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189 A meeting of the Board of Governors of the Federal Reserve SYstela was held in Washington on Monday, December 31 1945, at 11:00 PRESENT: Mr. Eccles, Chairman Mr. Draper Mr. Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinatter r eferred to was taken by the Board: Memorandum dated November 30, 1945, from Mr. Leonard, Director the ni --vision of Personnel Administration, submitting a memorandum 4teli3ovember 26, 1945, from the White House stating that, in order to provide long weekends for the Christmas and New Year's holidays, the Pl ' e3ident had asked the heads of executive departments and agencies, Wherev er Possible, to establish administrative workweeks beginning beee rlibe 24 and December 31, 1945, from Tuesday through Saturday. The arrangement of the workweeks as requested by the President was approved unanimously for the Board's offices. 14"lorandum dated December 3, 1945, from Mr. Bethea, Director ot tilet. It‘ tz lvision of Administrative Services, recommending that Mrs. Alice. 10 ,Jrundage, who has been on maternity leave, be reemployed ele rk in that Division, without change in her present salary of )3 Per annum, effective as of December 3, 1945. Approved unanimously. 1898 12/3/45 —2— Letter to the Federal Deposit Insurance Corporation reading as talows: "Pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, the Board of Governors Ot the Federal Reserve System hereby certifies that the bn American Bank of Miami, Miami, Florida became a mem7i'r of the Federal Reserve System on December 1, 1945 and now a member of the System. The Board of Governors of Federal Reserve System further hereby certifies that, ,n connection with the admission of such bank to membership the Federal Reserve System, consideration was given to ,?e following factors enumerated in subsection (g) of sec— ' 10n 12B of the Federal Reserve Act: 1- The financial history and condition of the bank, 2. The adequacy of its capital structure, 3. Its future earnings prospects, 4. The general character of its management, 5. The convenience and needs of the community to be served by the bank, and 6. 'Whether or not its corporate powers are consistent with the purposes of section 12B of the Federal Reserve Act." 2 the Approved unanimously. Letters to the "Barnes Banking Company," Kaysville, Utah, and the "sec ritY Trust & Savings Bank of San Diego," San Diego, California, e as rouows: ail a"The Board is glad to learn that you have completed ?'rangements for the admission of your bank to member— trZ_ n the Federal Reserve System and takes pleasure in 5Zi8111itt1ng herewith a formal certificate of your member— • Irr4. -" will be appreciated if you will acknowledge re— of this certificate." Approved unanimously. Letter to Mr. Woolley, Vice President and Cashier of the Federal 1899 124/45 —3— Reserve Bank of Kansas City, reading as follows: "Reference is made to your letter of November 10, 1945 containing documents in connection with the absorp, , ti°11, as of October 9, 1945, by the McDonald State Bank, North Platte, Nebraska, of the Bank of Wellfleet, Wellfleet, Nebraska, a nonmember insured bank which is being vo luntarily liquidated. "According to the information submitted, the deposit iLblabilities of the nonmember bank, which were assumed in by the McDonald State Bank, amounted to only $153,674.61, 1!11 Whereasc the deposits of the McDonald State Bank were in ex88 of $4,000,000, and the assets purchased consisted enrely of ' cash and amounts due from banks. In the circumstances, it appears that the transaction has not resulted in any change in the general character of the b , 0 usiness of the member bank, or the scope of its cor;jate powers, within the meaning of condition of membernumbered 1 to which that bank is subject." j Approved unanimously. Thereupon the meeting adjourned. Chairman.
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