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A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, March 31, 1938, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak Davis Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Consideration was given to each of the matters hereinafter referred Board: to and the action stated with respect thereto was taken by the The minutes of the meeting of the Board of Governors of the Federal Reserve System held on March 4, 1938, were approved unanimously. The minutes of the meetings of the Board of Governors of the Federal Reserve System held on March 8, 9, 10, 11, 12, 14, 16, 17, 18, 22, 23, 24, 28 and 29, 1938, were approved and the actions recorded therein were ratified unanimously. Memorandum dated March 26, 1938, from Mr. Paulger, Chief of the Division of Examinations, recommending that in order that the titles of certain employees in the Division may be more in accord with their present duties, their titles be changed as follows: Olga W. Bangs Arch B. Brown Ruth S. Lamb Edward S. Myers Elnyr D. Newcame Lulu C. Richardson Harold F. Stone To From Name Stenographer Stenographer Clerk Stenographer Stenographer Stenographer Stenographer Secretary Clerk-Stenographer Typist Clerk-Stenographer Secretary Clerk-Stenographer Clerk-Stenographer Approved unanimously, effective immediately. 363 3/31/38 Telegram to Mr. Parker, First Vice President of the Federal Reserve Bank of Atlanta, referring to the application of "The Truckers Exchange Bank", Crystal Springs, Mississippi, for permission to withdraw immediately from membership in the Federal Reserve System, and stating that the Board waives the usual requirement of six months notice of intention to withdraw, and that, accordingly, upon surrender of the Federal reserve bank stock issued to The Truckers Exchange Bank, the Federal Reserve Bank of Atlanta is authorized to cancel such stock and make appropriate refund thereon. The telegram also noted that the bank would probably wish to defer termination of its membership in the Federal Reserve System until it could simultaneously be accepted by the Federal Deposit Insurance Corporation as a nonmember insured bank. Approved unanimously, together with a letter to Mr. Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, reading as follows: "The Board has today approved the application of 'The Truckers Exchange Bank', Crystal Springs, Mississippi, for permission to withdraw from membership in the System and waived the usual six months' notice of intention to withdraw. It is understood, however, that the bank desires to continue, without interruption, its status as an insured bank, and that it desires the insurance on deposits as a nonmember to become effective simultaneously with its termination of membership in the System. "It is assumed, therefore, that you may desire to make an examination of the bank and, in accordance with the provisions of subsection (k) (2) of section 12B of the Federal Reserve Act, the Board hereby grants written consent for to examiners for the Federal Deposit Insurance Corporation Missis, examine The Truckers Exchange Bank, Crystal Springs continuation sippi, in connection with its application for of deposit insurance as a nonmember bank." 364 -3- 3/31/38 Letter to Mr. Swanson, Vice President of the Federal Reserve Bank of Minneapolis, reading as follows: "Replying to your letter of March 17, inasmuch as the form supplied to State banks by the State banking department of Montana (Form 64 P.-State), a copy of which was inclosed with your letter, is substantially identical with the Board's Form FR 105e provided for the use of State bank members in publishing their condition statements, it will be entirely satisfactory for State bank members to use the form supplied by the State banking department in publishing condition reports rendered pursuant to the provisions of Section 9 of the Federal Reserve Act. It is assumed, however, that State bank members using that form will add the words 'end the Federal Reserve Bank of this district' following 'Published in accordance with calls made by the State Superintendent of Banks of Montana' which appear immediately above the statement of assets, in accordance with the procedure outlined in the Board's letter X-9395 of December 17, 1935." Approved unanimously. Memorandum dated March 26, 1938, from the Personnel Committee, recommending that, for the reason stated in the memorandum, in the future the Board assume the cost of luncheons served to guests of Board members in its private dining rooms in connection with conferences held regarding the selection of Chairmen and Deputy Chairmen and Class C directors and directors of branches of the Federal reserve banks, and that the action of the Board on September 16, 1937, in assming the cost of luncheons served to (1) the members and Secretary of the Federal Advisory Council, the members and Secretary of the Presidents' Conference, the visiting members of the Federal Open Market Committee of and its executive committee, and the visiting members of the staff 365 -4- 3/31/38 the Federal Open Market Committee, end (2) directors, officers and employees of Federal reserve banks who are served luncheons as guests of members of the Board or its staff, be modified accordingly. Approved unanimously. Memorandum addressed to the Personnel Committee by Mr. Morrill under date of March 29, 1938, referring to the conditions outlined in the Board's letter of January 16, 1937, to Mr. Paul Cret, architect for the Board's new building, under which he was commissioned to perform certain services in connection with the furniture and furnishings for the Board Members' Section and other special areas in the new building, and which provided for payment to Mr. Cret of a fee of 10 percent of the total cost to the Board of any such furniture and furnishings purchased, end recommending that a payment of $6,097.57 be made to Mr. Cret for architectural services performed in this connection in accordance with the detailed statement attached to the memorandum. The recommendation had been approved by Mr. Davis acting for the Personnel Committee. Approved unanimously. Thereupon the meeting adjourned. Approve Vice Chairmen.
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