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1404 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, October 28, 1940, at 12:45 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Davis McKee Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. 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 26, 1940, were approved unanimously. Memorandum from Mr. Nelson, Assistant Secretary, submitting the resignation of Mrs. Elizabeth R. Stone as a charwoman in the Building Operation and Maintenance Section of the Secretary's Office, effective as of the close of business on October 24, 1940, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to the board of directors of the "Security State Bank", blew Hampton, Iowa, stating that, subject to conditions of membership numbered 1 to 3 contained in the Board's Regulation H, the Board apProves the bank's application for membership in the Federal Reserve 5YStem and for the appropriate amount of stock in the Federal Reserve 1405 10/28/40 -2- Bank of Chicago. Approved unanimously for transmission through the Federal Reserve Bank of Chicago. Letter to the board of directors of the "Bank of Ohio Valley", Pittsburgh, Pennsylvania, stating that, subject to conditions of membership numbered 1 to 3 contained in the Board's Regulation H and the following special condition, 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 Cleveland: "4. Prior to admission to membership, such bank, if it has not already done so, shall charge off or otherwise eliminate estimated losses of 14,417.82 as shown in the report of examination of such bank as of October 1, 1940, made by an examiner for the Federal Reserve Bank of Cleveland." Approved unanimously, together with a letter to Mr. Fleming, President of the Federal Reserve Bank of Cleveland, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the 'Bank of Ohio Valley', Pittsburgh, Pennsylvania, 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 Secretary of Banking for the Commonwealth of Pennsylvania for his information. "As pointed out in the report of examination and the memorandum submitting the application, the bank's earnings record has been most unsatisfactory, and it is assumed that in its supervisory relations with the bank the Reserve Bank will, of course, keep this situation in mind. 1406 10/28/40 —3— "It is assumed that the action to be taken with re— spect to Director Taylor's relationships with the applicant and St. Clair Deposit Bank, Pittsburgh, Pennsylvania, in order to conform with the requirements of the Clayton Act will not result in the reduction of the number of directors of the applicant below five, the number required by section 31 of the Banking Act of 1933." Thereupon the meeting adjourned. IrtifeATA„--2, Chairman. 01.17,A.A49 Secretary.
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