19440829_Minutes.pdf

1290

8Yatern

a'111.

4tter

ectorof the Division of Research and Statistics, recommending that

torio

the r.

"Pective basic salaries of John M. Crawford and Ramsay Wopd,

44:48ts in that Division, be increased from $3,800 to $4,200 per

A meeting of the Board of Governors of the Federal Reserve

was held in Washington on Tuesday, August 29, 1944, at 11:00

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. Draper

Mr. Bethea, Assistant SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Chairman

The action stated with respect to each of the matters herein—

l'eferred to was taken by the Board:

Ittemoranda dated August 25, 1944, from Ur. Thomas, Assistant

effective September 1, 1944.

Approved unanimously.

keztorandtun dated August 24, 1944,the Division of

Examinations,14141 C.

Idedeiros, a8ePte1ber

1p1944,

trle to the

Board' 84Y6 2 hors, and

4he will. have Workedthat ill view of her long144iroe be

granted the full

from Mr. Paulger, Director

referring to the application

clerk—stenographer

of Mrs.

in that Division who is retiring

for 26 days of annual leave and stating that accord—

leave regulations she would be

40 minutes of annual leave for

this

entitled only to 17

the eight months that

year. The memorandum recommended, however,

and faithful service with the Board Mrs.

26 days' annual leave for the year 1944.


Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8/29/44

Memorandumthe resignation of

Secretary t s Office

(41Alagilst 26, 194448 of that date.

Itese

1291

-2-

dated August 28, 1944, from Mr. Bethea submitting

Mrs. Dolores Mitchell as a stenographer in the

to become effective as of the close of business

and recommending that the resignation be accepted

The resignation was accepted as rec-ommended.

Letter to Mr. Brainard, Federal Reserve Agent at the Federal

I've Be.Ilk of Cleveland, reading as follows:

lett "In accordance with the request contained in yourthe er of August 24, 1944, the Board of Governors approveserajaYment of salary to Mr. N. R. Matter, Assistant Fed-fe_,tReserve Agent, at the rate of 4,000 per annum, ef-

utive September 1, 1944."


Letter to Mr. Meyer, Assistant Cashier of the Federal Reserveo

Chicago, reading as follows:

per "The Board of Governors approves the changes in theOf rnel classification plan of the Federal Reserve BankOf Cleago, involving the establishment of the position411reneral Clerk in the Bank Examination and Federal Re-Of Ae Agent's Departments, as submitted with your letter'Ugust 22, 1944."

Letter

-41oro

1-ikb ana

to

ererl1 to g.- contained in the Board's Regulation H, the Board


the board of directors of the "Mercantile Bank",

, stating that, subject to conditions of membership


1292

29/44—3—

aPPrcles the bank's application for membership in the Federal Reserve

8rsteill and for the appropriate amount of stock in the Federal Reserve41* of

Chicago.

Approved unanimously, together witha letter to Mr. Young, President of theFederal Reserve Bank of Chicago, readingas follows:

teth "The Board of Governors of the Federal Reserve Sys—H approves the application of the 'Mercantile Bank',sva.111:°ncl, Indiana, for membership in the Federal Reserve

subject to the conditions prescribed in the en—jH sed letter which you are requested to forward to thesna,fd of Directors of the institution. Two copies oftii" letter are also enclosed, one of which is for yourto n and the other of which you are requested to forwardth,:ue Director, Department of Financial Institutions for

State of Indiana, for his information.the 1,"It is assumed that you will follow the matter ofor law

's bringing into conformity with the provisionsCit,aw and the Board's regulations the accounts of the

°I' Calumet City mentioned in the report of examina--n bor membership.

trlim. 'Since it is understood that in the State of Indianaare-:, funds deposited in the banking department of a bankyou vIleferred claims in event of liquidation of the bank,izatre authorized, in accordance with the general author-

113,11.giously granted by the Board, to waive com—lloticesn condition of membership numbered 6 until further

Letter to Mr. Flanders, President of the Federal Reserve Bank

n' reading as follows:

yo J." accordance with the recommendation containedyiter1112, letter of August 23, 1944, the Board of Governors(,101.41” no objections to the investment of an addi—Parly w,v45,000 in bank premises by the Union Trust Com—' SPringfield, Eassachusetts."



1293

8/29/44—4—

Letter to Honorable Preston Delano, Comptroller of the Currency,ream-

--Lug as follows:

on A "As you know, the Director of Contract Settlement'llgust 1' 8 1944, issued General Regulation No. 1,Pres •

cribing procedure and policies with respect to the

t eeing of termination loans by the War Department,

he Navy Department, and the Maritime Commission throughFederal Reserve Banks, pursuant to provisions ofthe Contract Settlement Act of 1944. In his Regulation,

l

A e Director approved a standard form of T—Loan Guarantee

Plan 1t, a form of Termination Loan Agreement, and Ex--r,), Notes with respect to the use of such forms;

a copy of the Director's Regulation, to which the13:laments approved by him are attached as Exhibits A,

and C, respectively, is enclosed herewith.t„._ . The Director's General Regulation No. 1 provides

4.t, technical amendments not affecting policy may bein the form of the Termination Loan Agreement andExplanatory Notes by agreement among the War and

Departments, the Maritime Commission, and the Board,I:ciliernors of the Federal Reserve System. A few suchplat°1‘ technical amendments in those documents are contem—via ed- However, the Director's Regulation does not pro—

any such changes in the form of T—Loan GuaranteeelZment; and accordingly the guarantee agreement as

Td herewith is now in final form.wheth It Will be appreciated if you will advise the Boardlterit ell, in your opinion, the form of T—Loan Guarantee Agree—

as approved by the Director in the form enclosed here-1944\atnd as identified by the words '(Draft of August 7,tiogi' complies with the definition of the term 'uncondi—Rovi'l as used in Exception 10 to Section 5200 of the

19428end Statutes, which was issued by you on June 18,


Uelnorandlun dated August 28, 1944, from Mr. Foulk, Fiscal Agent,

riding, for the reasons stated in the memorandum, that the original


/29/44

1294

—5—

allottaett of $35 for the item of Repairs and Maintenance (furniture

1414 equipment) in the 1944 budget of his office be increased to $55.


Thereupon the meeting adjourned.

Chairman.

Assistant Secretary.


Documents

19440829_Minutes.pdf