Sy 8t

Ek e

tel'red

BOfird:

" the

EtApro,.'es the establishment without change by the bank today of the

tee Of discount and purchase in its existing schedule.

Approved unanimously.

Memorandum dated November 10, 1937, from Mr. Goldenweiser,

ll'ect" of the Division of Research and Statistics, recammending

t4t) effective at the expiration of his temporary appointment on

1)eceraber 15, _1..IA V. Lewis Bessie be given a permanent appointment SS

4 %Ii°11 econamist in the Division, with no change in his present sal-

etS'Elt the rate of $4,600 per annum.

Approved unanimously.

14e orandum dated November 8, 1937, from Mr. Paulger, Chief

1532

A meeting of the Board of Governors of the Federal Reserve

was held in Washington on Monday, November 15, 1937, at 11:30

PRESENT: Mr. Eccles, ChairmanMr. Szymcznk

Mr. McKee

Mr. Morrill, SecretaryMr. Bethea, Assistant Secretary

Mr. Carpenter, Assistant Secretary

Mr. Clayton, Assistant to the Chairman

Consideration was given to each of the matters hereinafter

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

Telegram dated November 13, 1937, to Mr. Powell, Secretary

Federal Reserve Bank of Minneapolis, stating that the Board

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11/15/37-2-

c)f the Division of Examinations, recommending approval of per diemat th,

- rate of $5.00 per day for Mr. Robert W. Cooke, Assistant Fed-

Reserve Examiner, for the entire period of his illness while inCleve

land from September 7 to October 1, 1937.

1533

l')̀r the

Approved unanimously.

Letter dated November 13, 1937, to Mr.. McRae, Chief Examiner

Federal Reserve Bank of Boston, reading as follows:

i "This refers to your letter of June 11, 1937, and°eures, presenting the question on behalf of the

-Jrcester County Trust Company, Worcester, Massachusetts,Ita.ether funds of the local chapter of the Railroad Em-'e °Yses' National Pension Association may be classified8 savings deposits under the definition in section 1(e)°f

Regulation Q."It

Etna Bis understood from the copy of its Constitution

izetiY-laws that the Association is a corporation organ-

pc) nithout capital stock, not for profit, for the pur-ei.” of obtaining retirement and disability pensions for13 Members of railroad companies, express companies, and

The c'companies under the regulatory power of Congress.

I:1'1'e constitution of the Association also provides thatth1.-ths event a satisfactory retirement pension is achieved

dei:ria an act of Congress the Association may be liqui-oa,-' bY a convention or, at the discretion of the dele-

ie'es, the Association may be continued as a nationalgislative association for railroad employees.

tekeri"& You know, the Board of Governors has recentlyma, -,. Ole position that labor unions of the usual type

rai."l

considered as organizations operated primarily forhal i°us, philanthropic, charitable, educational, frater-01, or other similar purposes and that deposits of such

theizations may be classified as savings deposits if

de °rganizations are not operated for profit and if thedellr?sits otherwise comply with the requirements of the

tio tlition- It appears that the Railroad Employees' us

Na-Pension Association has sufficient similarity to a

t4,2..! union to cause it to fall within the scope of the-'''s recent ruling and, accordingly, deposits of such

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1534

11/15/37-3-

"Association may be classified by a member bank as savingsdeposits if they otherwise comply with the requirementsOf the definition."

Approved unanimously.

Letter dated November 13, 1937, to Mr. Swanson, Vice President

Of theFederal Reserve Bank of Minneapolis, reading as follows:

"This refers to your letter of October 12, 1937,401 which there was inclosed a copy of the application

01 Northwest Bancorporation, Minneapolis, Minnesota, for

leglstration pursuant to the Securities Exchange Act of2,34 and a copy of a resolution of the board of directors;2. the corporation relative to the retirement of so-calledcutback preferred stock.'t "It is noted that, according to the material furnishedy Northwest Bancorporation, the program relating to pre-

.e:-,!red stock has been discussed with your institution;̂Inich has indicated no objection. It is assumed that younave satisfied yourself as to the practical aspects of the

having in mind the maintenance of sound bankinga-nultions and policies in the group as a whole in accord-:Ice with the principles incorporated in the agreementc:Ited by Northwest Bancorporation as a condition to re-"Ing a general voting permit.

d . "Your letter indicates that Northwest Bancoroorationdnres the Board's approval of the program, although ther;e11Ments submitted by that corporation do not include ablrguest for such approval. While one of the banks affected

the program, Daly Bank and Trust Company of Anaconda,Eis !I State member bank, the Board's approval of the program

the lt relates to such bank is not required by the law or?onditions of membership to which the bank is subject,

'17,11ed it is not apparent that formal action by the Board ispreetTarY in any other connection. However, the Board ap-rp,. 'ates receipt of the information relating to such pro-

Approved unanimously.

Memorandum dated November 12, 1937, from Mr. Noell, Assistant

Se l'eter,recoramending, for the reasons stated in the memorandum, that

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/ 7

additional m.ounts be added to certain c

1937, as set forth belo •

General - CommunicationOffice of the SecretaryBoard Members' OfficesOffice of the Secretary

fications in the budget for

Service- Communication Service- Supplies and Materials- Repairs to Equipment

Approved unanimously.

Thereupon the meeting adjourned.

Chairman.

4t8,0006508035

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