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A meeting of the Board of Governors of the Federal Reserve aY8tem was held in Washington on Friday, March 8, 1946, at 10:30 8..41. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters he in- 4tter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Nie ' 1 41 Reserve System held on March 7, 1946, were approved unanikottsisr. Telegrams to Messrs. Treiber, McCreedy, Dillard, Stewart, gels, Secretaries of the Federal Reserve Banks of New York, 4clelphia, Chicago, St. Louis, and San Francisco, respectively, qat -g that the Board approves the establishment without change by the t 'ederal Reserve Bank of San Francisco on March 5 and 7, by the ' 141 Reserve Bank of St. Louis on March 6, and by the Federal Reterve iks of New Philadelphia, and Chicago on March 7, 1946, or th rates of discount and purchase in their existing schedules. Approved unanimously. It 3/8/46 -2Telegram to Mr. Blair, Secretary of the Federal Reserve Bank of Cleveland, stating that the Board approves effective March 9, 1946, the elimination of the rate of one per cent on advances to nonmember batiks under the last paragraph of Section 13, of the Federal Reserve liet, With the understanding that the rate of two per cent established effective October 27, 1942, on advances to individuals, partnerships 8.11c1 corporations other than banks, under the last paragraph of Section 13, riould hereafter include nonmember banks, and the establishment ilithout change of the other rates of discount and purchase in the 411/tie existing schedule. Approved unanimously. Memorandum dated March 6, 1946, from Mr. Thomas, Director of the DL' vleion of Research and Statistics, recommending that the salof the following employees of that Division be increased as eated below, effective as of the beginning of the first pay-roll vu following approval by the Board: Name and Title From To attil Garber, Margaret R. Clerk-Steno r $2,496 2,100 1,836 1,860 2,232 1,968 1,968 hers IT"d, I Isabel Dolores ;i4-Ppre, Doreen ' -,eatherwood, Lois M. $2,364 Approved unanimously. 31W46 _3Memorandum dated March 6, 1946, from Mr. Thomas, Director qthe Division of Research and Statistics, recommending that Mrs. 71'essa B. Hemminger be appointed as a Clerk-Stenographer in that Dillei°n on a permanent basis, with salary at the rate of $2,298 Pelt annuli', effective as of the date upon which she enters upon the Perf°rmence of her duties, after having passed the usual physical examit ation. The memorandum also stated that Mrs. Hemminger, who -'ned from the Board on January 11, 1943, would be reinstated in the Federal Reserve Retirement System. Approved unanimously. Memorandum dated March 7, 1946, from Mr. Parry, Director of the 1:14 on of Security Loans, reading as follows: "The List of Registered Stocks, which is used with !legulation U, is being printed in full this year and the rederal Reserve Banks have recommended that copies be nt to all banks. With allowance for extra copies this ".1-1-1 require a run of 25,000 copies, which will cost apProximately $1,200. "The budget of the Division of Administrative 8e for printing the List and three quarterly Sup14etents is $200, which was based on previous distribution 3,000 copies. I recommend that the budget be increased whatever amount is determined upon as being the cost u.k this job, leaving $200 for the Supplements which will 4180 be in larger distribution than heretofore." I Approved unanimously. Letter to Mr. Rounds, First Vice President of the Federal Nrit e Bank of New York, reading as follows: reon "This refers to your letter of January 29, 1946, t-ruasig the minimum rate of interest a member bank may 3/8/46 —4—. "charge on loans to depositors upon the security of time deposits. "Inasmuch as the President's Conference was meeting in Washington when this matter was considered by the Board it was decided to refer it to the Conference for the views Of the Presidents. While the Conference recognized the decline in interest rates since the establishment of the present rate on the deposits under Regulation Q and thought that in due time the regulation should be changed, it was not disposed to favor the suggested change at this time parcularly since the number and amount of loans secured by time deposits have been small. "The Board of Governors concurs in the view of the Presidents regarding this matter especially since it is believed to be desirable at this time that no further encourageMent should be given to any tendency that might exist to shift 'leposits from a demand to a time classification. As indicated -Ln your letter, it is felt that the matter is not of great importance and that at an appropriate time in the future it Might well be considered again." Approved unanimously. Letter to Mr. E. F. Bartelt, Fiscal Assistant Secretary of the reading as follows: "This letter is in acknowledgment of yours of March 1, addressed to Chairman Eccles in which you advise that mre next Fiscal Agency Conference will be held at the Grove ' il'ark In in Asheville, North Carolina, during the week beginBIng May 19. We are pleased to note your invitation to the 2ard to be represented at the meeting and to make any com' e4t8 or suggestions that it may have to offer. ter "Mr. Szymczak will endeavor to be present at the Conand it is planned that Messrs. Morrill, Smead, ick and Piser of the Board's staff will also attend." 19;4, Approved unanimously. Thereupon the meeting adjourned.
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