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A meeting of the Board of Governors of the Federal Reserve Sys17 held in Washington on Tuesday, December 12, 1944, at 2:00 p.m. tern " PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal ' l eserve System held on December 9, 1944, were approved unanimously. The minutes of the meeting of the Board of Governors of the Fedeserve System and the Presidents of the Federal Reserve Banks held 011 42 er6ber 111 19441 were approved unanimously. kit Letter prepared for the signature of Chairman Eccles to Mr. C. h qeeerve Arthur, a director of the Pittsburgh Branch of the Federal Bank of Cleveland, reading as follows: be "The Board has received with regret your letter of the"lber 7 tendering your resignation as a director of ele Pittsburgh Branch of the Federal Reserve Bank of a nd on the grounds that you have severed your dire!Yel and active connection with industry, and that should lit61. decide to continue your industrial career, it seems ' tb elY that it will not be in the territory served by 'e P4 ttsburgh Branch. As you point out, your term expires December 31, 1944• The Board would like to have you continue as di'eeto re r until the end of your term, and accordingly will a ge",rd Your letter not as a resignation, but rather as s atement of unavailability for reappointment. -2_ "At this time I wish to express to you the sincere dPpreciation of the members of the Board of Governors of YOur terilintzt Z g in and contribution to the Federal Reserve the period of your service as director. "The Board trusts that this interest will continue 'ter the termination of your official connection with the System. If at any time you have any comments or suggestions .maA, ne, --.e with regard to Federal Reserve matters, please do " 0 hesitate to communicate them to the Board of Governors Or to the Federal Reserve Bank of the district wherever You may be located." Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of kichmo nd, reading as follows: let "In accordance with the request contained in your ,,.ter of December 6, 1944, the Board approves the aplntment, effective January 1, 1945, of James P. Tingle 4ft assistant examiner for the Federal Reserve Bank _• ond 1? Of R; , Approved unanimously. or Letter to Mr. Clark, Vice President of the Federal Reserve Bank itt4rita reading as follows: nett "In accordance with the request contained in your 4 er of December 4, 1944, the Board approves the desigtn of the following as special assistant examiners for rederal Reserve Bank of Atlanta: Rene' M. Junca J. L. Hardin Melvin McIlwain Wm. A. Waller R. L. Foushee of ,"APpropriate notations have been made in our records 'ne names reported as deletions." Approved unanimously. 12/12/44 —3— Telegram to Mr. Gilbert, President of the Federal Reserve tark of Dallas, stating that, subject to conditions of membership num,belied 1 to 6 contained in the Board's Regulation H, the Board approves the a pplication of the "Tyler State Bank Trust Company", Tyler, Texas, 41' Illenibership in the Federal Reserve System and for the appropriate aklirit of stock in the Federal Reserve Bank of Dallas. The telegram Ntlested that the Federal Reserve Bank advise the applicant bank of the 13°ard' approval of the application and conditions of membership ill'eser'lbed, together with necessary instructions as to the procedure t()1‘ accomplishing membership, and stated that a letter containing det4ileci advice regarding such approval would be forwarded to the applicant batik through the Reserve Bank. The telegram contained the following ad440 441 statement: 101 c04-L°11ing advice in addition to usual comments will be aifled in Board's letter to bank: tIt appears that the bank possesses certain Powers which are not being exercised and which are not necessarily required in the conduct of !banking and trust business, such as the power to guarantee bonds and other securities. Attention is invited to the fact that if the bank desires to exercise any powers not actually exercised at the time of admission to membership, Lt will be necessary under condition of member,hip numbered 1 to obtain the permission of the s y Board of Governors before exercising them. In this connection the Board understands that there has been no change in the scope of the corporate Powers exercised by the bank since its applica81110_tion for membership.' or the amount of estimated losses shown in the report XaMination for membership is relatively small, the 12/12/144 -4- iusnal condition of membership requiring elimination of 'sees has not been prescribed. It has been noted, howTier) that proper provision for losses will be made prior O the bank's admission to membership. It 18 assumed that you will follow the matter of the 1,4nk's reducing to within statutory limits the excess valance in a nonmember bank. In this connection, referis made to Federal Reserve Loose Leaf Service #6164." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks readthe 48 follows: "For your information there is enclosed a copy of memorandum received from the Navy Department, dated " 01 410er 6, 1944, signed by Commander Donald P. Welles, of the Finance Division, supplementing the memoranT114 transmitted to you with the Board's letter, S-794, gated September 28, 1944." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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