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1279 Ameeting of the Board of Governors of the Federal Reserve Sys— teln Was held in Washington on Wednesday, September 15, 1937, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Broderick Szymczak McKee Davis Mr. Mr. Mr. Mr. Morrill, Secretory Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter reto and the action stated with respect thereto was taken by the 4°E1rd: The minutes of the meeting of the Board of Governors of the Federaq Reserve System held on September 14, 1937, were approved unanimously. Telegrams to Messrs. Stewart and Sargent, Secretaries of the l'ecleral Reserve Banks of St. Louis and San Francisco, and Mr. McKinney, 'eeident of the Federal Reserve Bank of Dallas, stating that the Board Pl 11)Ives the establishment without change by the San Francisco bank on 4Ptember 14, 1937, and by the St. Louis and Dallas banks today,of the Illtes of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated September 10, 1937, submitting a recommendsti°11, Which had been approved by the Personnel Committee, that, for the reasons stated in the memorandum, the Board authorize the payment "this a time of 05,000 to W. 8: I. Sloane, which amounts to approximately of the amount of the contract with that company for furniture for the Board's new building. Approved unanimously. 9/15/37 -2Memorandum dated September 14, 1937, fram Mr. Bethea, recom- illending the employment of John Blash and Matthew R. Jones as porters in the new building, each with salary at the rate of :11,080 per annum, effective as soon as their services may be required after having passed sEltisfactorily the usual physical examination. Approved unanimously. Letter to the Federal Deposit Insurance Corporation, reading 18 follows: "Pursuant to the provisions of section 12B of the Federal Reserve Act, as amended, the Board of Governors of the Federal Reserve System hereby certifies that 'The Brighton State Bank', Brighton, Colorado, became a member of the Federal Reserve System on September 14, 1937, and is now a member of the System. The Board of Governors of the Federal Reserve System further hereby certifies that, in connection with the admission of such bank to membership in the Federal Reserve System, consideration was given to the following factors enumerated in subsection (g) of section 12B of the Federal Reserve Act: 1. 2. 3. 4. 5. 6. The financial history and condition of the bank, The adequacy of its capital structure, Its future earnings prospects, The general character of its management, The convenience and needs of the community to be served by the bank, and Whether or not its corporate powers are consistent with the purposes of section 12B of the Federal Reserve Act." Approved unanimously. Thereupon the meeting adjourned.
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