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A meeting of the Board of Governors of the Federal Reserve SYstem Was held in Washington on Thursday, November 16, 1944, at 10130 a.m. PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters hereinafter referred to vas taken by the Board: The minutes of the meeting of the Board of Governors of the Peder , Reserve System held on November 15, 1944, were approved unaniblotialy. Memorandum dated November 16, 1944, from Mr. Paulger, DirectOr of the Division of Examinations, submitting and recommending aceelltEtce of the resignation of Fred A. Dons as an Assistant Federal Reserve Eaminer, to become effective as of the close of business on tiecerilber 6, 1944, or on an appropriate earlier date if annual leave 118ed Pri°r to his leaving the service of the Board. u resignation was accepted as rec- Z omenL to mr. Mc ::President of the Federal Reserve Bank etter Ot4t1Erita, reading as follows: to mr:The Board of Governors approves payment of salaries Winslow R. Pike, Assistant Manager, Nas11,ville Branch, 17O 1416/44 -2- and Mr. J. E. Denmark, General Auditor, Federal Reserve Bank of Atlanta, for the period November 10, 1944 to May ??-! 1945, inclusive, at the rate of 46,000 per annum each, Which is the rate fixed by your Board of Directors, as reported in your letter of November 10, 1944." Approved unanimously. Letter to Mr. Mangels, Vice President of the Federal Reserve Bat* of San Francisco, reading as follows: "Reference is made to your letter of November 10, 1944, stating that some unforeseen delay has arisen with respect to the establishment of the branch in East Salinas, seall!l 2rnia, by the Monterey County Trust & Savings Bank, ' se flas, California, approved by the Board of Governors 8 Ptember 2, 1944; that the member bank wishes to be as41 .1.1:ed that the Board's approval will remain effective un:±-1- such time as the branch can be opened, and recommendg that the approval be extended for an additional period 0 ninety days. "While Boa,it is expected that branches approved by the uri4.1M vill be established and actually placed in operation a reasonable time, the Board does not customarily i;;ecifY a time within which such branches shall be placed ca actual operation and no time limit was set in this t2e- However, the member bank has requested assurance that the approval given will remain effective for an addiojnal period and you say that you know of no change in vi2itions existing at the time approval was granted. In eh-- of Your recommendation it is assumed that no material thatg!Lis expected. Therefore, you may advise the bank otle,,4 fle Board will interpose no objection to delaying the (la "441g of the branch for a period not exceeding ninety Ys from the date of this letter." l Approved unanimously. Me l'sctor -alorandum dated November 14, 1944, from Mr. Goldenweiser, Di- of the Division of Research and Statistics, submitting for apDr01441 . -4" 137 the Board a voucher in the amount of f',438.65 for the reim,b1.41.aeme nt of travel and other expenses incurred by David L. Grove, 11/16/44 -3- an economist in that Division, from September 8, 1944, to October 29, 19 44, in connection with his assignment in South America. The e'lval of the voucher b,r the Board was necessary as it included ferrreeeons stated in Mr. Goldenweiser's memorandum an item of °7.00 for dinners for employees of the national bank of Paraguay which were Paid for by Mr. Grove. Approved unanimously. Memorandum dated November 1944, from Mr. Goldenweiser, Di- l'ector of the Division of Research and Statistics. recommending, for the re as°ns stated in the memorandum, that $700 be added to the item of ntlng and Binding,- and t200 to the item of Stationery and Supplies in the 1944 nonpersonal budget of the Division of Research and Stalkes, Approved unanimously. Thereupon the meeting adjourned. Aph Chairman.
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