Swing (Jan-Dec 1953)

Record Details:

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S> Together, the boards of directors of the Reserve Banks and the board of governors do such things as raise the rediscount rate in order to make credit easier; or they will require increased reserves from member banks, which has the effect of making less money available for loans. Lowering of reserve require ments means that the member banks have more money available for loans. Also, they buy and sell government securities to increase or decrease the amount of funds that member banks have available for lending and investing. The theory of the Federal Reserve System is that the fight against inflation or a too sudden deflation can be carried on by the concerted effort of the twelve Federal Reserve Banks with the Federal Reserve Board as the coordinating agency. As board chairman, Ray is also the Federal Reserve Agent at the Reserve Bank. In such capacity he has responsibility for currency matters in this area under the supervision of the board of governors in Washington. RAY'S CIVIC AND COMMUNITY JOBS make a long list. He is the former Treasurer and now a member of the Board of Trustees of the University of Kansas City. He is on the Board of Governors of the Kansas City Art Institute. And he is president of the Chi Mu (for Columbia, Missouri) Scholarship Fund of Phi Gamma Delta. Through the years, in addition to being commander of William T. FitZ' simmons Post No. 8 of the American Legion, he served on the City Central Executive Committee. He was on the Finance Board of the Women's Christian Association, which operates the Armour and Gillis Homes; a Trustee of Pembroke-Country Day School for Boys; and Treasurer ii Director of the Kansas City Country Club. As a director and chairman of the advancement committee of the Boy Scouts, he was given the Silver Beaver award. He has been a director of the Boys' Club. He served as a trustee and treasurer of the Council of Social Agencies, and on various budget committees. He was director of Community Studies, Inc. In business, he was a director of the Employers' Reinsurance Corporation; the Johnson County National Bank and Trust Co.; and is still a director of the Kansas City Life Insurance Co. His biggest civic job was as general chairman and organizer of the Citizens' Planning Council of Greater Kansas City, in 1944-45, to prepare and integrate an area plan of postwar programs. It was, and is, a citizens' movement to stimulate full employment for our citizens, and to provide the finer things of living for the entire area. It reviews and coordinates the work of all groups (business, industries, agencies), to eliminate waste and overlapping effort in mapping the area's future. Concrete results of this activity, which expanded to a Board of Governors of 101 people and committee memberships of 942, then increased to 3,000, are such achievements as the Veterans' Information Center operated after World War II; building of the Southwest Trafficway; the