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1618 Linutes of actions taken by the Board of Governors of the Federal Reserve System on 'f:ednesday, November 13, 1946. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Drape Evans Mr. Mr. Mr. Mr. As '"8 Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman stated in the minutes of October 30, 1946, lir. Vardaman absent on oflicid business. Minutes of actions taken by the Board of Governors of the Re3crye Sysl Lm on November 12, 1946, were approved unanimously. 14enlorandua dated November 8, 1946, from Mr. Carpenter recom- Plericthig that Mrs. Frances S. Fitzgerald, General Assistant in the LeCSetW-1V 2 Office, he granted an extension of leave v.-ithout pay for '4 Period 0 f not to exceed six Lionths beginning December 1, 1946. The IllemorE,richta `'130 recounended that her death benefits under the Retiret4ent Syzte4 4 be continued during the period of her absence, with the g that she would make the necessary payments therefor. Approved unanimously. llem°raadum dated November 6, 1946, from Mr. Thomas, Director (/ t,,,e sion of Re_earch and Statistics, recommending the appointorl, Roberts MacLean as a Library Assistant in that a temporary inciefiriitc l'E'te Of with basic salary at the 3.394•°0 per annum, effective as of the date upon which she • 1619 11/13/46 `-) errters Upon the performance of her duties after having passed the 4811a1 phyeical examination. The memorandum also stated that it was e°11templated that Mrs. MacLean would become a member of the Federal Reserve r etirement system. Approved unanimously. M emorandum dated November 12, 191,61 from Mr. Leonard, Director of the Division of Examinations, recommending that the resignation of John C. Deskin, an Assistant Federal Reserve Examiner in that Division, be accepted to be effective, in accordance with his request, at the ' lose of business November 15, 1946, with the understanding that a 114.p sum payment would be made for any annual leave remaining to his Credit as of that date. Approved unanimously. Letter to Mr. Vdllett, First Vice President of the Federal Reaerve 8 of Boston, reading as follows: vis. "This refers to your letter of October 17, 1946, ad13,44iltng of the results of the general review made by your have °f all cases in which member banks in your District been granted authority either to accept drafts and ,arld 8 °f exchange up to 100 per cent of their capital do1:1 5111131us or to accent drafts or bills dram to furnish exchanae. n accordance with the recommendation made in your lette r Inerab , the Board has today rescinded the authority of the ballks named below to accept drafts and bills of In thege uP to 100 per cent of their capital and surplus. Ilas8A,,I,ease of the Old Colony Trust Company, Boson, allth--"usetts, the Board has today likewise rescinded the filr4atY of that bank to accept drafts or bills drawn to dollar exchange. 1620 11/13/46, "Hartford National Bank and Trust CompLiny, Hartford, Connecticut The First National Bank and Trust Company of New Haven, New Haven, Connecticut The Canal National Bank of Portland, Portland, Maine First Portland National Bank, Portland, Maine Old Colony Trust Company, Boston, Massachusetts The Safety Fund National Bank of Fitchburg, Fitchburg, Massachusetts The First National Bank of New Bedford, New Bedford, Massachusetts The Safe Deposit National Bank of New Bedford, New Bedford, Massachusetts SPringfield National Bank, Springfield, Massachusetts The National Bank of Commerce and Trust Company of Providence, Providence, Rhode Island The Providence National Bank, Providence, Rhode Island the"There are enclosed letters addressed by the Board to ap,se ?Links with respect to this matter; and it will be eclated if you will promptly transmit them to the banks Of cti cl• For your records, there is also enclosed a copy "-ell such letter." 4 Approved unanimously. Letter to 14r. Dawes f Chic Vice President of the Federal Reserve reading as follo%s: iris. "This refers to your letter of October 16, 1946, adbanrg of the results of the general review made by your have lof 1lcases in which member banks in your district s.ltehren granted authority to accept drafts or bills of or; : 8 1 e up to 100 per cent of their capital and surplus doill-ZptY to accept drafts or bills drawn to furnish -;,,excha4ge. lette the r, accordance with the recommendation made in your the Board has today rescinded the authority of eTceo ber banks named below to accept drafts and bills 1110 to 100 per cent of their capital and sur'guch rescission to become effective March 1, 1947: '°Ixilercial National Bank of Peoria, Th Peoria, Illinois u° National Bank of Brazil, Br 71-1, Indiana ' 1621 1143/44 -4- "There are enclosed letters addressed by the Board to these banks with respect to this matter; and it will be ePreciated if you will promotly transmit them to the aanks "-ffected. For ye,ur records, there is also enclosed coPy of each such letter." Approved unanimously. Letter to Mr. Earhart, President of the Federal Reserve Bank Or sari Francisco, reading as follows: aci "This refers to your letter of October 18, 1946, yo1111s,, , ing of the results of the g:neral revie-; made by uank of all cases in which mewber banks in your or"" 1sr:ict have been granted authority to accept drafts aric ( 113-s of exchange up to 100 per cent of their capital to rsurPlus or authority to accept drafts or bills drawn IT,nish dollar exchange. In accordance with the recommendatLon made in your letter th,s , the Board has today rescinded the authority of of. Member banks nulled below to accept drafts and bills exchange up to 100 per cent of their capital and surPlUP -, such rescissi:n to become effective March 1, 1947: First National Trust and Savings Bank of ,„ Santa Barbara, Santa Barbara, '"e.Old National Bank of Spokane, Spokane, .4a-shington "Ti a'lonal Bank of Washington, Tacoma, Vvashington thesev,are enclosed letters addressed by the Board to 8 with respect to this matter; and it All be baliCs"-Lated if you will o pr mptly transmit them to the a copyaffected. For your records, there is also enclosed °f each such letter." Approved unanimously. Letter to Mr. Sproul, Chairman of the Conference of Presidents, g 46 follows: "Th• will etcb„ 31, acknovaedge receipt of r. Davis's letter -1946, transmitting a copy of a report on ';°n apDrovcd by th e Presidents' Conference on -L, 1946. veto4 1622 13 :You may be assured that careful consideration to the comments and suggestions of the Presidents these matters prior to taking them up with, o ress." Approved unanirv Secretary.
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