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1268 A meeting of the Board of Governors of the Federal Reserve SYstern — was held in Washington on Saturday, August 19, 1944, at 11:00 PRESENT: Mr. Eccles, 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 herein— ter referred to was taken by the Board: M emorandum dated August 18, 1944, from Er. Bethea submitting the ,. 'esignation of Miss Mildred Fuqua as a file clerk in the Secretary's Office, to become effective as of the close of business on August 29, 1944, and recommending that the resignation be accepted as of that date, With the und erstanding that appropriate deduction mill be made from her 13418.11Y for two hours of unearned sick leave. The e.resignation was accepted as rec— Nett yor om enLet er to the board of directors of the "Madrid Bank", Madrid, k, stating that, subject to conditions of membership numbered 1 to 3 co ntamed in the Board's Regulation H, the Board approves the bank's 4PPlieat' n 1°- for membership in the Federal Reserve System and for the POP. rlate amount of stock in the Federal Reserve Bank of New York. Approved unanimously for transmis slon through the Federal Reserve Bank of New York. 1269 8/19/44 —2— Letter to the board of directors of the "First State Bank", Belaold, Iowa, stating that, subject to conditions of membership num— bered 1 t° 3 contained in the Board's Regulation H, the Board approves t4 bank's application for membership in the Federal Reserve System alldf°x* the Of chicago. appropriate amount of stock in the Federal Reserve Bank . Approved unanimously for transmis— slon through the Federal Reserve Bank of Chicago. Letter to the board of directors of the "State Bank of Florence", PlorerIce, W isconsin, stating that, subject to conditions of membership 1114411es:1 1 to 3 contained in the Board's Regulation H, the Board approves theb4kis a pplication for membership in the Federal Reserve System and N'the appropriate amount of stock in the Federal Reserve Bank of apolis. Approved unanimously, together with a letter to Mr. Peyton, President of the Federal Reserve Bank of Minneapolis, read— ing as follows: telt "The Board of Governors of the Federal Reserve Sys— Plora : PPrcwes the application of the 'State Bank of Florence', Sysi'nce, Wisconsin, for membership in the Federal Reserve clo?; subject to the conditions prescribed in the en— letter which you are requested to forward to the e ' r Directors of the institution. Two copies of such lett anclie.l“r, are also enclosed, one of which is for your files Chad.; e other of which you are requested to forward to the rori-,I.can, Banking Commission for the State of tisconsin, 'Q..s information. 12 0 8/19/44 "The Board has not prescribed a special condition membership with respect to depreciation of banking (3118e, furniture and fixtures, as it is felt that it is Ematter for supervisory administration. The circumstances not appear to warrant departure from the position taken uYthe Board in its letter of June 15, 1940 (F.R.L.S. #3517) "It has been noted that losses estimated in the report or 2t for membership, amounting to $557, -.L.? to beexamination charged off upon receipt of the report of RXai?ration and it is assumed that you will see that this d°1-le prior to admission of the bank to membership. is assumed also that you will follow the matter 4, the bank's bringing into conformity with the provisions tier1TAr and the Board's regulations, the savings account b lcmed on page 16 of the report of examination for mem— ership.ft r :!,° Letter to Mr. Young, President of the Federal Reserve Bank of Chioaeo 3 reading as follows: bi "In accordance with the request contained in Mr. tel : l eks' letter of August 15 the Board extends to Sep— Ba— rli:er 275 1944, the time within which the First State co— ' ?f East Detroit, East Detroit, Michigan, may ac411sh membership in the System." Approved unanimously. tieinorandum ti of this date from Mr. Paulger, Director of the Divi— oricr4ajninations, referring to the approval by the Board on July 24, 1943, Of the temporary '11(1 8t. kerica t, that designation by the Federal Reserve Bank of San six examiners from the New York, Philadelphia, Chicago, Reserve Banks to participate in the examinations of Trans— Corporation and affiliated organizations and to the understanding time t hat additional examiners would be necessary and that 1271 8/19/W 4. —4— traveling and other out—of—pocket expenses incurred by all of the aPectsa ex * ners furnished by the Reserve Banks would be reimbursed. tie reeinorandum stated that on July 26, 1943, the Board approved the cle6ignation of Messrs. Fred J. Mueller and Melvyn P. Cange of the St. 414.8 Reserve Bank on the same basis as the six other examiners to Palticipate in the examination of the Axton—Fisher Tobacco Company of 1444.81ille, Kentucky, one of the Transamerica subsidiaries, and recom, 111144ed that the Board approve the payment of a voucher attached to the qtrandum in the SUM of t703.63, which included the expenses of Messrs. 1111eLler and Cange and Mr. Gales (one of the examiners from the St. Louis }lark approved originally)5 to the Federal Reserve Bank of San Francisco 'thich had already reimbursed the St. Louis Reserve Bank, which in turn 114d reimbursed its examiners for the expenses involved. Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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