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1080
A meeting of the Board of Governor of the Federal Reserve
s
SYstern was
held in Washington on Friday, May 29, 1942, at 11:00 a.m.
PRESENT:
Mr.
Mr.
Mr.
Mr.
Mr.
Mr.
Eccles, Chairman
Ransom, Vice Chairman
Szymczak
McKee
Draper
Evans
Mr. Bethea, Assistant Secretary
Mr. Carpenter, Assistant Secretary
Mr. Clayton, Assistant to the Chairman
The action
stated with respect to each of the matters herein—
ter r
eferred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
441'41 Reserve System held on May 28, 1942, were approved unanimou
sly.
Telegram
to Mr. Paddock, President of the Federal Reserve Bank
tos
the t
stating that the Board of Governors approves for the Bank
°110Ning rates on advances
and commitments under Section 13b of
the p
ederal Reserve
Act and the establishment without change of the
other r
ates of
discount and purchase in the Bank's existing schedule,
etp
'ect'
111-'
4aY 29, 1942:
°4 adv„
direct to industrial or commercial organiza--°", includinr, advances made in participation with
other
financing institutions — 21 to 5 per cent.
arl
,vances to financing institutions:
"" Portion
for which the institution is obligated
rate charged borrower less commitment fee.
2.
Remaining portion — rate charged borrower.
tel*gr
also stated that it was assumed the present commitment rate
1081
5/29/42
-2413144ed to
commitments direct to borrowers and that on commitments to
tillancing institutions no commitment would be granted on a loan on which
the borrower
was charged more than 5 Per cent.
Approved unanimously.
Letter to Mr. Sproul, President of the Federal Reserve Bank of
New yos.41Co_
, reading
as follows:
"Following receipt of your letter of May 21 submitCertain
changes in the discount rates of your Bank,
tilv!rnor Draper advised you over the telephone that up to
1.au time eight
of the Federal Reserve Banks had estabal
dehed 41
range of rates of from 2-1/2 to 5 per cent on
made direct to borrowers under the provisions
Of
h, Se
uection 13b of the Federal Reserve Act and that he
wilp
jd you would consider the matter further and write him
'espect to your views.
stat 1UPon receipt of your letter of May 25, in which you
neerielou did not and do not believe that there is any
due
:'or, or any important purpose to be served by, rethe upper limit of your range of rates on loans unfilrection 13b from 6 to 5 per cent, the matter was given
cairler consideration. On Thursday, May 28, Mr. Treiber
likAec4.1 Mr. Morrill and stated that your Directors would
on i1,6° be informed of the action of the Board of Governors
or
changes in discount rates submitted in your letter
thi Y 21, 1942. Promptly thereafter the Board considered
'latter, and the members were of the unanimous opinion
cent the Board
should not approve a maximum rate of 6 per
adv.& for advances under Section 13b. Mr. Treiber was so
toarr,
e ” over the telephone, as we understood advice of the
at t;,' 8 action was desired while your Directors were still
"? Bank.
aria 4When the
question of rates to be charged on advances
Ilas guarantees to be made pursuant to Executive Order 9112
zeriturlder consideration, representatives of the War Departtanks NavY Department, Maritime Commission, Federal Reserve
that jnd Board of Governors all concurred in the suggestion
Ikrailaue maximum rate charged on loans made or guaranteed
t to
the provisions of the Executive Order should be
Per
/3er
cent
The Board is not unmindful of the statements
f
thaZ
082
5/29/42
-3-
Contained in
your letters of May 21 and May 25, but is
of the
opinion that during the present emergency when every
effort is
being made to keep prices and other costs at a
lnImum in furtherance of the war program, it would not
be
Justified in approving a rate as high as 6 per cent for
,
advances by the
Federal Reserve Banks. You state, in your
-Letter Of
May 21, that 'The legal rate in both New York
Pd New Jersey is 6%, which places a
ceiling on this rate.
It do not believe that our lending
practice under Section
4,3°.should be used to try to prescribe a different loan
in11111114' It does not seem to the Board that the fact
oF a state legislature
has
0 per cent should in any fixed a maximum loan rate
way indicate that a Federal
172erve Bank should charge a similarly
high rate on adc;'2ee- As you know, certain states have fixed 8
per
d
as the maximum legal rate of interest.
You, no
e°11;
4, will agree that it would be
unrealistic for a Fed'O41 Reserve Bank to fix as high a rate as 8 per cent
advances under Section 13b.
fix.,4"As of today ten of the Federal Reserve banks have
tiia maximum
rate of 5 per cent on advances under Secof-; b. In your letter of May 25 you state that a range
f, ;--1/2 to 6
per cent is more nearly in accord with the
2,°.cts than
a range with a lower ceiling and is wholly con(7.
.1.
,, it seams to you, with a
5 Per cent upper limit
anteed loans under Regulation
V. While the Board
el:eol
guar.ates your views in this respect, it cannot but feel
nliZtra r
ealistic approach to this problem calls for a maxitime ate of
not in excess of 5 per cent. At the present
alad
vanc
Federal Reserve Banks have a 1 per cent rate on
the 8 es to member banks under Sections 13 and 13a. While
rate °ard does not consider that
complete uniformity in
wow?
!is essential at all
times, it does feel that it
to
'
h be particularly unfortunate for the New York Bank
Sectrie a maximum rate of 6 per cent on
advances under
anla
;
(132 13b, while the other Federal Reserve Banks have
rate-LQ-11'1 rate of 5 per
cent on such advances. A higher
With nuld not be consistent, in the opinion of the Board,
viar the
whole economic program of the Government in the
erfort.11
T
l
Approved unanimously.
Secretary's Note: The reference in the
second paragraph of the letter to action
by the Board related to informal consideration given to the matter by members of
5/29/42
-4the Board on May 28, 1942, following receipt of Mr. Treiber's telephone call.
Telegram to Mr. Dillard, Secretary of the Federal Reserve Bank
Of chi
°ago, stating that the Board of Governors approves for the Bank
the fal
°wing rates on advances and commitments under Section 13b of
the ,c
t, ,
cieral
Reserve Act and the establishment without change of the
Other
rates of
discount and purchase in the Bank's existing schedule,
et
•
reckve May 29,
1942:
°11 tvl,nces direct to industrial or commercial businesses,
7,1oluding advances made in participation with other
'-l-nancing institutions - 21 to 5 per cent.
On a.
dvances to financing institutions:
1. Portion for
which financing institution is obligated
21
to 5 per cent.
2-.
Remaining portion - 2i to 5 per cent.
On co •
m
1. mitments to make advances:
Direct to industrial or commercial businesses - 10
to 25 per cent of loan rate with minimum of
per
2. To
financing institutions - 10 to 25 per cent of
loan rate with minimum of 1 per cent provided
no commitment shall be given on a loan on which
borrower is charged more than 5 per cent.
Approved unanimously.
Telegrams to Mr. Post, Secretary of the Federal Reserve Bank of
Ph,11
1041t,a,
,
Ka
Of
McLarin, President of the Federal Reserve Bank of Ate8rs. Stewart and Powell, Secretaries of the Federal
Reserve
St, -011i3
L
and Minneapolis, respectively, Mr. Gilbert, President
the Fed
Petiel,a1 eral Reserve
Bank of Dallas, and Mr. Hale, Secretary of the
th.
eeerve Bank
of San Francisco, stating that the Board approves
eatablis
Ilment without change by the Federal Reserve Bank of San
1084
51 '*/42
—5—
Pilricisco on May
26, by the Federal Reserve Banks of Atlanta, St. Louis,
itinrisaPolis, and Dallas on May 28, 1942, and by the Federal Reserve
41111: °f Ph
iladelphia today, of the rates of discount and purchase in
their
existing schedule.
Approved unanimously.
Me
morandum dated May 28, 1912, from Mr. Nelson, Assistant Sec—
l*etal7) recommending
that Mrs. Margaret C. Pauszek be appointed as a
stenographer in the Secretary's
Office, with salary at the rate of
k)620
'jet' annum, effective as of the date upon which she enters upon
the Pe
"
°rmance of her duties after having passed
satisfactorily the
141141 PhYsioa-1
examjation.
Approved unanimously.
Memorandum dated May 29, 1942, from Mr. Nelson, Assistant Sec—
'
1) submitting the
resignation of George B. Newell as a page in
the 8eo
l'etarY's Office, to become effective as of the close of business
jttio
1.9
'1942, and recommending that the resignation be accepted as
elt ht
date.
The resignation was accepted.
kt14. or
Letter to the
board of directors of "The Peoples Banking Com—
"
Lewisburg", Lewisburg, Ohio, stating that, subject to conditions
keraber_
4143 numbered 1 to
3 contained in the Board's Regulation H, the
qppro
vee the bank's application for
te1,14,
membership in the Federal Re—
e 8Yste
M and for the
strire
appropriate amount of stock in the Federal Re—
844k of
Cleveland.
1085
5/29/42
-6-Approved unanimously, for transmission through the Federal Reserve Bank of
Cleveland.
Letter to the board of directors of "The First State Bank of
Net
Manchester,,,
West Manchester, Ohio, stating that, subject to conditions
Or membership numbered
1 to 3 contained in the Board's Regulation
II) the
Board
approves the bank's application for membership in the FedRe
serve System and for the appropriate amount of stock in the Federa]. Rese
rve Bank of
Cleveland.
.
Approved unanimously, for transmission through the Federal Reserve Bank of
Cleveland.
Sher.
Letter to the board of directors of the
"Grant County Bank"
1(1411
'Arkansas, stating that, subject to conditions of membership
441101$er
ed 1 to 3 contained in the Board's Regulation H, the Board apthe
bank's application for membership in the Federal Reserve
Yetetti
kid for the appropriate amount of stock in the Federal Reserve
Dtov._
or
St. Louis.
Approved unanimously, together with
a letter to Mr. Davis, President of the
Federal Reserve Bank of St. Louis, reading
as follows:
teill "The Board of Governors of the
Federal Reserve SyNr".3,131'0ves the application of the 'Grant County Bank',
for membership in the Federal Reserve
loanY,subject
to the conditions prescribed in the enArkansas,
tioarti- -Letter
which you are requested to forward to the
elleIN)f Directors of the institution. Two copies of
4.4,-etter are also enclosed, one of which is for your
to ti; arid the
other of which you are requested to forward
f:pBalik
Commissioner
for the State of Arkansas for
„o
rmation.
1O8
5/29/42
-7of e "Since the estimated losses classified in the report
xaMination for membership are reported to have been
e_II!Lrged off, the usual
condition of membership regarding
.1-1/11ination of losses has not been prescribed."
Re
eerlre
Letter to Mr. Olson, Assistant Vice President of the Federal
r1K
of Chicago, reading as follows:
dr
. "This refers to your letter of May 22, 1942, adfr esed to Mr.
'
Cravens, enclosing a copy of a letter
Au°111
t Mr. Carlos A. Spiess of the firm of Mayer, Meyer,
rian ez Platt, Chicago, dated May 20, 1942, presentg
certain questions with respect to the standard form
1% Guarantee Agreement which has been approved by the
118:
Navy Departments and the Maritime Commission for
,rer Executive
Order No. 9112.
ot
r.e141'. SPiess' first question relates to the effect
11 -4.6 to the last sentence of section 5 of the
4 antee
Agreement which provides that:
'After such additional percentage has
been added to the percentage specified in section 1
pursuant to a written request for an adJustment by the Financing Institution, the Financing Institution shall have no further rights
This Under this
section.'
the f?rovision is
intended to have the effect indicated in
/tIstilit paragraph of Mr. Spiess' letter. If the Financing
eecti'lluion once makes a request for an adjustment
under
sect;°n 5 and the adjustment is made, the benefits of the
ita,r -0/1 are thereby exhausted and the
Financing Institution
Of not thereafter
request
a
second
adjustment
on account
._"Y caentontract
first adcancellations
occurring
after
the
illsQ
"Withlore
respect to Mr. Spiess' second question, the words
6I
are usnlit for', as used in the third sentence of section ,
merely in amplification of the words 'payment of'
°rota.; of course include credit as the result of an offset
c3fth -2iee- It is contemplated that, after a determination
ei.,eilree,:"°unts payable to the Borrower, the Borrower will re‘
,‘.11at trl'qment or credit for the amounts
so determined and
;.:1111tv e Period of waiver of interest and suspension of ma'ucrrovwiel'1141 come to an end 10 days after the receipt by the
of such payment or credit in full. However, if
.!!!!1
1087
5/29/42
-8"the
amounts
able to the Borrower are not realized by
withia a year
pay
following the date of the determination
of such
amounts, waiver of interest and suspension of mawill cease automatically at the end of such year
'Leas the guaran
tor permits a further continuation.
r.
. "The sentence
of section 6 hereunder consideration
to amounts determined to be payabl
e to the Borrower
8
ge:reepect to any cancelled contract'. Mr. Spiess sugs that the
reference to 'any' cancelled contract might
.e
ea construed
to mean that payment under any one of several
vricelled contrac
ts would operate to terminate a waiver
g.41, interest
or suspension of maturity which may have been
inan
t ted with respect to all of such contracts. It is the
this provision that if a waiver of interest and
parPjnelon of
maturity has been granted with respect to a
lcular cancelled contract, such waiver and suspension
shaU
anici,h4.11°t cease until 10 days after payment or credit of
Bor„
—"8 which have been determined to be payable to the
int
)wer with respect to that particular contract. This
"
ct
oe
nf
nc
ir
ra:_
erly
cee,
en:ed by the opening phrase of the next suc4.n sen
?w:
?f.
of th The statements above made as to our interpretation
ment e Provisions of the standard form of guarantee agreere„ are based
upon discussions which took place between
th'e'ueasentatives of the War Department, the Navy Department,
.time Commission and the Board of Governors when the
form
agreement was in
riot
the course of preparation. We have
oftclulomitted the questions discussed in this letter
to any
to
cotagencies, however, and, of course, cannot undertake
e:K131.:mit them. It
would seem that if a more authoritative
be ra i°/1 on these points is desired, the questions might
Parti,,,,
sed in connection with the negotiations concerning a
cernerl'ar case in order that the governmental agency conbeoom
'
might be consulted. If any of these questions should
gIlt4tmaterial in
connection with the negotiations for a
the ge,ee in any
case, kindly advise us of the case and of
the maiZrnmental agency involved and we will
be glad to take
r up promptly with the appropriate agency."
Approved unanimously, together with
letters to Under Secretary of War Patterson,
Acting Secret
ary of the Navy Forrestal, and
the United States
Maritime Commission transTatting copies of the incoming letter and
Its enclosure and the above reply.
1088
5/29/42
-9—
Telegram to the Presidents of all the Federal Reserve Banks, reading as
follows:
"Section 4(c) of Regulation 17 requires instalments
not less
than S5.00 per month or S1.25 per week on
sv
:aggregate instalment indebtedness of the customer
the cash price of each of the articles purchased
or less."
Approved unanimously.
Telegram to the Presidents of all the Federal Reserve Banks, reading as follows:
is „,_"An overdraft resulting from the drawing of a check
not
71117 extension of
credit, but in the usual case it is
rform
a loan' within the meaning of section 2(1),
-a;'athe
is not subject to Regulation W unless
less used
raeans of evasion."
Approved unanimously.
Tele _
gato Mr. Phelan, Assistant Vice President of the Federal
erlre
sank of New
York, reading as follows:
"Y°1-Ir inquiry No. 18, re Regulation W.
Board agrees."
. The telegram, which had reference to
an inquiry relating to the question whether
certain overdrafts in Macy's Bank, New York,
should be treated as single payment loans or
as open charge accounts, was approved unanimously.
kehrii Letter to Mr. Wallace, Counsel of the Federal Reserve Bank of
clid,
reading as follows:
!tin
!
I-110.e
your letter of May 19, 1942 you asked whethera
bitts.,'aYillent loan subject to section 7(b) of Regulation
tilatilri,"4-th a maturity of only 30 days, may be renewed at
the ci L'Y
without curtail for a period ending 90 days from
'
l etleyrate °f the original loan and thereafter be subject to
"Ts under
section 7(o)(2)•
11°Uld he
at Board agrees with your view that section 7(c)(2)
II— Permit the aforementioned renea1 without curtail,
1.089
5/29/42
-10though the loan might have been made in the first
instance
with a 90 days maturity. As you point out, sec,t,,c/r1 7(0(2) would require curtail of approximately 1/12
the amount of the loan on the date of the first renewal
,'3-rice a reduction in that amount would have been required
the date of
such renewal had the loan been an instalment
oc,;all subject to section 6(b). Similarly, on the expiration
L
othe
60-day renewal obligation, the first 90-day renewal
'4ligation would have to be accompanied by a curtail of ap°XI-Innately 2/12 of the original amount of the loan.
tio Of course, if the renewal .were negotiated under sec"
rec,„4 c)(1), no curtail on the date of renewal would be
ob1.4-4.rect since it would only be necessary that the renewal
ficltgation be payable in equal monthly instalments of sufraoh„
ellt amount to liquidate the indebtedness within twelve
1„-'"is from the date on which the original single-payment
"en was made.
"Ae You know, footnote 5 and section 9 would require
atlon of the foregoing in certain cases."
Approved unanimously.
Letter to Mr. Glasgow,
Managing Director of the Memphis Branch
c/Irthep
ederal Reserve Bank of St. Louis, reading
as follows:
of /3 "Enclosed are copies of letters from Mr. F. M. Deaton
Goide
„
at°n & Bacherig, from Mr. R. W. VanHorn of the J.
the Tutth & Sons Company, from Mr. John L. Glankler of
'
'
1,°nn Gerber Company,
and from Mr. E. S. Eddins of The
wit allts' Credit Association, n71 of Memphis, Tennessee,
'
le erence to Regulation W.
have 11111 you kindly answer these inquiries. The letters
rtliot been
acknowledged by us.
tromtThe regulation, of course, does not permit the charges
he
°ver
last 5 days of any calendar month to be carried
orn ;0 the
next month for purposes of determining whether
!charge account is in default and we have received
4 P:01;
deal of
comment about this provision.
ellisirt-ome merchants, we understand, have come to the conarid t 1 that it
would be more satisfactory for the merchant
other e customer
to bill as of the end of the month while
1114 •srhave found ways of continuing their present practices
rilents cl:ming their customers of the Regulation's requireEven
if no change at all is made in the billing
f
1 090
5129/42
-11—
Procedure it would seem that the customer would receive
bill for
items purchased in the last 5 days prior to the
!time that he
must pay for them if he is to avoid default.
"The pressure to make a change in this provision has
somewhato
subsided as merchants found that they were able to
flak
oute adjustments to the provisions of the regulation withserious interference with their operations, and it is
4LuPed that it
will not be necessary to amend the regulation.
4, The problem
is having our careful study but so far
'_'"at indicates
that
the present rule is probably preferable,
'In the
whole, to any of the available alternatives."
Approved unanimously.
ta*
Letter to
Mr. Hodgson, Assistant Counsel of the Federal Reserve
Oflarineapolis, reading as follows:
tth :T.11,1s will acknowledge your letter of May 22, 1942,
chai:'elerence to the status under Regulation V; of 'house
gs accots'
un
which are used by department store emPlcyees.
8ev. "This
matter has been brought to our attention by
the'rea co
rrespondents. As you suggest, there is involved
a ci proader question
as to why Regulation 17 should require
wiirT PaYment on purchases in an instalment account that
countue liquidated within the same period as a charge acin ch, while there need be no down payments on purchases
probiZe accounts.
Careful study is being given to this
plat "
.It
maY interest you to know that some stores are
conf1:11ng to continue these 'house charge accounts' but
Ine them to
purchases of 6 or less."
Approved unanimously.
tom*
Telegram to Mr. Mooney, Vice President of the Federal Reserve
Of Kass
"as City, reading as follows:
111.18' "Please advise W. Homer Kelly, Wichita Independent
liende
:
,
88 /rens Association, in reply to his wire to Leon
%1111C°n, that Regulation IV does not apply to open act
5(b).1,841ea of food or coal except as provided in section
Approved unanimously.
1091
5/29/42
-12Letter to Mr. W. P. Potter, General Manager of the Glendale
Ilerchante
As
sociation, Ltd., Glendale, California, reading as follows:
i
"This will acknowledge your letter of May 22, 1942,
n which you
ask for answers to a number of questions conC
"ling Regulation W.
„ "As to your
principal question, the one relating to
he
status of unlisted articles, we have telegraphed a reet to the
Los Angeles Branch of the Federal Reserve
8 jk of San
Francisco to give you the answer, and we asr2re that
e„
l by
this time you 16,111 have received it. The
eritial Points to bear in mind on this question are (1)
th:4.
a merchant
who is engaged exclusively in the business
selling unlisted articles is not a 'Registrant', so
that
th
,
no portion of the regulation applies to him and (2)
ca
;.a charge
account containing only listed articles, if
lifled with a Registrant
who sells both listed and uned a
rticles, may be in default under the regulation
perilino c
onsequence except that the customer may not be
that .t,'tecl to purchase a listed article on credit from
ae
gistrant.
few"The
accounts to which your letter refers as 'proaccounts, together with charge accounts for
nge
as laundering, dry cleaning, etc., do not ap4hi
Pear
kJ() involve
listed articles at all.
among"Th
the administration of Regulation Wis decentralized
it mo e twelve
Federal Reserve Banks, and you will find
tions convenient to
direct any further comments or quest You may
have on this subject to the Los Angeles
Arigei. of the
Federal Reserve Bank of San Francisco, Los
e8) California, in whose district you are located."
Approved unanimously.
Lett
er to Mr.
teetive
Arthur L. Blakeslee, Assistant Chief of the Proco
A
netruction Unit of the
Federal Works Agency, Public Buildings
iatrati,
reading as follows:
IO 1942"F°11°wing receipt of your circular
letter of Marchi
ul
rls
;4.,
4. with
respect to the protection in public build'
(1 all communication
systems, transformers, etc.
1092
5129/42
-13-
to 24-hour operation of the buildings, we transmi!ted to the
Federal Reserve Banks the information con',a:3-Tied therein and stated it to be our understanding that
.!ue Protective
Construction Unit would study each case
referred to
it, recommend protective construction and prolds detailed
plans therefor in such manner that any neces17 work could be undertaken without further delay, alWas not proposed to begin any recommended conUntil
the War and Navy Departments deemed it
advisable.
l
I
j
27 "There were
transmitted to you by messenger on May
pijlans of the buildings of the Federal Reserve Banks of
i:1;]ciiLadelphia, Cleveland, and Chicago, on which have been
cated, as requested in your letter, the rooms and
Spaces, if any, needing attention on the basis outWith respect to the plans of the Federal Reserve
it7
1 of Philadelphia, the Bank states that unfortunately
riatra48 never possessed complete plans of the units desigph '
e 4 as 1A, 1B, and 2, as shown on the Building Layout
inotostat attached to
the plans. The outlines of buildth!8 lA and 1B, however, are shown on the drawings, and
'
con
struction of these buildings is as follows:
Building lA Brick. Basement and 5
floors
Building 1B Reinforced concrete. Basement and 5 floors
Building 2 Brick. Basement and 2nd
floor (No street level floor. Building formerly used as power house)
at 92:The
Federal Reserve Bank of Philadelphia, located
925
be
Chestnut Street, Philadelphia, Pennsylvania, would
tatireased to
have an expert from your office visit the
otatraeliMgive it the benefit of his observations and recclicat:,"1-Lons. The Federal Reserve Bank of Chicago has in'" that in addition to recommendations as to proteclinit C°118trUction it would be interested in having your
cirferr!!°mmend areas not involving new construction that
or pe the best
shelter immediately available for protection
the
°411e1 from blasts and splinters. In this connection
const;"eral Reserve Bank of Chicago states that its roof
itch ;11ction consists of a sixteen inch tile arch, a six
takriclicrets slab, and over this a concrete roof slab
frOM six inches at the middle down to two inches;
1093
5/29/42
—14—
II n1
-4-so that a
Protects its building of modern construction to the west
building up to several feet above the ceiling
of the
twelfth floor.
d , "When the plans of
the Federal Reserve Banks of Phila,!4Phia, Cleveland, and Chicago have served their purpose
will be
appreciated if you will return them to this ofwie
:
t,
e In case you wish to obtain additional information
dir respect to the plans, we suggest that you correspond
ctlY with the officer of the particular Bank designated
welow:
Federal Reserve Bank of Philadelphia-Philip F. Coleman, Assistant Vice
President
Federal Reserve Bank of Cleveland--G. H.
Wagner, Vice President
Federal Reserve Bank of Chicago--Mark A.
Lies, Assistant Cashier
"The Board of
Governors appreciates the services
tc.
)1L office is
rendering to the Federal Reserve Banks and
and,
in this connection, referring to our
lettersB"rd,
811/11r1 s of January 27 and March 13, 1942, it is our asthat your office will make recommendations with
at the t° any protective construction deemed necessary
and
deral Reserve Banks of New York, Minneapolis,
msip:eLlas
-01„.ft
yo
Approved unanimously.
Letter
gency,
to Mr. Baird Snyder, 3rd, Acting Administrator, Federal
reading as follows:
alars
,
"1 am writinc. this letter to remind you of the asrega
;
e
d e:/hich you crave me in your letter of March 23 in
Dere;" Lo the space in this building for the Inter-American
toaree Board that 'one way or another we shall get this
space within a period of approximately two
r)1('Ilth8e'ther
I
n.
been "&ille to the
additional responsibilities which have
4.tagl
a ?,ed upon the Board of Governors, and the re?rgani;
t1°rthi;A!,
4 8°Ine of our functions, we need the space in -?he
-'''' I C' Street wing on the first floor of the build411g 11,
°ccupied by the Inter-American Defense Board,.con-g of 5600 square feet. It will be appreciated if
1094
5129/42
-15-
7
,Y°1114d11 make whatever arrangements are necessary to have
Ithe Inter-Amer can Defense Board vacate this space as soon
"13438Sible "
Approved unanimousiy.
Thereupon the meeting adjourned.
Assistant Secretary.
Chairman.
@FedFRASER