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1243 A meeting of the Board of Governors of the Federal Reserve SYstera was held in Washington on Tuesday, August 15, 1944, at 11:00 PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Letter to the board of directors of the "Bank of Galesburg", Galesburg, Illinois, stating that, subject to conditions of member814.1) numbered 1 to 6 contained in the Board's Regulation H, the Board %)roves the bank's application for memborFhip in the Federal Reserve SY8tem and for the appropriate amount of stock in the Federal Reserve 8`411t of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: A tern "TheBoaru of Governors of the Federal Reserve SyTGale : ) 1,Pr°ves the application of the 'Bank of Galesburg , Syst--lirg, Illinois, for membership in the Federal Reserve clo em, subject to the prescribed in the enconditions 1304,71d letter which you are requested to forward to the lett °f Directors of the institution. Two copies of such and also enclosed, one of which is for your files the other poldiZhe Other of which you are reouested to forward to the hia .Or of Public Accounts for the State of Illinois, for itilformation. bankt ilt is assumed that you will follow the matter of the 8 bringing into conformity with the provisions of law 1244 8115/44 -2tt— , °Jig the Board's regulations the savings accountsmentioned °11 Page 16 of the report of examination for membership. "In connection with the exercise of trust powers it i8 noted from the report of examination that the Auditor ! o Public Accounts on August 28, 1920 granted the bank authority to accept and execute trusts and receive deposits trust funds. However, the papers accompanying the aption did not contain a copy of the certificate of aurica thorityl4, from the Auditor and in order to complete our files 42', Will be appreciated if you will obtain and forward a COPY of such certificate." I Letter to Mr. Neely, Chairman of the Federal Reserve Bank of Atreading as follows: 1 , 1 "This letter is in response to yours of August 10, nj,.!4! relating to Mr. Goldenweiser's memorandum, 'Senator 6Tt's Criticisms'. The opinion which you have expressed .__to the distribution of the memorandum is a most reason: pie one. However, Mr. Goldenweiser prepared the memorandum rs e 4 member of the staff of the American delegation at the Bog:liest of the delegation and for its use, and he and the ,ard do not feel justified in giving it any wider distribun. It i 8 understood that at an appropriate time an answer Senator Taft's statements will be made." Zr Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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