1633

A meeting of the Board of Governors of the Federal Reserve

SYstem was held in Washington on Wednesday, December 8, 1937, at 2:30

P. its

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice Chairman

Mr. SzymczakMr. Davis

Consideration

Mr. Morrill, Secretary

Mr. Bethea, Assistant Secretary

Mr. Carpenter, Assistant Secretary

Mr. Clayton, Assistant to the Chairman

was given to each of the matters hereinafter re-

red to and the action stated with respect thereto was taken by the

berd:

The minutes of the meeting of the Board of Governors of the

l'edelial Reserve System held on December 6, 1937, were approved unani-

1401184.

or Bo

ZEits

I-4:rancisco, stating that the Board approves the establishment with-

kst01148

Telegrams to Mr. Young, President of the Federal Reserve Bank

ton, Mr. Helm, Vice President of the Federal Reserve Bank of

48 City, and Mr. Stewart, Chairman of the Federal Reserve Bank of

Letter to Mr.

11°Ilea Bank Savings &1'011 cows

-&iange by the San Francisco bank on December 7, 1937, and by the

°4 and Kansas City banks today, of the rates of discount and pur-

e in their existing schedules.

Approved unanimously.

J. Lionberger Davis, Chairman of the Security Na-

Trust Company, St. Louis, Missouri, reading as

"This refers to your letter of December 2, 1937,

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12/8/37 -2-

"requesting an opportunity to read any regulation appli-

cable to Common Trust Funds, which may be tentatively ap-

proved by the Board, before such regulation becomes effec-tive.

"The Board understands that a copy of the tentative

draft of a possible regulation relating to the operationof Common Trust Funds by national banks which was submittedto the Federal Reserve banks and others for criticism has

been made available to you, and you have submitted sugges-

tions with regard to a regulation on this subject to members

of the Board and to members of the Board's staff. These

suggestions have been brought to the attention of all ofthe Board members, who have been glad to receive your sug-

gestions, and the Board desires to afford you every oppor-

tunity to submit suggestions on the tentative draft of reg-

ulation. You appreciate, of course, that for a considerable

Period of time the questions involved in the tentative draftOf regulation have been a matter of consideration and studyand, if the Board should submit a revised draft to interested

Persons for further consideration, it would result in delayIn the Board's taking final action. After careful considera-

tion of your request, therefore, the Board has requested meto advise you that it does not feel that it should complyWith the request. However, if you have any additional sug-

gestions with regard to the tentative draft of regulationwhich you desire to be brought to the attention of the

members of the Board, it is suggested that they be for-warded to the Board, in writing, at the earliest practicable

date."

Approved unanimously.

Letter dated December 7, 1937, to Mr. Lichtenstein, Secretary

t the Federal Advisory Council, reading as follows:

"The Board has given consideration to the matter of

toPics which it would like to have the Federal Advisory

Council discuss at its forthcoming meeting in Washingtonon December 13-14, 1937, and suggests that the following

aubject be added to the Council's program:

How can the Federal Reserve Systemincrease the value or scope ofits services to member banks inpracticable or desirable ways."

Approved unanimously.

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12/8/37

Thereupon the meeting adjourned.

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