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1086 A, meeting of the Board of Governors of the Federal Reserve 8Ystem was held in Washington on Saturday, September 2, 1939, at 11:00 a. m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Davis Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meetings of the Board of Governors of the l'ecleral Reserve System held on August 31 and at 9:00 a.m. on September 1 10,, -'c9) were approved unRnimouely. The minutes of the meting of the Board of Governors of the eciel'al Reserve System held at 2:35 p.m. on September 1, 1939, were IIPProved and the actions recorded therein were ratified unanimously. Telegram to Mr. Knoke, Vice President of the Federal Reserve table -- of New York, reading as follows: "Referring your letter September 1 Board of Gayerhors approves authorization by your directors to officers of your bank to advise Banque Centrale de la Republique de Turquie of the willingness of the Federal Reserve Bank of New York to make at any time and from time to time a loan or loans to the Banque Centrale de le Republique de Turquie, in addition to the outstanding loan of 42,025,000 or any renewal thereof maturing not later than December 31, 1939, such additional loan Or loans not to exceed in the aggregate at any one time outstanding $1,350,000 to have a maturity of not more than three months and to mature not later than March 31, 1037 9/2/39 -2- "1940 to bear interest at the discount and to be secured by refined Fold bars letter. Participation in such loan or Federal Reserve banks is also approved advised by letter accordingly." rate of your bank as outlined your loans by other and they will be Approved unanimously. Letter to the National Bureau of Economic Research, New York, New York, reading as follows: "With reference to your discussion with Messrs. Thames and Van Fossen of the Board's staff regarding the use by your research staff of certain information from industrial loan applications received by the Federal Reserve banks, 1 am writing to inform you that the Board of Governors of the Federal Reserve System has no objection to your requesting the Reserve banks for such information. It is the Board's understanding that the information desired covers data from the financial statements of the applicants and that it does not entail revealing to representatives of the National Bureau the identity of individual applicants." Approved unanimously, together with a letter to the Presidents of ell Federal Reserve banks, reading as follows: "In connection with a research project on the subject 'Changes in the Financial Requirements of American Business, Trends in Commercial Borrowing, and the Demand for Short-Term Capital Loans', the National Bureau of Economic Research has indicated to the Board that it would like to obtain from the Federal Reserve banks certain information from the industrial loan application blanks received under Section 13b. It is our understanding that the information desired covers data from the financial statements of the applicants and that it does not entail revealing to representatives of the National Bureau the identity of individual applicants. You may make such arrangements as you desire to safeguard the confidential nature of the information. You will receive a request from the National Bureau setting forth 1088 9/2/39 "in detail the information desired. "This letter is to inform you that the Board of Governors has no objection to your supplying the National Bureau of Economic Research with information of this character." Thereupon the meting adjourned. Secret
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