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1295 A meeting of the Board of Governors of the Federal Reserve Sys— tem Ivas held in Washington on Wednesday, August 30, 1944, at 11:00 a m 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 herein— atter re ferred to as taken by the Board: lirenlorandum dated August 28, 1944, from Mr. Thomas, Assistant 1)ireetor -1- the Division of Research and Statistics, submitting the e81114ti°11 of Harold L. Seligman as an economist in that Division, : 141 become e ffective as of the close of business on November 6, 1944) atIctree,3mmendingthat it be accepted as of that date or an appropriate e"1-ter date cf the if any annual leave is used prior to his leaving the serv— Board on October 14, 1944. omme The resignation was accepted as rec— te‘of Letter to Mr. Edmiston, Vice President of the Federal Reserve St. Louis, reading as follows: aorin "The Board of Governors approves changes in the per— classification plan of the Federal Reserve Bank of Part:Ills, involving a reorganization of the Research De— and: ent, as submitted with your letter of August 8, 1944, ' 1IPPlemented by your letter of August 23." Approved unanimously. Letters to the "Madrid Bank", Madrid, New York, "The Farmers °11113an Y of Lebanon, Pa.", Lebanon, Pennsylvania, "The Middle 1296 8/30//a4 -2Tennessee Bank", Columbia, Tennessee, the "Bank of Galesburg", Galesburg, 111111°is) the "State Bank of Florence", Florence, Wisconsin, and "The °ttawa County Bank", Minneapolis, Kansas, reading as follows: a.:1) "The Board is glad to learn that you have completed pe,'", arrangements for the admission of your bank to the al herewthReserve System and takes pleasure in transmitting a formal certificate of your membership. eeipt 4 It will be appreciated if you will acknowledge reof this certificate." Approved unanimously. Letter to all the Federal Reserve Bank representatives in attendalleett the War Loans Conference in Washington on August 21-22, 1 944, Lig as follows: of . "There is transmitted herewith a copy of the record Ithe War Loans 22, 1944. meetings held in Washington on August 21%I. "You will note that the record consists of two tranPect?ts, one covering the two morning sessions attended by 00ral Reserve System representatives and one covering the amZence held on the afternoon of August 21 which was also bY the Director of Contract Settlement and reprethe 1-Ires of the tar Department, the Navy Department, and bein't S. Maritime Commission. Copies of the former are Reze8 sent under confidential cover only to the Federal e SYstem representatives who were present at the meet. the but copies of the latter are being furnished to -ikfice of Contract Settlement and the Services. atten rlIn i view of the time element and the relatively large otzt ;'ance at the meetings, it was not practicable to send Were% relinlinary drafts for the purpose of giving those who tereeent an opportunity to revise the comments attributed aceizrenl• Therefore if you should detect any material in— that: eY in the record, please call it to my attention so tainerin.aPProPriate notation may be made on the copy re- in the Board's files." 1297 8/30/44 -3Approved unanimously, together with the following letter to Colonel John C. Mechem and Colonel Paul Cleveland of the War Department, Mr. William A. Coolidge and Lieutenant Commander Donald P. Welles Of the Navy Department, Mr. R. E. Anderson Of the Maritime Commission, and Colonel Frank E. McKinney of the Office of Contract Settlement: or "There is transmitted herewith a copy of the record 8 tl.le War Loans Conference of representatives of the Armed t:r:ces' U. S. Maritime Commission and the Office of ConSettlement with representatives of the Federal Reserve ItZuK! and the Board of Governors and its staff, held in T"hington on August 21, 1944. "In view of the time element and the relatively large attend outance at the meetings, it was not practicable to send who preliminary drafts for the purpose of giving those att : lfere present an opportunity to revise the comments r11?uted to them. Therefore, if you should detect any roim;e attl'1!.1 inaccuracy in the record, please call it to my tl iltl°nso that an appropriate notation may be made on e°PY retained in the Board's files." Unanimous approval was also given to a letter to Honorable Robert H. Hinckley, Director of Contract Settlement, transmitting a copy of the record of the Conference held on the afternoon of August 21 and stating that the editorial changes which he had made in that portion of the reporter's transcript forwarded to him with the Board's letter of August 25 had been incorporated in the record. Lett er uezias to Mr. Parten, Deputy Chairman of the Federal Reserve Bank ' l eading as follows: lieae HAlit the completion of the examination of the Federal toarr j e Bank of Dallas, made as of July 15, 1944, by the 8 examiners, a copy of the report of examination was 1298 8/30/44 -44.elt for your information and that of the directors. 4 c°10Ywas also furnished President Gilbert. "The Board will appreciate advice that the report has h m -een considered by the board of directors. Any com-f I Its You may care to offer regarding discussions with ec to the examination or as to action taken or to sPt „etaken as a result of the examination will also be ap— ciated.” Ce Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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