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A meeting of the Board of Governors of the Federal Reserve 8"tem was held in Washington on Monday, June 16, 1941, at 11:00 PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman S4ymczak McKee Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ?eclera1 Reserve System held on June 12, 1941, were approved unani11101X84.. The minutes of the meeting of the Board of Governors of the etleral Reserve System held on June 13, 1941, were approved and the acti°11e recorded therein were ratified unanimously. Telegram to Mr. Caldwell, Chairman of the Federal Reserve 13ezik of t Kansas City, stating that the Board of Governors approves (3/1 the Kansas City Bank, effective as of June 16, 1941, the followtrig rwl. --ele on industrial loans and commitments under section 13b of the ederal Reserve Act: "Commitments for industrial advances direct to borrowers: Flat rate of not less than 1/4% nor more than 1-1/2% for periods of not more than 3 months. 6/1.6/41 -2"Flat rate of not less than 1/2% nor more than 2% for periods of more than 3 months and not more than 6 months. "Commitments for industrial advances to financing institutions: Flat rates of 1/4% for periods up to 3 months, 1/2% for from 3 to 6 months, 3/4% for from 6 to 9 months, and 1% for from 9 to 12 months." The telegram also stated that the Board approves the establishment by the Bank without change of the other rates of discount 64i Purchase in the Bank's existing schedule, advice of which was Contained in Mr. Caldwell's telegram of June 13, 1941. Approved unanimously. Memorandum dated June 14, 1941, from Mr. Carpenter, submittim, and recommending acceptance of the resignation, as of the close 01 business on June 4, 1941, of Robert K. Thompson, who served as 41181111 Assistant in the Office of the Secretary until July 1, 1940, Wilsh he became Administrative Assistant to Mr. Davis as a member of the National Defense Commission and since that date has been on 164e of absence without pay. The resignation was accepted. Letter to Mr. Lewis, Chairman of the Federal Reserve Bank of Chicago, reading as follows: "At the completion of the examination of the Federal Reserve Bank of Chicago, made as of April 5, 1941, by the Board's examiners, a copy of the report of examination was left for your information and that of the directors. A COPy was also furnished President Young. 731 6/16/4i -3- "The report does not appear to contain any matters requiring further comment at this time. The Board will appreciate advice, however, that the report has been considered by the Board of Directors. Any comments you may care to offer regarding discussions with respect to the examination or as to action taken or to be taken as a result of the examination will also be appreciated." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks trans— 'flitting forms for use in connection with the next call for condition rePorts of State member banks and their affiliates. Approved unanimously. Letter dated June 14, 1941, to the Comptroller of the Cur-. Cr requesting that he place an order with the Bureau of Engraving 411d Printing for printing 17,501,400 sheets of Federal Reserve notes °jr ths 1934 Series during the fiscal year ending June 30, 1942, in the amounts and denominations for the respective Federal Reserve 411ks as set forth in the letter. Approved unanimously. Thereupon the meeting adjourned. 1 1'-)ecretary. 41 151'oired. '
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