591 SYstern A, meeting of the Board of Governors of the Federal Reserve was held in Washington on Thursday, May 26, 1938, at 11:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Szymczak Mr. Davis Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary 141.. Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter re - to and the action stated with respect thereto was taken by the B card: The minutes of the meeting of the Board of Governors of the 44e ral Reserve System held on May 24, 1938, were approved unanimously. Meaorandum dated May 23, 1938, from Mr. Wyatt, General Counsel, l'eco Mmending that the salary of Miss Allene Herring, a stenographer in tile Legal Division, be increased from $1,900 to $2,100 per annum, ef- fe ctive as of June 1, 1 938 . Approved unanimously. Letter to Ili% Schaller, President of the Federal Reserve Bank °t Chicago, reading as follows: "In accordance with the request contained in your let- ter of May 20, end in the light of the information given to Mr. amead over the telephone, the Board approves the PaYment of a dismissal allowance of $500 in cash to Mrs. /"annie 0. Brown, who is to retire on Tuly 1, 1938, in addi- tion to the payment to the Retirement System for her benefit of $1,030, the equivalent of six months' salary." Approved unanimously. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
591
SYstern
A, meeting of the Board of Governors of the Federal Reserve
was held in Washington on Thursday, May 26, 1938, at 11:30 a.m.
PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. Davis
Draper
Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant Secretary141.. Clayton, Assistant to the Chairman
Consideration was given to each of the matters hereinafter re-
to and the action stated with respect thereto was taken by the
Bcard:
The minutes of the meeting of the Board of Governors of the
44eral Reserve System held on May 24, 1938, were approved unanimously.
Meaorandum dated May 23, 1938, from Mr. Wyatt, General Counsel,
l'ecoMmending that the salary of Miss Allene Herring, a stenographer in
tile Legal Division, be increased from $1,900 to $2,100 per annum, ef-
fective as of June 1, 1938.
Approved unanimously.
Letter to Ili% Schaller, President of the Federal Reserve Bank
°t Chicago, reading as follows:
"In accordance with the request contained in your let-ter of May 20, end in the light of the information givento Mr. amead over the telephone, the Board approves thePaYment of a dismissal allowance of $500 in cash to Mrs./"annie 0. Brown, who is to retire on Tuly 1, 1938, in addi-tion to the payment to the Retirement System for her benefitof $1,030, the equivalent of six months' salary."
Approved unanimously.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
712
5/26/384110. 11.
Memorandum dated May 24, 1938, from Mr. &lead, Chief of the
Division of Bank Operations, submitting a letter dated May 20 from
Mr. Martin, President of the Federal Reserve Bank of St. Louis, which
requested approval by the Board of a change in the personnel classi-
fication plan of the Memphis branch of the bank to provide for the
creation of the new position of "Maid" in the Banking House Department.
The memorandum stated that the proposed change appeared to be reason-
bla and recommended that it be approved.
Approved unanimously.
Letter to Mr. Clerk, First Vice President of the Federal Re-
? Bank of San Francisco, reading as follows:
"Receipt is acknowledged of your letter of May 17,1938, stating that you have not advised Transamerica Cor-Poration concerning the contents of the Board's letterc)f May 3, 1938, relating to the relationship betweenTransamerica Corporation and Bankamerica Company.
"The Board's letter referred not only to your letteror April 19, 1938, but also to your letter of February 28,1938, and its inclosures, including a copy of the letterof February 25, 1938, from Transamerica Corporation con-taining information concerning the relationship betweenthat corporation and Western States Corporation which owns4411 of the stock of Bankamerica Company. It was suggestedthat the contents of the Board's letter be communicatedto Transamerica Corporation in order to put it on noticethat the Board had not considered the auestion whetherTransamerica Corporation had divested itself of all in-
In, end ceased to participate in the management ordlrection of, Bankemerica Company, within the meaning ofsection 5144 of the Revived Statutes end TransamericaCorporation's agreement pursuant thereto, and to forestallthe Possible contention that, in failing to advise Trans-*Irtlerica Corporation that further action would be necessary
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
593
5/26/38•
"on or before November 29, 1938, the Board had indicatedthat none would be required. However, if you are satisfiedthat Transamerica Corporation is not laboring under anyfalse impression concerning the Board's position, it isnot necessary to advise it concerning the contents of theBoard's letter of May 3, 1938."
Approved unanimously.
Letter dated May 25, 1938, to the Securities end Exchange Corn-
prepared in accordance with the action taken at the meeting of
the Board on May 20, 1938, and reading as follows:
"The suggestion has been made that it might be help-ful to the capital market if Regulation U of the BoardOf Governors were amended to provide lower margin require-ments than those now specified in that regulation forWhat might be called 'amortized investment purchase loans'.An idea of the form of such an amendment is given in theattached draft.
"It would be of assistance to the Board of Governorsin formulating a conclusion about the matter if it couldhave the benefit of the views of the Securities and Ex-change Commission, including a statement of any reasonsthat in the opinion of the Commission might be advancedfor or against the proposal.
"As the matter is one upon which the Board has nottaken action, it will be appreciated if the Securitiesand Exchange Commission will treat this inquiry as a con-fidential one."
Approved unanimously.
Thereupon the meeting adjourned.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis