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1670 A. meeting of the Board of Governors of the Federal Reserve SYste4 was held in Washington on Friday, December 17, 1937, at 12:30 a. me PRESENT: Mr. Mr. Mr. Mx. 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 reto and the action stated with respect thereto was taken by the toard: The minutes of the meeting of the Board of Governors of the 4ierel. Reserve System held on December 16, 1937, were approved unaniraou Telegrams to Mr. Kimball, Secretary of the Federal Reserve 18111c of New York, Mr. Austin, Chairman of the Federal Reserve Bank ()f Pb.iladelphia, Messrs. Clark, Young and Powell, Secretaries of the 4cleral Reserve Banks of Atlanta, Chicago and Minneapolis, respectively, Et4c1 Mr. Stewart, Chairman of the Federal Reserve Bank of San Francisco, "eting that the Board approves the establishment without change by the New York, Chicago, Minneapolis and San Francisco banks on December 16 1937, and by the Philadelphia and Atlanta banks today, of the rates °t discount and purchase in their existing schedules. Approved unanimously. 1671. 12/17/37 -2- Letter to Mr. Leach, President of the Federal Reserve Bank of Riclarnond, reading as follows: "Referring to your letter of December 10, the Board EiPproves payment of compensation to Dr. E. A. lancaid at the rate of i600 per month for a period not exceeding three months during the summer of 1938, during which period he is to be employed on a full-time basis. It will be appreciated if you will advise the Board when Dr. Kincaid's full-time employment begins and when it terminates." Approved unanimously. Letter to Mr. G. Fred Berger, Chairman, Mortgage Investment "Committee of the Pennsylvania Bankers Association, Norristown, 1\1 lellasylvania, reading as follows: "This refers to your letter of December 10, 1937, addressed to Mr. Wingfield, with reference to the submission by your Committee of suggestions for an amendment to the Board's Regulation F covering the operation of Common Trust Funds the investments of which would be made principally in mortgages. "As suggested in your letter, it seems clear that, if the Board deferred action on the proposal now before it for an amendment to its Regulation F covering the operation of Common Trust Funds pending a consideration of Your contemplated suggestions with reference to mortgage funds, a considerable delay of action on the pending proposal would result. In the circumstances, therefore, the Board does not feel that it should defer action on the Proposal it now has before it, and it will be glad to give consideration to your suggestions for an amendment to its Regulation F relating to Common Trust Funds, the principal investments of which would be mortgages, whenever you desire to submit such suggestions." Approved unanimously.
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