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1827 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Monday, November 19, 1945, at 10:00 a,ra. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman McKee Draper Evans 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 hereinter r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ederal Reserve System held on November 16, 1945, were approved unani111011sky. Memorandum dated November 13, 1945, from Mr. Thomas, Director the Division of Research and Statistics, submitting the resignati°11 Of Miss Nogah N. Slobins, a clerk in that Division, and recom, Itieticling Or that the resignatio n be accepted effective as of the close blisiness November 16, 1945, and that a lump sum payment be made fc't' the annual leave remaining to her credit at that time. The resignation was accepted as recommended. Of Meil the 0. lorandum dated November 15, 1945, from Mr. Bethea, Director Of 8.04111 lvisi°n of Administrative Services, submitting the resignation el 111* Maize, Jr., a page in that Division, who has been on military 1828 4/19/45 -2• leave s and recommending that the resignation he accepted effective asof the close of business November 15, 1945. The resignation was accepted as recommended. Memorandum dated November 15, 1945, from Mr. Bethea, Director °I.' the Di 50 of Administrative Services, submitting the resignation or ''ce Bishop, a guard in that Division, and recommending that the tion be accepted effective as of the close of business November 13 '1945. The resignation was accepted as recommended. Memorandum dated November 15, 1945, from the Personnel Comniittee ei tLit • tlng the name of Carl G. Wooster of Union Hill, New York, for en+ as a director of the Buffalo Branch of the Federal Ree, ve of New York for the term beginning January 1, 1946, and recortim ending (1) that the Chairman of the Federal Reserve Bank of Newyo rk be requested to ascertain informally bhether Mr. Wooster 1%414 a ecePt the appointment, and (2) that the appointment be tendif ue will accept. Approved unanimously. tee sub Llemorandum dated November 9, 1945, from the Personnel Commit- 14itting the name of James M. Shriver, President of the B. F. y r c (1711PanY, Westminster, haryland, for appointment as a director the 13, ultimore Branch of the Federal Reserve Bank of Richmond for 1829 11/19/45 —3— tor the unexpired portion of the term ending December 31, 1947, and ree°411ending (1) that the Chairman of the Federal Reserve Bank of Ric hmond be requested to ascertain informally whether Mr. Shriver w°111c1 accept the appointment and (2) that the appointment be tendered he will accept. Approved unanimously. Memorandum dated November 15, 1945, from the Personnel Commit— tee submittaz` g the name of R. Flake Shaw of Greensboro, North Carolina, tor a . PPoIntment as a director of the Charlotte Branch of the Federal RP"SerV e zank of Richmond for the term beginning January 1, 1946, and recomm eliding (1) that the Chairman of the Federal Reserve Bank of pnd be requested to ascertain informally whether Mr. Shaw would 8'eeept the appointment and (2) that the appointment be tendered if he Will accept Approved unanimously. Letter to the "Crookston Trust Company,' Crookston, Minnesota, aS f011OWs: te„"The Board of Governors of the Federal Reserve Sys— c;— "as considered the application for permission to exer— NX fiduciary powers made by you on behalf of the Crookston wenal Bank, Crookston, Minnesota, the national bank into the Crookston Trust Company, Crookston, Minnesota, is ev:4) be converted, and grants such national bank authority, 01.4-ective if and when it is authorized by the Comptroller co the Currency to commence business, to act, when not in aHylr4vention of State or local law, as trustee, executor, c);'4111strator, registrar of stocks and bonds, and guardian ' estates, the exercise of all such rights to be subject 1830 11119/45 —4— "to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. "After the conversion of the Crookston Trust Company, Crookston, Minnesota into the Crookston National Bank, Crookston, Minnesota becomes effective and the Comptroller the Currency authorizes the national bank to commence business you are requested to have the board of directors of the national bank adopt a resolution ratifying your apPllcation for permission to exercise fiduciary powers, and !certified copy of the resolution so adopted should be forwarded to the Federal Reserve Bank of Minneapolis for transmittal to the Board for its records. When a copy of 8uchresolution has been received by the Board, a formal certificate covering the national bank's authority to exercise trust powers will be forwarded." Approved unanimously. Letter to the Federal Reserve Bank of New York reading as followst "In accordance with Mr. Sanford's letter of November 16 . n aPPrising the Board that you have been asked by the Re' t"lic of Cuba to acquire 4,000,000 ounces of silver for e Purpose of coinage, the Board approves your undertakg the transaction for account of the Government of the Public of Cuba on the terms stated in your letter." g Approved unanimously. Thereupon the meeting adjourned Secretary. Chairman.
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