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1522 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, September 24, 1945, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the 4dera1 Reserve System held on September 21, 1945, were approved unanir11°us1y. Memorandum dated September 20, 1945, from Mr. Thomas, Director ot the Division of Research and Statistics, submitting the resignation Mr. E. L. Monteslegre, South American Specialist in that Division, alld recommending that his resignation be accepted effective as of the Close of business September 26, 1945, with the understanding that he 11111 receive a lump sum payment for the annual leave remaining to his el'edit at that time. The resignation was accepted as recommended. Letter prepared for Chairman Eccles' signature to Mr. Robert P. I 9/24/45 -2- Patterson, Under Secretary of War, reading as follows: "Lieutenant John C. Baumann, who is now assigned to the Military Personnel Division, Headquarters, Army Service Forces, and presently stationed in the Pentagon Building, was employed in the Legal Division of the Board of Governors from January 1, 1935, until he entered military service on April 20, 1943. "Lieutenant Baumann is on military leave from our organization and it is expected that he will return to the Board's employ whenever he may be discharged from the Army. For the reasons stated below, the Board wishes to request his release from active duty just as soon as possible, inasmuch as his services are urgently needed here. "As a result of readjustments following the end of the war, the Board is confronted with many important and urgent problems of a legal character, and particularly during the next few months it will be greatly in need of Lieutenant Baumann's services to supplement the very small legal staff of about half a dozen lawyers which it now has. The Board's Legal Division suffered the loss to the military service of three Attorneys, including Lieutenant Baumann, and none of these men has returned to the Board. As a result, the Legal Division is severely handicapped. Lieutenant Baumann's previous experience with the Board makes him peculiarly valuable to us, and this will be especially true of the immediate future. Upon his return here, Lieutenant Baumann will have the position of Attorney and receive a salary of $70/0 per annum. In this Position he will be given responsible legal work drafting imPortant regulations or proposed legislation and consulting and advising with respect to the many and various legal questions With which the Board is confronted and with which Lieutenant Baumann's previous service here makes him familiar. "In the circumstances, I earnestly request your favorable consideration of a release of Lieutenant Baumann from active duty, so that he may return to the Board. Your action will be most helpful to the Board and I can assure you that it will be greatly appreciated by myself and the other members of the Board." Approved, Mr. Ransom voting "no". Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve of Chicago, reading as follows: "In accordance with the request contained in your letter of August 31, 1945, the Board of Governors approves the I 9/24/45 "payment of salaries in excess of the maximum annual salaries established under the personnel classification plan for the Positions occupied as follows: Annual Salary Title Name $3,250 Machine Repairman (Sr) John M. Griswold Machine Repairman 2,400 Edward Bencivenga 2,400 Machine Repairman Walter W. Peterson Machine Repairman 2,400 Andrew L. Sareny 2,400" Machine Repairman Hervey E. Shannon Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve Bank of Knin —sas City, reading as follows: "As requested in your letter of September 12, 1945, the Board has approved payment by your Bank to Messrs. Sebree, Shook and Gisler of a total fee of $5,475 or $475 in excess Of the amount which the Board has heretofore tentatively approved, it being understood that if, after the pending appeal has been determined, it appears that the services of this firm should be further used in connection with the proceeding against the Kansas City Power and Light Company, you will then take the matter up with the Board." Approved unanimously. Letter to the board of directors of the "Broadway Bank & Trust C°114PanY," Paterson, New Jersey, stating that, subject to conditions of raftbership numbered 1 to 6 contained in the Board's Regulation H the 113ard approves the bank's application for membership in the Federal Reeve System and for the appropriate amount of stock in the Federal ReBank of New York. The letter also contained the following special e()rnment: "It appears that the bank possesses certain powers which are not being exercised and which are not necessarily required in the conduct of a banking and trust business, such as the Powers to act as surety and to guarantee real estate titles. -4"Attention is invited to the fact that if the bank desires to exercise any powers not actually exercised at the time of admission to membership, it will be necessary under condition of membership numbered 1 to obtain the permission of the Board of Governors before exercising them. In this connection, the Board understands that there has been no change in the scope of the corporate powers exercised by the bank since the date of its application for membership." Approved unanimously, together with a letter to Mr. Sproul, President of the Federal Reserve Bank of New York, reading as follows: "The Board of Governors of the Federal Reserve System approves the application of the Broadway Bank & Trust Company, Paterson, New Jersey, 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 Commissioner of Banking and Insurance for the State of New Jersey, for his information. "It is assumed that you will follow the matter of the bank's bringing into conformity with the provisions of law and the Board's regulation, the savings accounts listed on Page 16(1) of the report of examination for membership and the general ledger account of the State of New Jersey." Letter to "The Orwell Banking Company," Orwell, Ohio, reading follows: "The Board is glad to learn that you have completed all arrangements for the admission of your bank to membership in 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. 8S 9/24/45 Thereupon the meeting adjourned. Secretary.
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