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A meeting of the Board of Governors of the Federal Reserve

System was held in Washington on Friday, October 15, 1943, at 11:00

8..111.

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. McKeeMr. Draper

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Chairman

The action stated with respect to each of the matters herein-

after referred to was taken by the Board:

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

Federal Reserve System held on October 14, 1943, were approved unani-

mously.

Telegrams to Mr. Paddock, President of the Federal Reserve

Bank of Boston, Mr. Treiber, Secretary of the Federal Reserve Bank

Of New York, Messrs. Leach and McLarin, Presidents of the Federal Re-

serve Banks of Richmond and Atlanta, respectively, Mr. Dillard, Vice

President of the Federal Reserve Bank of Chicago, Mr. Stewart, Secre-

tary- of the Federal Reserve Bank of St. Louis, Mr. Powell, First

Vice President of the Federal Reserve Bank of Minneapolis, and Messrs.

Evans and Hale, Secretaries of the Federal Reserve Banks of Dallas and

San Francisco, respectively, stating that the Board approves the es-

tablishment without change by the Federal Reserve Bank of San Fran-

cisco on October 11, by the Federal Reserve Bank of St. Louis on

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October 12, by the Federal Reserve Bank of Atlanta on October 13, by

the Federal Reserve Banks of New York, Richmond, Chicago, Minneapolis,

and Dallas on October 14, 1943, and by the Federal Reserve Bank of

Boston today, of the rates of discount and purchase in their existing

schedules.

Approved unanimously.

Memorandum dated October 13, 1943, from Mr. Goldenweiser, Di-

rector of the Division of Research and Statistics, submitting the res-

ignation of Mrs. Marie L. Leahy as a clerk-stenographer in that Divi-

sion, to become effective as of the close of business on December 7,

1943, and recommending that the resignation be accepted as of that

date.

The resignation was accepted.

Letter to the board of directors of the "Renwick Savings Bank",

Renwick, Iowa, stating that, subject to conditions of membership num-

bered 1 to 3 contained in the Board's Regulation HI the Board approves

the bank's application for membership in the Federal Reserve System

and for the appropriate amount of stock in the Federal Reserve Bank of

Chicago.

Approved unanimously, together with

a letter to Mr. Young, President of the

Federal Reserve Bank of Chicago, readingas follows:

"The Board of Governors of the Federal Reserve Sys-

tem approves the application of the 'Renwick Savings Bank',

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"Renwick, Iowa, for membership in the Federal Reserve Sys-tem, subject to the conditions prescribed in the enclosedletter which you are requested to forward to the Board of

Directors of the institution. Two copies of such letterare also enclosed, one of which is for your files and the

other of which you are requested to forward to the Super-intendent of Banking for the State of Iowa, for his in-formation.

"It is noted that your office will advise the bankas to the requirements of the provisions of law and theBoard's regulations with respect to notice of withdrawal

of savings deposits, and it is assumed that your office

will follow this matter to a satisfactory conclusion."

Letter to Mr. S. J. Solomon, Chairman of the Airlines Commit-

tee for United States Air Policy, Washington, D. C., reading as fol-

lows:

"In response to your letter of September 28 to Chair-man Eccles on the subject of the economic aspects of post-war aviation, the Board, as you probably appreciate, has

no special responsibility in this field but its Divisionof Research, as a part of its activities, is constantly

engaged in studying post-war plans of private industryin their relation to capital expenditures and employment

and if you have any material that you think would be of

value to the Division in connection with these studies,we will be very glad if you will communicate directly

with Dr. E. A. Goldenweiser, Director of the Division of

Research and Statistics of the Board of Governors, for

this purpose."

Approved unanimously.

Mr. Morrill stated that, in accordance with the understanding

reached at the meeting of the Board yesterday and in response to a

telephone request received from Mr. Szymczak today, the following tele-

grams were sent to Mr. Szymczak at the Federal Reserve Bank of New

York:

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First telegram:

"The Board of Governors has authorized you in itsbehalf to advise the board of trustees of the Federal Re-

serve retirement system that the amendments to the rules

and regulations of the retirement system embodying the

changes recommended by the Presidents' Conference which

have to do with the organization and management of the

retirement system are approved by the Board of Governors."

Second telegram:

"The Board of Governors has authorized you in its

behalf to advise the board of trustees of the Federal Re-

serve System (this should have read 'board of trustees

of the Retirement System') that the Board approves the

amendments to the rules and regulations of the retirement

system to make effective the recommendations of the Pres-

idents' Conference for changes in the benefits of the

retirement system referred to in the first paragraph of

my letter of October 7, 1943, to Mr. L. R. Rounds, Chair-man of the Retirement Committee of the Federal Reserve

Banks, including such additional changes as may be neces-sary for clarification of the rules and regulations lqiththe understanding, however, that in addition to the fore-

going changes the board of trustees at the same time will

also adopt the additional amendments to the rules and

regulations of the retirement system referred to in the

second paragraph of the above mentioned letter of October

7, 1943, to Mr. Rounds, for the purpose of enabling theBoard of Governors to adopt a special plan for its em-

ployees known as the Board of Governors Plan."

APProved:

Approved unanimously.

Thereupon the meeting adjourned.

151_3

Chairman.

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