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1863 A meeting of the Board of Governors of the Federal Reserve Stem waS held in Washington on Wednesday, December 13, 1944, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman 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 herein- art referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pectera, Reserve System held on December 12, 1944, were approved unani14011a4 The minutes of the meeting of the Board of Governors of the Reserve System and the Presidents of the Federal Reserve Banks December 12, 1944, were approved unanimously. Letter to Mr. Robert Lassiter, Federal Reserve Agent at the al Re serve Bank of Richmond, reading as follows: Pecler vial "In accordance with the request contained in Mr. e1„:clen's letter of December 11, 1944, the Board of Govapproves the payment of salary to Mr. Beverley P. thc'e4son, Alternate Assistant Federal Reserve Agent, at e rate of $2,040 per annum effective January 1, 1945." Approved unanimously. Letter %lora), to Mr. Grady, Chairman and Federal Reserve Agent at the Reserve Bank of San Francisco, reading as follows: 12/13/44 —2— c, "In accordance with the request contained in Mr. -Lerk's letter of December 8, 1944, the Board of Gover— e t rs aPproves the payment of salary to Mr. LeRoy Larsen, r,ederal Reserve Agent's Representative, Salt Lake City 4Nincal, at the rate of $3,120 per annum, effective Jan— IlarY 1, 1945.n Approved unanimously. Letter to Mr. Mangels, Vice President of the Federal Reserve klit of San Francisco, reading as follows: 1 "In accordance with the request contained in your netter of December 5, 1944, the Board approves the desig— tn°n of the following as special assistant examiners for e Federal Reserve Bank of San Francisco: Portland Branch Los Angeles Branch W. H. Andrews Childs R. S. Borden D. 7. m. Davenport D P. Foster R. IL E. Lile . W. M. Hammerly J. Magnusson Godfrey B. L. 0. A. Jones C. Miller K. H. J. Martin L. J. Kahrs Mittelman Seattle Branch Salt Lake it BrAnDh ' K. Harper Sherman W. Cottingham H. B. vr, v W. Thomas Geo. andermark ro. Virta R. C. Vhitwam Wells or ,"APpropriate notations have been made in our records L'he names reported as deletions. "There are returned herewith two carbon copies of the 'L enclosed with your letter shoving your examining per— '- as of January 1, 1945." Z Approved unanimously. ot Letter to Mr. Flanders, President of the Federal Reserve Bank k8ton, reading as follows: Trtl ,"In reviewing the report of examination of The MerMerrill is Company, Bangor, Maine, as of October 21, 1944, it ree°ted that the recent retirement of preferred stock has uced the capital of this trust company to $600,000. This 12/13/44 -3- "raises the question whether the trust company now has sufficient capital under the Federal law to operate all ! IL-even out—of—town branches. However, it is noted that dlle directors have voted to propose to the stockholders • :t their next annual meeting in January 1945, that the aPital stock be increased to $900,000. This would, of e°11ree, eliminate any doubt as to capital adequacy. It 1741 be appreciated if you will advise the Board as to action taken by the stockholders at their January -L945 meeting." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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