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627 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, April 20, 1944, at 11:00 a.m. PRLSENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary 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 April 19, 1944, were approved unani111.01i81y. Memorandum dated April 19, 1944, from Mr. Morrill recommendfor the reasons stated in the memorandum, that Max Rubin, maintenanc e mechanic in the Secre tary's Office, be separated from service, effective as of the close of business on April 13, 1944. Approved unanimously. rea Letter to the Presi dents of all the Federal Reserve Banks, -Lug as follows: „ "One of the Reserve Banks has raised the question ?1 whether the Board's letter of March 17, 1944 (S741), the payment of supplemental contributions to 2e.Retirement System in the case of employees involun`'arllY separated from service after age 55 and 25 years 628 412o/44 -2- 'of service, superseded or modified in any way the authorization given in the Board's letter of December 11, 1943 -714), to pay dismissal wages or separation allowances r employees involuntarily separated from service prior 6° age 55, or to employees involuntarily separated from .”rvice after age 55, who had not served a sufficient -Length of time to be entitled to a pension upon separation. "The authorization contained in the Board's letter S-714 in force and is not superseded or modified n anyremains way by the authorization contained in the Board's letter S-741." Approved unanimously. Letter to Mr. Stewart, Vice President of the Federal Reserve Bank of st. Louis, reading as follows: "The Board of Governors approves the changes in the classification plan of the Federal Reserve Bank St. Louis and the Memphis Branch, involving the estabj a-.l .tshment of one position at the Head Office and one position the It ., F.3Tranch, as submitted with your letter of Pril 14 Pe A M: Approved unanimously. City. Letter to the board of directors of the "Webb City Bank", Webb Missouri, stating that, subject to conditions of membership numbered 1 to 3 contained in the Board's Regulation H, the Board approves the bank's application for membership in the Federal Reserve System 44d for the appropriate amount of stock in the Federal Reserve Bank or 4ansas City, Approved unanimously, together with a letter to Mr. Leedy, President of the Federal Reserve Bank of Kansas City, reading as follows: 629 " 111/44 "The Board of Governors of the Federal Reserve Sys— approves the application of the 'Icebb City Bank', Webb City, Missouri, for membership in the Federal Re— serve System, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of such letter are also enclosed, one of which iS for your files and the other of which you are re— quested to forward to the Commissioner of Finance for the State of Missouri, for his information. "It is assumed that you will follow the matter of the bank's bringing into conformity with the provisions °f law and the Board's regulations the savings accounts Illentioned on page 16—(1) of the report of examination lor membership and also the requirements with respect to notice in connection with withdrawals from certain classes of savings accounts." Letter to Mr. Young, President of the Federal Reserve Bank of Chi eago, reading as follows: 'Reference is made to Assistant Vice President ?-ercks' letter of April 11, 1944, submitting informa— lon with respect to the proposed consolidation of the secTse Savings Bank, Ecorse, Michigan, and The State mi , vtlIgs Bank of Lincoln Park, Michigan, Lincoln Park, v , under the charter of the former institution, "4..ch proposal contemplates a change in title to Wayne unty Bank, an increase in common capital to *500,000 :id the e Michigan stablishment of a branch at Lincoln Park, a "In accordance with your recommendation the Board L?Pr°ves the establishment and operation of a branch at Park, MichiPan, by the consolidated bank provided there *c,,, is a prior increase in capital to not less than 4; " ,000 and the other features of the plan of consolida— ;lon are consummated substantially as proposed, the prior allroval of the appropriate State authorities is obtained, c°unsel for the Reserve Bank is as to satisfied the legal naspects involved. In advising us of consummation of the transaction Pleas . e give the exact wording of the new title in order r 630 4/20/44 -4"that the announcement may include the change in name." Approved unanimously. Telegram to Mr. Knoke, Vice President of the Federal Reserve Bank of New York, reading as follows: "Re your letter April 14, 1944. Board of Governors ,PProves the opening and maintaining of an account on the 0 .0oks of your bank for and in the name of Norges Bank subject to the terms and conditions of Regulation N and the Board's Statement of Procedure January 1, 1944." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, readfollows: "The Attorney General has invited the Board to sub'nit proposals for State legislation to be included in the Program of the Council of State Governments for 1945, when 4 .4 State Legislatures will meet in regular session; and will be appreciated if you will kindly advise the Board at Your early convenience whether you know of any proposals lOr State legislation which ought to be submitted on behalf of the Federal Reserve System. "The Board is informed that the Council of State Governm ents will consider both war and postwar matters and that tile Word 'postwar' is broad enough to cover almost anything that the Board might have in mind. It clearly is broad ,enough, to cover any State legislation designed to improve .6!Ie ability of the banking system to cope with conditions mayiti encounter during the postwar period. "With 44 State Legislatures meeting next year and the Council of State Governments offering to sponsor any Propoeals for State legislation which may be agreed upon b me etween it and the representatives of the Federal Govern„ t , we are presented with an exceptionally good oppor: 13 .2 to recommend desirable State legislation in the oFtnEiro 1d. Therefore, it would seem that the situation be canvassed very carefully in order that any sirable amendments to the State banking laws or to other 631 4/20/44 —5— "State laws affecting the banking business may not be overlooked. "For your information in this connection, there is enclosed a memorandum issued by the Department of Justice describing the machinery which has been built up with the coperation of the Council of State Governments to facilitate relationship betwee s n the various administrative agencies of the Federal Government and the 48 States in connection with Federal proposals for State legislative and administrative consideration and the procedure with reference to such proposals. At this point, it is not necessary to submit anything more than a brief statement °f ".he substance and purpos e of any proposal which you desire to have consid ered." Apnroved unanimously. Thereupon the meeting adjourned. Chairman.
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