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1699 A meeting of the Board of Governors of the Federal Reserve ant,em 74as held in Washington on Wednesday, November 15 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Fccles, Chairman Ransom, Vice Chairman Szymczak Draper Mr. Mr. Mr. Mr. The 19/4/.„ at Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman action stated with respect to each of the matters herein- fter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the 'Qu Reserve System held on November 1/4, 1944/ were approved mani- M0115l r. Memorandum dated November 11, 194h., from Mr. Morrill recom, teridit g that Miss Gladys Wallace be appointed as a file clerk in the 4ereta,1 °ffice on a temporary basis for a period of not to exceed 813( month -81 with basic salary at the rate of $1,560 ner annum, effective ate of dike the date upon which she enters upon the performance of her 8 after havl ng passed satisfactorily the usual physical examina- 4ct °r the :he memorandum stated that Miss Wallace would become a member oard's retirement system. Approved unanimously. Memorandum dated November 11, 19/44, from Mr. Goldenweiser, 134ectol, '°f the Division of Research and Statistics, recommending 1700 11/15/44 that that -2- Ernest J. Hopkins be appointed as an Economic Specialist in Division on a temporary basis for a period of not to exceed three months with basic salary at the rate of $5,400 per annum, efrecive November 16, 1944, and mith the understanding that he would 11"ecome a member of the Federal Reserve Retirement System. Approved unanimously. Memorandum dated November 15, 1944, from Mr. Morrill submitthe r esignation of John T. 'Williams as a guard in the Secretary's Offic el to become effective as of the close of business on November 18 '1944, and recommending that the resignation be accepted as of that date. 'Ling tlresignation was accepted as recommeZe Ilemorandum dated November 15, 1944, from Mr. Morrill submittilIg the resignation of Mrs. Anna Imhoff as a cook in the Secretary's °trice 'to become effective as of the close of business on November 15, 19''4 and recommending that the resignation be accepted as of that date• The .m .emorandum stated that appropriate deduction had been made tr°111 her 841arY for overdrawn annual leave of 4 days and 50 minutes. The resignationwas accepted as recommend Letter ding as to "The Farmers and Citizens Bank", Trotwood, Ohio, follows: 1701 4/15/44 -3- "The Board is glad to learn that you have completed all a rrangements for the admission of your bank to 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. Peyton, President of the Federal Reserve Bank of minn ealp°1is, Minneapolis, Minnesota, reading as follows: "The 0_r Octoberreport of the audit of the Helena Branch, as 17, 1944, a copy of which was furnished to the Board, contains the following comment (on page 1): '1 DEFICIENT RESERVES: 'Reserves carried by the First National Bank of Kalispell for the second period in May Were 14,063,000 and the required was 4,156,620 1:esulting in a deficiency on -which a penalty of v7-69 should have been charged. The deficiency was not discovered because the reserves carried on the branch reserve work sheet showed $4,263,000, 'Mr. Towle informed us that at this late date he preferred to -waive the penalty and would have the Branch Board of Directors approve his action. Under the terms of the Board's letter X-6120 the penalty should not be waived without approval by the Board of soverners.' pos "In the above circumstances, the Board will interno objection to your Bank's waiving the penalty of litc;11Z9 a. incurred by the First National Bank of Kalispell, 41,1a, as a result of a deficiency in its reserves durL'ile semi-monthly period ended May 31, 19h4." t,.7 Approved unanimcusly. I 70A.,el 11115na, -4- Thereupon the meeting adjourned. Chairman.
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