The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
290 A meeting of the Board of Governors of the Federal Reserve 8Yetem was held in Washington on Thursday, February 22, 1945, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— ttel' referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peri '4e1.81 Reserve System held on February 21, 1945/ were approved unani— toilsiz. Letter to Mr. Mangels, Vice President of the Federal Reserve Of San Francisco, reading as follows: "In accordance with the letter of ignation February 15, 1945/ of Paul W. Comer as fc'r the Federal Reserve Bank request contained in your the Board approves the des— a special assistant examiner of San Francisco." Approved unanimously. Letter to the board of directors of the "American State Bank", er, Indiana stating that, subject to conditions of membership 5 1 to 6 contained in the Board's Regulation H, the Board ap151'(3/ '" the bank's application for membership in the Federal Reserve 001 2/22/45 -287'etem and for the appropriate amount of stock in the Federal Reserve Bank 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 System approves the application of the 'American State Bank', • _goni Indiana, for membership in the Federal Reserve subject to the conditions prescribed in the enclosed letter which you are requested to forward to the of Directors of the institution. Two copies of such letter are also enclosed, one of which is for your files .etter and the other of which you are requested to forward to ▪ e Director, Department of Financial Institutions for Line State of Indiana, for his information. f "It is understood that in the State of Indiana trust unds deposited in the banking department of a bank are ferred claims in the event of liquidation of the bank. er aerefore, you are authorized, in accordance with the genauthorization previously granted by the Board, to ,„1Ye compliance with condition of membership numbered 6 ' -61.1 further notice." r Letter to the board of directors of the "Bank of Chestnut", Chest rillitbere , Illinois, stating that, subject to conditions of membership d 1 to 3 contained in the Board's Regulation H, the Board ap- PI'D/'ee thR - ILK s application for membership in the Federal Reserve tem krat ancl for the appropriate amount of stock in the Federal Reserve of Chicarro. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: 292 2/22/45 -3"The Board of Governors of the Federal Reserve System approves the application of the 'Bank of Chestnut', Chestnut, Illinois, for membership in the Federal Reserve System, subject to the conditions prescribed in the enClosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of ch letter are also enclosed, one of which is for your riles , and the other of which you are requested to forward t,o.the Auditor of Public Accounts for the State of Illin°1s, for his information. "Since the amount of the estimated losses shown in the report of examination for membership is relatively .4all, the usual condition of membership requiring elim11atl°n of losses has not been prescribed. It is assumed, howev r, that proper provision for losses will be made as Q. platter of sound banking practice." Letter to the board of directors of the "Panhandle State Bank", torge ' r Texas, stating that, subject to conditions of membership numbered 1 to 3 contained in the Board's Regulation H, the Board approves the ba S application for membership in the Federal Reserve System arid f_ r the appropriate amount of stock in the Federal Reserve Bank of as, . Approved unanimously, for transmission through the Federal Reserve Bank of Dallas. Letter to Mr. Turman, Secretary pro tern of the Federal Reserve allk of Ai 'tlilanta, reading as follows: "The Board of Governors approves the appointment Luther H. Randall as a member of the Industrial toille°rY Committee for the Sixth Federal Reserve District in mre for a term of one year, beginning March 1, 1945, nxit ' ecordance with the action taken by the Executive Comtee of the Board of Directors of the Federal Reserve 17, 1945c of Atlanta, as reported in your letter of February ." of Approved unanimously. 293 2/22/45 -4Letter to Mr. Day, President of the Federal Reserve Bank of San Francisco, reading as follows: "in your letter of February 1, 1945, it is stated that at your directors voted, subject to the approval of the Board of Governors, to purchase for 8250,000 and „1 !csasary expenses incident to such purchase, the half nock of property on the west side of Second Avenue be6ween Madison and Spring Streets in Seattle, for the purPose of erecting a building for the Seattle branch at an ap ropriatetli future date. It is noted that income from building now on the land is more than sufficient to I-2aY taxes and other carrying expenses of the property, and that it is estimated that the building could be 6 ecked for the value of the salvage or a maximum of '62000• "The Board of Governors has considered this matter and wl, --4.1 interpose no objection to the purchase of the :Property having a frontage of 240 feet on Second Avenue id 108 feet on Madison and Spring Streets in Seattle, 'ashington, at a cost of approximately 8250,000." 1 V Approved unanimously. Thereupon the meeting adjourned. Secreta
@FedFRASER