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1609 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, October 23, 1944, at 10:30 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 herein- after. referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pei:ler al Reserve System held on October 21, 1944, were approved unaniMOlaely. Memorandum dated October 20, 1944, from Mr. Goldenweiser, Diof the Division of Research and Statistics, recommending that j* Hans Adler be given a temporary appointment for a period of not to ex'ceed six months as an economist in that Division, effective at the exPiretion on October 27, 1944, of his present appointment as an econo , ' Lc specialist in the Division of Research and Statistics, with change in his present basic salary at the rate of t3,600 per an- The memorand um recommended that Mr. Adler become a member of the p ederal Reserve retirement system. Approved unanimously. M emorandum dated October 18, 1944, from Mr. Paulger, Director 610 10/23/44 -2- of the Division of Examinations, recommending, for the reasons stated in the memorandum, that Miss Nancy Chelberg, a stenographer in that Division, be granted leave without pay for the period from October 6 to December 16, 1944, inclusive, or until such prior time as she may bePrsicaUy able to resume the performance of her duties. Approved unanimously. Letter to the "Calumet County Bank", Brillion, lasconsin, reading as follows: "The Board is glad to learn that you have completed all arrangements for the admission 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 to the "Baystate Corporation", Boston, Massachusetts, eading as follows: "This refers to your letter of September 13, 1944) forwarded by the Federal Reserve Bank of Boston, requesting that the Board make a determination under Section 3(e)(4) of the Investment Company Act of 1940 that your corporation is primarily engaged in the business of hold.6 the stock of banks and trust companies and hence is not ol to be deemed an investment company within the meaning _r o that Act. Your letter was written in connection with ur tIo-lttni 4,,a voting permit. The permit was is? cP Sued a copy of which, with the pertinent e.igreement and other data, have been forwarded to the Board DY the Federal Reserve Bank of Boston. "From the application for the voting permit and the ir arious data submitted in connection therewith, the Board derstands that Baystate Corporation has taken over the assets of Old Colony Trust Associates in accordance with -1 ZI- r 10/23/44 -3- an agreement dated the 31st day of July 1944 by and between the Old Colony Trust Associates and Baystate Corpora and that the corporation expects to carry on this .usiness in the same general way it has been carried on in the past. ."On the basis of these representations and the facts st.thmitted, the Board has determined that Baystate Corporatlon is primarily engaged in the business of holding the of and managing or controlling banks, banking associasjc)ek ,1?ns, savings banks, or trust companies. Prior to making L _I.,111s determination, the Board notified the Securities and Exchange Commission of the corporation's request for det :?rmlnation and submitted certain facts in connection therelath. On the basis of such facts, the Securities and Exchange Commission advised the Board that it did not desire to be heard in the matter. ,, "It is understood that as a result of such determination, under the provisions of Section 3(c)(4) of the InvestTent Company Act of 1940, Baystate Corporation is not deemed to be an investment company within the meaning of that Act. However, the Board reserves the right to make a further determinationacci any time on the basis of the then existing there should be such a change in the facts as to indicate that Baystate Corporation might be deemed to be not primarily engaged in the business of holeing the s j'esek of, and managing or controlling, banks, banking assoe?ations, savings banks or trust companies, this matter should again be submitted to the Board." Approved unanimously, together with the following letter to Mr. Creighton, Chairman of the Federal Reserve Bank of Boston: "Receipt is acknowledged of Mr. McRae's letter of Octnher --, 1, 4 1944, and the enclosures, in the Baystate Corporation voting permit matter. "Pursuant to the corporation's request, contained its letter of September 13, 1944, forwarded to the Board Your letter of September 15, 1944, there are enclosed 'Jrewith a letter and carbon copy thereof to the corporac°n containing the Board's determination that Baystate 1,°rPoration is engaged primarily in the business of a 'ailk holding company affiliate and therefore is deemed t 1612 10/23/44 -4- "not to be an investment company within the meaning of the Investment Company Act of 1940. In the absence of some good reason known to you or your counsel for not doing so, Please deliver the original of the letter to Baystate Cor— poration, retaining the copy for your files." Thereupon the meeting adjourned. CeadA.A, Secr tary. APProved• Vice Chairman.
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