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126 A meeting of the Board of Governors of the Federal Reserve SYstam ab was held in Washington on Monday, January 31, 1938, at 11:30 14 PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. McKee Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman nsideration was given to each of the matters hereinafter reterred to and the action stated with respect thereto was taken by the 8°Eird.: Memorandum dated January 27, 1938, from Mr. Goldenweiser, tire ctor of the Division of Research and Statistics, recommending that, ror the reason stated in the memoran um, Mr. Martin Krost, a jlulior economist in the Division, be granted leave of absence without Pay , ro,.4 Period of not to exceed three months from about February '7 to may 9, 1938. Et Approved unanimously. Memorandum dated January 27, 1938, from Mr. Goldenweiser, Directo r Of the Division of Research and Statistics, recommending that, w., 11 L. Starr, Sr., who had previously served as a temporary iuhio_ economist in the Division, be appointed on a temporary basis for a Period of three and one-half months as a junior economist in the kvisi On, with salary at the rate of 4250 per month, effective as of 127 1/31/38 the -2- ate upon which he enters upon the performance of his duties, to ' L enrrY on the work of Mr. Martin Krost during his absence. Approved unanimously. Memorandum dated January 31, 1938, from Mr. amead, Chief of the ..vlsion of Bank Operations, submitting a letter dated January 28, 1938 0 '.'rom Mr. Drinnen, First Vice President of the Federal Reserve sank of Philadelphia, which requested approval by the Board of a change 14 they - Personnel classification plan of the bank to provide for the ereeti°11 of the new position of "Reconcilement Clerk" in the Accounting DePartment. The memorandum stated that the proposed change had been reviewed and rec ended that it be approved. Approved unanimously. Letter to Mr. /bung, Vice President of the Federal Reserve Bank of Chi ca,-, mv reading as follows: sta# "The December 31, 1937 condition report of The Home ye Ba Ban. of South Milwaukee, Wisconsin, includes in the ! : 3 essification of time deposits in Schedule 'K' demand cerifidates of deposit and demand deposits evidenced by savg8 Passbooks on which no interest is paid. As it is inu?" eated that these deposits are payable on demand they should have been included among other demand deposits in Selle,AA ille IP, and it will be appreciated if you will so !rise the bank for its guidance in submitting future conua reports. "Since the deposits are payable on demand it is asad that they are reported as demand deposits for reserve Purpoees.“ Z Approved unanimously. There was submitted a recommendation, which had been approved 128 1/31 38 by the Personnel Coynm Instal tee, that the Board authorize the purchase of folding chairs, as listed in purchase order numbered 3020, at a total cost of 4345.00. Approved unanimously. Thereupon the meeting adjourned.
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