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111 A meeting of the Board of Governors of the Federal Reserve 8:03tem was held in Washington on Friday, January 25, 1946, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman McKee Draper Evans Mr. Hammond, Assistant Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman Mr. Townsend, Assistant General Attorney Mr. Brown, Assistant Director of the Division of Security Loans Mr. Chase, Attorney Mr. Solomon, Attorney Mr. Wyatt, General Counsel Messrs. Paul C. Hodge and E. A. Heath, General Counsel and Assistant Cashier, respectively, of the Federal Reserve Bank of Chicago, and Mr. Kenneth E. Haefele, Assistant Counsel, Detroit Branch, Federal Reserve Bank of Chicago Mr. Hugh W. Allin, Counsel for the Motor City Credit Jewelry Company, Inc. ALSO PRESENT: Honorable George C. Sadowski, M. C. Mr. Ransom stated that this meeting was for the purpose of he ' 441g oral argument on the recommended findings and opinion of the trial examiner in the matter of the Motor City Credit Jewelry Company, of Van Dyke, Michigan, which had been cited by the Federal Re— 81*Ire Bank of Chicago for violations of the Board's Regulation W, e()rielmier Credit. 112 1/25/46 —2— Mr. Hodge stated the case for the Federal Reserve Bank of ilicago, indicating the nature and extent of the registrant's viola— of Regulation V; and urging the need of a penalty in justice to the thousands of other registrants who had complied with the regula— tioris Congressman Sadowski appeared as a character witness for the and managers of the registrant, and Mr. Allin reviewed the case t4 8UPPOrt of his plea for leniency for them on the grounds of military "lee, no denial of the violations being made. At the conclusion of the hearing, a transcript of which has been P'-aced in the Board's files, Mr. Ransom requested Mr. Hodge and All. —"an to work out and submit for the consideration of the Board 4 di, QP0eition of the case which would satisfy the requirements of hetice and take into account such justification as there might be t" leniency. Thereupon the meeting adjourned. Assistant Secretary. Vice Chairman.
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