The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
!I; A meeting of the Board of Governors of the Federal Reserve '3rstelk ,aas held in Washington on Wednesday, June 6, 1945, at 11:00 a..ra. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— alt''er r eferred to was taken by the Board: Peder.s, The minutes of the meeting of the Board of Governors of the Reserve System held on June 5, 1945, were approved unanimously. Telegram to Mr. Peterson, Vice President of the Federal Re— serve t at* of St. Louis, reading as follows: wit let May 4 Board extends to July 7, 1945, time a hln which Newburgh State Bank, Newburgh, Indiana, may ceorriplish membership." Approved unanimously. Letter to the board of directors of "The First State Bank", c)c)ker, T exas, stating that, subject to conditions of membership num,b„ /`ect 1- to contained in the Board's Regulation H, the Board approves hank, th f N11 application for membership in the Federal Reserve System the appropriate amount of stock in the Federal Reserve Bank of 3 • Approved unanimously, for transmis— slon through the Federal Reserve Bank of Dallas. 914 6/ 6 /45 -2Letter to "Harlingen State Bank", Harlingen, Texas, reading as follovi-s: "The Board is glad to learn that you have completed for the admission of your bank to memarrangements be in the Federal Reserve System and takes pleasure .;:" transmitting herewith a formal certificate of your memuerehip. "It will be appreciated if you will acknowledge receipt of this certificate." Approved unanimously. Letter to Mr. F. J. Bailey, Assistant Director, Legislative Reference, Bureau of the Budget, prepared for the signature of Chairman eel" and reading as follows: in "This refers to your letter of June 5, 1945, enclosssg,a facsimile of the enrolled enactment of Congress of 8.21°, 'To amend sections 11(c) and 16 of the Federal ReAct as amended, and for other purposes', and int:11111'vein g whether there is any objection to its approval by the P resident. 1, s bill, which was originally suggested to the Cogres by the Board of Governors, would (1) reduce res :12e of Federal Reserve Banks to a uniform er ri of 25 per cent in gold certificates against Fed( 12 ,! e .eq:reve notes in circulation and deposit liabilities, indefinitely the authority for the use of dicurl obligations of the United States as collateral seor Federal Reserve notes, (3) terminate the auto issue Federal Reserve Bank notes, and (4) terthe ! r's the authority to issue United States notes under ,r ma, 0 amendment of May 12, 1933. Ihe Board favors the bill S. 510 as passed by the tilzVse and enclosed with your letter and earnestly hopes cloae t will be approved by the President. There is enthe 24 a statement explaining the principal provisions of tue aeure and the need for its enactment." Approved unanimously.
@FedFRASER