The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1290 A meeting of the Board of Governors of the Federal Reserve 8Yatern was held in Washington on Tuesday, August 29, 1944, at 11:00 a 111. ' 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 4tter action stated with respect to each of the matters herein— ' l eferred to was taken by the Board: Ittemoranda dated August 25, 1944, from Ur. Thomas, Assistant ector of the Division of Research and Statistics, recommending that the r. "Pective basic salaries of John M. Crawford and Ramsay Wopd, torio 44 : 48ts in that Division, be increased from $3,800 to $4,200 per effective September 1, 1 944. Approved unanimously. keztorandtun dated August 24, 1944, from Mr. Paulger, Director Division of Examinations, referring to the application of Mrs. 14141 C. Idedeiros, a clerk—stenographer in that Division who is retiring the 8ePte1ber trle to 4Y6 4he 44, for 1 p19 26 days of annual leave and stating that accord— the Board'8 leave regulations she would be entitled only to 17 2 hors, and 40 minutes of annual leave for the eight months that will. have Worked this year. The memorandum recommended, however, that ill view of her long and faithful service with the Board Mrs. 144iroe be granted the full 26 days' annual leave for the year 1944. Approved unanimously. 1291 8/29/44 -2Memorandum dated August 28, 1944, from Mr. Bethea submitting the res ignation of Mrs. Dolores Mitchell as a stenographer in the Secretary t s Office (41Alagilst 26, 1944 48 of that date. to become effective as of the close of business and recommending that the resignation be accepted The resignation was accepted as recommended. Letter to Mr. Brainard, Federal Reserve Agent at the Federal I've Be. Ilk of Cleveland, reading as follows: Itese lett "In accordance with the request contained in your the er of August 24, 1944, the Board of Governors approves erajaYment of salary to Mr. N. R. Matter, Assistant Fedfe_,tReserve Agent, at the rate of 4,000 per annum, efutive September 1, 1944." Approved unanimously. Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve o Chicago, reading as follows: per "The Board of Governors approves the changes in the Of rnel classification plan of the Federal Reserve Bank Of Cleago, involving the establishment of the position 411reneral Clerk in the Bank Examination and Federal ReOf A e Agent's Departments, as submitted with your letter ' Ugust 22, 1944." Approved unanimously. Letter -41oro 1-ikb ererl to the board of directors of the "Mercantile Bank", ana, stating that, subject to conditions of membership 1 to g. - contained in the Board's Regulation H, the Board 1292 29/44 —3— aPPrcles the bank's application for membership in the Federal Reserve 8rsteill and for the appropriate amount of stock in the Federal Reserve 41* of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: teth "The Board of Governors of the Federal Reserve Sys— approves the application of the 'Mercantile Bank', : sv a.111 °ncl, Indiana, for membership in the Federal Reserve subject to the conditions prescribed in the en— Hj sed letter which you are requested to forward to the of Directors of the institution. Two copies of tii" letter are also enclosed, one of which is for your to n and the other of which you are requested to forward th,:ue Director, Department of Financial Institutions for State of Indiana, for his information. the 1,"It is assumed that you will follow the matter of 's bringing into conformity with the provisions or law Cit,aw and the Board's regulations the accounts of the °I' Calumet City mentioned in the report of examina-n bor membership. trlim. 'Since it is understood that in the State of Indiana are-:, funds deposited in the banking department of a bank you vIleferred claims in event of liquidation of the bank, izatre authorized, in accordance with the general author13 ,11.giously granted by the Board, to waive com— lloticesn condition of membership numbered 6 until further H sna,fd Letter to Mr. Flanders, President of the Federal Reserve Bank n reading as ' follows: yo J." accordance with the recommendation contained yiter111, 2 letter of August 23, 1944, the Board of Governors (,101.41” no objections to the investment of an addi— Parly w,v45,000 in bank premises by the Union Trust Com— ' SPringfield, Eassachusetts." Approved unanimously. 1293 8/29/44 —4— Letter to Honorable Preston Delano, Comptroller of the Currency, ream--Lug as follows: on A "As you know, the Director of Contract Settlement 'llgust 18 1944, issued General Regulation No. 1, ' Pres • cribing procedure and policies with respect to the eeing of termination loans by the War Department, Navy Department, and the Maritime Commission through he Federal Reserve Banks, pursuant to provisions of the l Contract Settlement Act of 1944. In his Regulation, A e Director approved a standard form of T—Loan Guarantee 1t, a form of Termination Loan Agreement, and ExPlan r,) , Notes with respect to the use of such forms; a copy of the Director's Regulation, to which the 13:laments approved by him are attached as Exhibits A, and C, respectively, is enclosed herewith. t„._ . The Director's General Regulation No. 1 provides .t, t echnical amendments not affecting policy may be in the form of the Termination Loan Agreement and Explanatory Notes by agreement among the War and Departments, the Maritime Commission, and the Board ,I:ciliernors of the Federal Reserve System. A few such °1‘ technical amendments in those documents are contem— plat via ed- However, the Director's Regulation does not pro— any such changes in the form of T—Loan Guarantee elZment; and accordingly the guarantee agreement as d herewith is now in final form. wheth It Will be appreciated if you will advise the Board lterit ell, in your opinion, the form of T—Loan Guarantee Agree— as approved by the Director in the form enclosed here1944\atnd as identified by the words '(Draft of August 7, tiogi'complies with the definition of the term 'uncondi— ' Rovi l as used in Exception 10 to Section 5200 of the 19428end Statutes, which was issued by you on June 18, t 4 T Approved unanimously. Uelnorandlun dated August 28, 1944, from Mr. Foulk, Fiscal Agent, riding, for the reasons stated in the memorandum, that the original 1294 /29/44 —5— allottaett of $35 for the item of Repairs and Maintenance (furniture 1414 equipment) in the 1944 budget of his office be increased to $55. Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
@FedFRASER