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GO A meeting of the Board of Governors of the Federal Reserve SMem was held in Washington on Wednesday, April 25, 1945, at 10:30 8-ra. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinafter 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 24, 1945, were approved unani11101184 . Letter to Mr. Brainard, Federal Reserve Agent at the Federal Reserve Bank of Cleveland, reading as follows: "In accordance with the request contained in your letter of April 19, 1945, the Board of Governors approves the a Ppointment of Mr. Elmer F. Fricek as Alternate As9:stant Federal Reserve Agent with annual salary of $2,820, erfective when he enters upon his duties. h "This approval is given with the understanding that ei will be placed upon the Agent's pay roll and will be 2,4-?lY responsible to him, or, during a vacancy in the uaifice of Agent, to the Assistant Federal Reserve Agent, 0V to the Board of Governors, for the proper performance hl his duties. When not engaged in the performance of hesduties as Alternate Assistant Federal Reserve Agent or TaY? with the approval of the Federal Reserve Agent, A,'urIng a vacancy in the office of the Federal Reserve 1 li:;:1: if,the Assistant Federal Reserve Agent, and the perform such work for the Bank as will not be nconsistent with his duties as Alternate Assistant Federal Reserve Agent. 671 4/25/45 -2-- "Mr. Fricek should execute the usual oath of office, but, assuming that he will be covered under the bankers blanket bond, execution of the usual surety bond may be deferred, if you desire, pending the disposition of the matter of discontinuing surety bonds referred to in the Board's letter of February 9, 1945. "Please advise us as to the date when Mr. Fricek actually assumes his duties as Alternate Assistant Federal Reserve Agent." Approved unanimously. Letter to the board of directors of the "Citizens Bank of New 1147snu, New Haven, Missouri, stating that, subject to conditions of meinbershiP numbered 1 to 3 contained in the Board's Regulation H, the 13(3ard 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 St. Louis. Approved unanimously, together with a letter to Mr. Davis, President of the Federal Reserve Bank of St. Louis, reading as follows: "The Board of Governors of the Federal Reserve SysSystern /4 approves the application of the 'Citizens Bank of New aven'y New Haven, Missouri, for membership in the Federal Reserve System, subject to the conditions prescribed in e enclosed letter which you are requested to forward hi the Board of Directors of the institution. Two copies or such letter are also enclosed, one of which is for lir files and the other of which you are requested to "?rward to the Commissioner of Finance for the State of .41.ssouri for his information. ,, "It is assumed that you will follow the matter of e bank!s reducing to within statutory limits the exess balance in a nonmember bank." r p r Letters to "The State Bank of Lima", Lima, Illinois, and the HPirst State Bank", Odessa, Texas, reading as follows: G2 4/25/45 —3— "The Board is glad to learn that you have completed all arrangements for the admission of your bank to membership in the Federal Reserve System and takes pleasure in transmitting herewith a formal certificate of your memberShip . "It will be appreciated if you will acknowledge receipt of this certificate." Approved unanimously. Letter to "The Cheshire National Bank of Keene", Keene, New Ramp -.u4 -"J re, reading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your application for fiduciary Powers, and grants you authority to act, when not in contravention of State or local law, as trustee and executor, the exercise of all such rights to be subject to the proYlslons of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. „. "This letter will be your authority to exercise the ary powers granted by the Board pending the preparation of a formal certificate covering such authorization, wiu-ch will be forwarded to you in due course." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks reading aS falOWS: - . "At the present time, there are several instances in ! : 111ch a member bank with its head office in a non-reserve : ! 1 ,Y has one or more branches in a reserve city; and under s lstIng practice such banks have been computing their reCrYes on the basis of the reserve requirements applicable 80 0 oanks not in central reserve or reserve cities. The t_arc.I now has under consideration an application for the i7rmlnation of the reserve city status of a city in which ! 4 located the head office of a member bank that has branches lleanother reserve city, and the amount of deposits at d,se branches of the bank is in excess of the amount of posits at the head office. tI 673 4/25/45 -4- "In this connection, the Board is considering the enclosed amendment to its Regulation D under which a member bank with its head office or any branch office located in a central reserve city would be considered to be in a central reserve city for reserve purposes; and, similarly, a member bank with any office in a reserve city but no office in a central reserve city would be considered to be in a reserve city. However, a member bank which would be considered to be in a central reserve or reserve city solely by reason of the location of an office in the outlying district of such a city could obtain permission, upon the affirmative vote of five members of the Board of Governors, to carry lower reserve balances. "In conformity with the proposed amendment, member banks considered to be in central reserve or reserve cities because of the location of offices in such cities would be Fequired to compute deficiencies in reserves on the same paeis as banks with head offices in central reserve or reserve cities. "Before taking action with respect to this matter, the Board will appreciate receiving, at your early convent!?", any comments which your bank may wish to make in . L LIs connection; and it will also be appreciated if you 1:.7" 3 tH bring the matter to the attention of those member in your district which would be affected by the proPosed amendment, with a request for their comments. The names of those member banks, if any, in your district_c whose reserve requirements would be increased 0:Y the proposed amendment are shown below." Approved unanimously. Thereupon the meeting adjourned. 5g.d;G 0 4 -72. ) -11 Secretary. Chairman.
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