Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, September 26, 1946, Volume 33, Part 3

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1344
A meeting of the Board of Governors of the Federal Reserve Systern was held in Washington on Thursday, SepteMber 26, 1946, at 10:15 a.m.
PRESENT:

Mr. Ransom, Vice Chairman
Mr. Draper
Mr. Carpenter, Secretary
Mr. Morrill, Special Adviser

As stated in the minutes of September 16, 1946, Mr. Vardaman was
absent on official business.
The action stated with respect to each of the matters hereinafter referred to was taken by the Board:
Memorandum dated September 24, 1946, from Mr. Vest, General
Counsel, submitting the resignation of Walter E. Paul, an employee of
the Legal Division, who has been on military leave since September 18,
1941, to become effective as of the close of business December 31, 1945,
and recommending that the resignation be accepted as of that date.
The resignation was accepted
as recommended.
Memorandum dated September 19, 1946, from Mr. Young, Assistant
Director of the Division of Research and Statistics, recommending that
Miss Dorothy J. Lichens be appointed as a clerk in tht, Division, on a
temporary indefinite basis, with basic salary at the rate of

2,770.20

Per annum, effective as of the date upon which she enters upon the performance of her duties after having passed the usual physical examination.
The memorandum also stated Miss Lichens was a member of the Civil Service
Rutireaent and Disability Fund and it was contemplated that she would
continue in that retirement system.




Approved unanimously.

1345

-2-

9/26/46

ent
Letter dated September 25, 1946, to Mr. Wiltse, Vice Presid
reading as follows:
of the Federal Reserve Bank of New York, New York,
"Reference is made to your letter of September 17,
York
1946, submitting the request of 'The Northern New
to
sion
permis
for
York,
New
own,
Trust Company', Watert
tion
connec
in
York,
New
p,
Antwer
establish a branch in
with the proposed purchase of assets and assumption of
p,
deposit liabilities of the Bank of Antwerp, Antwer
New York.
"The Board of Governors concurs in your opinion that
in
the proposed transaction will not result in a change
y
compan
trust
the
of
assets
the
of
the general character
of
or the functions exercised by it within the meaning
t.
subjec
is
it
which
to
ship
the condition of member
"In view of your recommendation, the Board approves
p,
the establishment and operation of a branch in Antwer
Watery,
Compan
Trust
York
New
rn
Northe
New York, by The
astown, New York, provided the purchase of assets and
p
Antwer
of
Bank
the
of
ities
liabil
t
deposi
of
sumption
prior
is accomplished substantially as proposed and the
obtained,
approval of the appropriate State authorities is
e
Reserv
the
and with the understanding that Counsel for
ty
legali
the
Bank is to review and satisfy himself as to
ish
establ
and
of all steps taken to effect the absorption
the branch."
Approved unanimously.
y, Indiana,
Letter to the New Harmony National Bank, New Harmon
reading as follows:
"This refers to your letter of September 18, 1946,
adopted
advising the Board of Governors of a resolution
New
Bank,
y
Harmon
by the board of directors of the New
ng
applyi
in
action
Harmony, Indiana, rescinding their
bank.
such
for trust powers on behalf of
"In view of this action of the board of directors,
September
the Board of Governors rescinds its action of
Harmony
New
the
by
ation
16, 1946, approving the applic
ity to
author
for
a,
Indian
y,
National Bank, New Harmon
ized
author
not
is
bank
the
and
,
exercise trust powers
the
by
d
covere
powers
ary
fiduci
the
of
to exercise any
Act,
e
provisions of section 11(k) of the Federal Reserv
as amended."




1346

9/26/46

-3A7roved unanimously.

Thereupon the meAing adjo

Secretary.

APoroved:




ik

•

Vice Chairman.