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1.4YIL Minutes of actions taken by the Board of Governors of the al r Reserve System on Thursday, September 9, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Draper Vardaman Clayton Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Minutes of actions taken by the Board of Governors of the r"eserve System on September 8, 1948, were approved unani- rettalt Tel gas to the Presidents of all Federal Reserve Banks follows: tor "Board does not contemplate making a fall call )1140, condition reports on State member banks. You c04 ,,,,s0 advise State banking departments for their ori:'idential information. Understand Comptroller's 1)ort ice has advised them that no such call for reUpon national banks is contemplated." Approved unanimously. Mem °randum dated September 8, 1948, from Mr. Thomas, Di.4, t114 he Division of Research and Statistics, recommending ' 1)4 slgnation cf Miss Ruth Halvorsen, a clerk in that li on accepted to be effective, in accordance with her tn „4. the close of business September 17, 1948, with the 44,1 1:6a1,1 —111g that a lump sum payment would be made for annual rel4Lilling to her credit as of that date. Approved unanimously. 9/9A8 -2Memorandum dated September 8, 1948, from Mr. Boothe, AS1 t.att ector of the Division of Administrative Services, rec/le4e kdrip. that the resignation of Mrs. Ruth Buck, a page in that 1vts i°II 'be accepted to be effective, in accordance with her reet at the close of business September 3, 1948, with the underthat she would reimburse the Board for overdrawn annual Approved unanimously. Memorandum dated September 8, 1948, from Mr. Boothe, - Astrl Director of the Division of Administrative Services, rec• 114111€i that the resignation of Miss Lois Elliott, a page in t114t T% 4Jiltision, be accepted to be effective, in accordance with 'ecilles-t, at the close of business September 24, 1948, with ttimerstanding that a lump sum payment would be made for leave remaining to her credit as of that date. Approved unanimously. Letter to Mr. D"Moss, Vice President of the Federal ReOf Dallas, reading as follows: y-0,21/1 accordance with the request contained in Board approves the letter of August 31, 1948, the e.ppointment of Charles Lincoln Childers as an or°1-stant examiner for the Federal Reserve Bank 13.4111as. It will be appreciated if you will beese us as to the date upon which the appointment °Mes effective." Approved unanimously. 14'ell 99/48 -3Telegram to Mr. Shepard, Federal Reserve Agent of the Fed1 ikeserve Bank of Minneapolis, stating that, subject to the con"s set forth in the telegram, the Board of Governors of the Nere.Reserve System authorizes the issuance of a general voting N7rait, --der Naor , the provisions of Section 5144 of the Revised Stat- the United States, to "Northwest Bancorporation", Minneapolis, °tEt, entitling such organization to vote the stock which it 114 controls of the "Billings State Bank", Billings, Montana, 4't 1 illeetings of shareholders of such bank, and that the period .t11111 which a permit may be issued pursuant to the authorization e°11te.lted in the telegram is limited to thirty days from the date t t the -elegram unless an extension of time is granted by the Board. Q4:)11clitions contained in the telegram upon which the permit was were as follows: Prior to issuance of general voting permit authorized herein, applicant shall execute and deliver to you in duplicate an agreement in form accompanying Board's letter S-964 (F.R.L.S. #7190); and Prior to the issuance of the general voting permit authorized herein, applicant shall deliver to you In duplicate Exhibit L (Form P-3) executed by the Guaranty State Bank and Trust Company", St. Cloud, Minnesota, and Exhibit N (Form P-4) executed by apPlicant and consented to by the "Guaranty State Bank and Trust Company", or furnish assurances satisfactory .- c) You that it will deliver such Exhibits to you within 30 days after the issuance of such permit, or furnish evidence satisfactory to Counsel for your Bank 144 "that such Exhibits are not required by the Board's Regulation P and the directions on the printed forms referred to." Approved unanimously. Telegram to Mr. Fletcher, First Vice President of the e.1Reserve Bank of Cleveland, reading as follows: kr "Retel September 3. Number 8581 Loose-Leaf vice still applicable to conversion of charge Approved unanimously. Telegram to Mr. DeMoss, 'Vice President of the Federal Bank of Dallas, reading as follows: Re "Betel demonstration of washing machines under cleu lation W. Section 6(g) by its terms relates to thies in anticipation of instalment sales and it- case you describe would appear to be such a detrY• This would seem to be a question of amendile Iten - Zather than interpretation. As you know the ,-, -t, 1 "-cal problem of how to handle demonstrations Nne of separating bona fide cases from non-bona 11,,,ctlad of providing a practical solution that would 130-s e investigators to check on compliance. No proyet presented by the trade or developed by the has been considered satisfactory, although the to ' is quite willing to consider a change in the ''irlent section." Approved unanimously. Telegram to Mr. Rouse, Vice President of the Federal 13e.11-k of New York, reading as follows: Illakiri"Y°ur wire September 3. Board approves the g Of a loan or loans on gold by your Bank to 5 14'4, 9/9/48 -)"Banco Central del Ecuador on the same terms and con$Ltaions as set forth in your wire to the Board of 4 22 as follows: nt $1, ka) The amount to be advanced not to exceed 000 in the aggregate at any one time outstandsuch loan or loans to be made up to 98 per cent a the value of refined gold bars held in your vaults S collateral; ntl„. 90 daku) Each such loan or renewal thereof to run for Ye) but no loan or renewal thereof to mature later -oz 180 days after the date of the first such loan; "(c) Each such loan and any renewal thereof to interest from the date such loan is made or reuntil paid, at the discount rate of your Bank i effect on the date on which such loan or renewal s Made. It is understood that the usual participation b e offered to the other Federal Reserve Banks." Approved unanimously. Telegram to Mr. Earhart, President of the Federal Reserve Of San Francisco, reading as follows: irlt "Referring your September 4 wire, Board will ii3c)se no objection to your making purchase comill'inents with Otis Elevator Company for elevators ili Pr°100sed Portland and Seattle Branch buildings si lecrdance with your telegram, it being underSuch commitments could be canceled without Etn'ciellse if Projects were indefinitely postponed it Price adjustments could be made for any changes sDec ifications." Approved unanimously. Letter to Mr. Marcus W. Price, Director, General Records The National Archives, reading as follows: ea "Y°1-1r letter of September 2, 1948, transmitting 13Y of Circular Letter No. 49-1 dated August 26, 1476 -6from the Archivist of the United States to 42 of all Government agencies requests data con: ing the volume of records (exclusive of motion 1\1 .'1-Let-tares and aerial film) to be transferred to the :!ional Archives, for the use of the Archivist in long-range plans for housing permanently :a-41E3.131e non-current Federal records in the National hirchives. "The Board of Governors has followed a practice we 'kestroying non-current records wherever such records e not needed for the proper conduct of the Board's volL ' 4' and where authority had been received from the Ar tichivist or under public laws authorizing the destrucfo°4 of such material, and up to the present time has no need for transferring records to the Archives. amount of file space used by the Board is not large eiee°mParison with that used by many Governmental ageni4: alld in view of the destruction schedules followed ' ue Past and contemplated for the future, it does riot tor e.PPear that the Board will find it necessary in the eseeable future to transfer records to the Archives." of Approved unanimously. Assiskant _Siecretary. Ve ChairmE7tit
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