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Cv4 A meeting of the Board of Governors of the Federal Reserve Srsteraltras held in 7;ashington on Thursday, June 7, 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 herein— tiq' r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fecier. , ''LL Reserve System held on June 6, 1945, were approved unanimously. Menlorandum dated June 5, 1945, from Mr. Carpenter recommending, the re ason stated in the memorandum, that Miss Helen A. Haltigan, a. tiae lit clerk in the Secretary's Office, be granted leave of absence : 11311t PaY for the period beginning June 6, 1945, and terminating t later than September 1, 1945. Approved unanimously. Peqera Letter to Mr. Sassman, Supervisor, Consumer Credit Department, 1 Reserve Bank of St. Louis, reading as follows: 1945 "This is with reference to your letter of June 17 enclosing a copy of a letter dated May 31 received by ' from the Building Guard Company, Memphis, Tennessee, fei;lting that attic ventilating fans should be trans— from Group A of section 13(a) of Regulation Vi to 6/7/45 -2- "This question was considered at the time Amendment 11?. 16 was being formulated and it was decided that in 71-evq. of the prices of such articles, their semi-luxury t character, and the fact that they do not become an inpart of the structure, they belong in Group A rather zhan Group C. Terms of as long as 18 months without down PaYraent do not appear appropriate for such items at this time• "It is possible that your correspondent has the imP?'e?sion that the Board was acting to liberalize the prolslons of the regulation. As you know, the intent was 4,elluplify and standardize its application to activities -Lated to home maintenance without change in the overall effect.11 Z Approved unanimously. Letter to Mr. Wiltse, Vice President of the Federal Reserve or Nevi York, reading as follows: ."Reference is made to your letter of May 29, 1945/ :4°Dte-tting for the consideration of the Board, under the ovIsions of an applicable condition of membership, the p0205ed purchase by the Washington Irving Trust Company, Chester, New York, of a building located near the 1;reaseat site of its branch in Tarrytown, New York, and tiolal of the Tarrytown branch office to the new loca- g fo It is understood that the building is to be purchased till 'about $15,000 and that the building now occupied by th: branch in Tarrytown is to be sold with the result that qu- earrYing value of the bank's investment in banking 8 , will be increased a relatively small amount, less th: alIters in40,000, including the cost of necessary alterations nevi quarters. In the circumstances, the Board will alICI"Pose no objection to completion of the transaction prinantially as proposed provided approval of the approe State authorities is obtained." Approved unanimously. Letter to MT. Hill, Vice President of the Federal Reserve Bank clelPhia, reading as follows: 918 6/7/45 -3"Reference is made to your letter of May 17, 1945, submitting for the Board's consideration, under the provisions of an applicable condition of membership, the Proposal of Chester-Cambridge Bank and Trust Company, Chester, Pennsylvania, to assume the deposit liabilities of an uninsured bank in Chester. In accordance with an -Lnformal understanding between you and the Board's Divi. 810n of Examinations, we have been holding the letter in 'eYance pending submission of the matter to the F.D.I.C., °r approval by that Corporation being a statutory resince the private bank is uninsured. We have rl°w received from the F.P.I.C. a copy of its telegram, dated May 29, to the State member bank consenting to the b'ansaction provided the deposits assumed are to be covered Y cash of a like amount. ba„"In view of the fact that the deposits of the private amount to only approximately $220,000 as compared n nearly $20 million for the Chester-Cambridge Bank 84CI Trust Company, and also the fact that the deposits asob:d are to be covered by a like amount of cash, it is t1,--°us that the transaction 1011 not cause any change in e general character of assets or broadening of the funcv°ns of the member bank within the meaning of condition Tiklenriembership numbered 4 applicable to the member bank. ef°re, the Board will interpose no objection to comP-Letion of the transaction." n q Approved unanimously. Letter to Mr. Davis, President of the Federal Reserve Bank of Louis reading as follows: the "This refers to your letter of May 29, regarding tinalties of $10.34 and $18.21 incurred by First NaBank, Columbia, Kentucky, and Farmers National Lebanon, Kentucky, as the result of deficiencies ese„ 30 and 4ves during the semi-monthly periods ended November -;;,JulY 31, 1944, respectively. -Ln the circumstances stated in your letter, the Penea.4.: 1 atifies the action of your Bank in waiving the two Approved unanimously. 919 6/7/45 -4Letter to the Comptroller of the Currency reading as follows: "Referring to our letter of June 13, 1944, it is re— (5.11111ested that the order placed with the Bureau of Engrav— g and Printing for printing Federal Reserve notes of the 1 1,934 series during the fiscal year ending June 30, 1945, ife amended by eliminating 125,000 sheets of the $10 denom— at:ion of the Federal Reserve Bank of New York and by 125,000 sheets of the $20 denomination of that Bank." n Approved unanimously. Thereupon the meeting adjourned. Chairman.
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