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915 A meeting of the Board of Governors of the Federal Reserve sYstem waS held in Washington on Tuesday, June 6, 1944, at 4:45 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Goldenweiser, Director of the Division of Research and Statistics Mr. Dreibelbis, General Attorney Mr. Gardner, Chief of the International Section, Division of Research and Statistics Ga 141". Szymczak stated that, in a telephone conversation with t 'Mr. Bernstein, Assistant Director of Monetary Research therciner T 401480 re4e4rY Department, evidenced an interest in having economists Aker& of the Federal Reserve Banks on the technical staff of the delegation at the international conference which is to be t beei ng July 1, 1944, for the purpose of considering the plans th 444:international monetary fund and the bank for reconstruction °t the Tel°Pment, and that Messrs. Bopp, Bryan, Edmiston, and Wheeler ederal Reserve Banks of Philadelphia, Atlanta, St. Louis, and Art praric. l'eo, respectively, had been mentioned. Nothing further was : ta.4e the matter, Mr. Szymczak said, until yesterday when Mr. Bryan tr°'n Atlanta to kt the T say that Mr. White, Director of Monetary Research ottre l'easurY DepartmPnt, had called and invited him to attend the lice. 4r. Bryan's response to Mr. White was that he would have 916 6/6/44 tO di eellss the matter with the President of the Bank and that he uk to take it up with the Board of Governors before making a repo • to kr. Mr. Szymczak made the further statement that he suggested BrYan that he might withhold his reply until the matter could beconsidered by the Board from a System standpoint. It was Mr. ak t s feeling that before calling the economists at the Banks the Tr easurY should have discussed the matter with the Board of Goverkre 80 that the question could be considered from a System stand— pot and the Board could have a voice in the selection of the men 4°k the A -,eserve Banks who would attend, and he said he was bringing the mat ter to the attention of the Board for consideration of the acti(34 t h - it might wish to take in connection with it. he h 4 ad In the discussion which ensued, Mr. Goldenweiser stated that discussed the matter informally by telephone with Mr. White, who btleti atel that the proposed selection of Federal Reserve Bank men had deterritined largely on the basis of his acquaintance with the men 44c1 th ell% work, and that in some cases they were Vice Presidents of the tatik8 Whieh would be helpful. Mr. Goldenweiser also said that he et -c)d that secretaries would be selected for the various committees 't the e°4ference and that Mr. Gardner would be asked to serve as the the of one of the committees with Miss Bourneuf, an economist in 1):11rIn of Research and Statistics, as his assistant. teeMr. Gardner said that it was his understanding that each commit— ot th w-ernational conference would have a foreign secretary, a to erl rap Porteur, and a domestic secretary. 917 6/6/44 —3— At the conclusion of the discussion, Upon suggestion by Mr. Draper, Vice Chairman Ransom and Mr. Szymczak were requested to work out on behalf of the Board with the Treasury the policy and procedure to be followed with respect to the attendance of Federal Reserve Bank personnel at the international conferences. At this point, Messrs. Goldenweiser, Dreibelbis, and Gardner rthew from the meeting, and the action stated with respect to each (It the Matters hereinafter. referred to was then taken by the Board: The minutes of the meeting of the Board of Governors of the Ped 41 Reserve System held on June 5, 1944, were approved unanimously. Letter to the "Bank of Urich", Urich, Missouri, reading as tin ' 4.0We ar„ "The Board is glad to learn that you have completed all Re'llgements for the admission of your bank to the Federal 4e serve SYetem and takes pleasure in transmitting herewith °rmal certificate of your membership. of L" .It will be appreciated if you will acknowledge receipt '4118 certificate." Approved unanimously. ekt Letter to Mr. Young, President of the Federal Reserve Bank of redi as follows: cone:The Board of Governors of the Federal Reserve System has B- dered the recommendation of the Executive Committee of your contallied • in Mr. Diercks, letter dated May 22, 1944, and Act -nt to the provisions of section 19 of the Federal Reserve gfants permission to Capital City State Bank, Des Moines, req41,'° maintain the same reserves against deposits as are ed to be maintained by banks located outside of central ' reeer ie and reserve cities, effective with the first semi Morithv thia Y reserve computation period beginning after the date of letter. this "please advise the member bank of the Board's action in tilissimatter, calling its attention to the fact that such pertime by the Board of rno,- Subject to revocation at any of the Federal Reserve System. 918 6/6/44 -4- "If any substantial change should occur in the character the subject bank's business which would put it into closer rilpetition with the downtown banks, particularly with respect ! t dePosits due to other banks, the matter should be called the Board's attention promptly with a recommendation whether v ssion to carry reduced reserves should be revoked." of 4 Approved unanimously. Thereupon the meeting adjourned. b414A-5Cretary. APProved:
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