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716
A meeting of the Board of Governors of the Federal Reserve
851stem was held in Washington on Monday, May 17, 1937, at 4:00 p.m.
PRESENT: Mr. Eccles, ChairmanMr. BroderickMr. SzymczakMr. McKeeMr. Davis
Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant Secretary
Mr. Clayton, Assistant to the Chairman
Consideration was given to each of the matters hereinafter re-
teed 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
cLL Aeserve System held on May 12, 1937, were approved unanimous-
1Y.
Feder41 Reserve System held on May 13 and 14, 1957, were approved and
the a t ions recorded therein were ratified unanimously.
Memorandum dated May 6, 1937, from Mr. Smead, Chief of the
The minutes of the meetings of the Board of Governors of the
1c)n of Bank Operations, transmitting the annual reviews submit-ted b
the Federal reserve banks as of December 31, 1956, in compli-
ealee .with the Board's letters of December 4, 1926 (X.-4759), and Octo-
ber
5' 1933 (X-7629), covering the sixty-eight member banks located in
"g sections of central reserve or reserve cities, except New York
4tY „nnioh had been authorized individually by the Board to carry re-
(Itleed reserve s on demand deposits. The memorandum stated that the Fed-
reserve banks in the eight Federal reserve districts in which
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
717
5/17/67
these'41-uKs Were located had indicated that there had been no change
In the character of business of any of the sixty-eight banks that
would warrant revoking the permission which they had to carry reduced
reserves, and that the reserve banks recommended that the permission
be continued. The memorandum recommended that the respective Federal
reserve banks be advised that the Board approves their recommendations
that all of the member banks in their districts which had authority to
carryreduced reserves on demand deposits at the end of 1956 shall con-
ti tle to have such permission.
Approved unanimously.
Letter to Mr. Hamilton, President of the Federal Reserve Bank
Or lc—ae City, reading as follows:
"Receipt is acknowledged of Mr. Helm's letter of May6!. 1937 advising that at a regular meeting of the board
1:1.1eltditeloZ slsof=s Federal Reserve Bank of Kansas Citysection 1 of article VII of the by-
of the head office, and section 1 of article VII ofc'l .1e by-laws for the operation of the branches at OklahomatY and Omaha were amended to read as follows:
'Article VII - Business Hours'Section 1. The bank (branch) shall be open from9 o'clock A.M. to 2 o'clock P.M. each day for thegeneral transaction of business, except Saturdays,Sundays, and days or parts of days which are legalholidays, but different hours may be establishedfor the handling of transactions of specific na-ture, from time to time. On Saturdays, the bank(branch) shall be open for the general transactionofI business from 9 o'clock A.M. to 12 o'clock noon.'
by-, 'The Board of Governors has noted the amendment to the
to -6ews of the head office and has approved the amendmentthe by-laws for the operation of the branches at Oklahoma
CitY and Omaha.c0,4 "It is understood from Mr. Helm's letter that four
v-Lse of the amended by-laws will be submitted to the Board411 the near future.”
Approved unanimously.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
718
5/17/37-3-
Memorandum dated May 17, 1937, from Mr. Kramer, Superintendent
01C0nstructi011 for the Boardts new building, transmitting a requisi-
tion in the amount of $244,1001 submitted by the George A. Fuller Com-
PanYcovering the entire estimated value of the work completed on the130
di e new building during the month of April, less $10,000. When it
beCameapparent that the building would not be finished by June 1,
1937the matter was reviewed by the Personnel Committee and on May 12,
1937With the approval of the Committee, Mr. Morrill returned the
'11:41cher submitted by the George A. Fuller Company in the amount of
°264P100 covering work done in April and advised the Company that the
414°1114kt to be retained by the Board until final completion of all workwould be
increased by $10,000. The voucher in the amount of $244,100,
referred to above was submitted in accordance with that advice. Mr.
aDterts memorandum recommended, with the concurrence of Mr. Morrill,
that the requisition be approved.
Approved unanimously.
Aptirove
Thereupon the meeting adjourned.
Chairman.
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