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471 A meeting of the Board of Governors of the Federal Reserve reteInviras held in Washington on Friday, March 16, 1945, at 2:00 p.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 action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the raoll 4. Reserve System held on March 15, 1945, were approved unani- Telegrams to Mr. Flanders, President of the Federal Reserve Ni Of Boston, Messrs. Treiber and McCreedy, Secretaries of the Fed- eaerve Banks of New York and Philadelphia, respectively, Mr. Piee -", President of the Federal Reserve Bank of Atlanta, Mr. Dillard, ea1dent of the Federal Reserve Bank of Chicago, Mr. Stewart, Se'Nt a--", of the Federal Reserve Bank of St. Louis, Mr. Caldwell, of the Federal Reserve Bank of Kansas City, and Mr. Earhart, 114e p l'esident of the Federal Reserve Bank of San Francisco, stating ht the Board approves the establishment without change by the FedServe Bank of San Francisco on March 13, by the Federal Reserve witat8 of Atlanta and St. Louis on March 14, by the Federal Reserve 4t1kp- or New York, Philadelphia, Chicago, Kansas City, and San Francisco 472 3/16/45 -2- " arch 15, 1945, and by the Federal Reserve Bank of Boston today/ oirthe rates of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated March 10, 1945, from Mr. Bethea, Director °ti the n4 --Lvision of Administrative Services, recommending that the fol--`41g increases in basic annual salaries of employees in that Divi Bi°11 be approved, effective March 16, 1945: Name ry Sanders gargaret L. Wolfe Reba mull Itorris Mayhew Arad B. 4. Shipp Prank k'icen Bell Barries kizabeth M. Young Designation Stenographer Stenographer Clerk Gardener Gardener Head Chauffeur Junior Mail Clerk Charwoman Salary Increase To From $1,800 1,680 1,260 1,740 1,740 1,620 1,320 1,200 $1,920 1,800 1,380 1,800 1,800 1,680 1,440 1,260 Approved unanimously. Memorandum dated March 16, 1945, from Mr. Bethea, Director the n e -lvision of Administrative Services, recommending that Mrs. 41.40.1,4„, ' 44"fle May be appointed as a cafeteria helper in that Division on "era, 'ar7 ' - 431 basis for a period of not to exceed two months, with basic ' arY at the rate of $1,200 per annum, effective March 16, 1945. The ratichmi stated that Mrs. May would not become a member of the Board's Nttre Inerit system during the period of her temporary employment. Approved unanimously. Memorandum dated March 15, 1945, from Mr. Bethea, Director of 4"7ci 3/16/45 —3- the Division of Administrative Services, submitting the resignation (411-rs. Gloria Jenkins as a cafeteria helper in that Division, effec— t1 as of the close of business on March 15, 1945, and recommending that the resignation be accepted as of that date. The resignation was accepted as rec— ommended. Letter to Mr. Sproul, Chairman, Executive Committee, Retire1t System of the Federal Reserve Banks, Federal Reserve Bank of New York reading as follows: "Reference is made to your letter of March 6, 1945, 1",garding the recent meeting of the Executive Committee O4- the Board of Trustees of the Retirement System. Szymczak has acquainted the Board with -ale action the taken by the Executive Committee on the various e bjects before it and that he concurred in all of the ac— j The Board will act promptly on the various matters li4L 4.Lch may be submitted to it following the meeting of the 'llastees. , "One comment at this time is believed to be appro— te. It is assumed that the proposed provisions regard— the death benefit in connection with retirements for disability, the provisions of the resolution regarding sPecial benefit to reemployed servicemen covering their periods of military service, and the proposed pro— ,rir ;pen for restoration of service credit upon repayment n ,returning servicemen of withdrawn contributions are intended to apply to participants in the Board Plan. a u is suggested, therefore, that these might be so worded t8 to remove any doubt as to whether they are applicable (3 Participants in the Board Plan." Approved unanimously. Telegram to Mr. Gilbert, President of the Federal Reserve Bank 483 stating that, subject to conditions of membership numbered 47.74 3/16/45 -4- It° 3 contained in the Board's Regulation H, the Board approves the aPPlication of the "First State Bank", Odessa, Texas, for membership tthe .vD ederal Reserve System and for the appropriate amount of stock the Federal Reserve Bank of Dallas. The telegram requested that the e,Leral Reserve Bank advise the applicant bank of the Board's ap- 1*°/Ta1 of the application and conditions of membership prescribed, t4:s4-L 'nerwith necessary instructions as to the procedure for accom,illiehing membership, and stated that a letter containing detailed ad\lee b 4 egarding such approval and the following special comment would e fc)rwarded to the applicant bank through the Reserve Bank. i "It appears that the bank possesses the power to 2eue and sell investment certificates, which power is necessarily required in the conduct of a banking busAttention is called to the fact that if the bank uould desire to exercise such power it will be necessary liTscler condition numbered 1 to obtain the permission of "e Board of Governors before doing so." Approved unanimously. ot Telegram to Mr. Gilbert, President of the Federal Reserve Bank talJa 8, reading as follows: ."Re your letter March 13 regarding suit against Com' it relal National Bank in Shreveport. In view of the statetIns which you make, the Board offers no objection to per— illait:ting attorneys for bank to examine your records in this ta;ers with the understanding that the evidence thus obt '"ed will not be used in the proceedings except pursuant 0 ;a subpoena and with the understanding also that reports examination will not be made available inasmuch as it 475 3/16/45 —5— • assumed that they are otherwise available to the at— torneys for the bank." Approved unanimously. Letter to Mr. Phelan, Vice President of the Federal Reserve Bank "w York, reading as follows: . "Enclosed is a copy of a letter dated March 8, 1945/ ' rom the Federal Reserve Bank of San Francisco. It would seem appropriate to make the matter the subject of an in— in order to ascertain whether there is in fact a 10-3understanding on the part of Moskins Stores, Incor— porated, and it will be appreciated if you will advise 1/8 all order that we may reply to the letter from the Fed— eral Reserve Bank of San Francisco." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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