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1255 A meeting of the Board of Governors of the Federal Reserve &Ysteni was held in Washington, on Thursday, July 26, 1945, at 10:30 PRESENT: Mr. Ransom, Vice Chairman Mr. Szymczak Mr. Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinter r eferred to was taken by the Board: Memorandum dated July 23, 1945, from Mr. Thomas, Director of tilhAi Di . . 71810n of Research and Statistics, recommending that Mr. Paul tierraber g3 an Economist in that Division, be retained on a temporary ete ba_z_ -1.6 when his present year-appointment expires at the eleee ' c t business July 31, 1945, and that his salary be continued at basicthe 04 rate of 450600 per $346.42 per annum annum, plus overtime of the kr. Re basis Of a 44-hour workweek. The memorandum also stated that Illiberg is a member of the Civil Service retirement system. Approved unanimously. ktk or Letter to Mr. Stewart, Vice President of the Federal Reserve St. Louis, reading as follows: "The Board of Governors approves the changes in the 'l 8. classification plan of the Federal Reserve Bank : lett Louis and its Branches as submitted with your two of July 16, 1945." of Approved unanimously. 1256 7/26/45 --2Letter to Mr. Young, President of the Federal Reserve Bank or chicago, reading as follows: "Receipt is acknowledged of your letter of July 20, with 1.1 which you enclosed a copy of a letter from Mr. J- Stoddard, President of the Michigan National Bank, g, Michigan, setting forth his reaction to the recent ent.amendment to Regulation D which pertains to reserve fecilarements of member banks operating branches in cen''ral reserve or reserve cities. "a is noted that you have had a telephone convertil""lon with Mr. Stoddard since receipt of his letter and ita jou expect to see him this week. We shall appreciate ri; 11 you will advise the Board of the results of your 'ecussions with Mr. Stoddard." Approved unanimously. Pecierai Telegram dated July 25, 1945, to the Presidents of all of the Reserve Banks, reading as follows: Acceptances purchased in open market this week by Fea t4 eral Reserve Bank of New York will be shown in condi41n statement against caption 'Acceptances purchased', 441 te a Of aformer caption 'Bills bought in open markett." Approved unanimously. Letter to Mr. Frank G. Welch, President of The Peoples Savings ar Rapids, Iowa, reading as follows: whi,:fteference is made to your letter of July 9 in ;" ResYou refer to certain transactions of the Federerve Bank of Chicago and ask where a definition aIl ti°nInernber clearing account may be found. t4 The Sec. term 'nonmember clearing account' as used adeol lon 13 of the Federal Reserve Act is reasonably Ile1r4c7'elY defined in the Act itself, and the Board has it necessary to further define it. As you know, t' Rese:„'ne Reserve Act provides that any Federal Bank 'solely for the purpose of exchange or colmay receive from any nonmember bank or trust qballY deposits of current funds in lawful money, nationnotes, Federal Reserve notes, checks and drafts 1257 7/26/45 —3— Payable upon presentation, or maturing notes and bills; such nonmember bank or trust company maintains With the Federal Reserve Bank of its district a balance sufficient to offset the items in transit held for its account by the Federal Reserve Bank.... .t "The Board has not prescribed specific conditions requirements which should or should not be made by :_rederal Reserve Bank in connection with the opening cuid o maintenance of nonmember clearing accounts. Ac— rdingly, if a Federal Reserve Bank in its discretion accepts such an account it may prescribe such require— arid conditions consistent with the law as in its ,mqgmtrt are advisable. copy of your letter and of this reply is being sent to Mr. C. S. Young, President, Federal Reserve of Chicago, for his information." 4.12ykItil n Approved unanimously. 14emorandum dated July 25, 1945, from Mr. Hooff, Attorney, l'eceeiniencling that, in addition to the material previously submit— ted) there be Published in the August 1945 issue of the Federal Reserve B ulletin a statement in the form attached to the memorandum r espect to the following subject: Consumer Credit Consent Injunction under Regulation W. Approved unanimously. Thereupon the meeting adjourne Secretary. ed: •-- Vice airman.
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