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1546 A meeting of the Board of Governors of the Federal Reserve 8ntem was held in Washington on Friday, December 8, 1939, at 11:30 PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Davis Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein- atter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pedern, -4. Reserve System held on December 7, 1939, were approved unanitousiy. Telegrams to Mr. Young, President of the Federal Reserve Bank Of Bo ston, Messrs. Kimball and Hays, Secretaries of the Federal Reserve tifilik8 Of New York and Cleveland, respectively, Mr. Leach, President of the pfta eral Reserve Bank of Richmond, Messrs. Dillard, Stewart, Powell 414 Le d e-Y, Secretaries of the Federal Reserve Banks of Chicago, St. 14414 144 'uu-nneapolis and Kansas City, respectively, Mr. Gilbert, President ot the ,„ zederal Reserve Bank of Dallas, and Mr. Hale, Secretary of the Ftcler the Reserve Bank of San Francisco, stating that the Board approves eetablislunent without change by the Federal Reserve Bank of Richmond oil tee ember 6, by the Federal Reserve Banks of New York, Cleveland, 1_547 108/39 Chicago, Minneapolis, Dallas and San Francisco on December 7, 1939, and hY the Federal Reserve Banks of Boston, St. Louis and Kansas City today, of the rates of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated December 7, 1939, from 1,1r. Goldenmeiser, Director of the Division of Research and Statistics, recomplending (1) that J. Burke Knapp, Jr., v,ho vas appointed by the Board on a temporary bas for a period of one year on November 27, 1039, as a junior econ°111ist in its Division of Research and Statistics, and who is at present tn Iondo_, England, be paid :08.32, the equivalent of one month's 4141r3r, for vork in assembling information regarding economic measures ticl developments in the United Kingdom since the outbreak of war, and (2) that Mr. Knapp be granted reimbursement for incidental expenses, Such as the cost of transportation in London and charges for publications in connection with obtaining this material, such expenses not to eeei'd 11.00.00. The recommendations were approved unanimously. Memorandum dated December 8, 1939, from Mr. Smead, Chief of the i,isiO of Bank Ooerations, submitting the resignation of Mrs. Helen 0 ROOm a temporary comotometer operator in the Division, to be ef- fective 1)as of December 15, 1939, and recommending that the resignation acce Pbed as of that date. Approved unanimously. 12/8/39 Letter to the Presidents of all Federal Reserve banks, reading as follows: "Reference is made to the Board's letter of November 29, 1939, R-562, concerning holidays during the month of December. Pursuant to an Executive Order of the President, dated November 500 1959, the offices of the Board of Governors will be closed all day on Saturday, December 25 and Saturday, December 30, with the exception of the telegraph office, which will operate as usual on both days. "Please notify branches." Approved unanimously. Thereupon the meeting adjourned.