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897
A meeting of the Board of Governors of the Federal Reserve
rz,item W
as held in Washington on Saturday, June 2, 1945, at 10:30
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 hereinfter
r
eferred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
Peciere.,
4
' Reserve System held on June 1, 1945, were approved unanimously.
Ilemorandum dated May 30, 1945, from Mr. Bethea, Director of
the
IN •
laNi
of Administrative Services, recommending that James L.
Zitoalle
be
b
a
appointed as a guard in that Division on a temporary
an indefinite period, with basic salary at the rate of $1,500
Pe
1,027)effective as of the date upon which he enters upon the perN,qc
al
of his
duties after having passed satisfactorilj the usual
examination.
The memorandum stated that Mr. Zimmerman would
e a member of
the Board's retirement system.
Approved unanimously.
tka
orandum dated June 1, 1945, from Mr. Thomas, Director of
8i°11 of Research and Statistics, submitting the resignation
6iM.5
-2-
qj°hn Hans Adler as an economist in that Division, effective as of
the vse
ci
of business on June 21 1945, and recommending that the resig/1410/1 be
accepted as of that date with the understanding that approMate
payment will be made for the accumulated and accrued annual
le
re remaining to his credit at that time.
The resignation was accepted as recommended.
Letter to Mr. Weigel, Assistant Vice President of the Federal
Ilese e Bank of St. Louis, reading as follows:
p
"The Board of Governors approves the changes in the
ers?anel classification plan of the Louisville Branch as
ellbrintted with your letter of May 26, 1945."
Approved unanimously.
Telegran to Mr. Clark, Vice President of the Federal Reserve
°I. Atlanta,
referring to the application of the "Farmers Bank of
'
elham, Georgia, for permission to withdraw immediately from
nlembereh.;
-'P in the Federal Reserve System, and stating that the Board
11114e8 the
- usual requirement of six months' notice of intention to
Ilithdrawl
end that, accordingly, upon surrender of the Federal Reserve
t`41k et
ktat 0 ock issued to the Farmers Bank of Pelham, the Federal Reserve
1,e1.1104
tlanta is authorized to cancel such stock and make appropriate
thereon.
Approved unanimously.
Letter
to Morgan & Cie. Incorporated, New York, New York, read-
follows:
899
6/2/45
—3-"This refers to your letter of May 25, 1945, ad—
dressed to the Federal Reserve Bank of New York, in which
YTI refer to the agreement executed by your corporation
wIth the Board
of Governors of the Federal Reserve Sys—
tem on January 26, 1945, prescribing certain limitations
cn the
operations of your corporation.
You inquire whether the Board of Governors would
hay any
e
objection to your corporation making acceptances
("Leh pertain to commercial transactions within France
,_not necessarily involving the import or export of goods
the
furnishing of dollar exchange as specifically au—
"otsedze
c)rid
j
by the agreement). You state that you are ad—
that, according to the custom in France, extensions
uicredit often take the form of acceptances when in the
vinited States the form of credit which would be employed
ailld be an ordinary loan evidenced by a promissory note.
to "The Board of Governors will interpose no objection
7. r engaging in the type of acceptance credit transac—
t
,
°118 which are generally customary in France when such
ansactions are within the other limitations prescribed
the.
agreement. It is understood, of course, that In
of etang such transactions you will be guided by the laws
ei,;rance and by sound business judgment and banking pram--14j-e8 as provided for in Section 3 of the agreement."
34f
Approved unanimously, together with
the following letter to Mr. Rouse, Vice
President of the Federal Reserve Bank of
New York:
a co 11 This
refers to your letter of May 25 transmitting
eraill. of a letter of the same date addressed to the Fed—
relatze se. rve Bank of New York by Morgan & Cie. Incorporated
tnalr lye to the question of whether Morgan ez Cie. Incorporated
trva.riniake acceptances in France which pertain to commercial
yel sacti°ns within France but which do not necessarily in—
dolle the import
or export of goods or the furnishing of
4!: "Change.
eo 'AttaChed
is a letter addressed to Morgan & Cie. In—
°1 4
that:
together with a copy for your files, stating
tiorea
he Board of Governors will interpose no objection to
'
arice
Incorporated engaging in the type of accept—
Praziceredit transactions which are generally customary in
tiorl e when such transactions are within the other limita—
s Preccribed in the agreement entered into by Morgan &
900
6/2/45
—4—
“Cie- Incorporated with the Board.
rated"Please deliver the letter to Morgan & Cie.Incorpo—
.”
Thereupon the meeting adjourned.
Chairman.
@FedFRASER