Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 18, 1938, Volume 25, Part 1

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2127
A. meeting of the Board of Governors of the Federal Reserve
8Ystem was held in Washington on Friday, February 18, 1938, at 11:30
a. m.
PRESENT:

Mr. Eccles, Chairman
Mr. Szymczak
Mr. 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 referred to and the action stated with respect thereto was taken by the

Telegrams to Mr. Young, President of the Federal Reserve Bank
(If Boston, Messrs. Kimball, Post and Hays, Secretaries of the Federal
ilecerve Banks of New York, Philadelphia and Cleveland, respectively,
41% Schaller, President of the Federal Reserve Bank of Chicago, and
Messrs. Thames and Stewart, Chairmen of the Federal Reserve Banks of
444Bee City and San Francisco, respectively, stating that the Board
al3rIlloves the establishment without change by the Federal Reserve Bank
"San Francisco on February 15, by the Federal Reserve Bank of Boston
04 February 16, by the Federal Reserve Banks of New York, Cleveland,
Chiellgo, Kansas City and San Francisco on February 17, 1938, and by
tile Federal Reserve Bank of Philadelphia today, of the rates of dis°°114t and purchase in their existing schedules.
Approved unanimously.
Letter to Mr. Merritt, Chairman of the Federal Reserve Bank




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2/18/38

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Or Dallas, reading as follows:
"Referring to your letter of February 14, 1938, the
Board approves the reappointment of Messrs. Clarence Ousley,
Lewis R. Ferguson, W. B. Marsh, T. M. Cullum, and C. R.
Moore as members of the Industrial Advisory Committee for
the Eleventh Federal Reserve District, to serve for terms
Of one year each, beginning on March 1, 1938."
Approved unanimously.
Letter dated February 12, 1938, to Mr. Ransom from L. H. Parris,
ee President and General Trust Officer of The Citizens and Southern
Rational Bank, Atlanta, Georgia, requesting permission to invite Mr.
illingrields Assistant General Counsel, to discuss the subject "Use of
4 C0111man Trust Fund by Small Trust Departments" at the annual conventi°11 Of the American Institute of Banking at Louisville, Kentucky, on
'11446 6$ 1938.

Mr. Ransom had attached a memorandum to the letter stet-

14 that he
and Mr. Wyatt, General Counsel, approved of Mr. Wingfield's
IleeePting the invitation and that should the Board approve it, Mr.
Relks°1ca would discuss with Mr. Wingfield the subject matter of his ad(ilicsa before it is delivered.
The acceptance of the invitation
by Mr. Wingfield was approved unanimously.
There was presented a recommendation, which had been approved
bY the

Personnel Committee, that the Board authorize the purchase of

aEles desk tops, and certain miscellaneous kitchen items for use in
the
cafeteria, as listed in purchase orders numbered 3089 and 3090, at
tc3tal cost of $613.71.




Approved unanimously.

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248/38




Thereupon the meeting adjourned.

(4‘tiee
(fos41.G.I.1:
ecretary.