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1561 Minutes of actions taken by the Board of Governors of the ?edel'al Reserve System on Wednesday, September 21, 1949. The Board Illet in the Board Room at 4:00 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardpwin Clayton Carpenter, Secretary Sherman, Assistant Secretary Thurston, Assistant to the Board Thomas, Director, Division of Research and Statistics Mr. Vest, General Counsel Mx. Mr. Mr. Mr. Mr. Carpenter read a telegram from Mr. Earhart, President of the Pederal Reserve Bank of San Francisco, stating that the execut1 /4) committee of that Bank at a meeting on September 20, 1949, r°°red a reduction in discount rates but decided to take no action elld to consider the question at a full directors' meeting on September 27, 1949. In a further full discussion of the reduction in discount l'Ittes proposed by the Federal Reserve Bank of New York, it appeared that the views of the individual members of the Board were not difrerett from those expressed at the meeting of the Board yesterday and that the members were equally divided on the question whether a re4tlet1oa should be approved. Chairman McCabe had stated at the meeting "the executive committee of the Federal Open Market Committee this r4°111111g that Mr. Evans had said that he had not had the benefit of 1562 9/21/49 the -2- diseussIons and did not wish to express an opinion. At the conclusion of the discussion, Chairman McCabe stated that tit in the circumstances he would suggest that (1) Mr. Sproul be illtorMed that the Board was not prepared to take action at this time °lathe rates established by the New York Bank directors and that, thellefore, action was being deferred for the time being, and (2) the esidents of the other Federal Reserve Banks be informed by the Sec' Pl ns. 4141trY by telephone of the outcome of the Board's discussio Chairman McCabe's suggestion was approved unanimously. '\ withdrew, and the acAt this point Messrs. Thomas and Vest referred "stated with respect to each of the matters hereinafter t1 to Vas taken by the Board: Governors of the Fed-. Minutes of actions taken by the Board of approved unanimously. er'81 Reserve System on September 20, 1949, were Governors with the FedMinutes of the meeting of the Board of 1949, were approved unaniAdvisory Council held on September 20, kOlasly. from Mr. Thomas, Director Memorandum dated September 13, 1949, recommending the appoint°t the Division of Research and Statistics, in that Division, with of Robert Ryder Moss as an economist annum, effective as of the salary at the rate of $4,479.60 per ce of his duties after 4tte Upon which he enters upon the performan hav on. ing passed the usual physical examinati -3- 9/21/49 Approved unanimously. iJI Memorandum dated September 20, 1949, from Mr. Nelson, Direct°1i0f the Division of Personnel Administration, recommending that the resignation of Miss Anna J. Markevich, a clerk-stenographer in the't with her Division, be accepted to he effective, in accordance l'ecIlle8t, at the close of business September 25, 1949. Approved unanimously. Reserve Letter to Mr. Wiltse, Vice President of the Federal 4111k c)f New York, reeding as follows: your "In accordance with the request contained in the approves Board the 1949, letter of September 15, examidesignation of the following as special assistant ners for the Federal Reserve Bank of New York: Edwin C. Andrews, Jr. Paul L. Mack Edward H. Malone Harold L. Sdf Alvin C. Spindler" tr. 4 Approved unanimously. Chairman. 0
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