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1518 ;.! A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Aednesday, November 10, 1937, at 11:00 a PRESENT: Mr. Eccles, Chairman Mr. Szymczak Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Co nsideration was given to each of the matters hereinafter re4111%d to and the action stated with respect thereto was taken by the 1 • 30Rrcl : Telegrams to Mr. Young, President of the Federal Reserve Bank "Boston, Messrs. Stewart and Sargent, Secretaries of the Federal Reserv Banks of St. Louis and San Francisco, respectively, and Mr. 1111c/nlaa, that Chairman of the Federal Reserve Bank of Kansas City, stating the Board approves the establishment without change by the St. 41118 and San Francisco banks on November 9, 1937, and by the Boston hrld Xansas City banks today) of the rates of discount and purchase in their existing schedules. Approved unanimously. Letter to Mr. Schaller, President of the Federal Reserve Bank car eti4 e 41,,0 $ reading as follows: 1 Receipt is acknowledged of your letter of October 2s, : Upon the subject of the recent survey of your dePartment as the same may be related to a review Of ' jl 'elears' salaries by a committee appointed by your ward. 1519 11/10/37 "While the report to which you refer has been prepared and filed, the Board has not as yet had an opportunity to consider it, nor have surveys of the legal departments of au the banks been entirely completed. Since its views with respect to an individual survey might be influenced by 'factors developed in a review of the whole, the Board preu,T to withhold comment with respect to a particular one il It has had an opportunity to review the same in the .p_ E3"ht of the entire situation. At that time, if the Board feels that comment should be made, you will be advised acc°rdingly.” Approved unanimously. Letter to Mr. Walsh, Chairman of the Federal Reserve Bank of pallas ' reading as follows: de,„,"The Board of Governors of the Federal Reserve System Ba-"ed some time ago that surveys should be made of the p: Examination and Auditing Departments at all of the po aral Reserve Banks. There is attached a copy of a reof the survey of the Auditing Department of the Fedr O tc a Reserve Bank of Dallas recently conducted by the Examiners Jones and Cagle. An additional copy of the e8 rePort is inclosed for President McKinney. at 4 le the survey indicates that the auditing function pe: he Federal Reserve Bank of Dallas in general is being meirl-rmed in substantial conformity with the standards recomba::ed bY the Conference of Auditors of the Federal Reserve Sefftshteld in Washington in November 1936, the conclusions Whichr-h bY the examiners indicate a number of matters merit consideration. wh "It will be appreciated if you and any of your directors this, Y011 may designate end President McKinney will review rea-4rePort of survey and give the Board the benefit of your ' et l°ne to the matters referred to above and any other sta. elments concerning which you would like to express your vi ews. tion "The footnote of the letter transmitting the recommenda, sot-2 °f the Conference of Auditors to Mr. George L. Barri.111airman of the Conference of Presidents of the Fedorei . riatu 'eserve Banks, called attention to the confidential °f the material contained in that report and other -rniation relative to the auditing activities at the Fed- 1.520 440/3? eral Reserve Banks. As the inclosed report refers frequently to the Auditors' recommendations and also contains °ther information of a confidential nature concerning' the lepetivities of the Auditing Department of your bank, it will ePPreciated if the report itself is not made available to 0 ( 1? ne bank's employees and the officers directly in charge a ''Ale operating departments. Of course, the Board sees ection to the report, or parts thereof, being submittOadobi to, or discussed with, your directors and such of the b r "k s officers as you and President McKinney deem advisable.ft Approved unanimously. Memorandum dated October 29, 1937, from Mr. Wyatt, General e°1111sel• re commending that the Board again subscribe to the Congressiorial 8ervice, covering legislation relating to banking and currency Infatters, l 'urnished by the Commerce ClearinR House, Inc., for the 4ecial session of Congress to convene on November 15 and for the l'egIllar session, at a cost of if5.00 per week during the special Bession. and a flat charge of :11;120.00 for the period of the regular se4i011 C°ngres5. Approved unanimously. There was presented a recommendation from Mr. Morrill, which ueen e PProved by the Personnel Committee, that the Board authorize thelpill‘c hEtd Be and installation of certain kitchen equipment, as listed -Tkrcha, e order No. 2474, at a total cost of 4719.70. Approved unanimously. Thereupon the meeting adjourned. AlDpl.oved: Sec etary. Chairman.
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