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285 A meeting of the Board of Governors of the Federal Reserve SYstelll was held in the offices of the Board of Governors in Washington, °I1Nctnesday, February 21, 1945, at 3:30 p.m ' PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chaiimen Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Hammond, Assistant Secretary Mr. Thurston, Assistant to the Chairman Mr. Dreibelbis, General Attorney Mr. Leonard, Director of the Division of Personnel Administration Mr. Vest, Assistant General Attorney Mr. Pollard, Assistant Director of the Division of Examinations Mr. Wyatt, General Counsel Under date of February 15, 1945, Mr. Wyatt, as hearing officer 13°11.1ted by the Board and pursuant to the directions contained in the °1'clel 'for hearing issued by the Board to determine whether John Agnew kci Pe 0. Fayerweather should be removed from office as Directors of tIlePaterson National Bank, Paterson, New Jersey, delivered to the c1 134.1 ' is Se cretary the original and one copy of the complete record °r the hearin g Thereupon the Secretary circulated the original rec— alLic)4g the members of the Board for their consideration for the pur— lec)f asc ertaining the Board's wishes as to the next step to be taken c'tlriection with the case. Upon recommendation by Mr. McKee, and by unanimous vote, the record was referred to the Board's General Attorney for the pur— pose of having a review and analysis made 286 2/21/45 —2— prior to further consideration by the Board. This action was taken subject to the concurrence of Chairman Eccles, who was un— able to attend this meeting because of other pressing matters. Secretary's Note: Following the meeting Mr. Morrill informed Chairman Eccles of the above action and he asked to be recorded as concur— ring therein. There was also presented a memorandum dated February 16, 1945, trO ln. Thomas, Director of the Division of Research and Statistics, yndlng that Miss Ruth Toni Giese be appointed as a Research As— it In that Division on a temporary indefinite basis with basic 41e, ' 4 at the rate of 2,000 per annum, effective when she reports d 14,7 after having passed satisfactorily the usual physical exami— Nkoin The memorandum also stated that because of the urgent need for ilias G. leseis services her appointment was being recommended before re— In her references had been received, and that, therefore, the 411)(4-ntmerit was recommended subject to a satisfactory check of her rererences. the The memorandum had been circulated among the members of 1o al'd and Mr. Draper had attached a memorandum thereto stating that he w°11.1d vote "no" on the appointment until her references were "red but that if the references were satisfactory he would vote Yeeti After a discussion, upon motion by Mr. Ransom, the appointment was approved as recommended, with the understanding that if the replies from Miss Giese's 287 2/21/45 —3-references were not satisfactory, her services would be discontinued. On this action Mr. Draper voted "no", stating that he did not think the Board should approve the appointment of employees in the absence of a check of their references. Mr. McKee stated that because of other pressing matters Chair14.11 Ecro 'Les had not had an opportunity for a further discussion with the 0 retary of the Treasury of the question of bank holding company ati°r1 and what the final attitude of the Treasury would be with 48Pect to the legislation proposed by the Board, and that in view of that 8itIlati011 it might be necessary to defer for a short time advising the 4cleral Reserve Banks of the proposed procedure looking to the teror all outstanding voting permits. In accordance with the 4eti°r1 taken by the Board on Thursday, February 21 1945, the proposed Prtleecilzre was discussed informally on February 5 and 6, 1945, with re131'esentatives of the Federal Reserve Banks having holding companies 41d istricts. Mr. McKee also said that he had asked the Legal 4 ltisi°11 to have the letters to the Federal Reserve Banks ready to 411clrlot later than Monday, February 26. Dilring a discussion of this matter, Mr. Dreibelbis stated, in 1%41D°r18e to lir an inquiry as to the status of his conversations with Mr. attorney for Transamerica Corporation, that he had talked with nu, "en- Yesterday and that it had been decided that, in talking with %ell, he should discourage further discussions as there appeared 288 2/21/45 —44ttle likelihood of satisfactorily composing the matter. He also said that Mr. Owen had stated that his client was of the opinion that ow en should talk to the Treasury Department and that he had asked tor m Dreibelbis' permission to talk to the Treasury, to which the latt r e- replied that Mr. Owen did not need his permission to talk to the T reasurY but that if Mr. Owen should decide to take the matter up the Treasury that he (Mr. Dreibelbis) would welcome that step. At this point Messrs. Dreibelbis, Leonard, Vest, Pollard, and /f4tt withdrew from the meeting. The action stated with respect to each of the matters herein- atter referred to was then taken by the Board: The minutes of the meeting of the Board of Governors of the Nera, ' ' I Reserve System held on February 20, 1945, were approved unani- trator Memorandum dated February 201 1945, from Mr. Smead, Adminis- f°1* War Loans, submitting the resignation of Miss Olive C. 411 ett e -3 a clerk in the War Loans office, effective February 281 19/6, a fl 11'4 re commending that the resignation be accepted as of that (4tu understanding that appropriate payment will be made for ' - 4-Lated and accrued annual leave remaining to her credit at that tike. The resignation was accepted as recommended. 289 2/21/45 -5Letter to Mr. Rounds, First Vice President of the Federal Re- "re Bank of New York, reading as follows: "The Board of Governors approves the change in the Personnel classification plan of the Buffalo Branch, inv°lying an increase in the maximum annual salary for the 1°sIti0n of Lunch Room Attendant, as submitted with your letter of February 13, 11 1945Approved unanimously, together with a letter to the lhage Stabilization Division, National War Labor Board, transmitting the certificate of the Federal Reserve Bank of New York with respect to the salary- increase at the Bank. Memorandum dated February 12, 1945, from Mr. Carpenter submitng ,_ a _ ' r fts of entries for the policy record covering actions taken rthe Board in 1944 and recommending that the entries be approved. Approved unanimously. Thereupon the meeting adjourned. Secreta 413Pl'olteci: Vice Chairman.
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