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1091. A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, July 6, 1944, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Evans Mr. Bethea, Assistant 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: Memorandum of this date from Mr. Bethea recommending that Miss Ruby Brooks be appointed as a cafeteria helper in the Secretary's Office on a temporary basis for an indefinite period, with basic salary at the rate of g1,200 per annum, effective July 6, 19L4. Approved unanimously. Telegram to Mr. Peyton, President of the Federal Reserve Bank of Minneapolis, reading as follows: "Relet June 28. Board understands $15,000 par value stock of Iron Exchange Bank, Hurley, Wisconsin, has been delivered to bank for cancellation from Stabilization Trust under court order. Therefore, Board approves cancellation of stock for purposes stated and reduction of capital as proposed." Approved unanimously. Letter to Mr. Fleming, President of the Federal Reserve Bank of Cleveland, reading as follows: "This refers to your letter of June 28, 19441 stating that you have in mind the construction of an addition 1_072 7/6/44 -2- "to the present branch building at Pittsburgh and asking for an opinion as to the status under the law of the proposed addition. "The Act of Congress approved April 14, 1930, authorized the erection of a branch building in Pittsburgh at a cost not to exceed $875,000, exclusive of the cost of vaults, permanent equipment, furnishings and fixtures. The actual cost on this basis was reported as $859,701.42 in your letter of January 13, 1932. It would seem that the maximum amount expendable on the branch building, exclusive of the items mentioned, may not properly exceed the amount specified in such Act. It is recognized that the proper interpretation of this Act and also of the provisions of section 10 of the Federal Reserve Act on this subject is not too clear. Expenditures for replacements may well be justifiable even though they increase the total expended to an amount exceeding that stated in the statute. An addition to or an enlargement of the building, however, appears to fall in a different category, and it is difficult to see how an expenditure for this purpose which increases the total amount above that stated in the statute can be warranted. "Perhaps we do not have all the facts in this matter, and it may be that you or your Counsel can suggest some method by which the proposal might be brought within the law. The above, however, represents our thought on the subject at this time." Approved unanimously. Memorandum of this date from Mr. Leonard, Director of the Division of Personnel Administration, recommending, for the reasons stated In the memorandum, that the Division's budget for personal services be increased by $275 to provide for payments to the substitute maid during the remainder of 1944. Approved unanimously. 1073 7/6/44 _3_ Thereupon the meeting adjourned. Assistant Secretary. Approved.. 1\41 -Vice Chairman.
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