19440914_minutes.pdf

1_3(36

a.ra.

A meeting of the Board of Governors of the Federal Reserve

was held in Washington on Thursday, September 14, 1944, at 10:30

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. McKeeMr. DraperMr. Evans

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant Secretary

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

44e..t'referred to was taken by the Board:

The minutes of the meeting of the Board of Governors of the

Reserve System held on September 13, 1944, were approved unani-

Meraorandum dated September 11, 1944, from Mr. Leonard, Director°t the Tr

-lvision of Personnel Administration, recommending that the basiceqa.17 of

t Mrs. Olga W. Bangs, Interviewer in that Division, be increased

$2'900 to li.)3,000 per annum, effective September 16, 1944.

madeIlta,

permanent, effective October 1, 1944, without change inpreae

nt basic salary at the rate of $1,620 per annum. The memo-

recommended that, to fill the vacancy caused by the transfer

Approved unanimously.

Ikmorandum dated September 12, 1944, from Mr. Morrill recommend-that t,

rmward W. Stull be transferred from the position of guard tohe

13"iti-°n of chauffeur in the Secretary's Office and that his appoint-

be

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

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Stull, William J. Traver be appointed as a guard in the Secre-tary

8 Office on a temporary basis for an indefinite period, with basicsala

17 at the rate of $1,500 per annum, effective as of the date upon

Le enters upon the performance of his duties.


Letter to Mr. Fleming, President of the Federal Reserve BankO

Cleveland reading as follows:

"This is in reply to your letter of September 8 ad-Inising that the directors have voted to grant Mr. E. A.ok,Carter Assistant Vice President, who has been on leavet

absence because of a nervous breakdown, leave of ab-8ence with pay through December 31, 1944, after whichhe

18111 be retired, and to approve a supplemental pay-4,1ent to the Retirement System for his benefit in the8,01Int necessary to provide a pension equal to the pen-

tri he would receive if he were 65 at time of termina-

np°n of employment, reduced by 21% for each year he lacks-- being 65.

ter "In view of the circumstances described in your let-Of August 30 and in accordance with the informal ad-vice to you in its letter of September 4, the Board of0

111111;e1'ners approves the payment to the Retirement System,la'jr the provisions of Section 9 of the Rules and Regu-

l'ns of the Retirement System, of the amount necessaryto re Provide the increased pension authorized by your di-

as reported in your letter of September 8,


Letter to the board of directors of the "Union Trust Companyot Jame

clitior:°111n, N. Y.", Jamestown, New York, stating that, subject to con-

of membership numbered 1 to 6 contained in the Board's Regulation


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the following special condition, the Board approves the bank's

41*.ication for membership in the Federal Reserve System and for the

41113r°Priate amount of stock in the Federal Reserve Bank of New"7.

tie 1

4-etter also

At the time of admission to membership, such bankshall have a paid—up and unimpaired capital of notless than $500,000."

contained the following special comment:

"In view of the fact that Marine Midland Corporation

lit-11 become a holding company affiliate of your bank uponN s admission to membership, the Federal Reserve Bank ofeew York has been informed that before stock in the Fed—ereaReserve Bank is issued to your bank, it will be neces—car7.for Marine Midland Corporation to comply with anytT"tiedltions to the issuance of a general voting permit en—, ling it to vote the stock which it owns or controls ofJour

bank."

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

te "The Board of Governors of the Federal Reserve Sys-0;11 aPproves the application of the 'Union Trust Company

Jamestown, N. Y.', Jamestown, New for membershipp'l„the Federal Reserve System, subject to the conditionsto scribed in the enclosed letter which you are requestedTw rcirward to the Board of Directors of the institution.is°p which

0

of such letter are also enclosed, one of wchto ?r your files and the other of which you are requestedof I'vard to the Superintendent of Banks for the State

i'ew York, for his information.

ZIlinclosed is a letter approving the retention andion of the branch at Westfield, New York, which you

ar,::Jequested to forward to the Board of Directors of the'v-Llcant bank Enclosed also is a copy of the letter forYour

files.


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, "Before issuing stock in the Federal Reserve Bank ofNew York to the Union Trust Company of Jamestown, N. Y.,

1°11 are requested to satisfy yourself that the Marine Mid-4a1d Corporation has complied with any conditions to the1.8suance of a general voting permit entitling it to voteOle stock which it owns or controls of such bank.

"Standard condition of membership numbered 6 has beenPrescribed in order that its provisions may be invoked at:n.7 time in the future if necessary, but as in other cases

In accordance with the general authorization previouslynted by the Board you are authorized to waive compliancethe condition until further notice insofar as the con-

41t1°n applies to funds which are given statutory preference4-n the State of New York.b "It is assumed that you will follow the matter of the,ank's bringing into conformity with the provisions of law

rd the Board's regulations the savings accounts mentionedn Page 16 of the report of examination for membership."

In connection with the above mattera second letter to the board of directorsof the "Union Trust Company of Jamestown,N. Y.” was approved unanimously, as fol—lows:

the F "In connection with the application for membership in

F ederal Reserve System, the Board of Governors of the,e_cleral Reserve System approves the retention and operationIT/ the Union Trust Company of Jamestown, N. Y., Jamestown,wew York, after admission to membership, of the branch atiteistfield, New York, the establishment of such branch hav-8,g been approved by the Superintendent of Banks of the

"late of New York on February 26, 1940."

TelegramNelvYore,

to Mr. Ruml, Chairman of the Federal Reserve Bank of

k stating that, subject to the conditions set forth in the tele—

the Board of Governors authorizes the issuance of a general voting

114Ltt, under the provisions of Section 51/14 of the Revised Statutes

the United States, to the "Marine Midland Corporation", Jersey City,


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New j

ePee:7, entitling such organization to vote the stock which itokle

°r controls of the "Union Trust Company of Jamestown, N. Y.",klesto

wny New York, at all meetings of shareholders of such bank, and

thatt'he period within which a permit may be issued pursuant to the

alithe'rization was limited to 30 days from the date of the telegram un-less

all extension of time was granted by the Board. The conditions

eorttam•--eq in the telegram upon which the permit was authorized were

48 t011011s:

Hi

"2.

IN 3.

That prior to issuance of general voting permitauthorized herein, applicant shall execute and de-liver to you in duplicate an agreement in same formas that which applicant executed on January 15,1940, as a condition to issuance of permit datedJanuary 31, 1940.

That prior to issuance of general voting permit au-thorized herein, applicant shall deliver to you insuplicate Exhibit L (Form P-3) executed by Clorg,Inc., and Exhibit N (Form P-4) executed by applicantand consented to by Clorg, Inc., or furnish assurances

satisfactory to you that it will deliver such Ex-hibits to you within 30 days after issuance of suchPermit, or furnish evidence in writing satisfactoryto your Counsel that such Exhibits are not requiredby Board's Regulation P and directions on printedforms referred to.

That prior to or simultaneously with issuance ofgeneral voting permit authorized herein, UnionTrust Company of Jamestown, N. Y., shall be admittedto membership in Federal Reserve System."

egram also contained the following sentence:

ce ."In order to eliminate any possible question con —1112-ag authority for action by applicant's officers in


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executing application for voting permit and in executinga:greement set forth in Exhibit Q which was not presentedLao board of directors, please request applicant to furnish

?oon as practicable two certified copies of a resolutionc2r its board of directors or executive committee ratifyingIctll action taken by its officers in obtaining such permitQ4/1(1 executing agreement set forth in Exhibit Q."


Letter to the board of directors of the "Farmers and Merchants

134/1101' 4ar1anna, Arkansas, stating that, subject to conditions of meMber-

ehipnumbered 1 to 3 contained in the Board's Regulation H, the Board

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

Shtetil-rki for the appropriate amount of stock in the Federal Reserve

knit ofSt. Louis.

Approved unanimously, for transmis-sion through the Federal Reserve Bank ofSt. Louis.

Letter to Mr. Young, President of the Federal Reserve Bank ofehicag

°I reading as follows:

te "The Board of Governors of the Federal Reserve Sys-

ash considered the recommendation of the Board of

d4ectors of your Bank, contained in Mr. Diercks' letter841 July 31, 1944, and pursuant to the provisions of

to 7t 19 of the Federal Reserve Act, grants permission

niai'lncoln Security National Bank, Chicago, Illinois, toto'ljtain the same reserves against deposits as are required

th..ue maintained by reserve city banks, effective withfirst weekly reserve computation period beginning after

" clte of this letter.Please advise the member bank of the Board's action

n this matter, calling its attention to the fact that


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us_uch permission is subject to revocation at any time by

the Board of Governors of the Federal Reserve System."

Secre4L_"46•17, reading as follows:


Memorandum dated September 11, 1944, from Mr. Nelson, Assistant

e "On September 2, 1944, Chairman Eccles informed Gov—jrnOr Draper and MR that he had received a call from Mr.

:nathan Daniels at the White House, advising that arrange—s had been made for the Inter—American Defense Board

lhd the Brazilian Commission to vacate the space occupied+Ill the Federal Reserve Building, and that it was planned'du have the Office of Contract Settlement occupy the spacevacated.4 "Chairman Eccles said that all of the space in the

wing of the first floor, except the telegraph officetr.the offices occupied by the Director of Economic Sta—se lzation, was to be available to the Office of Contractea,'Pement, which would include all of the northwest wing

rooms 1202, 1215, 1217, 1219, 1226, 1228 and 1230 of"e northeast wing.set The arrangements under which the Office of Contract

Pr e8 will occupy the space are to be similar to theepent arrangements with the Inter—American Defense Board,?ept that no reimbursement is to be made for upkeep and

"4.111tenance of the building. In a discussion of the ar—seri llents it was brought out that the Office of Contractpa 11:j.-eMent is not to have space in the garage but that101;i'llig facilities are to be made available on the parkingb to its employees; that the hours of closing of the

4 14111g, and the operation of the air conditioning system00- not to be changed and that employees of the Office ofcarp‘act Settlement are to have the privilege of using theeta:leria. It was understood also that invitations to the

dining room will be issued to Messrs. Hinckley,IritineY) and Mr. Hinckley's assistant.

the T From the information now available it appears that'flter—American Defense Board will vacate the buildingor before September 15, 1944."

Noted.


Thereupon the meeting adjourned.

Chairman.


19440914_minutes.pdf

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