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346 A meeting of the Board of Governors of the Federal Reserve Srstem was held in Washington on Thursday, March 1, 1945, at 10:00 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 kttel" action stated with respect to each of the matters herein- referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fed- era/ Reserve System held on February 27, 1945, were approved unanimously. The minutes of the meeting of the Board of Governors of the Fed- Reaerve System with the Presidents of the Federal Reserve Banks in eelltilte Session held on February 28, 1945, were approved unanimously. lleill°randum dated February 26, 1945, from Mr. Van Fossen, As- rector of the Division of Bank Operations, stating that qtlee 13ecernber 1, atoll, had been 1944, Wesley B. Collins, a messenger in that Diviabsent 69 days and 7 hours, of which 20 days and 7 been 191,1 covered by advanced sick leave granted at the end of 41cil 'ecornraending, for the reasons stated in the memorandum, C"lie advanced sick leave be increased to 45 days and that the re- kt1'141. " 14. days and 7 hours be charged to accumulated and unaccrued Approved unanimously. 04, 3A/45 —2Memorandum dated February 28, 1945, from Mr. Bethea, Director Division of Administrative Services, submitting the resignation 17 Davis as a cafeteria helper in that Division, effective Feb— l'417. 28 '1945, and recommending that the resignation be accepted as tiat date and that proper payment be made for the accrued annual 441Ie relliaining to his credit at that time. illndei c.lTle resignation was accepted as recour Letter to Mr. McLarin, President of the Federal Reserve Bank (1 Atlama. reading as follows: pe "The Board of Governors approves the changes in the 0f1112nnel classification plan of the Federal Reserve Bank ce a and the New Orleans Branch as indicated in the 191cates submitted with your letter of February 13, and revised by the certificate submitted with h Mr. Mr.s letter of February 24." Approved unanimously, together with a letter to the Commissioner of Internal Revenue, ttgl Salary Stabilization Unit, trans— certificates of the Federal Re— serve Bank of Atlanta with respect to sal— a increases at the Bank. Letter to Mr. Mangels, Vice President of the Federal Reserve or 5a F rancisco, reading as follows: e t refers to your letter of February 20, 1945, takenl''ing information as to the steps which are being Ilartl -: 41th respect to the corporate existence of the NNL anking Company, Kaysville, Utah. We have no e as to any other action which might be n de— aPPreciate future of informed being kept °Praents • in this case." Approved unanimously. r' ,48 3/1/45 —3— Letter to Mr. G. E. Rathell, Vice President, Commodity Credit ecticYll, reading as follows: the "There is enclosed a copy of a letter received by a /13°ard of Governors from Mr. Lewis H. Carstarphen, .4ener dat al Counsel of the Federal Reserve Bank of St. Louis, ed the February 20, 1945, with its enclosures, regarding 21se of notes of Commodity Credit Corporation as col— for borrowings by member banks from Federal Re— Under the provisions of section 13 of the Re 'ra-L Reserve Act. It will be noted that the Federal :I've Bank has requested us to take up with you the gijt'i(3n whether your Corporation would be willing to a certain consents and authorizations in order that pecluggested plan for the pledging of such notes with the er,1 Reserve Banks may be made workable. raei, 'We will appreciate your consideration of this cor— in' 43ndence and your advice as to the questions presented It Order that we may reply to the Federal Reserve Bank; 4 °u , deem it advisable, representatives of the Board s thi be glad to discuss with you any aspects of e matter.n Approved unanimously. Letter to Mr. Wayne, Vice President of the Federal Reserve Bank q.J.ehza reading as follows: Of b, Z2, 1 eceipt is acknowledged of your letter of February 19id'45, enclosing a copy of a letter dated February 20, i-egafrom Mackubin, Legg & Company, Baltimore, Maryland, I ng section 4(c)(2) of Regulation T. The question ls);; ' ta:a.h et ' a her it is necessary for the broker or dealer to ob— tlake n extension of time when he is not in a position to skticflelivery prior to the expiration of the 7—day period ied in that section. • lle succeeding subdivisions of section 4(c)cover eaaea loe which payment may be delayed, and there is en— ' &940e- 4 coPY of the Federal Reserve Bulletin for November C.O.Deotaining a ruling at page 1172 on various types o doea transactions under section 4(c)(5). The letter t;1?t sPecify the reason for the delay in delivery, tNie ( 1; 4ruling may be of assistance. However, if the a-''On is not covered by subdivision (3), (4), or 349 3/1/45 —4— 11(5 ta.) of section 4(c), an extension of time should be ob— ined from the local stock exchange in accordance with subdivision (6). Approved unanimously. Letter to Mr. Gidney, President of the Federal Reserve Cleveland an of 'reading as follows: 19, "Enclosed is a copy of a letter dated February 23, 0145, fram Mr. C. R. Magone, Senior Solicitor, Department ti the Attorney—General of Ontario, regarding the extradi-,°n to Canada of Harold George Kates. There are also en— -;:osed copies of previous correspondence in this connection itr which it will be noted that the Board has indicated cleire to cooperate in this matter. Mr. m agone's letter states that he desires oral tes— ial tony extradijan official of the Federal Reserve System at the 1945 ion hearing to be held in Cincinnati on April 4, an 'and suggests that it would be more convenient for woiricer from the Cincinnati Branch to testify. This the d also seem to the Board to be the best way to handle to hnlatter and it would be appreciated if you could arrange Pear"! Mr. Lazar, Manager of the Cincinnati Branch, ap— tel!t, the hearing for the purpose of giving the desired tet,r°nY. As we would like to reply to Mr. Magone's let— wire Pr°mPtly as possible, we would be glad if you would ' 48 if this arrangement can be made." ; Approved unanimously. Ilem°randum dated February 22, 1945, from Mr. Smead, Director 41e b, flt ei r8i0n of Bank Operations, recommending that DuBose MacDowell crkle 41I1-. q.011 red from the Division of Administrative Services to the or Bank Operations as a clerk and that his basic salary be ease,1 _ ‘' rrclm t2,300 to $2,800 per annum, effective March 1, 1945. Itltb Approved unanimously.
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