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1549 A meeting of the Board of Governors of the Federal Reserve te:r11 was held in Thshington on Monday, November 22, 1937, at 2:30 P. in. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman' Ransom, Vice Chairman Szymczak McKee Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter ret° and the action stated with respect thereto was taken by the Bo/am: Poderal The minutes of the meeting of the Board of Governors of the Reserve System held on November 8, 1937, were approved unani- The minutes of the meetings of the Board of Governors of the 4cleral Reserve System held on November 10, 11, 12, 15, 15, 17, 18, 411419, 1937, were approved and the actions recorded therein were -tified Unanimously or mi. Telegram to Mr. Powell, Secretary of the Federal Reserve Bank 44eaP01is, stating that the Board approves the establishment 1101.1t - change by the bank today of the rates of discount and purchase its --..4.5ting schedule. Approved unanimously. 1.550 11/22/37 There was submitted a recommendation from Messrs. Spurney and ICOppeilg that Mrs. Grace K. Seebold, who had been selected in accordance v4th the authority granted by the Board on July 12, 1937, and who had PaSSed e satisfactory physical examination, be appointed as a charwoman 111 the Board's new building, with salary at the rate of 50V per hour, effective as of November 22, 1937. Approved unanimously. Letter dated November 20, 1937, to Mr Leach, President of the Pecler„,, ' 4- Reserve Bank of Richmond, reading as follows: "Reference is made to your letter of November 13, 1937 ot.,4, submitting the request of the 'Union Trust Company ".'ieryland', Baltimore, Maryland, for waiver of conditions me mbership numbered 23, 24 and 27, in connection with e Proposed dissolution of the City Certificates Corporau 4. , 440n c_ "In view of the evidence submitted with respect to 1:41Pliance with the conditions set forth in the Board's B:s tter of July 30, 1937, and your recommendation, the waives the requirement as to consent to the conni-"Plated transfer of stock contained in condition of TrIner hiP numbered 27 and requests that you advise the r bank of the Board's action. of ,"In view of the transfer of the non-statutory duties co 'he Federal Reserve Agent to the bank, compliance with tell ePtions of membership numbered 23 and 24 may be efpir!cl uPon the consent and approval of the President or Vice President of the Federal Reserve Bank of Richlieu of the consent and approval of the Federal 8erve Agent, as stipulated in such conditions." Approved unanimously. In connection with the above letter, Mr. McKee had attached a memorandum to the file stating that his approval was given only because of the fact that on July 29, 1937, the Board, by a majority vote, decided to 1551 11/22/37 -3request the Federal Reserve Bank of Richmond to advise the Union Trust Company of Maryland that it would give consideration to the waiver of condition number 27 upon compliance by the trust company with certain specified conditions which had since been met. Letter to Mr. I. J. Bellman, Brooklyn, New York, reading as tollows: "The Securities and Exchange Commission has referred he Board your letter of November 8, 1937 concerning tue recent action of the Board stipulating the amount of arein to be required on short sales for certain purposes ',11 connection with Regulation T, issued pursuant to the 'ecurities Exchange Act of 1934. "This amendment to Regulation T, which was effective j r vaalber 1, did not require the broker to obtain any addi?nal deposit of cash or securities in cases of short sales c'o wach were outstanding prior to November I even if the acalit did not contain the amount of margin which would be Pres cribed initially for new short sales made after that date, to T There is nothing in the regulation, however, to premVent.a broker from asking a customer to provide additional 4 trin in connection with any transaction if he wishes to Approved unanimously. There was submitted a recommendation, which had been approved 11:Ytheper&onnel Committee, that the Board authorize the purchase of 44 electric Clock, storage cabinet, mail table, telephone cabinet, and Zliscellaneous equipment for use in the cafeteria, as listed in purchase 411mbered 2421, 2445, 2472, 2476, 2512, 2513, 2515 and 2517, at totta, cost of .233.71. Approved unanimously. There was submitted a recaamendation, which had been approved 1552 11/22/37 -4- bYthe Personnel Committee, that the Board authorize the acceptance of by the Western Venetian Blind Company covering the furnishing and itsteja ation of six venetian blinds in the cafeteria, at a cost of Approved unanimously. Thereupon the meeting adjourned. lbRTrad Chairman. ecretary
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