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962 A meeting of the Board of Governors of the Federal Reserve 8Yetemwas held in Washington on Friday, June 15, 1945/ at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— atter r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the 41 Reserve System held on June 14, 1945, were approved unanimously. Telegrams to Messrs. Treiber and Clouse, Secretaries of the "al Reserve Banks of New York and Cleveland, respectively, Mr. Leach ) President of the Federal Reserve Bank of Richmond, Mr. Dillard, Vteep l'esident of the Federal Reserve Bank of Chicago, Mr. Stewart, 4erst of the Federal Reserve Bank of St. Louis, Mr. Powell, First --,e 'llesident of the Federal Reserve Bank of Minneapolis, Mr. Caldwell, elaairz3a 4 of the Federal Reserve Bank of Kansas City, Mr. Gilbert, Pres— of the Federal Reserve Bank of Dallas, and Mr. Earhart, Vice Pteeid ellt of the Federal Reserve Bank of San Francisco, stating that e toe. ' I d approves the establishment without change by the Federal Re— ye " 4 of San Francisco on June 12, and by the Federal Reserve e*r 3ew York, Cleveland, Richmond, Chicago, St. Louis, Minneapolis, 963 6/15/45 -2- 41418as city, and Dallas on June 14, 1945, of the rates of discount 411(1 131.1rchase in their existing schedules. Approved unanimously. Memoramdum dated June 13, 1945, from Mr. Nelson, Assistant r)ire ctor of the Division of Administrative Services, recommending that Berliamin G. Goods be appointed as a guard in that Division on terop °4'dry basis for a period of not to exceed four months, with bae, 'c salary at the rate of $1,500 per annum, effective as of the (late 11Pon which he enters upon the performance of his duties after havin,„ G passed satisfactorily the usual physical examination. The kekr 4Mum stated that Mr. Goods would not become a member of the toar,..1 s4 6 retirement system. Approved unanimously. Memorandum dated June 14, 1945, from Mr. Nelson, Assistant illrectOr of the Division of Administrative Services, submitting the 4eigriation of William J. Traver as a guard in that Division, effect4 ae of the close of business on May 31, 1945, and recommending hat the resignation be accepted as of that date with the understandhz hewill make proper reimbursement for his overdrawn sick Aeav 0 of 12 days, 1 hour and 30 minutes. The resignation was accepted as recommended. Letter to Mr. Young, President of the Federal Reserve Bank of 964 6/15/45 —3— Chicago reading as follows: "This refers to Mr. Diercks' letter of May 24, 1945, submitting with your favorable recommendation, the request of The Detroit Bank, Detroit, Michigan, for permission to act as Escrow Agent and Fiscal Agent. "Consideration has been given to the probable nature °f the transactions to be handled under the authorization of the Commissioner of the Banking Department of the State (3f Michigan, dated February 21, 1945, and to the fact that applicant does not wish to engage in fiduciary activi— ,les generally and does not intend to set up a separate .,rust department. It appears that the types of Agencies 1/1 question are at most of a quasi—fiduciary nature, in1, 7°1ving ministerial functions only which might be handled L),7 a bank not having trust powers. "In the circumstances, the Board will interpose no ;?Jection to The Detroit Bank acting as Escrow Agent and ,lseal Agent, but will not prescribe the three standard ust conditions, acceptance of which would be required .the applicant should desire at any time to engage in 41duciary activities. "Please advise The Detroit Bank accordingly." Approved unanimously. tiemorandum dated June 14, 1945, from Mr. Thomas, Director c'tthe D sion of Research and Statistics, recommending that arrange— nlade with the firm of Hart, Dice, and Harkins for the Board the Federal Reserve Bank of New York to receive daily transcripts °t the hearings being held on the Bretton Woods proposals by the ete Banking and Currency Committee at a total cost for two sets (11'75 cents a page, and recommending that the 1945 nonpersonal budget c'Ithe Division of Research and Statistics be increased by the amount riea./7 to cover the Board's part of the cost of the transcripts. 111 111 e -erbtc)rezIdum stated that half of the expense would be borne by the 965 6/15/45 —4— Hew rc`it Bank and the other half by the Board. Approved unanimously Thereupon the meeting adjourned. Chairman.
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