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1782 Minutes of actIons taken by the Board of Governors of the Pederal Reserve Sy-stem on Monday, December 16, 1946• PRILSEI4T: Mr. Mr. Mr. Mr. Eccles, ChairAlan Draper Evans Vardaman 1,:r. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Nderaa. Reserve System on December 10, 1946, were approved unanimously. kinutes of actions taken by the Board of Governors of the cleni Reserve System on December 12 and 13, 1946, were approved and the actions recorded therein were ratified unanimously. Telegram to Mr. Treiber, Secretary of the Federal Reserve Bank Or New York, stating that the Board approves the establishment without Or by the Federal Reserve Bank of New York on December 13, 1946, the _ r rates of discount and purchase in its existing schedule. Approved unanimously. Memorandum dated December 16, 1946, from Mr. Bethea, Director cr the Division of Administrative Services, recommending the appoint14ett °' Mrs. Anna E. Imhoff as a cafeteria helper in that Division, basis for a period of two months, with basic salary tellIP°rarY the rate of 0.022.00 per annum, effective as of the date upon keh ah e enters upon the performance of her duties. The memorandum kik te-ted that it was not contemplated that Mrs. Imhoff would be- • 1783 12/16/46 -2- e°1e a member of the Federal Reserve retirement system during her t411)QrarY employment. Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank OIrChicago, reading as follows: "The Board of Governors of the Federal Reserve SYstem has considered the recommendations of your Bank contained in Mr. Diercks' letters of November 26 and 29, 1946, and pursuant to the provisions of Section 19 .2f the Federal Reserve Act grants permission to Peoples Il atioLial Bank of Chicago and Bank of Rogers Park, both Chicago, Illinois, to maintain the same reserves against deposits as are required to be maintained by reserve city banks, effective with the first weekly reserve computation period beginning after the date of this letter. "Please advise the respective banks of the Board's ; 8ction in this matter, calling their attention to the 'act that such permission is subject to revocation at anY time by the Board of Governors of the Federal Reerye System." Approved unanimously, Mr. Ransom having stated that he voted to approve. 484k Letter to Mr. Volberg, Vice President of the Federal Reserve Qaal Francisco, reading as follows: "This refers to your letter of November 20, 1946, , 64dressed to Mr. Leonard, with further reference to the ' ' 8llthorization of the Bank of America National Trust and ca.vings Association, San Francisco, California, to acdrafts or bills of exchange UD to 100 per cent of caPitL1 and surplus. 'was "It is noted from your letter that such authority to t0rigina1ly granted by the Board in October 1920, 1,, he laerchants National Bank, Los Angeles; that in T7216, that bank merged with the Hellman Commercial IbliSt and Savings Bank under the title of Merchants 1784 12/16/46 -3"National Trust and Savings Bank, Los Angeles; that in 1928 the latter bank merged with the Bank of America of California, a nonmember State bank, under the title of Bank of America of California; and that in November 1930, the latter institution merged with Bank of Italy National Trust and Savings Association, under the title of Bank of America National Trust and Savings Association. "While we do not have available the files relating !() the various mergers above mentioned, it would appear the facts stated in your letter that the authoriza— t-L°n granted to the Merchants National Bank in 1920 lapsed a3 the result of such mergers and that Bank of America %at' lonal Trust and Savings Association, San Francisco, 0.1.fornia, has never had such authority. Accordingly, the absence of information indicating the contrary, 11111 continue not to include the name of that bank 7eng those which have been authorized by the Board to ' eeePt drafts or bills of exchange up to 100 per cent ef their capital and surplus." 2 Approved unanimously. SecretLry. Chairmn.
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