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425 A meeting of the Board of Governors of the Federal Reserve aYStem was held in Washington on Monday, March 12, 1945, at 10:30 a,14. 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— qter r eferred to was taken by the Board: ?e e The minutes of the meeting of the Board of Governors of the ralReserve System held on March 10, 1945, were approved unani— Letter to Mr. Sproul, President of the Federal Reserve Bank b qew york 3 reading as follows: as "This is written at the request of Chairman Eccles tioa response to your letter of February 6 and in confirma— garlof the Chairman's recent conversation with you re— Roz : ; 41 .i11g a proposed trip to Europe by Er. Knoke and Mr. -;, 41-t for the purpose of visiting the Bank of England, the' nic of France, and the National Bank of Belgium. -Letter and the reasons you advanced in support of or treomtrip received the very careful consideration vol tilt was felt that the purpose of the trip, which in— elZ, c Primarily the operating relationships of the Fed— "serve Bank of New York with the Central Banks of would be a matter of interest to the Treasury as the 's to the Board and therefore Chairman Eccles brought to Matter to the attention of Under Secretary Bell in— After consideration, Under Secretary Bell 426 3/12/45 —2— "advised Chairman Eccles that, in view of the prevailing conditions, it was the feeling of the Treasury that a trip his character to Europe should be deferred until after ,v4',.n.W. The attitude of the Treasury in this regard -cruirms a feeling that had developed during the Board's , le°flsideration of your letter. The Board will be glad, `42.wever, to consider the matter again when the cessation :12.1°stilities in Europe permits the resumption of more '46-isfactory travel and other conditions. , "The Board has also considered the request in another J-etter from you under date of February 6 in regard to a :Vosed trip of Mr. Henry 174,11ich, and possibly Mr. Moore 41'SOfl1 other member of your staff, to Mexico City in the ear future. In view of this request, the pendency of matters which involve the possibility of foreign wo, ssions and the Board's statutory responsibilities as 1304-J- as relations with other Governmental agencies, the miard felt that the procedure with respect to foreign te.21*.°11s generally should be reviewed and the policy de— tated'41ned on a comprehensive basis. As Chairman Eccles a L° You over the telephone, it was thought that the ita'ation of such a procedure and policy would be facil— yo' eLl if at a convenient time you and such members of c : staff as you might wish to bring with you were to arldelL_to Washington for a conference with Chairman Eccles arr :" Szymczak, who have been requested by the Board to 4' 41.ge such a discussion. It is understood that this %Section meets with your approval and that you will 4 711licate later with Chairman Eccles or Mr. Szymczak a suitable time." V r 0," Approved unanimously. Letter to Mr. Lassiter, Federal Reserve Agent at the Federal Bank of Richmond, reading as follows: 1:In accordance with the request contained in Mr. teach, 8 letter of March 9, 1945, the Board of Governors )lies the payment of salary to Mr. T. Wesley Bagby as at Jai Reserve Agent's Representative, Charlotte Branch, "e rate of ft2 400 per annum, effective March 1, 1945." Approved unanimously. 427 45 —3— Telegram to Mr. Hal Bogle, Dexter, New Mexico, reading as tcalows, "The Board of Governors of the Federal Reserve Systern theas appointed you director of the Fl Paso Branch of Federal Reserve Bank of Dallas for the unexpired porlon of the term ending December 31, 1947, and will be Pleased to have your acceptance by collect telegram." j Approved unanimously. Letter to the board of directors of "The Citizens-Farmers ' 3f Cole campti, Cole Camp, Missouri, stating that, subject to -conditions of membership numbered 1 to 3 contained in the Board's ation " a, '41) In the Board approves the bank's application for member- the Federal Reserve in System and for the appropriate amount the Federal Reserve Bank of St. Louis. . Approved unanimously, for transmission through the Federal Reserve Dank of St. Louis. Thereupon the meeting adjourned. Chairman.
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