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I A meeting of the Board of Governors of the Federal Reserve )7'8.Lejra was held in Washington on Tuesday, November 28, 1944, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein- te referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Nral- Reserve System held on November 27, 1944, were approved unani44%iy. MeMorandum dated November 25, 1944, from Mr. Morrill recomIlielidirig that effective December 1, 1944, the following employees in 4tlie SecretarY's Office be appointed on a permanent basis with increases .41 their basic annual salaries as indicated below: Designation E°gart vl'otkr • Purcell File Clerk File Clerk File Clerk Salary Increase From To 1,440 1,440 1,560 1,560 Approved unanimously. Meniek vrandum dated November 27, 1944, from Mr. Bethea, Director °I' the bj lvi8ion of Administrative Services, recommending that, for the Ottl , '") 11/28/44 -2stated in the memorandum, Mrs. Charlotte A. Murphy, a cafeteria helPer in that Division, be separated from service effective as of the close of business on November 29, 1944. Approved unanimously. Letter to the board of directors of "The Elberfeld State Bank", kberfeld, Indiana, stating that, subject to conditions of membership ' r 411bered 1 to 3 contained in the Board's Regulation H, the Board apDr0Ves the bank's application for membership in the Federal Reserve Sretern 84d for the appropriate amount of stock in the Federal Reserve ktat of St. Louis. Approved unanimously, together with the following letter to Mr. Davis, President of the Federal Reserve Bank of St. Louis: tem "The Board of Governors of the Federal Reserve Systibp PProves the application of 'The Elberfeld State Bank', ra.jfeld, Indiana, for membership in the Federal Reserve clo ' 411 subject to the conditions prescribed in the en13.0a8ed letter which you are requested to forward to the letr t:51 of Directors of the institution. Two copies of such and: : I I are also enclosed, one of which is for your files the 7 1: other of which you are requested to forward to the 81-re0tor, Department of Financial Institutions for of Indiana, for his information. the 1,'ince the amount of estimated losses classified in have-1, eP°rt of examination for membership is reported to reciiii -?en charged off, the usual condition of membership -4',.g,elimination 1 of losses has not been prescribed. - 1-s noted that an effort will be made to secure sUch. ' legafet :ion as may be necessary to remove any possible 1,41) li ability of the bank to repay contributions male tal,zember 1 Please advise the Board of the action ' laY the 933bank in this connection. Also, it is assumed 1754 11/28/41.4. -3"that you will follow the matter of the bank's reducing :1:41t,htlisc. tatutory limits the excess balance in a non"In order that our files may be complete, it is requested that you forward copies of the forms of capital debentures issued by the bank." Letter to Mr. Winthrop W. Aldrich, Chairman of the Board of 4reetOrs, The Chase Bank, New York, New York, reading as follows: 4., "There is enclosed a copy of the report of examinaa of the Head Office of The Chase Bank, New York, New trk, made as of September 30, 1944, by examiners for the fiard of Governors of the Federal Reserve System. The res for the foreign branches shown in the combined statement of condition were supplied by the Head Office. , o 'Your courtesy in acknowledging receipt of the rert will be r Approved unanimously, together with the following letter to Mr. Sheehan, Manager of the Bank Examination Department of the Federal Reserve Bank of New York: a "There is enclosed, for your information and files, ThelT, of the report of examination of the Head Office of 30, Bank, New New York, made as of September pea -744, by examiners for the Board of Governors of the eral Reserve System." trig Letter to the Presidents of all the Federal Reserve Banks read- e. cor,"Por Your information and guidance there is enclosed trw i'Y of a letter, dated November 22, 1944, from the DeBra Copy. rich of the Federal Reserve Bank of Chicago and of the tar Department reply thereto, dated November 4, signed by Colonel Paul Cleveland, Chief, Advance Pay cilala;'1u and Loan Branch, regarding the disposition of Ilith"aate copies of statements furnished in accordance P-ragraph 7 of the termination loan agreement. Approved unanimously. Thereupon the meeting adjourned. Secret, r7.
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