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A meeting of the Board of Governors of the Federal Reserve stAt was held in Washington on Tuesday, December 5, 1944, at 10:30 0.0A. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinerred to was taken by the Board: The Ped ‘'erea. Res minutes of the meeting of the Board of Governors of the • ervs System held on December 4, 1944, were approved unani- 1401184r. The deraj. minutes of the meeting of the Board of Governors of the eserve System with the Federal Advisory Council held on De' cen.ther 4, 1944, were approved unanimously. th Po), Uem orandum dated December 5, 1944, from Mr. Bethea, Director a v-Lsion of Administrative Services, recommending that the tem- tiv41. PPointment of Mrs. Teresa F. Crowell as a charwoman in that on be 1Wit extended for an indefinite period, effective December 14, With no change in her present basic salary at the rate of '1,200 and with the understanding that she will remain a member of 18U5 12/5/44 -2the Civil Service retirement system. Approved unanimously. Memorandum dated December 1, 1944, from Mr. Bethea, Director (it the n. 'avision of Administrative Services, submitting the resignation (4111'8% R"emary Wetnight as a cafeteria helper in that Division, to becorae ef fective as of the close of business on November 30, 1944, and l'ec°111111encling that the resignation be accepted as of that date. The resignation was accepted as recommended. Letter to the board of directors of "The Annapolis Banking and 711'118tComPanyr, Annapolis, Maryland, stating that, subject to conditions (it 14e14bership numbered 1 to 3 contained in the Board's Regulation H, the }3Oal'd aPproves the bank's application for membership in the Federal 11"el SYstem and for the appropriate amount of stock in the Federal 114el ' Ire Bank of Richmond. Laa. comment: The letter also contained the following exs :1 It has been noted that the bank is authorized to to,e3 :se fiduciary powers but is doing so only to a limited lArt : " 1 , and that the Board of Directors has passed a resot1:1;! to discontinue trust functions. In the circumstances, basi e'c're, the application has been approved on the same 1188-1 a'S if fiduciary powers were not being exercised. It een noted also that the bank may possess certain powers are not exercised and which are not necessarily repow-ed in the conduct of a banking business, such as the Atter .° t guarantee titles to real and personal property. decie •n fltlorl is called to the fact that if the bank should thz;'T in the future to exercise fiduciary powers, other -' 4) the limited extent necessary in administering the 180G 12/5/44 —3— aCCOUnts now on its books until the proposed liquidation f the trust department can be completed, or to exercise any IPowers not actually exercised at the time of admission to s!TbershiP, it will be necessary under condition of member— ,"4-13 numbered 1 to obtain the permission of the Board of Governors before doing so. In this connection, the Board Ileliderstands that there has been no change in the scope of 17sPorate powers exercised by the bank since the date of uS aPplication for membership." Approved unanimously, together with a letter to Mr. Leach, President of the Fed— eral Reserve Bank of Richmond, reading as follows: te "The Board of Governors of the Federal Reserve Sys— the application of 'The Annapolis Banking 4and Trust company', Annapolis, Maryland, for membership fl the eral Reserve System, subject to the conditions 1;,78criFedbed in the enclosed letter which you are requested T4 f°rWard to the Board of Directors of the institution. copies of such letter are also enclosed, one of which 'Your files and the other of which you are requested to f .e°1 rward to the Bank Commissioner for the State of Mary— landl t for his information. t 'Since the management agreed to charge off the es— ✓ de losses, amounting to $12,629.18, as shown in the ilrt of examination for membership, the usual condition ha„ lenthership regarding the elimination of estimated losses wiiirlot been prescribed. It is assumed, however, that you or satisfY yourself that such losses have been charged off 1, otherwise eliminated prior to the bank's admission to mem,uership , • or 'It is assumed, also, that you will follow the matter of the bank's bringing into conformity with the provisions law and the Board's regulations, the time deposit—open °11nt8 mentioned on page 16 of the report of examination • to; Te to mbership; that of amending the contracts with regard 2'thdrawals of savings deposits at the branch office To thaw he right to require not less than 30 days' notice in • itIpt.1, is reserved to the bank; and that of the lprik's tak— e necessary steps to provide adequate attention to op'e' rating details and its accounting system. e 18 —4— "In order that our files may be complete, it will be appreciated if you will forward a copy of form of capital debenture issued by the bank and sold to the R.F.C." Letter to Hr. Rouse, Vice President of the Federal Reserve Bank or trela York, reading as follows: with "In view of the request of the applicant received wi„ Your letter of December 2, 1944, and in accordance 10;n Your recommendation, the Board extends to January 16, tre45, the time within which the Raritan State Bank, Raritan, w Jersey, may accomplish membership in the Federal Re— erve System." Approved unanimously. Letter to the "Community Bank of 'Warsaw", Warsaw, Missouri, Nadir, ga'S follows: all "The Board is glad to learn that you have completed pea arrangements for the admission of your bank to the he eral Reserve System and takes pleasure in transmitting rewith a formal certificate of your membership. 'It bill be appreciated if you will acknowledge re— ceiot - of this certificate." Approved unanimously. az ,n Memorandum dated December 2, 1944, from Mr. Carpenter reading of A "The Files Section is holding twenty—eight drawers 0,:11311cate vouchers covering expenditures of the Board 1. the period July, 1933, to September 30, 1943. arlci "The Office of the Fiscal Agent, and the Accounting 8er Piroourement Sections of the Division of Administrative -wes, have advised that, after the original vouchers hair ueen paid and audited, the duplicates are of no further for e as the originals are on file and can be referred to Opih, 41Y needed information. Counsel's office is of the 1-011 that the duplicate vouchers are not records within -' 12'1'5/44 -5- "the meaning of the law which requires approval by Congress 0 131 the destruction of official records and that they can disposed of without such approval. Therefore, it is 1.?commended that the Board authorize the destruction by in— calneration of (1) the duplicate vouchers now in the files, (2) the duplicate vouchers for subsequent periods after the t e °riginals have been audited and the duplicates are ,urned over to the Files Section by the Division of Admin4.strative Services." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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