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863 A meeting of the Board of Governors of the Federal Reserve Srstern. with the Presidents of the Federal Reserve Banks was held in the Offices of the Board of Governors in Washington on Tuesday, jilne 11, 1946, at 11:25 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Mr. Carpenter, Secretary Messrs. Whittemore, Sproul, Williams, Gidney, Leach, McLarin, Young, Davis, Peyton, Leedy, Gilbert, and Clerk, Presidents of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco, respectively. Mr. Treiber, Secretary of the Presidents' Conference Mr. Sproul stated that the Presidents' Conference met in 1784ington on Friday and Saturday, June 7 and 8, 1946, and yesterday illented to the Board a memorandum of matters which the Conference kl`thed to discuss with the Board. Following a reading of the state- Contained in the memorandum with respect to each topic, the dis118810r1 at this meeting was substantially as follows: 1. Reimbursable Expenses. The Conference of Presidents was informed of the work of the sub-committee of the Committee on Fiscal Agency Operations and Reimbursable Expenses regarding simplification of the procedure and increased uniformity in the practice followed by the Federal *serve Banks in preparing claims for reimbursement of ex- 864 6/11/46 -2- penses incurred in carrying on fiscal agency operations for the Treasury. It was agreed that if these negotiations are not successful and if, alternatively, the Treasury seeks to examine any Federal Reserve Brnk with respect to reimbursable expenses, such Federal Reserve Bank should confer with the Committee on Fiscal Agency Operations and Reimbursable Expenses and the Board of Governors before acceding to the request of the Treasury. Mr. Sproul stated that while there was every reason to believe that the negotiations looking toward a simplification of the present Procedure for the submission of vouchers covering fiscal agency exWould be successful and would result in a workable solution "he problem, it was felt that if that should not prove to be the ea8e there should be available a statement as to what the procedure 811°111d be and that it would be desirable if it were understood that 4° ?ederal Reserve Bank would take action in the event a request vier. zade for inspection of its books without taking the matter up with the Presidents' Conference Committee and the Board of Governors. Mr. Szymczak stated that the Board had considered this matter '41d w ould suggest that the last sentence of the statement set forth abov e be changed to read as follows: "It was agreed that if these Ilegf3tiation5 are not successful and if, alternatively, the General 11111ting Office, the Treasury, or any other Government office seeks to "amine any Federal Reserve Bank with respect to reimbursable exPerise83 such Federal Reserve Bank should confer with the Committee on ' -a-1 Agency Operations and Reimbursable Expenses and the Board of Gov.° rnOrS before acceding to the request". tkp - change. The Presidents agreed to 865 —3— Chairman Eccles stated that when this question first arose 141944 the Board took the position that it stood in somewhat the sa4e position in relation to the Federal Reserve Banks as the Gen— eral Accounting Office to the Departments and agencies of the Gelrernment the accounts of which were subject to the jurisdiction er that office, that the Board should be relied on to see that the al agency operations of the Federal Reserve Banks were efficiently and s conanically conducted and that the costs of such operations were tascnable and accurately accounted for, and that, therefore, any ill ections or examinations by the General Accounting Office or c44ctl' agency would be a duplication of effort and would not be He said he had discussed the matter at the time with er Secretary of the Treasury Bell who agreed with that position. Mr. McLarin inquired whether the position agreed to by the Pres., .dents was consistent with the present arrangement with the all&itors from the Reconstruction Finance Corporation. This point 11-a'a discussed and there was unanimous agreement with the comment that the Reconstruction Finance Corporation auditors merely con— cillcft'ed an audit of custodies held by the Federal Reserve Banks for the 0 °rPoration and did not undertake to make any examinations or - -Ions of the records of the Federal Reserve Banks or to dster,,4 --4-ns how expenses were accounted for. 866 6/4/46 -42. Job evaluation and classification. The report dated May 221 1946, by the subcommittee of the Committee on Personnel was presented to the Conference with the favorable recommendation of the Committee on Personnel. The Conference approved the recommendation of the Com, Mlttee that each Bank should make its job evaluation study as complete and as detailed as is administratively feasible, both because of the inherent advantages of such Procedure and because it is basic to any classification 'istem which may be adopted. It was understood that for 1T.ter classification purposes at the Washington level it wQ11 be desirable to consolidate many of the details of the individual studies; and to further this objective it Wts decided that the subcommittee on job evaluation and Personnel classification be enlarged to include representatives of all the Federal Reserve Banks. Chairman Eccles said that the Board had considered this matter at A - separate meeting this morning as well as on previous occasions alid that it had felt for some time that the present arrangement under Ithich each of the Federal Reserve Banks had a separate classification 1)1411 for employees was entirely unsatisfactory, that the Board could t1 ol°11ger discharge adequately its statutory responsibilities with l'esPect to salaries of employees with the widely varying classification 15448 now in effect and that, therefore, it was under the necessity of 4(iclIting a plan which would place the consideration of salaries more tleall-Y on a System basis. Chairman Eccles also said that it was the view of the Board that the Federal Reserve Banks should expedite their job evaluation 4t1Ack e5 ' - 3 and that within a reasonable time -- not more than six 111°11th 8 there should be prepared a classification plan which would 867 Ma/46 be —5— uniform for all of the Federal Reserve Banks and which mould pro- /ride for minimum and maximum salaries for each classification. The classifications, he said, should be broad enough to cover all positions the Federal Reserve Banks. For example, he said, the Federal Re- "'re Bank of New York had functions not performed by the other Fed"'Reserve Banks. The classification plan would include all these j°b8) but it would be understood that all the Banks would not have all the jobs covered by the plan. He added that it was the thought Of Board that this plan would give the Federal Reserve Banks more latitude within the minimum and maximum salaries that would be proIlded than they had at the present time, and would enable the Board 111°1's intelligently to discharge the responsibility placed on it by Corlgr ess as it would be in a position to say that what it had done was Illaccordance with approved practice and procedure. He made the tUrther comment that whenever a change in the plan or in the salarylevAl ' ' 4 8 Provided by the plan was approved by the Board, the approval 1"4 apply to all Federal Reserve Banks, and that there was less of l'egi°nal differentiation in salary scales than in the past and the 8 al. should recognize that trend. "QS8,he Salaries of the Federal Reserve said, should not be determined by salary policies of private bajak 8 in the Federal Reserve Bank or Branch cities and there was as kileh responsibilitT on the Board to see that employees of the Federal 11e88r7e Banks were adequately paid, particularly in the lower salary ' 4 8, as there was to see that salaries were not too high. 868 He then suggested that when the work of job evaluation at the 4deral Reserve Banks had been completed the appropriate committee of the Presidents, Conference and Mr. Leonard, Director of the Division r Personnel Administration of the Board, get together and work out a 'torm classification plan which would be put into effect within a Period of six months. He said that every effort should be made to e°1101ete the classification plan as promptly as possible for the Ile480n that action by the Board authorizing the Federal Reserve Banks to exceed the maximum salaries provided under the existing classificatic91 Plams, which were out of date, was not a satisfactory way in which to meet the problem and that while it was justified as an emergency leastire it should not be continued any longer than was absolutely necessary. Mr. Sproul thought the Presidents were in accord with the Ikle'rcite position. He also said that the work of job evaluation at the ' r ederal Reserve Banks was in different stages of completion, but it W" contemplated that when the work was finished the results would be brought together by the Presidents' Conference Committee, and, With Mr. Leonard, a classification plan could be drafted which 1'1°414 enable the Board to meet its responsibilities. He stated that it w8 impossible to make a commitment as to the timing of the program hilt that it was recognized that the existing emergency situation in thich the Board was called upon to grant additional authority to the Reerlre Banks to increase salaries was unsatisfactory, and that each 869 -7dieral Reserve Bank would push ahead on the matter as rapidly as Possible. Mr. McLarin suggested that it would be desirable if the new Plan could be put into effect by the first of the year, and Mr. Davis, 11111e agreeing with the necessity for prompt action, felt that it 17°111c1 be unwise to sacrifice what would otherwise be a complete and til01i°1Agn job merely for the purpose of meeting a deadline. th He stressed ount of work that was involved in training job analysts and in- tervi --ewing officers and employees and said that there would be greater danpe r In trying to rush the work to completion than would be the case were allowed to take a somewhat longer time. Mr. Williams agreed Mr Davi& statement and the other Presidents indicated agreement. Chairman Eccles responded with the comment that the Board did ant to press for completion of the work to a point where the re- "at Would 6et the not be adequate, but that if a date for completion were not program would tend to drift, and that while an additional two 1111511tn8 or so was not important the Board did not want to be in the 13°84' lon where it would be faced again with the necessity of approving ner increases in salaries at Federal Reserve Banks on an emergency 138.81.8. Mr. Clerk inquired whether it was contemplated that the classificatio n plan proposed by Chairman Eccles would provide for both minimum aXlinum salaries and Chairman Eccles responded that it was, that 870 6i/11/46 the -8- civil service classifications had both a minimum and maximum for each classification, and that while it was admitted that there were °I3jections to a minimum salary these objections could be considered e41d rainimums provided if found to be practicable. He thought that illinilnum salaries were desirable because it would make impossible in the future situations which had existed in the past where a Federal Reaerv e Bank was paying extremely low salaries in the lower positions. Mr. Sproul stated that such a situation served to point up the necessity for a continuing study of job evaluation and classification after they have been put into effect in order to keep them 1113 to date and in harmony with changing conditions. At the conclusion of the discussion, Mr. Sproul stated that the P residents understood that their job evaluation studies were to be 'Pedited as much as possible consistent with a thorough and satis- tact °I'Y job, and that the job was not one on which they could take their time. 3. Additional authority to exceed maximum salaries. le Conference considered the Board's letter of May 24, ,-!'9463 regarding a proposal that the current authorization uY the Board to the Reserve Banks to exceed maximum annual a-laries under the personnel classification plan by as much 15 per cent on the first $3,000 provided this does not Increase a salary beyond $7,500 be increased to 30 per cent Subject to the over-all limitation of $7,500. The Conference Ielt that the Board should not be requested at this time to grant such a general authorization. The Conference, howTier, would like to be assured that if in the immediate ruture, and pending the development of a new job evaluation and personnel classification plan, any Federal Reserve Bank p 871 —9finds that it needs such authority because of local condi— tions, it may expect that the Board would give prompt and sYmpathetic consideration to the Bank's request for such authority. Chairman Eccles stated that during the interim period referred to in the statement the Board would be willing to grant such authority, 11P°11 request of a Federal Reserve Bank, up to 30 per cent above the " 11 4mm salaries provided under the existing personnel classification Planet the Bank. Mr. Whittemore stated that he expected to present such a re— iu the course of the next two weeks to enable the Federal Reserve tank of Boston to meet increases in salary scales which had recently been made effective by the commercial concerns and other banks in Boston. At this point Mr. Draper left the meeting to keep another 413Pc intment. 4. Reports by weekly reporting member banks. The Conference considered a proposal that the weekly report— ' -'g member banks be requested to report their Government security holdings classified by maturities as well as by t7Pes. The desirability of having such additional in— formation was appreciated, but it was also thought that such suggestion should be carefully weighed in the light of the additional work at the reporting member banks and the relations of these banks with the Federal Reserve Banks, The Conference decided to refer this matter to the System Research Advisory Committee, and for similar :eason3 1 expressed the hope that the proposed survey of Industrial, commercial, and agricultural loans would ' 180 be referred to such Committee. The Conference sug— gested, in addition, that the System Research Advisory Committee review the list of reporting member banks to determine whether changes are not now necessary, despite the difficulty of preserving comparability when changes are made. 872 64/46 -10Chairman Eccles stated that the Board was favorable to the Presidents' suggestion in this matter, that no additional work should be Placed on member banks at this time which was not fully justified bY the results obtained, and that it would be desirable to review the information obtained from weekly reporting member brnks to see what he ' llges should be made in the information requested to meet changing e°11ditions. - 5. Change in reporting period for reserves. The Conference noted that under local legislation many banks lJ1 the First and Second Federal Reserve Districts will remain closed on Saturday during the summer months, and that since deficiencies in reserve balances of banks in central reserve cities and reserve cities are now comPuted on the basis of average daily net deposit balances c .overing weekly periods ending Friday, any abnormal adJustment made by such a member bank at the end of the v.ieekly period to offset accumulated deficits or excesses 111 reserves would necessarily be reflected in reserve balances for three days. The Conference recommended that the Board prescribe Thursday instead of Friday as the last day of the weekly period for the computation Of reserve balances by member banks located in central reserve cities and reserve cities. Chairman Eccles stated that the Board would approve the Presideritt recommendation. 6. Legislation. The Conference received a report from its Committee on Legislation, and discussed: (1) The modified bank holding company bill (H. R. 6225). (2) The Board's letter of May 17, 1946, regard11g a proposal to repeal altogether Section 13b of the 'ederal Reserve Act and to enlarge the lending authority °f the Reserve Banks under the last paragraph of section 13. 1 873 6/u/46 —11— (3) H. R. 9530 introduced by Representative RaY8 on February 28, 1946, to amend section 5155 of the revised statutes with respect to the establishment of branches by national banks. (4) The Administrative Procedure Act of 1946. (5) The extension of the Second War Powers Act in so far as it relates to purchases of Government securities by the Reserve Banks directly from the Treasury. (6) The recent case in a lower State Court in Nebraska which held the Nebraska par—clearance law un— constitutional. The Conference desires to discuss with the Board items (1), (2), and (3) with a view to a further con— sideration of these items by the Committee on Legisla— tion in the light of such discussion, it being assumed that immediate action by the Congress is unlikely. At the same time the Conference expressed a sense of ur— gency with respect to items (2) and (3), the industrial loan amendment (sections 13 and 13b), and the amendment regarding minimum capital required for branches. The Conference feels strongly that whatever need for business credit cannot be met through private credit Channels should be prorated by the permanent agency hay— "g responsibility for general credit administration, that is, by the Federal Reserve System, and that the Present active campaign of the Reconstruction Finance •(prporation to promote its blanket loan Agreement plan 13 endangering this principle as well as the borrowing morals of business and the lending morals of banks. . The Conference was informed of the losses of member— ship which are occurring now as a result of the present -Law with respect to capital requirements for membership aad for the establishment of branches by member banks. The Conference was of the opinion that more active steps than have been taken should be taken to secure remedial legislation. Mr. Sproul said that while the Presidents wished to discuss 411 °I these matters with the Board, it was felt that the two items 4et r eferred to involved some urgency as they were adversely affect— ' 4e 114.m, --ver banks and membership in the System in some districts and 874 —12that the Presidents wanted to explore with the Board possible steps that might be taken to hasten adequate legislation. with respect to the holding company bill, he stated that the Presidents would like to get Whatever information the Board had with respect to it as an aid t0 the Committee on Legislation of the Presidents' Conference in king a further study of the bill. He added that, in general, the Pre • °3-dents were in favor of the bill as a substitute for the draft 131 /10usly proposed by the Board. Chairman Eccles stated that the Board had hoped that it would be evssible to get a bill which would have the support of the Treasury 41c1 the other Federal bank supervisory agencies but that that had not beeri Possible. He reviewed the discussions which had been had with ll 'resentatives of the Treasury and Justice Departments, the Comp— troll ' er of the Currency, and the Federal Deposit Insurance Corporation 177411 respect to the proposed bill and the circumstances which led the tOart to propose the bill ;,ithout such support. He also referred to the . interest of the independent bankers associations and holding erfp, ' allY groups in the legislation and said that hearings before the 441(in g and Currency Committees of both Houses would probably be held 4t the next session of Congress. Mr. Davis stated that the Committee on Legislation of the ?rev ldents' Conference proposed to study the comments that had been Ne. Ived from the Federal Reserve Banks on the bill and consolidate 875 6/u/46 —13thft into a statement that would be submitted to the Board for con— *leration and it was understood that the legislative situation was ellch that there would be ample time for the Committee to do that. Chairman Eccles said that the Board -would prefer not to have he 'tugs on the bill at this session or until such time as it was believed that the legislation would be given active consideration by the Congress. Mr. Clerk presented three questions Aith respect to the bill thich were discussed and Mr. Davis stated that these questions v.ould 4 Covered in the statement to be presented to the Board by the Com— kittee on Legislation. In connection with the proposed amendment to section 13 of the D 'ederal Reserve Act and the repeal of section 13b as proposed in the 8 °ard's letter of May 17, 1_946, to the Presidents of all Federal 48erve Banks, Chairman Eccles stated that there was no support for the, Proposed amendment to section 13b introduced in Congress at the N'gestion of the Board last year and that the present proposal had been suggested in an effort to get rid of section 13b in its present 1416ati8factory form, and, if Congress saw fit to give the Banks th -1V in the form of the new amendment, to create an instrument to% , the provision of necessary credit without involving the use of the ,_ v°vernment funds. He did not know what the attitude of the Tr. ,e.su or other interested agencies of the Government would be as 876 -14the Board wanted to ascertain the attitude of the Federal Reserve 414 before taking the matter up with other agencies or with the e°11gre58. He added that because of the present campaign of the Ree°11struction Finance Corporation to promote its blanket particiPaton the agreement plan, it might be desirable for the Board to take matter up with the Treasury and see if it would favor the pro- 13( 'al and the limitation of the activity of the Reconstruction Pillance Corporation in the loan guaranty field because of the un8)U11(1 and inflationary aspects of that program. Mr. Szymczak suggested that the Presidents give the Board etELt,e.m.ent of the information that had come to their attention Aith NPect to the unsound aspects of the Reconstruction Finance Corporaton Program, and it was understood that such a statement would be illarecl as promptly as possible. It was also understood that the iteerlre Banks that have not yet responded to the Board's letter of 11171 1946, would do so. In response to an inquiry whether the Presidents favored the a44414Inent as proposed by the Board, Mr. Sproul stated that the Banks 14er e generally favorable to it but that some of the Presidents (111"ticned whether, if the new amendment were not adopted, the System d suggest that the present section 13b be repealed, but that 04Ler s felt that if the broader authority was not to be given the 131'% el-it authority might very well be discontinued. These two views 877 -15were discussed briefly together with the question of the best way to get consideration of the new amendment by Congress. Mr. Davis stated that if the bill were introduced there were two 8 uggestions made during the discussion at the Presidents' Confer euce which it was believed would make the bill more acceptable. It ha been suggested he said, that the extension of credit by a Nera Reserve Bank to a business concern should be limited to cases the business concern was unable to obtain requisite financing 4seietance on a reasonable basis from the usual sources, and that there should be some limitation on the total amount of such credit that might be extended by the Reserve Banks. Mr. Davis said the ation might be related to the surplus funds of the Banks. Chairman Eccles said that it has been the thought that these /1°14ts could be covered by regulation, but that if it would make the bill - more acceptable, the Board would have no objection to the additiori of the tv.0 provisions. In a further discussion, it was understood that when the qat„ -ment to be submitted by the Presidents regarding the Reconstructicm - vinance Corporation blanket participation agreement was received, 011at tlraan Eccles would take the statement, together with such endorsetent Or such supplemental statement as the Board might wish to make, to 4., Treasury and call attention of the Treasury to the unsound and a*t-onary effects of the Corporation's program. 878 6/11/46 --16Mr. Vardaman suggested that the matter might be taken up with kyder while he was still Director of War Mobilization and ReconIrersion. Mr. Vardaman left the meeting at this point to keep another 4PPo intment. Turning to the Hays Bill (H. R. 5630) Chairman Eccles stated that the Board was aware of the effects that the present discriminatQ 'Y limitation on the establishment of branches by national banks 116'8 having on membership in the Federal Reserve System but that it we's not believed, for reasons rhich he outlined, that there was any Po8sibility that the Hays Bill would be considered at this session orCohgress. He said that the Chairman of the Federal Deposit Insurance Corporation was opposed to the bill and had asked for an opport1at4, to be heard if hearings were held. Mr. Sproul stated that it was understood that the Board had 611gseated some changes in the bill, and he inquired vhether it would be Possible for the Board to propose a bill containing these changes 4.11ciPossibly changes that might be suggested by the Presidents' Conte'. erice Comm4ttee on Legislation, to be introduced by the Chairmen () the Banking and Currency Committees. Chairman Eccles said that this might be possible at the next 4. . .sl , fl of Congress but that this was only one of a number of things *4113OrtanCe to the System that should be incorporated in such a bill. 879 -177. Motion picture project. The Conference approved the recommendation of the special Committee on Bank and Public Relations (contained in its preliminary report of May 28, 1946) that (1) the Conference and the Board give general approval to the project as indicated in the preliminary outline presented by the Committee, subject to such modifications as the development of the project may re(luire, and (2) the Committee be authorized to engage, at its discretion, competent consultants at appropriate compensation to be prorated among the Federal Reserve Banks, to advise the Committee in the development of the Project, with the understanding that the Committee periodically report the progress of the project to the Conference and the Board. Chairman Eccles stated that the Board joined with the Presidert8 in the approval of the recommendation of the Special Committee 43118ank and Public Relations with respect to this topic. 8. Fortni,glptiv establishment of rates. The Confer, e,nce considered the requirement of section 14(d) of the r?deral Reserve Act that each Federal Reserve Bank establish rates every 14 days. Several Presidents reported that from time to time it was possible to satisfy this requirement only at considerable inconvenience to directors. The Conference recommends that at the first opporunity there be sought an amendment to the law to provide or the establishment of such rates once during any calendar month rather than every 14 days, and that there should be an alertness to seek such opportunity. Mr. Sproul stated that the change in the law proposed by the ?rev dents might be included in the bill which Chairman Eccles had 'ted might be introduced at the next session of Congress, and Chat,„ ' 4an Eccles replied that the Board would be favorable to such a qien "but that there was nothing that could be done with respect to the, ' residents' recommendation at the present time. 880 6/11/46 -18- 9. Reserve city designations. Pursuant to the Board's request, the Conference discussed the proposal to terminate the reserve city designation of the 24 reserve cities in which there are no Federal Reserve Banks or branches. It was the viel, of the Conference that this matter is only a minor aspect of the whole subject of reserve requirements and that there should be no general change in reserve cities pending a study of the thole matter of reserve requirements. Mr. Sproul stated that it was the feeling of the Presidents that the Board's proposal had been productive of a considerable amount feeling on the part of the banks that would be affected by it and : that action by the Board on the basis suggested tould be a patchwork .11°1 illogical action and should not be taken until the Whole matter had been reviewed. He said that it was the understanding of the eeidents that the Board had decided that nothing would be done until the Problem had been given careful and thorough study. Chairman Eccles was of the opinion that the reasons for the er banks' objections to the proposal were erroneous but that the '4-itter was not of sufficient importance to justify the Board in incurthe ill will of the banks to the extent that it would by adopting the Proposal, and that the only real solution of the problem was by legi elation to change the entire basis upon which reserve requirements ot .einber banks would be computed. This was also a subject, he thought, that thould be carried over until the next session of Congress 'hen it Ntht be incorporated in the bill referred to above. Mr. Sproul stated that such a decision would be in accordance qth the Presidents' views. 881 6/4/46 -19It was also stated that Messrs. Szymczak and Vardaman had beell requested by the Board to make a recommendation on the matter 821(1 *. Szymczak asked if there was a Committee of the Presidents' 0 C 11ference with which he and Mr. Vardaman could consult. Mr. Sproul 811D, -t,gested they confer with the Committee on Research and Statistics 441the Committee on Legislation under the chairmanship of Messrs. Vitia; 'ams and Davis, respectively. Chairman Eccles concluded the discussion on this point by the statelent that the Board would like the interested member banks to ItINT that the Board would not take action on the proposal to discontirine the designation of reserve cities until the matter had been thorn -4gulY considered, and that as suggested in the Board's letter of lisay ') 1946, the Presidents were at liberty to advise banks in their respe . etive districts that no immediate action would be taken. 10. Conditions of membership. The Conference reviewed past and present practices regarding the imposition , (,f 3 special and standard conditions upon the admission of 'ate banks into membership in the Federal Reserve System. t,was pointed out that in the past some banks have been 840Jected to numerous conditions of membership many of 711?lch have little or no meaning at present. It was the ' ew of the Conference that special conditions of member1P of State member banks should be reviewed for the pur'Jose of eliminating as many of them as possible, and that n endeavor should be made in this connection to obtain 'ne agreement of the member bank to standard conditions ?I' membership (where they have not been imposed) as an ncident to the removal of these special conditions. was recognized that special conditions are necessary desirable in some cases but in general they are of temPorary character. n I 882 6t11/46 -20Chairman Eccles stated that the Board agreed with the views fthe Presidents in this matter, that consideration was being given to the uniform conditions to be prescribed for all banks admitted to Iller4bershiP in the System in the future, and that the Board would re.11L6 the special conditions that had been prescribed in the past with IrieW to their elimination as rapidly as possible so that in time the conditions of membership for all banks might be uniform. Mr. Sproul responded that that was what the Presidents had 111.. 111d. Thereupon the meeting adj de li/ Chairman. ./ SeC;etary.
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