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tr:-9 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, January 25, 1937, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Broderick 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 referred to and the action stated with respect thereto was taken by the BOard.: The minutes of the meeting of the Board of Governors of the l'ederal Reserve System held on January 23, 1937, were approved unanizousiy. Letter to Mr. Rounds, Vice President of the Federal Reserve Bank Of New York, reading as follows: "In accordance with the request contained in your letter of January 16, the Board approves the continuation of the temporary assignment of Miss Vivian E. Keena to the position of Sorting and Listing Clerk in the Work Relief Checks Section at her present salary of $1,660 per annum Nhlch is 60 in excess of the maximum provided for this Position, for a further period not to exceed six months from January 16, 1937." Approved unanimously. Letter to [jr. Fletcher, Vice President of the Federal Reserve 86411k °f Cleveland, reading as follows: "Receipt is acknowledged of your letter of December 30, 936, regarding the relationship existing between Thornton tiaundry and Dry Cleaning Company and The Dollar Savings and 160 1/25/37 "Trust Company, both of loungstown, Ohio. . "It is noted that the Reconstruction Finance Corporation has canceled its commitment with respect to the loan made to the laundry company by the member bank; that an individua l now holds, as attorney in fact, the stock of the laundry comPanY previously deposited with the bank in connection with such loan; and that in your opinion the laundry company has ceased to be an affiliate of the member bank. While the facts are not entirely clear, it is assumed that you are satisfied that the stock of the laundry company is not now owned or controlled by the member bank within the meaning of section 2(b) of the Banking Act of 1933 and that there is nothing to indicate that such company may be affiliated with the member bank in some other manner. If such is the case, no report on form 220 need be obtained from the laundry company." Approved unanimously. Telegram to Mr. Earhart, Cashier of the Federal Reserve Bank of 8a4 Francisco, reading as follows: "Referring your January 20 letter, Board considers it desirable that current operating expenses (after deducting reimbursem ents received for certain fiscal agency and other expenses) as published by bank and Board should agree and, therefore, suggests that your proposed statement to stockholders be revised by including furniture and equipment and normal depreciation on bank premises in operating expenses and by eliminating from operating expenses prior service contributions to Retirement System." Approved unanimously. Thereupon the meeting adjourned. fc), APProved: Chairman. OAAA1R Secretary.
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