Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, November 20, 1944, Volume 31, Part 4

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A meeting of
the Board of Governors of the Federal Reserve
steitt was
held in Washington on Monday, November 20, 1944, at 10:30
8..rn.

PRESENT:

Mr.
Mr.
Mr.
Mr.
Mr.

Eccles, Chairman
Ransom, Vice Chairman
Szymczak
McKee
Draper

Mr. Morrill, Secretary
Mr. Carpenter, Assistant Secretary
Mr. Clayton, Assistant to the Chairman
att r

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

Pecle
Reserve System held on November 18, 1944, were approved unaniko484..
Ilemorandum dated November 17, 1944, from Mr. Paulger, Director
°t the Di-vision
of

Examinations, submitting the resignation of Phillip

'
P Piton a,
0 an Assistant Federal Reserve Examiner in that Division, to
becoMe ef
fective as of the close of business on December 6, 1944, or on

44 41313r°Priate

earlier date if annual leave is used prior to his leav-

1"g the

service of the Board, and recommending that the resignation be
4teePted as
of that date.
The resignationwas accepted as recan
mended.
otthet
emorandum dated November 18, 1944, from Mr. Bethea, Director
!
or

lvision of Administrative Services, submitting the resignation
8 lielen

Conley as a stenographer in that Division, to become




72I
11/20/44
—2—
effective as of the
close of business on December 1, 1944, and recom—
mending that the
resignation be accepted as of that date.
The resignation was accepted as rec—
=mended
Letter to the board of directors of the "Community Bank of
Warsaw", Warsaw,
Missouri, stating that, subject to conditions of mern—
b"LiP numbered 1
to 3 contained in the Board's Regulation H, the
'8°41
'
11 approves the
bank's application for membership in the Federal
Reserve
SYstem and for the appropriate amount of stock in the Federal
Reserve Bank
of St. Louis.
Approved unanimously, together with
a letter to Mr. Davis, President of the
Federal Reserve Bank of St. Louis, read—
ing as follows:
"The Board of Governors of the Federal Reserve Sys—
approves the application of the 'Community Bank of
the Federal
Reserve' Warsaw, Missouri, for membership in
prescribed
in
th
System, subject to the conditions
+,' enclosed letter which you are requested to forward
the D
aJoard of Directors of the institution. Two copies
Of
,
o such lter
et
are also enclosed, one of which is for
,01.1r files and the other of which you are requested to
114 ,1 71.4rd to the Commissioner of Finance for the State of
for his information.
the It is assumed that you will follow the matter of
hal,-ank's reducing to within statutory limits the excess
'nee in a nonmember bank."
te

1

Letter to the board of directors of the "First State Bank",
m
Iexas,
stating that, subject to conditions of membership nun—
1

14)rton
bel,eci

3 contained in the Board's Regulation H, the Board approves
the bank,R
- application for membership in the Federal Reserve System




1_722

11/20/44
—3—
arld for the appropriate
amount of stock in the Federal Reserve Bank of

.
Approved unanimously, for transmission through the Federal Reserve Bank of
Dallas.
Letter to Mr. Day, Chairman of the Presidents' Conference, Federai

Reserve Bank of San Francisco, reading as follows:
It has come to the attention of the Board that
a number of the Federal Reserve Banks have been and are
ing thought to the problem of obtaining additional
ti,,
Ilking quarters for their branches. The solution of
ci'LL problem
takes various forms, which include the ace l.8siti°n of existing buildings, the remodeling or recon4,ruction of presently occupied quarters and those which
n is contemplated might be purchased, and the erection
Of new
Pose, buildings on property to be acquired for the pur-

r

"These proposals have resulted in the question
71ether it would be desirable to seek legislation amendeth
Reserv existing limitation in section 10 of the Federal
is Act upon the cost of erection of branch bank buildif so, what form such amendment should take.
tO H lt will therefore be appreciated if you will arrange
meeive this subject placed upon the docket for the next
g of the Presidents Conference, which is to be held
ea
of-ZY in December, for the purpose of obtaining the views
ze '4.1s Presidents and a discussion of the matter in joint
s81°11 with the Board of Governors."




Approved unanimously.
Thereupon the meeting adjourned.

Secretary.

Chairman.