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716 A meeting of the Board of Governors of the Federal Reserve 851stem was held in Washington on Monday, May 17, 1937, at 4:00 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Broderick Szymczak McKee Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter reteed to and the action stated with respect thereto was taken by the Board; The minutes of the meeting of the Board of Governors of the cLL Aeserve System held on May 12, 1937, were approved unanimous1Y. The minutes of the meetings of the Board of Governors of the Feder 41 Reserve System held on May 13 and 14, 1957, were approved and th e a tions recorded therein were ratified unanimously. Memorandum dated May 6, 1937, from Mr. Smead, Chief of the 1c)n of Bank Operations, transmitting the annual reviews submit- ted b the Federal reserve banks as of December 31, 1956, in compliealee . ber with the Board's letters of December 4, 1926 (X.-4759), and Octo- ' 5 1933 (X-7629), covering the sixty-eight member banks located in "g sections of central reserve or reserve cities, except New York 4tY „ nnioh had been authorized individually by the Board to carry re- (Itleed r eserves on demand deposits. The memorandum stated that the Fed- reserve banks in the eight Federal reserve districts in which 717 5/17/67 these ' 41-uKs Were located had indicated that there had been no change In the character of business of any of the sixty-eight banks that would warrant revoking the permission which they had to carry reduced reserves, and that the reserve banks recommended that the permission be continued. The memorandum recommended that the respective Federal reserve banks be advised that the Board approves their recommendations that all of the member banks in their districts which had authority to carry reduced reserves on demand deposits at the end of 1956 shall conti tle to have such permission. Approved unanimously. Letter to Mr. Hamilton, President of the Federal Reserve Bank Or lc— ae City, reading as follows: "Receipt is acknowledged of Mr. Helm's letter of May 6 !. 1937 advising that at a regular meeting of the board Federal Reserve Bank of Kansas City sl 1:1.1eltditeloZsof=s section 1 of article VII of the byof the head office, and section 1 of article VII of ' c.1e by-laws for the operation of the branches at Oklahoma ltY and Omaha were amended to read as follows: 'Article VII - Business Hours 'Section 1. The bank (branch) shall be open from 9 o'clock A.M. to 2 o'clock P.M. each day for the general transaction of business, except Saturdays, Sundays, and days or parts of days which are legal holidays, but different hours may be established for the handling of transactions of specific nature, from time to time. On Saturdays, the bank (branch) shall be open for the general transaction ofI business from 9 o'clock A.M. to 12 o'clock noon.' 'The Board of Governors has noted the amendment to the by-, to -6ews of the head office and has approved the amendment the by-laws for the operation of the branches at Oklahoma CitY and Omaha. c0,4 "It is understood from Mr. Helm's letter that four v-Lse of the amended by-laws will be submitted to the Board 411 the near future.” Approved unanimously. 718 5/17/37 -3Memorandum dated May 17, 1937, from Mr. Kramer, Superintendent 01C0n structi011 for the Boardts new building, transmitting a requisition in the amount of $244,1001 submitted by the George A. Fuller ComPanYcovering the entire estimated value of the work completed on the 130 di e new building during the month of April, less $10,000. When it beCame apparent that the building would not be finished by June 1, 1937 the matter was reviewed by the Personnel Committee and on May 12, 1937 With the approval of the Committee, Mr. Morrill returned the '11:41cher submitted by the George A. Fuller Company in the amount of °264P100 covering work done in April and advised the Company that the 414°1114kt to be retained by the Board until final completion of all work would be increased by $10,000. The voucher in the amount of $244,100, referred to above was submitted in accordance with that advice. Mr. aDterts memorandum recommended, with the concurrence of Mr. Morrill, that the r equisition be approved. Approved unanimously. Thereupon the meeting adjourned. Aptirove Chairman.
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