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54 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Saturday, January 13, 1945, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak McKee Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on January 12, 1945, were approved unanimously. Letter to Mr. Nardin, Federal Reserve Agent at the Federal Reserve Dank of St. Louis, reading as follows: "In accordance with the request contained in your letter of January 11, 1945, the Board of Governors approves, effective January 21 1945, the payment of salaries to Federal Reserve Agent's Representatives at the Branches as follows: John A. Links, F. R. Agent's Representative, $3,120 Little Rock Branch Garland H. Parsell, F. R. Agent's Represent3,060 ative, Louisville Branch Carl Ritzel, F. R. Agent's Representative, 3,300" Memphis Branch Approved unanimously. Letter to Mr. Evans, Vice President of the Federal Reserve Bank of Dallas, reading as follows: 55 1/13/45 -2- "In accordance with the request contained in your letter of January 8, 1945, the Board approves the designation of the following as special assistant examiners for the Federal Reserve Bank of Dallas: Head Office D. W. Adams Jas. A. Parker H. M. Adams T. W. Plant A. S. Boyett James H. Potter Jack Cox D. T. Richards W. C. Gallaher Harold M. Simmons T. A. Hardin Zenas B. Smith W. T. Henry E. A. Thaxton Leo Howell C. R. Wallin Herman B. Hudson John Yeilush R. H. Lish .411atQa_Braaah El Paso Branch San Antonio Branch W. T. Edwards Russell L. Mason James Cauthen W. C. Hartung Travis Johnson Alvin E. Russell R. M. Guinn Frederick Schmid E. P. Prentiss Foster E. Irwin H. A. Yancey "The foregoing includes the names of all persons on the list submitted except those whose designations as special assistant examiners have been approved by the Board, heretofore. "As the names of Fred T. Novey, approved April 16, 1940, elTrid L. O. Moore, Jr., approved February 13, 1943, were not Included in your list, they have been removed from the list of special assistant examiners in our records. "Your comments regarding the active prospects for membership have been noted with interest." Approved unanimously. Telegram to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "Reurtel Board extends to February 13, 1945, time within which The State Savings Bank, Bridgman, Michigan, may accomplish membership." Approved unanimously. 56 1/13/45 -3Telegram to Mr. Mangels, Vice President of the Federal Reserve Bank of San Francisco, reading as follows: "Reurtel thirteenth. Board's letter of January 5 raising no objection to Nevada Bank of Commerce, Elko, Nevada, acting as registrar of stocks and bonds for Pioche Mines was not intended to restrict bank's authority to act as registrar in any capacity permitted by State law." Approved unanimously. Letter to Mr. Rouse, Vice President of the Federal Reserve Bank of New York, reading as follows: "Following receipt of your letter of December 6 enclosing the application submitted by Hardin, Hess & Eder, Attorneys, for a determination by the Board that the Bank of Mexico is not a holding company affiliate except for the purpose of section 23-A of the Federal Reserve Act, and our acknowledgment thereof December 12, Mr. Tiebout raised a question by telephone as to the requirement of Regulation P that a holding company affiliate agreement be obtained and filed by Pan American Trust Company within 90 days of becoming a subsidiary. "As Mr. Tiebout pointed out, consideration of the larger questions involved in this matter will delay action by the Board on the application submitted until after the 90 days have expired. In these circumstances, and on the assumption that the Bank of Mexico and the Pan American Trust Company have withheld the filing of the agreement solely because of the pendency of the application for determination, it is apparent that no useful purpose would be served at this time by requiring the agreement to be filed while the pending application is awaiting decision." Approved unanimously. Letter to Mr. Beasley, Vice President, Beverly Hills National BeIlk& Trust Company, Beverly Hills, California, reading as follows: 57 1/13/45 -4- “This refers to your letter of December 7, 1944, regarding the question whether an arrangement made by bank with a customer for the maintenance of a special checking account in connection with a real estate loan to such customer involves a payment of interest on demand deposits in violation of the Board's Regulation Q. We regret that, because of the year-end pressure of business requiring the attention of the Board, we have not acknowledged your letter sooner. "Upon consideration of the question presented in your letter, it appears advisable that the matter be taken up With the Office of the Comptroller of the Currency; and, accordingly, we are referring your letter to the Comptroller with a request for his comments.” Approved unanimously, together with the following letter to Honorable Preston Delano, Comptroller of the Currency: "There is enclosed a copy of a letter received by the Board from Mr. R. S. Beasley, Vice President, Beverly Hills National Bank & Trust Company, Beverly Hills, California, dated December 7, 1944, regarding the question whether an arrangement made by that bank with a customer for the maintenance of a special checking account in connection with a real estate loan to such customer involves a payment of interest on demand deposits in violation of the Board's Regulation Q. . "Since it appears from Mr. Beasley's letter that the national bank examiner for his district has expressed the b?lief that the arrangement in question constitutes a violation of Regulation Q, and since the facts stated in the letter are insufficient to enable the Board to express an opinion, this matter is being referred to you for your comments." Letter to Mr. Leach, Chairman, Committee on Operations, Conference of Presidents, Federal Reserve Bank of Richmond, reading as folIowa: "This refers to your letter of January 8, with which You enclosed three copies of the report of the Committee 58 1/13/45 -5- 0on Collections to the Committee on Operations of the Conference of Presidents, dated December 27, 1944, with reference to changing the uniform instructions regarding protest and wire advice of nonpayment under which cash items are received and forwarded by Federal Reserve banks. "You state that since changes in the uniform sections of the check collection circulars of the Federal Reserve banks have to be approved by the Board of Governors before they are effected, you would appreciate advice as to whether the changes recoramended in the report would be approved by the Board if they are favorably acted upon by the Presidents. The report has been considered by the Board and I am authorized to advise you that the Board approves the report subject to its being acted upon favorably by the Presidents." Approved unanimously. Thereupon the meeting adjourned. hc) Chairman. Secretary.
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