Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, February 3, 1945, Volume 32, Part 1

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198
A meeting of the Board of Governors of the Federal Reserve
System was held
in Lashington on Saturday, February 3, 1945, at 10:30

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 hereinter r
eferred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
4deral

Reserve System held on February 2, 1945, were approved unan,
ikou8iy.
4emorandum dated February 2, 1945, from Ir. Bethea, Director
°II the D150

of Administrative Services, recommending that the

teMPor
arY appointment of Mrs. Mary A. Deneen, a cafeteria helper in
that
•
Div.
ision, be extended for an indefinite period from February 3,
1945, with
no cha nee in her present basic salary at the rate of
v1)200
per annum, with
the understanding that she will become a member of
the Board's
retirement system.
Approved unanimously.
Memorandum dated February 1, 1945, from Mr. Pollard, Assistor of the Division of Examinations, submitting a voucher
tor,
'
l eimb ur
--sement for travel and other expenses incurred by R. B.




199
2/3/45
-2Chamberli

n Federal Reserve Examiner, while he was on official busi-

ness in Boston,
Massachusetts.

The memorandum stated that, because

of the una
vailability of the usual Pullman accommodations covered in
the B
°ard's travel regulations, it was necessary for Mr. Chamberlin
to accept a
bedroom on the return trip from Boston.

The memorandum

recillended that payment of the voucher, including the additional
ellar‘ge °I. $3.50 for the bedroom, be approved.
Approved unanimously.
Letter to Mr. Fletcher, Vice President of the Federal Reserve
Be
.nit

°I" Cleveland,
reading as follows:
"In accordance with the request contained in your
letter of January 31, 1945, the Board approves the apIp3intment of Richard 1. Baldwin as an assistant examiner
r the Federal
Reserve Bank of Uleveland. Please adelise 112 of the date upon which the appointment becomes
fective and also as to the salary rate.
tith regard to the indebtedness of Mr. Baldwin to
f-lp,t National
Bank, Erie, Pennsylvania, in the amount
-';200 and to First National Bank, North East, Pennsyl00 a, in the amount of $100, it is assumed that these
it'lgations will be placed on a regular reduction basis
such is not already the case."

J

Approved unanimously.
Letter to Mr. Leedy, President of the Federal Reserve Bank
a
sae City, reading as follows:
Of , The Board of Governors approves the appointments
:
Ma lessrs. R. L. Gray, D. Bruce Forrester, Thomas McNally,
th-on L. Thompson, and Harry L. Dempster as members of
Ree Industrial Advisory Committee for the Tenth Federal
:
eier.ve District to serve for terms of one year each beteltn-l-ng March 1, 1945, in accordance with the action
en by the Board of Directors of the Federal Heserve




200
2
/3/45

-3"Bank of Kansas
City, as reported in Mr. Hall's letter
Of January
19, 1945."
Approved unanimously.
Letter to the board of directors of the "Citizens Bank of
Gftimann
-.3

Goodman, M_sconsin, stating that, subject to conditions of

iliellibershiP numbered 1 to 3 contained in the Board's Regulation h and
the fKi,
special condition, the Board approves the bank's applicaticyn
.for membership in the Federal Reserve System and for the apPr°Priate amount
of stock in the Federal Reserve Bank of Chicago:
"4.

At the time of admission to membership, such bank
shall have a paid-up and unimpaired capital of
not less than 25,000."
.
Approved unanimously, for transmission through the Federal Reserve Bank
of Chicago.

Letter to the board of directors of the "First State Bank of
Chinook",
Chinook, Montana, stating that, subject to conditions of
raebershiP numbered 1 to 3 contained in the Board's Regulation H,
the
Board
approves the bank's application for membership in the Fedelr'eLl
Reserve System and for the appropriate amount of stock in the
44ral Reserve
Bank of Minneapolis.
.
Approved unanimously, for transmission through tne Federal Reserve Bank
of Minneapolis.
Letter to
142.

the "First State Bank", Webster City, Iowa, read-

r
°J-Lows:
Board is glad to learn that you have com-'ed all arrangements for the admission of your bank




201
2/3/45

-4-t,() the
Federal Reserve System and takes pleasure in
transmitting herewith a formal certificate of your
membership.
"It will be appreciated if you will acknowledge
receipt of
this certificate."
Approved unanimously.
Telegram prepared in accordance with the action taken at the
eetj
of the Board on January 31, 1945, and reading as follows:
1. "Board has adopted policy of discontinuing delivery to holding company affiliates copies of reports
_4- examination thereof. This policy will include the
retention of
all cooies of such reports of examination unless
otherwise authorized by the Board and apP*Lles to all reports not yet delivered."
Approved unanimously.
Letter to the Administrative Assistant to the Secretary of

the

TreasurY reading as follows:
"Under the Act of July 7, 1943, relating to the
alesPeal of certain records of the United States Governren`') and the regulations promulgated thereunder, the
,ds appearing on this list have been appraised and,
ine ll
eiZe °Pinion of this office, have not, when of the indates specified in each instance, sufficient adtheir,legal, research, or other value to warrant
further retention by the Government.
pea,4"It is recommended, therefore, that the records apth :'ng on this list be proposed for disposal, provided
the
a', Men applicable, the requirements of Section 9 of
, Act of j
(, 1943, will be fulfilled prior to disPOZalet,
Approved unanimously.
Thereupon the meeting adjourned.

Apprxyr




Chairman.