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1_109 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, July 29, 1947. PRESENT: Mr. Eccles, Chairman Mr. Evans Mr. Vardaman Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Memorandum dated July 29, 1947, from Mr.. Leonard, Director °f the Division of Examinations, recommending that the resignation Of miss Myrtle C. Price, a clerk-typist in that Division, be ac- "pted to be effective, in accordance with her request, at the close of business August 1, 1947, with the understanding that a lump sum 1)84stent would be made for annual leave remaining to her credit as of that date. Approved unanimously. Memorandum dated July 28, 1947, from Mr. Smead, Director of the Division of Bank Operations, recommending that the resignation °f Janles P. Wooten, an accounting clerk in that Division, be accepted tQ "s effective, in accordance with his request, at the close of business August 3, 1947, with the understanding that a lump sum payment li°111d be made for annual leave remaining to his credit as of that date, Approved unanimously. 7/29/47 -2Letter to Mr. Neely, Federal Reserve Agent of the Federal Reserve Bank of Atlanta, reading as follows: "In accordance with the request contained in Mr. Rainey's letter of July 241 19471 the Board of Governors approves, effective August 1, 19471 the payment of salary to Mrs. Genevieve M. Barnett, Alternate Ascastant Federal Reserve Agent, at the rate of $31600 Per annum." Approved unanimously. An application had been received under date of July 91 1947, "The National City Bank of New York", New York, New York, requesting approval of the Board to establish and maintain at Clark Field, Republic of the Philippines, a branch of "The National City Bank of New York", and a letter had been received under date of Jul 10, 19471 from Mr. Sheehan, Chief Examiner of the Federal Re- 8el ' ve Bank of New York, recommending that the application be approved. Ullcler date of July 231 1947, the Board had also been advised by the C°11113troller of the Currency that that office had no objection to the "tablishment of the proposed branch. The following order was adopted by unanimous vote: "ORDER "WHEREAS The National City Bank of New York has illade application to the Board of Governors of the Federal Reserve System, pursuant to the provisions of section 25 of the Federal Reserve Act, for permission to establish a branch at Clark Field, Republic of the Philippines; and 7/29/47 -3- "WHEREAS it appears that the said bank may properly be authorized to establish a branch at Clark Field, Republic of the Philippines; maw, THEREFORE, The National City Bank of New York is authorized to establish a branch at Clark Field, Republic of the Philippines, and to operate and maintain it subject to the provisions of section 25 of the Federal Reserve Act, upon condition that unless the branch is actually established and opened for business on or before August 1, 1948, all rights hereby granted as to such branch shall be deemed to have been abandoned and the authority hereby granted shall automatically terminate On such date. "Dated: July 29/ 194 " In connection with the above matter, the following letter to Mr. Wiltse, Vice President of the Federal Reserve Bank of New York, was also approved unanimously: "Enclosed is a certified copy of an order of the Board of Governors authorizing The National City Bank of New York to establish a branch at Clerk Field, RepUbltc of the Philippines, which you will please deto the bank. A copy of the order is enclosed for your files. , "Please ask the bank to note that the authority tiO establish the branch will automatically terminate °II August 1, 1948, if the branch is not actually established and opened for business on or before that date, and request the bank to advise the Board in writing when the branch is so established and opened for business." Letter prepared for Chairman Eccles' signature to the Presilents of all Federal Reserve Banks reading as follows: "You perhaps have seen the statement on 'Meeting the SPecial Problems of Small Business' by the Research and fthe Committee for Economic Development of Committee 1 but in the event you have not you will 7/29/47 -4- "12e interested particularly in the discussion beginning on page 39 of the statement relating to Government financial aid to smAll business and the proposal contained therein that the Federal Reserve Banks be given broader authority to guarantee industrial loans made by commercial banks. "This discussion is a strong endorsement of S. 408 aad H.R. 3268 now pending before Congress. Although tL5 legislation was not passed during the session just ended, the bill has been favorably reported by the Senate Banking and Currency Committee and is now ready for onsideration by the Senate. The hearings before the ' banking and Currency Committee of the House have been c?mpleted and the bill is ready for action by the Comzittee. It is believed, therefore, that the bill will " ° 111DY a very favorable position when Congress reconvenes after the first of the year. "The Board feels, however, that it is important hat during the balance of the year your Bank continue its efforts to assure that the scope and purposes of the bill are understood by the business and financial leades and others in your district and that they are advised of the endorsements which it is receiving from such °rganizations as the Research and Policy Committee of the Committee for Economic Development. The statement of that °rganization sets forth effectively the fundamental phi1°s°PhY underlying the legislation and it would be desiraif* it could be brought to the attention of the individuals in your district who are most interested in the enactment of the bill." Approved unanimously. Chairman.
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