The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1219 A meeting of the Board of Governors of the Federal Reserve 8Mem was held in Washington on Wednesday, August 9, 1944, at 1:30 PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman after The action stated with respect to each of the matters herein- r eferred to was taken by the Board: M emorandum dated August 7, 1944, from Mr. Goldenweiser, Director of the Division of Research and Statistics, recommending that 1148a T i-aoretta Freedman be appointed as a clerk in that Division on a -r,rary basis for an indefinite period, with basic salary at the l'ate of $1,680 per annum, effective as of the date upon which she entell6 14/°n the performance of her duties after having passed satisfact1)114 the Usual e:::::::1 examination and subject to a satisfactory check of her Approved unanimously. Memorandum of this date from Mr. Bethea recommending that Mrs. 44111ary W etnight be appointed as a cafeteria helper in the Secretary's °trice an a temporary basis period of not to exceed 60 days, It'llbasio salary at the rateor per annum, effective August 9, of 1944, Approved unanimously. 1220 819/44 —2— Memorandum dated August 8, 1944, from Mr. Smead, Director of then . sion of Bank Operations, recommending, with the concurrence Of the Division of Research and Statistics, that Mrs. Zelpha Cron, a Clerk in the latter Division, be transferred to the Division of Bank °Perati°fls, with no change in her present basic salary at the rate k3860 per annum, effective as soon as her recommended successor reports for duty in the Division of Research and Statistics but ef— fective for payroll purposes as of August 16, 1944. Approved unanimously. Letter to the board of directors of the "Peoples State Bank oIrC()1f83°) Colfax, Illinois, stating that, subject to conditions illeilibershiP numbered 1 to 3 contained in the Board's Regulation 4' the 211°ard aPproves the bank's application for membership in the ?ederal Reserve System and for the appropriate amount of stock in t4,Pederal Reserve Bank of Chicago. . Approved unanimously, for transmis— sion through the Federal Reserve Bank of Chicago. BY unanimous vote it was determined that the order approved by the Board at its meeting on July 29, 1944, to be served on Messrs. John Agnew and F. O. Fayerweather, directors of The Paterson National Bank, Paterson, New Jersey, to show cause why they should not be removed as directors of the national I221 8/9/44 —3— bank, should be issued on August 9, 1944. In connection with this unanimous approval was given lowing letter to Mr. Gidney, ident of the Federal Reserve New York: action, to the folVice PresBank of "There are enclosed herewith an original and two copies of an Order for Hearing to be served upon Mr. tiohn Agnew and Mr. F. 0. Fayerweather, Directors of The Paterson National Bank, Paterson, New Jersey, based upon a c ertificate filed by the Comptroller of the CurrencY with the Board under the provisions of section 30 of the 13 the Banking Act of 1933. You will observe that oard's Order Provides for service of notice upon thsers- Agnew and Fayerweather by delivery to each of tir °f a copy of the Order to which is attached a certu led coPY of the certificate of the Comptroller of He Currency. "It will be appreciated if you will designate someelle in Your organization to go immediately to Paterson nd serve the notice upon Messrs. Agnew and Fayerweather to each of them nersonally one of the en'lased copies of the Order. "Att.ached to the original Order are acknowledgService but their execution is not essential. orrver, it will be necessary for whoever delivers the to to execute the affidavit which is also attached Nswtle °riginal. This may be done upon his return to -T‘k City after service of the Order. z .11:y tIn e service has been effected, please immedigraph me to that effect and if you should recult ;ZnY further instructions or experience any diffi- su n connection with the service of the Order, it phone!gested that you get in touch with me by teler dioateuu attention is called to the importance, as inby the provisions of section 30 of the Banking taiam ., -L933, as well as for practical reasons, of main-'g in confidence all information relating to this i! deli ,eriag 1222 W44 —4— it matter. In this connection your telegraphic advice of service should be so phrased as to avoid disclosing the nature of the matter involved. t "Since section 30 of the Banking Act of 1933 requires h” a copy of the Order be sent to each director of the nationali, bank by registered mail and as the Board is de" ring the mailing of such letters until receipt of adice that service has been effected, the Board desires Vthat Messrs. Agnew and Fayerweather be served August 14th lr Possible, and that it be advised of such service without delay. . ."When the affidavit of service has been executed, the gl '11-nal Order should be returned to the Board." Unanimous approval was also given to a letter to the Comptroller of the Currency reading as follows: ing "This refers to your letter of June 29, 1944, enclosa certificate executed by you on that date pursuant the provisions of section 30 of the Banking Act of 1933, AertifYing certain facts to the Board regarding Yr. John 1 :?‘ 47 and Mr. F. O. Fayerweather, directors of The Paterson '.1(Tal Bank, Paterson, New Jersey. to In this connection, there is enclosed for your in8ermation a copy of an Order for Hearing which is being /trYed by the Board on Messrs. Agnew and Fayerweather. offts understood from informal conversations with your hel!,-ce that it will be convenient to have such hearing 1141-ton October 2, 1944, and, in order that your office rfe prepared to have such representatives present as Partit neceesary to present evidence in this case, your 7'LLLar attention is called to the fact that the hearto be held at the Federal Reserve Bank of New at 10 o'clock on the morning of that date." Tel to Messrs. Davis and Peyton, Presidents of the Federal 11e, Qerve l Bank of nip St. Louis and Minneapolis, respectively, reading as fere,,Le °ur exchange of wires yesterday regarding con : -ce with Armed Board had in mind Services August 21. 1223 8/9/44 -5'there would be only one representative from each Bank. except in the case of Chicago and San Francisco where It !as suggested that a representative also be sent from the Detroit and Los Angeles Branches respectively. The Board ()11 yesterday a further letter from the Director or the Officereceived of Defense Transportation emphasizing imtance of curtailing attendance of officials at Govern_t meetings and in circumstances Board suggests that Y one representative from your Bank attend the August ' 1 conference. Therefore please wire which of the representatives mentioned in your August 8 wire will attend." g7 Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
@FedFRASER