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129 A meeting of the Board of Governors of the Federal Reserve 8Yetem was held in tashington on Tuesday, February 1, 1938, at 10:30 a. m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Thurston, Special Assistant to the Chairman Mr. Wyatt, General Counsel Mr. Parry, Chief of the Division of Security Loans Mr. Dreibelbis, Assistant General Counsel Consideration was given to a request received under date of J'Elnuetr Y 14) 1938, from Mr. Lichtenstein, Secretary of the Federal Advisor Y Council, for advice as to topics which the Board might wish to 811geest for discussion by the Council at its meeting in Washington on PebrUarY 14-15, 1978. There had been informal discussion by the Board Qt t°Pies which might be suggested for consideration by the Council and at this meeting these topics were reviewed. At the conclusion of the discussion, the Secretary was requested to prepare, for consideration by the Board, a draft of letter to Mr. Lichtenstein along lines suggested during the discussion. Prior to this meeting there had been distributed among the ttletaber 8 of the Board a memorandum dated January 22, 1938, which sumthe replies received from the Federal reserve banks to the 130 2/1/38 -2— Bottrd s letter of December 4, 1937, with respect to the suggestion that meetings of the Board of Governors with directors of the Federal rase4.-ve banks be held from time to time. It was stated that the replies indicated that ten of the Federal reserve banks were in agreement with -__ then K..eeral idea of meetings of the boards of directors with the Board, bUt that there was considerable diversity of opinion as to the kind of tfleetjngs that should be held. Mr. Szymczak called attention to the recommendation made by the Federal Reserve Bank of Philadelphia that the matter be referred to the Presidents' Conference for further discussion and consideration in an effort to arrive at some common point of view for presentation to the Board, and moved that this procedure be followed. Carried unanimously. At this point Messrs. Thurston, Wyatt, Parry and Dreibelbis Isrt the meeting and consideration was then given to each of the matters hereinafter referred to and the action stated with respect thereto was t4keA by the Board: The minutes of the meeting of the Board of Governors of the ?ed.1 Reserve System held on Xanuary 28, 1938, were approved unaniD1011aly. The minutes of the meeting of the Board of Governors of the PAA al" ' the Reserve System held on Sanuary 31, 1938, were approved and 4eti°ns recorded therein were ratified unanimously. 131 2/1/3 The Secretary reported that advice had been received from Mr. NeelY, chirm of the Feder 1 Reserve Bank of Atlanta, that it -would be i mPos6lhle forMr. X M. Tillman, President, Lake ales Citrus Growers As o I tion, Lake Wales, Florida, who had been appointed by the Board director of the Jacksonville Branch of the Federal Re- aerve Bank of Atlanta, subject to confirmation of his willingness to erve to accept the appointment. Noted. Thereupon the meeting adjourned. ed:
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