The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
660 A meeting of the Board of Governors of the Federal Reserve SYStern was held in Washington on Thursday, May 6, 1937, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Broderick Szymczak McKee Davis Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Consideration was given to each of the matters hereinafter referred 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 Nter , 44. Reserve System held on May 5, 1937, were approved unanimous— ly. Tel egrams to Mr. Walden, First Vice President of the Federal lieserlie Bank of Richmond, and Mr. Sargent, Secretary of the Federal 48"e Bank of San Francisco, stating that the Board approves the estublishment without change by the respective banks today of the l'ates of discount and purchase in their existing schedules. Approved unanimously. Letter to Mr. Lassiter, Federal Reserve Agent at the Federal -"e Bank of Richmond, reading as follows: th "This is to advise you that the Board today approved Arvel bonds executed on April 29, 1937, by Mr. Lee Emrich r8on and the United States Fidelity and Guaranty Com— p.! all ' av, Baltimore, Maryland, and by Charles Elliott Francis co the Covert Maryland Casualty Company, Baltimore, Maryland, Messrs. Anderson and Francis as Federal Reserve 661 5/6/37 0 "Agent's Representatives stationed at the Baltimore and Charlotte Branches, respectively, of the Federal Reserve Bank of Richmond. "It is noted from your letter of May 1, 1937, that the changes in the titles of Messrs. Anderson and Francis rom Acting Assistant Federal Reserve Agents to Federal 1.teserve Agent's Representatives are effective as of the date of the Board's approval of the bonds covering them in the latter capacity. In the circumstances, it is ,ssumed that you have no objection to the Board's notify1!Ig the bonding companies involved that they are under no ligation on the bonds executed by them on December 28, 4'33, covering Messrs. Anderson and Francis as Acting ,.ssistant Federal Reserve Agents, for any acts committed !IY Messrs. Anderson and Francis subsequent to May 6, 1937. letters to such bonding companies to this efare being transmitted today and copies of these letect ters are inclosed for your records." F r Approved unanimously. Letter to Mr. Nardin, Federal Reserve Agent at the Federal Reserve Bank of St. Louis, reading as follows: is to advise you that the Board today approved the bonds eonds executed on April 27, 1957, by Mr. Lee Add Moore and The Aetna Casualty and Surety Company, Hartford, Con;ecticut, and by Messrs. Jack Powell Goldschmid and Laurie erner Walker and the Massachusetts Bonding and Insurance 00111117 ,:anY, Boston, Massachusetts, covering Messrs. Moore, i iT tlitc s1 and Walker as Federal Reserve Agent's Represtationed at the Louisville, Little Rock and B22Phis 1 respectively, of the Federal Reserve Branches, , LIK of St. Louis. that,"It is assumed from your letter of April 50, 1937, wa. the designations of Messrs. Moore, Goldschmid and t_ J-ker as Acting Assistant Federal Reserve Agents were jiraminated on April 26, 1937, and that their titles were nged to Federal Reserve Agent's Representatives, effective, r as of April 27, 1937. The Board, therefore, unless 1.10; . 11113t advice to the contrary is received from you, will co'lfY The Aetna Casualty and Surety Company, Hartford, e_nneoticut, that it is under no obligation on the bond ecUted by it on March 4, 1933, covering Mr. Moore as ActAssistant Federal Reserve Agent, for any act committed al "im subsequent to April 26, 1937. Similar advice will s° be given to the Massachusetts Bonding and Insurance 662 5/6/37 -3, ' - 413,,,nY, Boston, Massachusetts, with respect to its obligation on the bonds executed by it on March 6, 1933, covering Messrs. Goldschmid and Walker as Acting Assistant Federal Reserve Agents." Approved unanimously. Letter to Mr. Walsh, Federal Reserve Agent at the Federal Reserve Bank of Dallas, reading as follows: "This is to advise you that the Board today approved the bonds executed on April 24, 1937, by Mr. lova James and on April 26, 1937, by Messrs. Clement Paul 7avi1and and Grover Cleveland Page, and the Hartford Accient and Indemnity Company, Hartford, Connecticut, cover.1.1g Messrs. Reed, Gowlend and Page as Federal Reserve gent's Representatives stationed at the Houston, San Anand, El Paso Branches, respectively, of the Federal Reserve Bank of Dallas. "It is assumed from your letter of April 29, 1937, that the changes in the titles of Messrs. Feed, Gowlend, Page from Acting Assistant Federal Reserve Agents to Federal 0 ';deral Reserve Agent's Representatives are effective as , the date of the Board's approval of their bonds in the !-Etter capacity. The Board, therefore, unless prompt adivilee to the contrary is received from you, will notify the ,artford Accident and Indemnity Company that it is under O b1igation on the bonds executed by it on January 25, 14°6) August 21, 1936, and January 16, 1937, covering A,ssrs- Page, Reed and Gowland, respectively, as Acting ii:stant Federal Reserve Agents at the Federal Reserve 111- of to May Dallas, for any acts committed by them subsequent 6, 1937." Approved unanimously. Telegram to Mr. Peyton, President of the Federal Reserve Bank 1„ 'unneapolis, reading as follows: tt ber, Your letter May first. No objection on part of mem' of the Board to proposed participation of Mr. Powell ; Program of School of Business Administration as recomliended by you." Approved unanimously. 663 Thereupon the meeting adjourned. ecretary. Vice Chairman.
@FedFRASER