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1510 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Friday, October 15, 1943, at 11:00 8..111. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on October 14, 1943, were approved unanimously. Telegrams to Mr. Paddock, President of the Federal Reserve Bank of Boston, Mr. Treiber, Secretary of the Federal Reserve Bank Of New York, Messrs. Leach and McLarin, Presidents of the Federal Reserve Banks of Richmond and Atlanta, respectively, Mr. Dillard, Vice President of the Federal Reserve Bank of Chicago, Mr. Stewart, Secretary- of the Federal Reserve Bank of St. Louis, Mr. Powell, First Vice President of the Federal Reserve Bank of Minneapolis, and Messrs. Evans and Hale, Secretaries of the Federal Reserve Banks of Dallas and San Francisco, respectively, stating that the Board approves the establishment without change by the Federal Reserve Bank of San Francisco on October 11, by the Federal Reserve Bank of St. Louis on 1511 10/15/43 -2- October 12, by the Federal Reserve Bank of Atlanta on October 13, by the Federal Reserve Banks of New York, Richmond, Chicago, Minneapolis, and Dallas on October 14, 1943, and by the Federal Reserve Bank of Boston today, of the rates of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated October 13, 1943, from Mr. Goldenweiser, Director of the Division of Research and Statistics, submitting the resignation of Mrs. Marie L. Leahy as a clerk-stenographer in that Division, to become effective as of the close of business on December 7, 1943, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to the board of directors of the "Renwick Savings Bank", Renwick, Iowa, stating that, subject to conditions of membership numbered 1 to 3 contained in the Board's Regulation HI the Board approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the 'Renwick Savings Bank', 1512 10/15/43 -3- "Renwick, Iowa, for membership in the Federal Reserve System, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the other of which you are requested to forward to the Superintendent of Banking for the State of Iowa, for his information. "It is noted that your office will advise the bank as to the requirements of the provisions of law and the Board's regulations with respect to notice of withdrawal of savings deposits, and it is assumed that your office will follow this matter to a satisfactory conclusion." Letter to Mr. S. J. Solomon, Chairman of the Airlines Committee for United States Air Policy, Washington, D. C., reading as follows: "In response to your letter of September 28 to Chairman Eccles on the subject of the economic aspects of postwar aviation, the Board, as you probably appreciate, has no special responsibility in this field but its Division of Research, as a part of its activities, is constantly engaged in studying post-war plans of private industry in their relation to capital expenditures and employment and if you have any material that you think would be of value to the Division in connection with these studies, we will be very glad if you will communicate directly with Dr. E. A. Goldenweiser, Director of the Division of Research and Statistics of the Board of Governors, for this purpose." Approved unanimously. Mr. Morrill stated that, in accordance with the understanding reached at the meeting of the Board yesterday and in response to a telephone request received from Mr. Szymczak today, the following telegrams were sent to Mr. Szymczak at the Federal Reserve Bank of New York: 151_3 10/15/43 -4- First telegram: "The Board of Governors has authorized you in its behalf to advise the board of trustees of the Federal Reserve retirement system that the amendments to the rules and regulations of the retirement system embodying the changes recommended by the Presidents' Conference which have to do with the organization and management of the retirement system are approved by the Board of Governors." Second telegram: "The Board of Governors has authorized you in its behalf to advise the board of trustees of the Federal Reserve System (this should have read 'board of trustees of the Retirement System') that the Board approves the amendments to the rules and regulations of the retirement system to make effective the recommendations of the Presidents' Conference for changes in the benefits of the retirement system referred to in the first paragraph of my letter of October 7, 1943, to Mr. L. R. Rounds, Chairman of the Retirement Committee of the Federal Reserve Banks, including such additional changes as may be necessary for clarification of the rules and regulations lqith the understanding, however, that in addition to the foregoing changes the board of trustees at the same time will also adopt the additional amendments to the rules and regulations of the retirement system referred to in the second paragraph of the above mentioned letter of October 7, 1943, to Mr. Rounds, for the purpose of enabling the Board of Governors to adopt a special plan for its employees known as the Board of Governors Plan." Approved unanimously. Thereupon the meeting adjourned. APProved: Chairman.
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