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761 A meeting of the Board of Governors of the Federal Reserve Syste:11 was held in Washington on Friday, May 28, 1937, at 3:00 p.m. PRESENT: Mr. Ransom, Vice Chairman Mr. Broderick Mr. Davis Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Consideration was given to each of the matters hereinafter reto and the action stated with respect thereto was taken by the Boerd: Telegrams to Mr. Sanford, Assistant Secretary of the Federal Pese„ - Ye Bank of New York, Mr. Strater, Secretary of the Federal Reserve or Cleveland, Mr. Young, Secretary of the Federal Reserve Bank of ChicA -gcs and Mr. Thomas, Chairman of the Federal Reserve Bank of Kansas CIty, stating that the Board approves the establishment without change bY the New York bank on May 27, 1937, and by the Cleveland, Chicago and 4118" City banks today, of the rates of discount and purchase in their Eqisting schedules. Approved unanimously. Memorandum dated May 27, 1937, from Mr. Noell, Assistant Secretekry, recommending, for the reasons stated in the memorandum, that the Secretaryi s to Office be authorized to add to its budget the sum of $250 fleet the necessary expenditures for printing and related items for tile balance of the year. Approved unanimously. Telegram to Mr. Strater, Vice President of the Federal Reserve .762 5/28/37 -2-- Bank of Cleveland, reading as follows: "In accordance with the recommendation contained in Your telegram of May 27, Board approves increase from 2,100 to .2,400 per annum in maximum salary of Engineer's Mechanic, aS provided on page 18 of personnel classification plan." Approved unanimously. Letter to Mr. Young, Vice President of the Federal Reserve Bank °r Chicago, reading as follows: "According to the report of examination of the 'West Side Bank', Milwaukee, Wisconsin, as of May 3, 1937, the bank purchased on March 9, 1937, for $40,000, the building which it had occupied under a lease for a number of years. The matter, however, was not referred to the Board for consideration prior to the investment, in accordance with the provisions of condition of membership numbered 8. "The report of examination as of May 3, 1937, reflects a, sound condition with a net sound capital of approximately 211,221,000, and the investment in the bank premises, there..ore, does not appear to be unduly large or improper. Accord1Y, in order that there may be no question in the future Ct8 to compliance with the provisions of condition of memberShip numbered 8 by reason of the investment made in banking Premises on March 9, 1937, the Board will interpose no objection to such investment, and it is requested that you advise , I4;e bank accordingly. It has been noted that the management ' l; 1 4. the bank has advised your examiner that provision will be etde annually for depreciation in the banking premises." Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. ADAziov d: Vice Chairman.
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