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1485 A meeting of the Board of Governors of the Fede ral Reserve System was held in Washington on Mond ay, October 11, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on October 6, 1943, were approved unanimously. The minutes of the meeting of the Board of Governors of the Federal Reserve System with members of the executive committee of the Federal Advisory Coun cil held on October 6, 1943, were approved unanimously. The minutes of the meetings of the Board of Governors of the Federal Reserve Syst em held on October 7 and 8, 1943, were approved and the actions recorded therein were ratified unanimously. Memoranda dated October 5, 1943, from Mr. Paulger, Chief of the Division of Examinations, recommending that the followin increase g s in basic annu al salaries of employees in that Divi sion be approved, effective October 16, 1943: 1486 10/11/43 Name Dwight L. Crays Gordon R. Murff E. L. Brien, Jr. Joseph H. Porter W. J. McClelland George M. Ringen F. W. Troup Carroll R. Highfield John W. Taylor -2- Designation Federal Reserve Examiner Federal Reserve Examiner Federal Reserve Examiner Federal Reserve Examiner Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Assistant Federal Reserve Examiner Salary Increase From To 5,000 5,000 4,800 4,600 5,700 5,600 5,200 5,200 5,000 4,500 4,600 2,900 3,100 2,500 2,900 2,400 2,800 The memorandum with respect to Mr. Ringen also recommended that his designation be changed from Assi stant Federal Reserve Examiner to Federal Reserve Examiner, effe ctive October 16, 1943. Approved unanimously. Memorandum dated October 9, 1943, fro m Mr. Morrill, recommending that Mrs. Margaret E. Dalton be appointed as a charwoman in the Secretary's Office on a temp orary basis for a period of not to exceed 60 days, with basic salary at the rate of l.,200 per annum, effectiv e as of the date upon which she enters upon the performance of her duties after having pass ed satisfactorily the usual physical examination. Approved unanimously. Memorandum dated October 9, 1943, from Mr. Morrill, submitting the resignat ion of Julian R. Scott as a messenge r in the Secretary's Office, to become effe ctive as of the close of business on October 15, 1487 10/11/43 -3- 1943, and recommending that the resignation be accep ted as of that date. The resignation was accepted. Memorandum dated October 9, 1943, from Mr. lorrill, submitting the resignation of Miss Mary Forrest as a cafeteria helper in the Secretary's Office, to become effective as of the close of business on October 11, 1943, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to the board of directors of the "American State Bank of Bloomington, Illinois", Bloom ington, Illinois, stating that, subject to conditions of membership numbe red 1 to 6 contained in the Board's Regulation H and the following speci al condition, the Board approves the bank's appli cation for membership in the Federal Reserve System and for the appro priate amount of stock in the Federal Reserve Bank of Chicago: n7. By not later than January 1, 1948, such bank shall charge off or otherwise eliminate from its assets the V;ochner family loans totaling 42,780 as listed on page 11(3) of the report of examination of such bank as of June 26, 1 943) made by an examiner for the Federal Reserve Bank of Chicago, and not less than 25 per cent of such indebtedness shall have been eliminated by not later than January 1, 1946, and an additional 25 per cent by not later than January 1, 1947." Approved unanimously, together with a letter to Mr. Young, President of the 1488 10/11/43 -4Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the 'America n State Bank of Bloomington, Illinois', Bloomington, Illi nois, for membership in the Federal Reserve System, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of such letter are also enclosed , one of which is for your files and the other of which you are requested to forward to the Auditor of Public Accounts for the State of Illinois, for his info rmation. "Since the amount of estimated losses shown in the report of examination for membership is relative ly small, the usual condition of membership requ iring elimination of losses has not been prescribed. It has been noted, however, that the management expected to make prop er provision for such losses at the close of the exam ination and it is assumed that you will sati sfy yourselves in this respect." Letter to the board of directors of the "Nap a Bank of Commerce", Napa, California, stat ing that, subject to conditions of membership numbered 1 to 3 cont ained in the Board's Regulation H, the Board 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 San Fran cisco. Approved unanimously, for transmission through the Federal Reserve Bank of San Francisco. Letters to the "Barclay-Westmoreland Trust Comp any", Greensburg, Pennsylvania, and the "Farmers and Merc hants Bank", Greenwood, Wisconsin, reading as foll ows: 1489 10/11/43 -5- "The Board is glad to learn that you have completed all arrangements for the admissio n 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 prepared for the signature of Mr. Ransom to Honorable Preston Delano, Comptroller of the Currency, reading as follows: "In Marriner's absence, I am circulating to the other Board members your letter of October 6, 1943, and the enclosed copy of the letter written by the attorneys for the National Bank of Comm erce, Lincoln, Nebraska. "It is significant to me that the attorneys make no attack on the soundnes s of the Board's ruling legally indeed, they do not even defend the practice. I believe that the same firm position should be taken in all cases developed in due course of bank exam inations which your office has taken in this spec ific case. I hope that by so doing the fear of discrimination, which seems to be the main point of the entire letter, will be alleviated over a course of time by the examining policy pursued by both your and the Boar d's examiners." Approved unanimously. Telegram prepared for the sign ature of Mr. Dreibelbis, General Attorney, to Mr. Stro ud, First Vice President of the Federal Reserve Bank of Dallas, reading as follows: "Have discussed Registration Stat ement matter with Governor Ransom and we thin k it all right to permit Internal Revenue Agent to ins pect statement of registrant in question under same cond itions outlined in Board's letter to which you refe rred." Approved unanimously. 1490 10/11/43 -6- Thereupon the meeting adjourned. Vice Chairman.
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