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1 874 A meeting of the Board of Governors of the Federal Reserve 83retem was held in Washington on Friday, December 15, 1944, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szylwzak 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 hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pep; -3- Reserve System held on December 14, 1944, were approved unani1°111NY. Telegrams to Mr. Treiber, Secretary of the Federal Reserve ¼ of New York, Mr. Hays, First Vice President of the Federal Re- aerve 441k 8a4k of Cleveland, Mr. Leach, President of the Federal Reserve tarlk or Richmond, Mr. Dillard, Vice President of the Federal Reserve Chicago, Mr. Stewart, Secretary of the Federal Reserve Bank 8t Or et lc 01452 Mr. Ziemer, Vice President of the Federal Reserve Bank IllleaPolis, Mr. Caldwell, Chairman of the Federal Reserve Bank : et c7a8 City, Mr. Gentry, First Vice President of the Federal Reof Dallas, and Mr. Earhart, Vice President of the Federal e 84/1k of San Francisco, stating that the Board approves the : eet . 1 .Ishment without change by the Federal Reserve Bank of San else° on December 12, and by the Federal Reserve Banks of New Q .64y L;lik) 12/15/44 -24rk, Cleveland, Richmond, Chicago, St. Louis, Minneapolis, Kansas el4, and Dallas on December 14,1944, of the rates of discount and Dlirchase in their existing schedules. Approved unanimously. Memorandum dated December 9, 1944, from the Personnel Committee, s ubmitting the name of J. E. Wheat, business man and attorney at 17%dville, Texas, as a director of the Houston Branch of the Federal Re8erve Bank of Dallas, for the term beginning January 1, 1945, and l'ec°11111er1ding (1) that Mr. Parten, Deputy Chairman of the Federal Reaer. "Bank of Dallas, be requested to ascertain informally whether Wheat would accept the appointment, and (2) that the appointment be tendered if he would accept. Approved unanimously. liemorandum dated December 1, 1944, from Mr. Paulger, Director r th e I4v1sion of Examinations, recommending that the following in- Creeta "in basic annual salaries of employees in that Division be apAl‘oved 'effective as of the dates shown below: Itme q°Non R. Murff Alttkr H. Lang 44111eB C. P411 W. Ckll. V. Smith Troup Adams Designation Federal Reserve Examiner Federal Reserve Examiner Federal Reserve Examiner Federal Reserve Examiner Assistant Federal Reserve Examiner Salary Incre_aqe To From Effective Date $5,600 $6,000 12-16-44 4,000 4,500 1- 1-45 4,000 4,500 1- 1-45 3,600 3,900 1- 1-45 3,200 3,500 1- 1-45 , f) 12/15/44 -3kle: (Continued) John W. Taylor 11:Uliam B. Lassen Chaa. E. Fischer 1,14rrence H. Bugg C. R. Ilighfield J041 N. Kiley, Jr. Ge°ree Williams De,signktion Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Salary Increase To asaa Effective Date $2,800 $3,200 12-16-44 2,600 2,800 1- 1-45 3,000 3,200 1- 1-45 2,100 2,300 12-16-44 2,900 3,300 12-16-44 3,000 3,200 1- 1-45 1,800 2,000 1- 1-45 Approved unanimously. Letter to the board of directors of "The Ebenezer State Bank", 4 -417', New York, stating that, subject to conditions of membership 4141ber ed 1 to 3 contained in the Board's Regulation H, the Board ap1)1,01tes the bank's application for membership in the Federal Reserve 'aterri and for the appropriate amount of stock in the Federal Reserve 4111t oP ' New York. Approved unanimously, for transmission through the Federal Reserve Bank of New York. Letter to the board of directors of "The State Savings Bank", 114 h 'Aker Michigan, stating that, subject to conditions of membership priolreeeci 1 to 3 contained in the Board's Regulation H, the Board ap the bank's application for membership in the Federal Reserve 1c s 12/15/44 -4Seteril and for the appropriate amount of stock in the Federal Reserve tatlat of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors of the Federal Reserve Sysapproves the application of 'The State Savings Bank', il .,: .c1„ gman, Michigan, for membership in the Federal Reserve subject to the conditions prescribed in the enClosed letter which you are requested to forward to the 24rd of Directors of the institution. Two copies of ; . 11ch letter are also enclosed, one of which is for your inl ales and the other of which you are requested to forto the Commissioner, State Banking Department for the State of Michigan, for his information. th "It is assumed that you will follow the matter of ore bank's bringing into conformity with the provisions law and the Board's regulations the savings accounts b sted on page 16 of the report of examination for mem.ership." tern ot Letter to Mr. Wayne, Vice President of the Federal Reserve Bank °Ild, reading as follows: ti "This refers to the application of The Peoples Nartti011,1 Bank of Warrenton, Warrenton, Virginia, for perOn to exercise full fiduciary powers, which was 2,7ansmitted to the Board with your letter of November 3 l944 "The Board is in agreement with the conclusion reached -Y yourself and by the District Chief National li zxaminer that the ability and experience of the acto e management of this bank do not properly qualify th?m, bil:Time the additional duties, responsibilities and hainvolved in the administration of fiduciarymatof ' s. It is doubtful that the anticipated trust business pert:he aPplicant would warrant the employment of an exenced and qualified trust officer, or mould justify thell, whir.;',ank in undertaking a type of business new to it '" inherently involves serious responsibilities and result in actual losses to it. 12/15/44 . "After careful consideration of all of the facts !yailable, the Board is unwilling at this time to grant the permission requested. Please advise the applicant accordingly.n Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks reada. iollows: "For your information there is enclosed a copy of lettert, dated November 28, 1944, from Mr. C. H. Watkins, ;easlstant Manager, Los Angeles Branch, Federal Reserve .1 11' San Francisco, regarding an interpretation of 'culon 6 of the September 1, 1944 form of T-Loan guarantee agreement. r "There is also enclosed a copy of Colonel Cleveland's egY thereto." 8:1 Approved unanimously. MemOrandum dated December 9, 1944, from Mr. Morrill recommend— that, because of the necessity during the recent period for Federal 4aerve Bank examiners, in proceeding from one assignment to another, t° accept Whatever Pullman accommodations were available at higher r4tee than Were authorized by the Board's travel regulations, and in "qer to avoid the unnecessary work involved in the present procedure etitering each of such cases in the Board's minutes, the Board authe Until January 1, 1946, the payment of these extra charges in e4ell irlstance where the amount does not exceed IUD and the voucher 414ce°mPanied by a memorandum from the Director or Assistant Director at the tivision of Examinations explaining the additional charge and ctrartleriding that it be paid. Approved unanimously. is; 12/15/44 -6Letter to Mr. Paulger, Director of the Division of Examinations, re (.14 g as follows: "Paragraph 7 of Section 5240 of the Revised Statutes °Af United States (Section 21 of the Federal Reserve 2,t), as amended, provides that the Board of Governors the Federal Reserve System, at least once each year, shaU order an examination of each Federal Reserve Bank. "In accordance with this provision of the law, the Board orders that at least one examination of each of the twelve Federal Reserve Banks be made during the year 1945, El.nd the Board authorizes and directs you to institute and Conduct such examinations at such time or times as may Seem advisable in your judgment." Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank of C14,ca go, reading as follows: "Referring to your letters of December 1 and December 5 and the the accompanying material with respect to t, proposed purchase of two parcels of land adjoining nue Detroit branch buildings, the Board will interpose c° objection to the purchase of the two properties at a °st not to exceed $315,000." Approved unanimously. Thereupon the meeting adjourned. 4P14.0
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