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1027 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Friday, July 9, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee 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 Xuly 8, 1943, were approved unanimously. Telegrams to Messrs. Paddock and Leach, Presidents of the Federal Reserve Banks of Boston and Pichmond, respectively, Mr. Frazer, Secretary pro tern of the Federal Reserve Bank of Atlanta, Mr. Dillard, Vice President of the Federal Reserve Bank of Chicago, Mr. Stewart, Secretary of the Federal Reserve Bank of St. Louis, Mr. Powell, First Vice President of the Federal Reserve Bank of Minneapolis, Mr. Gilbert, President of the Federal Reserve Bank of Dallas, and Mr. Hale, Vice President of the Federal Reserve Bank of San Francisco, stating that the Board approves the establishment without change by the Federal Reserve Bank of San Francisco on Slily 6, by the Federal Reserve Bank of Atlanta on Xuly 7, by the Federal Reserve Banks of Richmond, Chicago, St. Louis, Min- neapolis, and Dallas on July 8, 1943, and by the Federal Reserve Bank -2- 7/9/43 of Boston today, of the rates of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated July 5, 1943, from Mr. Goldenweiser, Director of the Division of Research and Statistics, recommending that Miss Blanche D. Fauteux be appointed as a clerk-stenographer in that Division, with basic salary at the rate of a,740 per annum, effective as of the date Upon which she enters upon the performance of her duties after having Passed satisfactorily the usual physical examination, with the understanding that if anything derogatory should develop in the investigation °f her references her services may be terminated immediately. Approved unanimously. Memorandum of this date from Mr. Morrill, recommending (1) that the appointment of Mrs. Laura E. Lawson as a cafeteria helper in the Secretaryt s Office be made permanent, effective as of the expiration of her temporary appointment on July 11, 1943, and(2) that her salary be in- creased from .11,080 to $1,200 per annum, effective July 16, 1943. Approved unanimously. Letter to Mr. Hays, First Vice President of the Federal Reserve Bank of Cleveland, reading as follows: "This refers to your letter of July 2, 1943, submitting an itemized statement from your Counsel, Squire, Sanders & Dempsey, of special fees in the amount of $6,725. Of this amount $3,875 covers fees for services in connection with Regulation V from April 1 to June 30, 1943, and t2,850 covers Special services from January 1 to Tune 30, 1943, including 1,150 for services in connection with Regulation W. -1029 7/9/43 _3_ "It is noted that the board of directors of your bank has approved payment of these fees. It is also noted that the amount listed for Regulation V operations will be included in Your claims for reimbursement to the War and Navy Departments and that the 350 fees in connection with Retirement System matters will be prorated among the Federal Reserve Banks. "The Board of Governors approves the payment of $6,725 to Squire, Sanders 8c, Dempsey for their services as specified in Your letter." Approved unanimously. Letter to Mr. Gidney, Vice President of the Federal Reserve Bank Of New York, reading as follows: "Reference is made to your letter of May 7, 1943, submitting for the consideration of the Board the plan of The Springdale Bank and Trust Company, Springdale, Connecticut, to increase its common capital stock to $125,000, purchase the assets and assume the deposit liabilities of The Stamford Industrial Bank, Stamford, Connecticut, and move its place of business to the present quarters of the Stamford Industrial Bank. The matter has been held in abeyance at your request pending receipt by The Springdale Bank and Trust Company of the required written consent of the Federal Deposit Insurance Corporation to assume the deposit liabilities of an uninsured bank, which, we understand, has been received. "On the basis of the information submitted the Board concurs in your opinion that the completion of the plan will not involve any change in the general character of the business of The Springdale Bank and Trust Company or the scope of the corporate powers exercised by it and the Board will interpose no objection to the completion of the plan substantially as submitted provided the member bank does not acquire any stocks, substandard securities, real estate or other assets the purchase of which is prohibited by law; the prior approval of the appropriate State authorities is obtained; and counsel for the Reserve Bank is to be satisfied as to the legal aspects involved." Approved unanimously. Telegram to Mr. Dillard, Vice President of the Federal Reserve Bank of Chicago, reading as follows: "Retel. It seems unlikely at present that Amendment No. 10 1030 7/9/43 "(to Regulation W) will be released in the near future but there is reason to believe that it will probably not be delayed for more than two or three months at the longest." Approved unanimously. Thereupon the meeting adjourned. j-y')cp.avidL. ecretary./9 APPro Chairman.
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