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1283 A meeting of the Board of Governors of the Federal Reserve SYstez was held in Washington on Friday, August 25, 1944, at 11:00 PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Er. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— Vter referred to was taken by the Board: T elegrams to Messrs. Treiber, Clouse, Keesee, Dillard, and stewart, Secretaries of the Federal Reserve Banks of New York, Cleveland, 111°141°11(1, Chicago, and St. Louis, respectively, Mr. Ziemer, Vice Presi— derit of the Federal Reserve Bank of Minneapolis, Mr. Caldwell, Chairman Or the Federal Reserve Bank of Kansas City, Mr. Gilbert, President of the Pecleral Reserve Bank of Dallas, and Mr. Earhart, Vice President of the ecieral Reserve Bank of San Francisco, stating that the Board ap— 14'°1recl the es tablishment without change by the Federal Reserve Banks or St. Louis and San Francisco on August 22 and by the Federal Reserve 444 of New York, Cleveland, Richmond, Chicago, Minneapolis, Kansas 4t4'.' arid Dallas on August 24, 1944, of the rates of discount and pur— 4144in their existing schedules. Approved unanimously. Mertl°randuin dated August 22, 1944, from Mr. Goldenweiser, Di— or the Division of Research and Statistics, recommending that 1284 Eft44 41 " D. Carey be appointed as an economist in that division, with ba'aie salary at the rate of $2,900 per annum, effective as of the date 11151)11 which he enters upon the performance of his duties after having Passed satisfactorily the usual physical examination and subject to 4 8`kefactory check of his references. Approved unanimously. Memorandum dated August 23, 1944, from Mr. Paulger, Director ofthe D ion of Examinations, recommending that, because of illness, 411 additional leave of absence without pay of 15 days be extended to Laill'erice E. Skees, an examiner in that Division, with the understanding that he will make the necessary payments to continue his death benefits liticler the retirement system during that period. In accordance with the recommendation, the leave of absence without pay granted to Mr. Skees was extended through August 31, 1944. Letter dated August 24, 1944, to the board of directors of "The c:Rttli shore Ba nk of Staten Island", Great Kills, Staten Island, New York, qatik,, J. subject to conditions of membership numbered 1 to 3 con— ted in the Board's Regulation H, the Board approves the bank's appli— 411°11 for membership in the Federal Reserve System and for the appro— 111'4te 410unt of stock in the Federal Reserve Bank of New York. Approved unanimously for transmission through the Federal Reserve Bank of New York. s .L01, Letter ‘4.,0 the Presidents of all the Federal Reserve Banks reading 1285 8/25/44 -3"For your information, there is enclosed a copy of letter dated August 18, 194/0 addressed to the Board by . Robert H. Hinckley, Director of Contract Settlement, orficl , -°eing a copy of General Regulation No. 1 of the Office k,ontract Settlement, signed by the Director on August 18, 10" 744, to which are appended Exhibits A, B, and C. ti "As you will note from the second paragraph of the 110, ; 1ect°r's General Regulation No. 1, technical amendments ?-ffecting policy may be made in Exhibits B and C, that ln the standard Termination Loan Agreement and in the Zianatory Notes. We will, of course, advise you of any t h ehanges which may be made in these documents before he m" 1 -loan program is finally put into effect and the uellments are authorized to be used." r Approved unanimously. Telegram to Mr. Baker, Assistant Cashier of the Federal Reserve 13411t of „ minneapolis, reading as follows: "Your wire August 24 Linquiring whether 'bona fide' ZlIsed in section 8(a) of Regulation Vimeans that it is invnarY for a lending institution to make a thorough thaZeLigation by checking the abstract, etc., to make sure Eood lt has a first lien, or whether a mortgage taken in fie y.aith which states that it is a first lien will suf— How-V- Answer depends upon the surrounding circumstances. ever, believe S-742 will assist you." Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary.
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