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49 5
A meeting of the Board of Governors of the Federal Reserve
rttein was
held in Washington on Tuesday, March 20, 1945, at 10:30
PRESENT: Mr.
Mr.
Mr.
Mr.
Mr.
Eccles, Chairman
Ransom, Vice Chairman
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 hereiner referred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
Fed
ere, Reserve System held
on March 19, 1945, were approved unani44184.
Memorandum dated March 14, 1945, from Mr. Bethea, Director
the
-ivision of Administrative Services, recommending that Miss
Nth
SMallwood be appointed as a stenographer in that Division, with
baate
salary at the rate of $1,800 per annum, effective as of the
dat
Upon which she enters
upon the performance of her duties after
1141rih
--"Z passed satisfactorily the usual physical examination, with
the
tillcisrstanding that if anything derogatory develops in the investAgat'
lon of her references her services may be terminated immediately.
The
elnorandum stated that Miss Smallwood was a member of the Civil
'
- -ce Retirement System and therefore would not become a member of
the ,
1
d's retirement system.
Approved unanimously.
4{At(Mr"
00
3/20/45
—2—
Memorandum dated March 16, 1945, from Mr. Bethea, Director
°t the Division of Administrative Services, recommending (1) that
the temPorary appointment of Mrs. Marie Browne, an elevator operator
laithat Division, be extended for an indefinite period from March 20,
19452 with no change in her present basic salary at the rate of $1,200
Pelnum and with the understanding that she will become a member
/*the Board's retirement system, and (2) that the temporary appoint—
of Charles E. Crowell, a guard in the Division of Administrative
80
/lces, be extended for an indefinite period from March 23, 1945,
Ilith no change in his present basic salary at the rate of $1,500 per
antitults
Approved unanimously.
Memorandum dated March 19, 1945, from Mr. Bethea, Director of
the
171-sion of Administrative Services, recommending that the tem—
'
aPpointment of Mrs. Corrie E. Holliday, a cafeteria helper in
that -.
u
lvision, be extended for an indefinite period from March 23,
1945)
'with no change in her present basic salary at the rate of $1,200
Der a
111111m. The memorandum stated that Mrs. Holliday would become a
14enlbel
'of the Board's retirement system.
Approved unanimously.
kl4k 0
Letter to Mr. Mangels, Vice President of the Federal Reserve
f San Francisco, reading as follows:
"In accordance with the request contained in your
497
3/20/45
-3-
"letter of March 9, 1945, the Board approves the designation of Howard H. Lowry as a special assistant examiner
for the Federal Reserve Bank of San Francisco.
"In order that our records may be complete, it will
be appreciated if you will inform us as to the effective
date of the termination of Mr. Lowry's appointment as a
regular assistant examiner for your bank."
Approved unanimously.
Letter to Mr. Clark, Vice President of the Federal Reserve Bank
Of Atlanta,
reading as follows:
"This refers to your letter of March 3, 1945, with
respect to the capital requirements for membership in the
Federal Reserve System of the South Side Atlanta Bank which
Is located beyond the city limits of Atlanta in an unincorporated community known as Lakewood Heights. As you
know, the applicable law, section 5138 of the Revised Statutes, requires a capitalization of $100,000 in order to
qualify for membership, but makes an exception in the case
of banks with a capital of not less than $50,000 when
located 'in any place the population of which does not exceed six thousand inhabitants'. The statute does not de'
111e the word 'place', and, in the case of unincorporated
?°mmunities, the Board has required that evidence as to
the Population of such communities be furnished through
'ffidavits obtained from public officials or prominent
businessmen (X-4397; F.R.L.S. #3424). Since the 1940 FederalCensus lists the community of Lakewood Heights as
„„"'ing a population in excess of six thousand, there would
seem offhand no escape from the conclusion that a capitalofj $100,000 would be necessary as the Board or..11arily accepts the figures of the Census Bureau as conclusive. However, if it can be determined that in spite
Of this
figure the South Side Atlanta Bank is actually
;Located in a 'place' having less than six thousand ini_labltants, it would be eligible for membership with a
ITaller capitalization. The burden, of course, would
_ e upon the applicant to convince the Federal Reserve
.
11:Ithorities that the community represented by the Census
,
lglIres included more territory than the 'place' in which
the bank is located."
1
Approved unanimously.
498
3120/45
-4Letter to the "Lincoln State Bank", Milwaukee, Wisconsin, read-
ing as
follows:
"The Board is glad to learn that you have completed
all arrangements for the admission of your bank to membership in the Federal Reserve System and takes pleasure
in transmitting herewith a formal certificate of your
membership.
"It will be appreciated if you will acknowledge receipt of this certificate."
Approved unanimously.
Letter to Mr. Woolley, Vice President and Cashier of the Federal
48er
've Bank of Kansas City, reading as follows:
"In view of the circumstances outlined and in accordance with the recommendation contained in your letter of
March 7, 1945, the Board interposes no objection, under
the provisions of an applicable condition of membership,
tO the action of the Commercial Savings Bank of Sterling,
Colorado, in purchasing, in October 1944 for
035,000, a lot and building for possible future use as
banking premises."
Approved unanimously.
Letter to "The Calcasieu-Marine National Bank of Lake Charles",
take
Charles, Louisiana, reading as follows:
"The Board of Governors of the Federal Reserve Sysem has given consideration to your application for perillssion to act as trustee, and grants you authority to
act, when not in contravention of State or local law,
a? trustee to administer the funds representing the final
lb-lquidating dividends of the former Calcasieu National
1°4 49.nk in Lake Charles, Lake Charles, Louisiana, the exercise of such rights to be subject to the provisions
2f the Federal Reserve Act and the regulations of the
30ard of Governors of the Federal Reserve System.
'
499
3/20/45
. "This letter will be your authority to exercise the
fiduciary power granted by the Board pending the preparatlon of a formal certificate covering such authorization,
Which will be forwarded to you in due course."
Approved unanimously.
Thereupon the meeting adjourned.
)
-e-f2
61
0
Secretary.
@FedFRASER