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1337 A meeting of the Board of Governors of the Federal Reserve Shtela waS held in Washington on Thursday, September 7, 1944, at 11:00 4,n. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Draper Evans Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein- atter referred to was taken by the Board: Pecier The minutes of the meeting of the Board of Governors of the 41 Reserve System held on September 6, 1944, were approved unaniklIcIr. 4eraorandum dated September 6, 1944, from Mr. Bethea recommend'4e that --vs. Jane G. Dodge be appointed as a stenographer in the Secret4V 8 % : ea trice, dikes with basic salary at the rate of $1,680 per annum, effec of the date upon which she enters upon the performance of her after havinr, passed satisfactorily the usual physical examination, *ital t4 e understanding that if anything derogatory develops in the inlire "lgation 4% — c3J- her references her services may be terminated immediately. Approved unanimously. Ileniorandum of this date from Mr. Bethea submitting the resignatlo, q of mrs to beconi • Attie L. Deskin as a charwoman in the Secretary's Office, e effective as of the close of September 10, 1944, and 1338 9/7/44 -2- trilillending that the resignation be accepted as of that date. The resignation was accepted as recommended. Telegram to Mr. Roscc Stone, Hickman, Kentucky, reading as to 110Ws: 4_ "The Board of Governors of the Federal Reserve Syshas appointed you director of the Louisville Branch O pc) the Federal Reserve Bank of St. Louis for the unexpired pilati°n of term ending December 31, 1946, and will be ' ased to have your acceptance by collect telegram." Approved unanimously. Letter to Mr. Peyton, President of the Federal Reserve Bank eaPolis, reading as follows: rjeuter ofaccordance with the request contained in your August 31, 1944, the Board approves the appointof Douglas C. Kelly, William A. O'Brien, and Arthur liulty as assistant examiners for the Federal Reserve wh:;"' °I' Minneapolis. Please advise us of the dates upon the appointments become effective." Approved unanimously. der date of August 30, 1944, the Board received a letter from .1.1clne Y, Vice President of the Federal Reserve Bank of New York, which tN1 1A-1.tteci an application of The National City Bank of New York, New 41% p. 'New Yr-, for permission to establish a branch at Calcutta, India, rec commendation of the Federal Reserve Bank that the applicatio n be 93Proveci. Accordingly, the following order was adopted by the Board: 1339 9/7/44 "ORDER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM September 7, 1944 "Ylki]gl The National City Bank of New York has made aP' Plieation to the Board of Governors of the Federal Re8 rve System, pursuant to the provisions of section 25 of Federal Reserve Act, for permission to establish a branch Calcutta India- and M. it appears that the said bank may properly be a uthorized to establish a branch at Calcutta, India; Bank iI THEREFORE, IT IS ORDERED that The National City a 1, of New York be and it hereby is authorized to establish thuranch at Calcutta, India, upon the condition that unless 0 e branch hereby authorized is actually established and oelled for business on or before September 1, 1945, and the wri : . ar 1 of Governors of the Federal Reserve System advised in fo""ing that the branch has been so established and opened shr business, all rights hereby granted as to such branch he be deemed to have been abandoned and the authority ileDY granted as to it shall automatically terminate; but, th ,,ranch shall have been established and opened for orsl-ness on or before said date and the Board of Governors 'he Federal Reserve System shall have been so advised Triting, the said bank may operate and maintain the sar : e subject to the provisions of section 25 of the Federal Res erve Act.” j e In connection with the above matter, the following letter to Mr. Gidney was approved unanimously: tr n Reference is made to your letter of August 30, 1944, lievansraitting the application of The National City Bank of at ir,Y(3rk, New York, for permission to establish a branch ' -alcutta, India. era, "Pursuant to the provisions of section 25 of the Fedas -L Reserve Act, the Board of Governors of the Federal Nerl,:ve System has authorized The National City Bank of the 'clrk to establish a branch at Calcutta, India, upon condition that the branch be actually established and 9/7/44 -4Pened for business on or before September 1, 1945 and tehe Board advised in writing that the branch has been so st ablished and opened for business. 0 "There is enclosed herewith a certified copy of the „1"„der adopted by the Board authorizing the establishment ;LI the branch which you will please deliver to the bank. ere is also enclosed a copy of the order for your files. It will be appreciated if you will advise the Board the date the branch is actually established and opened 4or business." A letter to the Comptroller of the Currency in the following form was also unanimously approved: .tiles There is enclosed herewith for your information and a copy of an order of the Board of Governors of the of`781 Reserve System authorizing The National City Bank ilew 'York to establish a branch at Calcutta, India." U4der date of August 30, 1944, the Board received a letter from k% 'Y, Vice President of the Federal Reserve Bank of New York, which tte arlti an application of the International Banking Corporation, New elvye'rky for permission to establish a branch at Paris, France, a reco mmendation of the Federal Reserve Bank that the application be 1)131'c)//ecl• On August 9, 1944, pursuant to the authorization by the Board °tIklellst 2, 19, 44/.1 representatives of the Board's Division of Examinations : : 11 1 Legal Division visited the State Department to inquire whether it 4arly reason for feeling that the proposed branch should not be estabhe'llci were informed that the Department knew of no reasons why the d. vdthhold its approval of such application. Accordingly, the following order was adopted by the Board: 9/7/44 -5"ORDER OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM September 7, 1944 g. International Banking Corporation, a coratlon organized and existing under the laws of the plate of Connecticut and having its principal office and rmace of business at New York, New York, pursuant to the of the agreement entered into with the Board vi G°Irernors of the Federal Reserve System under the pro! i°ns of section 25 of the Federal Reserve Act, has raa`'e aPplication to the said Board of Governors for permi to"i establish a branch at Paris, France; and -4Liq it appears that the said Corporation may Pro p,periY be authorized to establish a branch at Paris, 4ance; t ng.A.1._ILIEREFOREt IT IS ORDERED that International tal l:ng Corporation be and it hereby is authorized to eslmi ' lsh a branch at Paris, France, upon the condition that , I.;',sI e8S the branch hereby authorized is actually established thè4 °Pened for business on or before February 1, 1945, and B°ard of Governors of the Federal Reserve System adall-cied in writing that the branch has been so established suel,opened for business, all rights hereby granted as to allt: fl °ranch shall be deemed to have been abandoned and the lia or Ltr tY hereby granted as to it shall automatically terope ; but, if the branch shall have been established and of Irle_cl for business on or before said date and the Board 'vernors of the Federal Reserve System shall have been anciadvised in writing, the said Corporation may operate agr maintain the same subject to the provisions of the pedeezent entered into with the Board of Governors of the ral Reserve System under the provisions of section 25 or! 'he Federal Reserve Act." In connection with the above matter, the following letter to Mr. Gidney was approved unanimously: tr.. "Reference is made to your letter of August 30, 1944, po;?stting the application of International Banking Cor' c tlon, a corporation organized and existing under the 9/7/444 -6ol, 1/13 of the State of Connecticut and having its principal ci:Pe and place of business at New York, New York, for peron to establish a branch at Paris, France. "Pursuant to the provisions of section 25 of the Fed;ral Reserve Act, the Board of Governors of the Federal Rerve SYstem has authorized International Banking Corporato establish a branch at Paris, France, upon the conthat the branch be actually established and opened a°1 'business on or before February 1, 1945 and the Board ' a Irised in writing that the branch has been so established nd opened for business. or "There is enclosed herewith a certified copy of the „der adopted by the Board authorizing the establishment e branch which you will please deliver to the CorporaThere is also enclosed a copy of the order for your j of "It will be appreciated if you will advise the Board the date the branch is actually established and opened b usiness." A letter to the Comptroller of the Currency in the following form was also unanimously approved: fii "There is enclosed herewith for your information and Fed "a copy of an order of the Board of Governors of the co eral Reserve System authorizing International Banking IjPoration to establish a branch at Paris, France. The Ne:Jrnational Banking Corporation is a subsidiary of The 1°.nal City Bank of New York." Letter to the Presidents of all the Federal Reserve Banks read- tt There is being mailed to you under separate cover a fZ3131Y of the form of application approved for use by , - cing institutions in applying for a T (Termination) Lon, A LTuarantee, also a supply of revised form F. R. 577. 13%.17men copy of each form is enclosed. prov in the case of loans submitted to Washington for apal, the following should be forwarded to the Board's 1343 9/7/44 -7"War Loans Committee: (1) Two copies of the application and of all documents called for therein, (2) Two copies of the Federal Reserve Bank's forwarding letter, including its comments and recommendations. authorization of a loan by the War Depart"Following ment Navy Department or Maritime Commission, two executed es of the guarantee agreement and loan agreement should be Lorwarded to the Board's War Loans Committee. In the case of applications which have been acted upon I'Ler authority, the following should be forwarded to 40 the Board's War Loans Committee: (1) Two copies of the application and of all documents called for therein, the copies of the Guarantee and Loan Agreements to be in executed form. (2) Two copies of the Federal Reserve Bank's forwarding letter. con_ " e copies of revised form F. R. 577 shod ac1Y the executed copies of guarantee agreements and teell agreements forwarded to the Board's War Loans Committhe case of T-loan guarantee and termination loan treenlents submitted with original application prior to auci7ization, the Services would, in general, prefer to re1).e.such documents unexecuted. However, if in the future irlence indicates that the supplying of such documents e ecuted form will substantially expedite processing, 'e subject will be reconsidered at that time." Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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