Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, September 29, 1937, Volume 24, Part 3

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1343

A meeting of the Board of Governors of the Federal Reserve
System was held in Washington on Wednesday, September 29, 1937, at
11:30 a. m.
PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.

Ransom, Vice Chairman
Broderick
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 referred to and the action stated with respect thereto was taken by the
Board:
The minutes of the meeting of the Board of Governors of the
Federal Reserve System held on September 28, 1937, were approved unanimously.
Telegram to Mr. Young, President of the Federal Reserve Bank
of Boston, stating that the Board approves the establishment without
Change by the bank today of the rates of discount and purchase in its
existing schedule.

The telegram also stated that it was noted that

the board of directors of the Boston bank had voted to discontinue the
rate on discounts of eligible paper for individuals, partnerships and
corporations under the third paragraph of Section 13 of the Federal
Reserve Act.
Approved unanimously.
Telegram to Mr. Stewart, Secretary of the Federal Reserve




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9/29/37
Bank of St. Louis, stating that the Board approves the establishment
without change by the bank on September 28, 1937, of the rates of discount and purchase in its existing schedule.
Approved unanimously.
Letter to Mr. Sinclair, President of the Federal Reserve Bank
of Philadelphia, reading as follows:
"In view of the statements contained in your letter
of September 24, the Board will offer no objection to the
retention in the service of your bank to the end of the
present calendar year of your Assistant Auditor, Mr. William I. Rutter, Jr., who became 65 years of age on October
12, 1936."
Approved unanimously.
Letter to Mr. Leach, President of the Federal Reserve Bank of
Richmond, reading as follows:
"There is attached a copy of a report of the survey
of the Bank Examination Department of the Federal Reserve
Bank of Richmond recently conducted by Mr. M. R. Wilkes
of the Board's Division of Examinations.
"It will be appreciated if you and such of your Board
of Directors as are interested will review the attached report of the survey and give tne Board the benefit of your
reactions to any of the statements or conclusions concerning which you would like to express your views.
"Although the report should be regarded as confidential,
the Board sees no objection to the report, or parts thereof,
being submitted to, or discussed with, such of the bank's
senior officers as you deem advisable."
Approved unanimously.
Thereupon the meeting adjourned.

Approved:
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Vice Chairman.