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Minutes for November 8, 1957 To: Members of the Board From: Office of the Secretary Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement with respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, if you were present at the meeting, please initial in column A below to indicate that you approve the minutes. If you were not present, please initial in column B below to indicate that you have seen the minutes. A Chin. Martin Gov. Szymczak Gov. Vardaman Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson 04 ,r) 3213 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, November 8, 1957. The Board met in the Board Room at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Martin, Chairman Balderston, Vice Chairman Szymczak Vardaman Mills Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Fauver, Assistant Secretary Riefler, Assistant to the Chairman Thomas, Economic Adviser to the Board Solomon, Assistant General Counsel Messrs. Young, Noyes, Robinson, Dembitz, Brill, Eckert, Gehman, Keir, Tynan Smith, Tamagna, Trueblood, Weiner, Wernick, and Wood of the Division of Research and Statistics. Messrs. Hersey, Bangs, Emory, Furth, Reynolds, and Wood of the Division of International Finance. Review of economic developments. The members of the Divisions of International Finance and Research and Statistics reviewed the current economic and financial situation after which all members of the staff except Messrs. Carpenter and Fauver withdrew from the meeting. In a brief discussion that followed Governor Vardaman suggested that future reviews of international financial developments might include, to the extent practicable, comments on the impact that such foreign developments might have on the United States economy. would tend to make the reviews more meaningful. This, he felt, Governor Szymczak was asked to explore this suggestion with the Division of International Finance. it -2- 11/8/57 Discount rates. Telegrams to the following Federal Reserve Banks approving the establishment without change on the dates indicated of the rates an discounts and advances in their existing schedules were approved unanimously: Atlanta Boston Richmond St. Louis San Francisco New York Philadelphia Cleveland Kansas City Dallas Minneapolis November 4 November 4 November 6 November 6 November 6 November 7 November 7 November 7 November 7 November 7 November 8 The meeting then adjourned. Secretary's Note: Governor Shepardson today approved on behalf of the Board a letter for the signature of Chairman Martin to The Honorable Ivy Baker Priest, Chairman of the Interdepartmental Savings Bond Committee, designating Joseph E. Kelleher, Assistant Director, Division of Administrative Services, to succeed Liston P. Bethea as alternate member on the Committee. A copy of the letter is attached hereto as Item No. 1. gol BOARD OF GOVERNORS OF THE 44.40:oto;,0.. FEDERAL RESERVE SYSTEM :$1 ‘4, WASHINGTON 25. 0. C. Item No. 1 11/8/57 ADDRESS OFFICIAL CORRESPONDENCE TO THE BOARD 41, oatiol.* November 8, 1957 The Honorable Ivy Baker Priest, Chairman, Interdepartmental Savings Bond Committee, Treasury Department, Washington 25, D. C. Dear Mrs. Priest: Pursuant to authority contained in Executive Order No. 10626 dated August 4, 1955, I hereby designate, effective immediately, Joseph E. Kelleher, Assistant Director of the Boardls Division of Administrative Services, as my alternate to act for me in all matters relating to the Interdepartmental Committee for Voluntary Payroll Savings Plan for the Purchase of United States Savings Bonds. Mr. Kelleher will succeed Mr. Liston P. Bethea who has served in this capacity for many years and will shortly go on leave prior to retiring on January 1, 1958. Mr. Kelleher will also succeed Mr. Bethea as Director of the Division of Administrative Services upon his retirement. Sincerely, (Signed) Win. McC. Martin, Jr. Wm. McC. Martin, Jr.
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