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836 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Friday, July 111 1941, at 11:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. McKee Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Telegrams to Mr. Young, President of the Federal Reserve Bank of Boston, Messrs. Sanford and Post, Secretaries of the Federal Reserve Banks of New York and Philadelphia, respectively, Mr. Leach, President of the Federal Reserve Bank of Richmond, Messrs. McCravey, Dillard, Stewart, and Powell, Secretaries of the Federal Reserve Banks of Atlanta, Chicago, St. Louis, and Minneapolis, respectively, Mr. Caldwell, Chairman of the Federal Reserve Bank of Kansas City, Mr. Gilbert, President of the Federal Reserve Bank of Dallas, and Mr. Hale, Secretary of the Federal Reserve Bank of San Francisco, stating that the Board approves the establishment without change by the Federal Reserve Bank of San Francisco on July 8, by the Federal Reserve Banks of New York, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, ICansas City, and Dallas on July 10, 1941, and by the Federal Reserve Banks of Boston and Philadelphia today, of the rates of discount and Purchase in their existing schedules. Approved unanimously. 837 7/11/41 -2Bond in the amount of g10,000 executed under date of July 3, 1941, by Lewis E. Stoyle as Alternate Assistant Federal Reserve Agent at the Federal Reserve Bank of Boston. Approved unanimously. Memorandum dated July 10, 1941, from Mr. Nelson, Assistant Secretary, submitting a request from John F. Cassil, Purchasing Clerk in the Office of the Secretary, for leave of absence for the purpose of reporting for military duty with the United States Army, and recommending that Mr. Cassil be granted leave of absence for military duty beginning July 14, 1941, in accordance with the policy adopted by the Beard on November 14, 1940, for employees called for military service. Approved unanimously. Memorandum dated July 10, 1941, from Mr. Goldenweiser, Director of the Division of Research and Statistics, submitting the resignation of Mrs. Neva E. Rott as a clerk-stenographer in that Division, effective as of the close of business on July 9, 1941, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to Mr. Clerk, First Vice President of the Federal Reserve Bank of San Francisco, reading as follows: "In response to your letter of June 17, 1941, you are advised that the Board approves the payment of a fee and disbursements in the total sum of g4,030.351 to Metzger, Blair & Gardner. 838 7/11/41 -3- "It is understood that the fee of 4,000 and the outof-pocket expenses of t30.35 were incurred in the matter of the Eatonville Lumber Company, for the period of August 1, 1936, to May 31, 1941. It is also understood that the payment of this bill has been approved by the Executive Committee of the Federal Reserve Bank of San Francisco upon the recommendation of the Bank's Counsel Agnew." Approved unanimously. Telegram to Mr. Knoke, Vice President of the Federal Reserve Bank of New York, reading as follows: "Board approves opening of special account subject to the joint instructions of Banco do Brasil and Banque Nationale du Royaume de Yougoslavie as outlined in letter dictated over telephone today and which Board understands is being mailed today. In accordance with the conversation between Mr. Dreibelbis and Mr. Logan and in view of the special situation involved in this case the question of participation by the other Federal Reserve Banks will be deferred until later, if and when the account is opened." Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks reading as follows: "Referring Board's letter R-766 of January 11, please furnish statement for each member bank, on form corresponding to R-766b but with the addition of 'Gross demand deposits' preceding item 1, the figures of gross demand deposits and the next eight items to be based on daily averages for week ended June 25, 1941. The three call report items should be taken from the June 30, 1941 call reports. If it is necessary to substitute April 4 call figures for any bank the June 30 figures should be wired Board soon as received. Please accompany reports with a total sheet covering (1) all central reserve city banks, (2) all reserve city banks, (3) all country banks. Applicable items on these total sheets should be compared 839 7/11/41 -4- "with reports sent to Board on forms F.R. 413 and F.R. 422. If call report figures for June 30 of reserve balances and due from banks appear to be out of line with average figures, suggest that appropriate explanation be appended. Please forward statements in time to reach Board's offices by Thursday, July 24." Approved unanimously. Thereupon the meeting adjourned. APproved:
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