The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1540 A meeting of the Board of Governors of the Federal Reserve 4stem was held in Washington or Wednesday, November 17, 1937, at 11:zo a. in. PRESENT: Mr. Eccles, Chairman Mr. McKee Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairmen Consideration was piven to each of the matters hereinafter rer"red to and the action stated with respect thereto was tsken by the Tel eeram to Mr. Stewart, Secretary of the Federal Reserve Bank (4* St, Lcalis, stating that the Board approves the establishment without bY the bank today of the rates of discount and purchase in its Schedlae. Approved unanimously. 14'eMorandum dated November 15, 1937, from Mr. Smead, Chief of the tivi 9 sion of Bank Operations, submitting a letter dated November tonl Mr Taylor, Cashier of the Federal Reserve Bank of Cleveland, requested approval by the Board of a change in the personnel 1"ti011 Plan of the bank to provide for a change in the name °r the 4 411 r„ Statistical Department to Business Statistics Department, for of the title of "liead"Df the department to "Manager"; and 1111°r change in the description of work for this position. Approved unanimously. 1541 11/17/37 - Memorandum dated November 10, 1937, from Mr. Smead, Chief of te Division of Bank Operations, submitting a letter dated November 3 tram— izz. Schaller, President of the Federal Reserve Bank of Chicago, Which requested approval by the Board of changes in the personnel ciessificati -on plan of the bank to provide for increases in the maximum sklay.; "as for the position s of "Chief Examiner" and "Assistant Examiner", in the Bank Examination Department. The memorandum stated that the IDIs01)0 aed changes had been reviewed and recommended that they be apPrOVed. Approved unanimously. Letter to Mr. Peyton, President of the Federal Reserve Bank of Minnee . s, reading as follows: "Reference is made to your letter of November 4 statin 4 gth -at it appears desirable to you to suggest to your rectors at their next meeting that Mr. Thomas H. Hodgson aPPointed Assistant Counsel for the bank and inquirti;e whether such a move on your part would conflict with 6 Beard's objectives. "The Board appreciates your desire to cooperate with ; s6 °Y bringing this proposed action to its attention. If, it YclIr letter indicates, it is your judgment that it is Eue , ,he interest of efficiency of the institution to take action at this time, the Board offers no objection. wi;hreport of the survey to which you refer has been filed fo, the Board but it has not yet given it consideration t,' thee reason that the surveys of the legal divisions of !other banks have not been completed and the Board deattres to canvass the situation as a whole before reaching thYl. c°n clusiens. Therefore, I am not in a position at vie :time to advise you as to what might be the Board's r\lt, :s as to the general policy to be followed in the (Ares', % Approved unanimously. 1542 11/17/37 -3Letter to the board of directors of "The Citizens' State Bank or Choteeu ) Montana", Choteau, Montana, stating that, subject to the e°11clitions of membership numbered 1 to 3 contained in the Board's Regu1atto and the following special conditions, the Board approves the btink „ aPPlication for membership in the Federal Reserve System and for a the PProPriate amount of stock in the Federal Reserve Bank of Minneap011 . • "4. Such bank shall make adequate provision for depreciation in its banking house and furniture and fixtures. 1)5. Prior to admission to membership such bank, if it has not already done so, shall charge off or otherwise eliminate estimated losses of $1,181.04 in 1"na and discounts, as shown in the report of examination of such bank as of October 23, 1937, made by an examiner for the Federal Reserve Bank of Minneapolis." Approved unanimously for transmission through the Federal Reserve Bank of Minneapolis. Letter to Mr. Walter Lichtenstein, Secretary of the Federal 1.41•71 ,se rY Council, reading as follows: In response to your letter of November 10 we are that the members of the Council are in favor ho 4-111e 'N. ,' 4 all of their meetings in the Federal Reserve ilding. gla4 or in "As to the place where the Council may hold its meetthe first day, we shall be glad to be guided by the or tless of the Council and to make available the Board Room NIt'j,Conference Room adjoining the Board Room as the maY prefer. We shall also be glad to provide lunch forthe Council in the Board's private dining rooms. I have consulted Dr. Goldenweiser as to his attend4.ice the meeting on the first day and he has requested 11543 11/17/37 -4-"me to Say that he will be glad to hold himself available to respond to a call from the Council at any time that it eY Prefer from eleven to twelve in the morning. "The expense of the lunch of the Council will be borne bY the Board and the Board will be glad to have as its guests at lunch on the second day also any of the members of the Council and yourself who may desire to have lunch in the building. in m s we did at the last meeting, we shall take pleasure .--"Lng available to the Council when it meets here a yrivate office and secretarial service. hope that the Council will feel entirely comfortable In Oldinits meetings in our building." Approved unanimously. Thereupon the meeting adjourned. Chairman.
@FedFRASER