The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1_3(36 A meeting of the Board of Governors of the Federal Reserve was held in Washington on Thursday, September 14, 1944, at 10:30 a.ra. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters herein44e..t'referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on September 13, 1944, were approved unani- Meraorandum dated September 11, 1944, from Mr. Leonard, Director °t the Tr -lvision of Personnel Administration, recommending that the basic eqa.17 of t Mrs. Olga W. Bangs, Interviewer in that Division, be increased $2 ' 900 to li.)3,000 per annum, effective September 16, 1944. Approved unanimously. he Ikmorandum dated September 12, 1944, from Mr. Morrill recommendthat t, rmward W. Stull be transferred from the position of guard to 13"iti -°n of chauffeur in the Secretary's Office and that his appointbe made permanent, effective October 1, 1944, without change in Ilta, preae nt basic salary at the rate of $1,620 per annum. The memoNidlt4 recommended that, to fill the vacancy caused by the transfer 4_387 9/14/44 -2- Or lir. Stull, William J. Traver be appointed as a guard in the Secretary 8 Office on a temporary basis for an indefinite period, with basic sala 17 at the rate of $1,500 per annum, effective as of the date upon L e enters upon the performance of his duties. Approved unanimously. Letter to Mr. Fleming, President of the Federal Reserve Bank O Cleveland reading as follows: "This is in reply to your letter of September 8 adI nising that the directors have voted to grant Mr. E. A. o , kt Carter Assistant Vice President, who has been on leave absence because of a nervous breakdown, leave of ab8ence with pay through December 31, 1944, after which he , 18111 be retired, and to approve a supplemental pay41ent to the Retirement System for his benefit in the 8,01Int necessary to provide a pension equal to the penhe would receive if he were 65 at time of terminatri np°n of employment, reduced by 21% for each year he lacks -- being 65. "In view of the circumstances described in your letter Of August 30 and in accordance with the informal advice 0 to you in its letter of September 4, the Board of ;e1'ners approves the payment to the Retirement System, 111111 la'jr the provisions of Section 9 of the Rules and Reguto l'ns of the Retirement System, of the amount necessary re Provide the increased pension authorized by your dias reported in your letter of September 8, Approved unanimously. ot Jame Letter to the board of directors of the "Union Trust Company °111n, N. Y.", Jamestown, New York, stating that, subject to con: clitior of membership numbered 1 to 6 contained in the Board's Regulation 1368 9414144 R Av...3 —3— the following special condition, the Board approves the bank's 41*.ication for membership in the Federal Reserve System and for the 41113r°Priate amount of stock in the Federal Reserve Bank of New "7. At the time of admission to membership, such bank shall have a paid—up and unimpaired capital of not less than $500,000." tie 1 4-etter also contained the following special comment: "In view of the fact that Marine Midland Corporation it-11 become a holding company affiliate of your bank upon N s admission to membership, the Federal Reserve Bank of eew York has been informed that before stock in the Fed— ereaReserve Bank is issued to your bank, it will be neces— car7.for Marine Midland Corporation to comply with any tT"tiedltions to the issuance of a general voting permit en— , ling it to vote the stock which it owns or controls of Jour bank." l Approved unanimously together with a letter to Mr. Sproul, President of the Federal Reserve Bank of New reading as follows: te "The Board of Governors of the Federal Reserve Sys0 11 aPproves the application of the 'Union Trust Company ; Jamestown, N. Y.', Jamestown, New for membership pl„the Federal Reserve System, subject to the conditions ' to scribed in the enclosed letter which you are requested Tw rcirward to the Board of Directors of the institution. is°p wch of such letter are also enclosed, one of which to 0 ?r your files and the other of which you are requested of I'vard to the Superintendent of Banks for the State i'ew York, for his information. Ilinclosed is a letter approving the retention and ion of the branch at Westfield, New York, which you ar,::Jequested to forward to the Board of Directors of the 'v-Llcant bank Enclosed also is a copy of the letter for Your Z files. 1369 9/4/44 -4, "Before issuing stock in the Federal Reserve Bank of New York to the Union Trust Company of Jamestown, N. Y., °11 are requested to satisfy yourself that the Marine Mid4a 1d Corporation has complied with any conditions to the 1.8suance of a general voting permit entitling it to vote Ole stock which it owns or controls of such bank. "Standard condition of membership numbered 6 has been Prescribed in order that its provisions may be invoked at :n.7 time in the future if necessary, but as in other cases In accordance with the general authorization previously nted by the Board you are authorized to waive compliance the condition until further notice insofar as the con41t1°n applies to funds which are given statutory preference 4-n the State of New York. b "It is assumed that you will follow the matter of the ,ank's bringing into conformity with the provisions of law d the Board's regulations the savings accounts mentioned n Page 16 of the report of examination for membership." 1 r In connection with the above matter a second letter to the board of directors of the "Union Trust Company of Jamestown, N. Y.” was approved unanimously, as fol— lows: "In connection with the application for membership in the Federal Reserve System, the Board of Governors of the F ,e_cleral Reserve System approves the retention and operation IT/ the Union Trust Company of Jamestown, N. Y., Jamestown, wew York, after admission to membership, of the branch at iteistfield, New York, the establishment of such branch hav8,g been approved by the Superintendent of Banks of the "late of New York on February 26, 1940." Telegram to Mr. Ruml, Chairman of the Federal Reserve Bank of NelvYore, k stating that, subject to the conditions set forth in the tele— the Board of Governors authorizes the issuance of a general voting 114Ltt, under the provisions of Section 51/14 of the Revised Statutes the United States, to the "Marine Midland Corporation", Jersey City, 1370 9/14/44 -5New j ePee:7, entitling such organization to vote the stock which it okle °r controls of the "Union Trust Company of Jamestown, N. Y.", klesto wny New York, at all meetings of shareholders of such bank, and that t'he period within which a permit may be issued pursuant to the alithe'rization was limited to 30 days from the date of the telegram unless all extension of time was granted by the Board. The conditions eorttam • --eq in the telegram upon which the permit was authorized were 48 t011011s: Hi That prior to issuance of general voting permit authorized herein, applicant shall execute and deliver to you in duplicate an agreement in same form as that which applicant executed on January 15, 1940, as a condition to issuance of permit dated January 31, 1940. "2. That prior to issuance of general voting permit authorized herein, applicant shall deliver to you in suplicate Exhibit L (Form P-3) executed by Clorg, Inc., and Exhibit N (Form P-4) executed by applicant and consented to by Clorg, Inc., or furnish assurances satisfactory to you that it will deliver such Exhibits to you within 30 days after issuance of such Permit, or furnish evidence in writing satisfactory to your Counsel that such Exhibits are not required by Board's Regulation P and directions on printed forms referred to. IN 3 . That prior to or simultaneously with issuance of general voting permit authorized herein, Union Trust Company of Jamestown, N. Y., shall be admitted to membership in Federal Reserve System." egram also contained the following sentence: ce ."In order to eliminate any possible question con— 1112-ag authority for action by applicant's officers in 1371 9/14/44 —6-executing application for voting permit and in executing a :greement set forth in Exhibit Q which was not presented aLo board of directors, please request applicant to furnish ?oon as practicable two certified copies of a resolution c2r its board of directors or executive committee ratifying cItll action taken by its officers in obtaining such permit Q4/1(1 executing agreement set forth in Exhibit Q." Approved unanimously. Letter to the board of directors of the "Farmers and Merchants 134/1101 '4ar1anna, Arkansas, stating that, subject to conditions of meMberehip numbered 1 to 3 contained in the Board's Regulation H, the Board approir es the bank's application for membership in the Federal Reserve Shtetil -rki for the appropriate amount of stock in the Federal Reserve knit of St. Louis. Approved unanimously, for transmission through the Federal Reserve Bank of St. Louis. Letter to Mr. Young, President of the Federal Reserve Bank of ehicag °I reading as follows: "The Board of Governors of the Federal Reserve Sysash considered the recommendation of the Board of d4ectors of your Bank, contained in Mr. Diercks' letter 841 July 31, 1944, and pursuant to the provisions of to7t 19 of the Federal Reserve Act, grants permission niai'lncoln Security National Bank, Chicago, Illinois, to ' to ljtain the same reserves against deposits as are required ue maintained by reserve city banks, effective with . th. first weekly reserve computation period beginning after " clte of this letter. Please advise the member bank of the Board's action n this matter, calling its attention to the fact that te 1372 9114/44 —7— us_ uch permission is subject to revocation at any time by the Board of Governors of the Federal Reserve System." Approved unanimously. Memorandum dated September 11, 1944, from Mr. Nelson, Assistant Secre4L_ "46•17, reading as follows: e "On September 2, 1944, Chairman Eccles informed Gov— jrnOr Draper and MR that he had received a call from Mr. nathan Daniels at the White House, advising that arrange— s had been made for the Inter—American Defense Board hd the Brazilian Commission to vacate the space occupied +Ill the Federal Reserve Building, and that it was planned 'du have the Office of Contract Settlement occupy the space v acated. 4 "Chairman Eccles said that all of the space in the wing of the first floor, except the telegraph office tr.the offices occupied by the Director of Economic Sta— se lzation, was to be available to the Office of Contract ea,'Pement, which would include all of the northwest wing rooms 1202, 1215, 1217, 1219, 1226, 1228 and 1230 of "e northeast wing. set The arrangements under which the Office of Contract will occupy the space are to be similar to the Pr e8 epent arrangements with the Inter—American Defense Board, ?ept that no reimbursement is to be made for upkeep and "4.111tenance of the building. In a discussion of the ar— seri llents it was brought out that the Office of Contract pa : 11. j -eMent is not to have space in the garage but that 101 ; 'i llig facilities are to be made available on the parking b to its employees; that the hours of closing of the 14111g, and the operation of the air conditioning system 00- not to be changed and that employees of the Office of carp‘act Settlement are to have the privilege of using the eta:leria. It was understood also that invitations to the dining room will be issued to Messrs. Hinckley, Iriti neY) and Mr. Hinckley's assistant. the T From the information now available it appears that ' flter—American Defense Board will vacate the building or before September 15, 1944." : l 4 Noted. Thereupon the meeting adjourned. Chairman.
@FedFRASER