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1274 A meeting of the Board of Governors of the Federal Reserve SYstera was held in Washington on Tuesday, July 31, 1945/ at 10:30 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. Szymczak Mr. Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein- 111!.t,er r eferred to was taken by the Board: Memorandum dated July 27, 1945, from Mr. Bethea, Director °f the .tr4 D-4.8.1-on of Administrative Services, recommending that Mrs. Zimmerman be appointed as an elevator operator in that Divi— Lell °4 a temporary basis for an indefinite period, with basic salary at the rat e of $1,440 per armum, plus supplemental compensation for °Irertime of „ i216 per annum on the basis of a 44—hour workweek, effec— te t4 as of the date upon which she enters upon the performance of her dlItte8 after ha to a h:::s:: ::: usual physical examination and subject : satisfact conto: references. The memorandum stated that tt is emplated that Mrs. Zimmerman will become a member of the lloard's retirement system. the Approved unanimously. Mem orandum dated July 30, 1945, from Mr. Carpenter submitting t'eaignat i°n of Miss Dorothy Purcell, a file clerk in the Secretary's 1275 7131/45 °race, -2effective as of the close of business August 11, 1945, and ree°111111ending that the resignation be accepted as of that date and that a lumP sum payment be made for the accumulated and accrued anal leave remaining to her credit at that time. ammenZresignation was accepted as recLetter to The Farmers State Bank of Lawrenceville, Lawrenceville, 8; reading as follows: 4 "The Board of Governors of the Federal Reserve Syseu;7 .a has considered the application for permission to extT eiee fiduciary powers made by you on behalf of the IV,1,renceville National Bank and Trust Co.,' Lawrenceville, p,,;_, the national bank into which The Farmers State -c; - " of Lawrenceville, Lawrenceville, Illinois, is to be and grants such national bank authority, effecth : '--, and when it is authorized by the Comptroller of , ; oc 4 urrency to commence business, to act, when not in avì fre .ntion of State or local law, as trustee, executor, :—'1._-1-s trator, registrar of stocks and bonds, Of of assignee, receiver, committee of estates i guardintse' StattAil, es, or in any other fiduciary capacity in which Com .anks, trust companies or other corporations which to e into competition with national banks are permitted erc'et under the laws of the State of Illinois, the exor ,t1, se of all such rights to be subject to the provisions Boar"e Federal Reserve Act and the regulations of the dtior Governors of the Federal Reserve System. Lawre Atter the conversion of The Farmers State Bank of Trusin„ ceville into the Lawrenceville National Bank and curr becomes effective and the Comptroller of the eneY authorizes the national bank to commence business, liati,,1"e requested to have the board of directors of the tionlal bank adopt a resolution ratifying your applicacertir?r Permission to exercise fiduciary powers, and a forvia , ; 3 ed copy of the resolution so adopted should be tran :',:ed to the Federal Reserve Bank of St. Louis for -"'ttal to the Board for its records. When a copy 12'76 7/31/45 —3— "of such resolution has been received by the Board, a formal certificate covering the national bank's authority to exercise trust powers will be forwarded." Approved unanimously. Letter to Mr. Charles P. Maeans, Cashier of the Bank of 660 " 11, Lexington, Alabama, reading as follows: r 'Re have received your letter of July 19, 1945, Qe!nding an interpretation of the Board's Regulation glad to have your views with respect to tiL112:41SUMallettaerre. th "While your letter does not specifically indicate 8,! interpret ation which you have in mind, it is as— that you have reference to the letter which was 7ccIressed by the Board of Governors to all member banks er date of June 22, 1945, regarding the policy of Board with respect to the absorption of exchange bY member banks; and a copy of that letter is in-feed for your information. The procedure set forth moszhat letter was adopted by the Board only after the Eillatreful and thorough consideration and after con— with many of the member banks affected. The general question whether absorption of exchange char an7 m mber banks constitutes a payment of interest 011 ce tain:'"Q deposits in violation of the prohibition con— the Banking Act of 1933 has been the subject haseonsiderable discussion in recent years and the Board ac°nsulted the Federal Deposit Insurance Corporation aumber of occasions with respect to this question. , Howe statver, the Board's Regulation, as well as the policy ,in the on. breci sys4eluno. banks letter of June 22 mentioned above, applies which are members of the Federal Reserve aes "We are sending a copy of your letter to the Federal bis.et2re Bank of Atlanta which serves the Federal Reserve have-f,t in which your bank is located; and if you should ;'"Y further questions in this connection, you may firid . Rep "Lt more convenient to take them up with the Federal -erre }3 ank, which will be very glad to assist you in arkY vra Y P°esible." Approved unanimously. 1277 7/31/45 -4Letter prepared for the signature of Vice Chairman Ransom t° Senator Claude Pepper, Chairman of the Foreign Trade Subcommittee, " l' 41-ng as follows: "As Chairman Eccles is temporarily out of the city, wleh to acknowledge your letter of July 23 addressed to 1,4_ in regard to the interest of your subcommittee in ;Dtalning information about facilities available to small °reign traders for financing export shipments. Let MR as ure1, you on behalf of the Board that we shaT1, of course, 'e glad to cooperate with you and the subcommittee in every ,P,.°88ible way to aid you in obtaining such information as J°11 maY regard as helpful to your study. r "1 understand that Mr. Forbes of your staff has al' Te dY been in touch with Mr. Walter Gardner, Chief of our '1.1_,IT'ernational Section, with a view to working out, if poslble, details of the information desired and how it may ueet be procured." T Approved unanimously. Memorandum dated Jay 31, 1945, from Mr. Hooff, Attorney, tiec°11111/exiding that there be published in the August 1945 issue of the cler.9-1 Reserve Bulletin statements in the form attached to the men°'a11(1111 with respect to the following subjects: Bretton Woods Agreements Act Consumer Credit Amendment to Regulation Vi Ekport-Import Bank Act of 1945 Foreign Funds Control Treasury Department Releases The me 1°431 ' 841dum also stated that in the event the Bretton Woods Agreets 4.t. and the Export-Import Bank Act of 1945 have not been signed the Pl'esident by the time the August Bulletin is paged they should 12 7/31/45 —5— be held out for publication in the September issue. Approved unanimously. Thereupon the meeting adjourned. Appro
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