letter to Mr. Lassiter, Chairmen of the Federal Reserve Bank Tit chin reading as follows: 1 ReesiPt is acknowledged of your letter of November 16, : ' id 37, advising the Board of the results of the conLee,eration by your board of directors and by President eh 0f the report of a survey of the Auditing Department 1.583 12 1/37 "Of Your bank transmitted to you with the Board's letter of October 23, 1937. "The Board appreciates the completeness of your review of the report of survey and has noted with interest the views on the various matters expressed by the directors of Your bank and also the changes being made in the auditing Procedure." Approved tuianimou y• Thereupon the meeting adjourned. Approved:
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