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108 A meeting of the Board of Governors of the Federal Reserve SYstem was held in 11;ashington on Friday, January 21, 1944, at 11:30 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 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 20, 1944, were approved unani- ra011sly. Telegrams to Mr. Paddock, President of the Federal Reserve Bank of Boston, Messrs. Treiber and McCreedy, Secretaries of the Fed"al Reserve Banks of New. York and Philadelphia, respectively, Mr. 14cLa.ri -11, President of the Federal Reserve Bank of Atlanta, and Messrs. cl and Hale, Secretaries of the Federal Reserve Banks of Chicago and Q n Francisco, respectively, stating that the Board approves the eStabi.4 "`Srlinerit On. without change by the Federal Reserve Bank of San Francisco Jah, -"arY 18, by the Federal Reserve Bank of Atlanta on January 19, bY the D 4-ederal Reserve Banks of New Philadelphia, Chicago, and 8an p_ rancisco on January 20, 1944, and by the Federal Reserve Bank of 1"9 1/21/44 -2- Boston today, of the rates of discount and purchase in their existing s chedules. Approved unanimously. Letter to Mr. Leland, Chairman of the Federal Reserve Bank of Chicago, reading as follows: "As requested in Mr. Meyer's letter of January 18, 1 44, the Board of Governors approves the payment of sal9 aries to August J. Pettke, Federal Reserve Agent's Representative, Detroit Branch, at the rate of t3,740 per annum, effective December 1, 1943, and to Charles J. Scanlon, Al„ernate Assistant Federal Reserve Agent, at the rate of 4,000 per annum, effective July 16, 1943, and 1'4,200 per annum, effective December 1, 1943.” Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve Bank of 4118ae City, reading as follows: "The Board of Governors approves the payment of saltoar Mr. Raymond U. Hall, Vice President, General Counsel, and.Secretary, at the rate of 14,000 per annum, for the 12?rlod January 1, 1944 to May 31, 1944, which is the rate rixed by your Board of Directors as reported in your letter of January 15, 1944." Approved unanimously. Letter to Mr. Hall, Secretary of the Federal Reserve Bank of Kansas City, reading as follows: "Receipt is acknowledged of your letter of January 14, 1944, advising that Mr. A. E. Bradshaw, President, 4liational Bank of Tulsa, Tulsa, Oklahoma, was appointed a ember of the Federal Advisory Council for the Tenth Federl Reserve District for the remainder of the year 1944. It is noted from your letter that the Board of Directors voted the payment of an expense allowance of P.300 ! 110 1/21/44 "to Mr. Bradshaw for attendance at each meeting of the Federal Advisory Council, subject to the approval of the Board of Governors. "In this connection, the Board of Governors authorizes Your Bank, until further notice, to pay to the member of the Federal Advisory Council representing the Tenth Federal Reserve District, an amount not to exceed g300 for each meeting of the Council attended." Approved unanimously. Telegram to Mr. Clark, Vice President of the Federal Reserve Bank of Atlanta, referring to the application of "The Bank of Soperton", soPerton, Georgia, for permission to withdraw immediately from member— shiP in the Federal Reserve System, and stating that the Board waives the usual requirement of six months' notice of intention to withdraw, and that, accordingly, upon surrender of the Federal Reserve Bank stock issued to The Bank of Soperton, the Federal Reserve Bank of At— lanta • is authorized to cancel such stock and make appropriate refund thereon. Approved unanimously, together with the following letter to Mr. Neil G. Green— sides, Acting Chief of the Division of Ex— amination, Federal Deposit Insurance Cor— poration: "In accordance with the request contained in your letter of January 15, 194/4, the Board of Governors of the Federal Reserve System hereby grants written consent, pur— suant to the provisions of subsection (k)(2) of Section 12B the Federal Reserve Act, for examiners for the Federal Deposit !-Tnposit Insurance Corporation to make an examination of . il2e Bank of Sonerton, Soperton, Georgia, in connection with L8 aPplication for continuation of insurance after with— drawal from membership in the Federal Reserve System. iii 1/21/44 -4- "As you know from your review of the reports of examination of the bank, the total investment in fixed assets and other real estate together with potential other real estate in loans has been excessive, the carrying values have been full, and progress in improving the situation was not satisfactory. However, following the examination as of February 14, 1942, the directors adopted a resolution instructing the management to charge off 4 per cent annually on bank premises and 10 per cent annually on other real estate. Other than this there is no incomplete corrective program in connection with which the Board would suggest incorporation of conditions for continuing the bank's status as an insured bank." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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