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431 A meeting of the Board of Governors of the Federal Reserve 873tem was held in Washington on Thursday, March 21, 1946, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser 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 Ilederal Reserve System held on March 20, 1946, were approved unaniktiely. Memorandum dated March 21, 1946, from Mr. Morrill, Special Adr, reconunending for the reasons stated therein that Mrs. Yvonne D. his secretary, be granted additional leave without pay for a od of not to exceed three months from the date of the expiration of the Period previously granted. Approved unanimously. Memorandum dated March 21, 1946, from Mr. Bethea, Director of the, A-vision of Administrative Services, recommending for the reasons el:bed therein that Miss Laurette Brawn, cafeteria helper in that Diviei°11, be separated from service effective March 21, 1946. Approved unanimously. 432 3/21/46 -2Letter to Mr. Whittemore, President of the Federal Reserve Eank of Boston, reading as follows: "In your letter of March 12, 1946, concerning the lease of 10,000 square feet of space in the building at 18 Oliver Street beginning May 1, 1946, you state it is contemplated that work on the demolition of the Converse Annex Building will be commenced as soon as the building wreckers of the Converse Building find it feasible to do so. It is assumed from this statement that construction of the addition to Your bank building, the expenditure for Which was approved in the Board's letter of February 26, 1945, is contemplated in the relatively near future. "In ite letter of September 14, 1945 (S-871), the Board stated the view that except in case of urgent need no building project not under way should be undertaken until it IS clear that labor and materials are readily available and the timing of the construction will be in harmony with the transition and postwar building program. Since it is the view of the Board that economic conditions will not justify authorizing any construction project by the Reserve Banks, unless there is an emergency need, for some time, it will be appreciated if you will advise the Board why the Bank Should not continue to use the annex for another two or three years or until the likelihood of commencing building operations is more promising." Approved unanimously. Letter to Mr. Fulton, Vice President of the Federal Reserve Bank "Cleveland, reading as follows: "In accordance with the request contained in your letter Of March 16, 1946, the Board approves the appointment of Arthur John Gneuhs as an assistant examiner for the Federal Reserve Bank of Cleveland. Please advise us of the date upon Which the appointment is made effective and also as to salary rate.” Approved unanimously. Letter to Mr. Hollocher, Assistant Vice President of the Federal 11""ve Bank of St. Louis, reading as follows: 433 3/21/46 "This refers to your letter of March 13 regarding the Provisions of paragraph D of the 'Rules for Uniform Application by Federal Reserve Banks in Waiving Penalties for Deficiencies in Reserves of Member Banks', enclosed with the Board's letter S-902 of March 5, 1946. "The provisions of paragraph D apply to any deficiency in reserves (other than one covered by paragraphsA, B, or C) Which does not exceed 2 per cent of the member bank's required reserves during the reserve computation period, provided such deficiency does not occur more than once within anY two-year period. A Federal Reserve Bank may, in its discretion, waive the penalty for the first such deficiency at any time after the reserve computation period in which the bank became a member of the Federal Reserve System. Thereafter, the penalty for such a deficiency could not be waived more than once during any period of two years." Approved unanimously. Letter to Mr. DeMoss, Vice President of the Federal Reserve t4nic of Dallas, reading as follows: "In view of the recommendation contained in your letter of March 18, 1946, the Board of Governors extends to May 15, 1946, the time within which the Citizens State Bank, Broken Bcm, Oklahoma, may accomplish membership." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks reading aa 4% 10110WS: "This letter is written in accordance with the understanding at the last meeting of the Board and the Presidents that a letter would be addressed to the Presidents with respect to the new edition of the Federal Reserve Act which has been authorized by the Board of Governors. The new edition will embody all amendments to the Act, including those made during the present session of Congress, and an appendix containing Irarious provisions of certain Acts of Congress which affect, uirectly or indirectly, the operations of the Board of Governc)rs of the Federal Reserve System, the Federal Reserve Banks, and banks Which are members of the Federal Reserve System. 434 -4-- 3/21/46 of bind"There is some question about the availability plan the is it solved is m proble ing materials, but if that bution distri for ble availa n editio to have conies of the new as promptly as possible after the present Session of Congress both paper adjourns. Copies of the Act will be bound with available, be will there on, additi and buckram covers and, in the and Banks e Reserv l Federa for the official use of the e for suitabl copies unbound of Board, a very limited number in a current kept be will a loose-leaf binder. Such copies loosethe with tion connec in manner similar to that followed leaf service. for "It will be an aid to the Board in obtaining bids ent conveni as ly prompt as the new edition if you will advise and bound, buckram bound, the number of copies of the paper In computunbound copies which will be required by your Bank. authorbanking State for ing this number, please include copies bemay which banks and ities, Chief National Bank Examiners, d expecte is It time. to come members of the System from time of each to sent be will that one copy of the revised edition the existing member banks so that it will not be necessary for copies You to include copies for this purpose in the number of that your Bank will need." Approved unanimously. the Currency, Letter to Honorable Preston Delano, Comptroller of re4ing as follows: "As part of a program for the destruction of old and to make a Obsolete records, the Board some years ago decided condition er Decemb and Tune of microfilm record of its copies member State of s report nds reports and earnings and divide the banks, so that they might be available in this form after the with ance accord in ed reports themselves had been destroy ilming of Board's 10-year destruction schedule. The microf 43, and 197-19 period the for ed these reports has been complet reonding corresp ilming microf for arrangements have been made the to Ports for each subsequent year as they are transferred Files Section. longer had "When this program was adopted, the Board no O n hand any reports before 1927 and accordingly requested the copies of Federal Reserve Banks to retain certain of their tirr.e they these reports beginning with 1915. At the same of correwere requested to withhold from destruction copies reports of State sponding reports of national banks. Of these 435 3/21/46 -5- "member banks and national banks, the Board expects to ask the Reserve Banks to forward the following to the Board for microfilming: Reports to be forwarded to Board for microfilmina Form No. Form F.R. 107 1916, 1921, 1926 1916, 1921, 1926, 1929, 1931 Treas. 2129 Form F.R. 105 June 1916; June 1921; December 1926 June 1916; June 1921; December 1926, 1929, Treas. 2130 and 1931 "'Under a program adopted by the Federal Reserve Banks subject to the approval of the Board, all other reports of condition and of earnings and dividends of both State member banks and national banks filed with the Reserve Banks, in,eluding any still on hand for the period beginning with 1915 and corresponding reports received from member banks in the future, would be retained for a period of five years and then be destroyed in the discretion of the respective Federal Reserve Banks. The Board contemplates approving this program, but if agreeable to you it would like first to arrange to Prepare and maintain a microfilm record of available national bank condition reports and earnings and dividends reports filed with your office, before they are destroyed in accordance with your 10-year destruction schedule. This record would, of course, be available to your office at any time Upon request. The reports desired for microfilming are the December call reports beginning with the year 1933, the Tune and December earnings and dividends reports for the years 19331940, and the December earnings and dividends reports beginning With the year 1941, the first year in which calendar-year figures are shown in such reports. "The Board will appreciate it if you will authorize your Statistical Division to make the above-mentioned and subsequent reports available to it for microfilming at the mutual convenience of your Division and the Board's Files Section." Approved unanimously. Thereupon the meeting adjourned Arnitit 1.0g Secretary.
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