19440907_Minutes.pdf

1337

A meeting of the Board of Governors of the Federal ReserveShtela

waS held in Washington on Thursday, September 7, 1944, at 11:004,n.

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

atterreferred to was taken by the Board:

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

41 Reserve System held on September 6, 1944, were approved unani-klIcIr.

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

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

4eraorandum dated September 6, 1944, from Mr. Bethea recommend-'4e that

--vs. Jane G. Dodge be appointed as a stenographer in the Secre-t4V 8

%ea:trice, with basic salary at the rate of $1,680 per annum, effec

dikesof the date upon which she enters upon the performance of her

after havinr, passed satisfactorily the usual physical examination,*ital t4

lire e understanding that if anything derogatory develops in the in-

"lgation 4%— c3J- her references her services may be terminated immediately.

Approved unanimously.

Ileniorandum of this date from Mr. Bethea submitting the resigna-tlo,q of mrs• Attie L. Deskin as a charwoman in the Secretary's Office,to beconi

e effective as of the close of September 10, 1944, and

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

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9/7/44-2-

trilillending that the resignation be accepted as of that date.

to 110Ws:

The resignation was accepted as rec-ommended.

Telegram to Mr. Roscc Stone, Hickman, Kentucky, reading as

4_ "The Board of Governors of the Federal Reserve Sys-

O has appointed you director of the Louisville Branch

pc) the Federal Reserve Bank of St. Louis for the unexpiredpilati°n of term ending December 31, 1946, and will be'ased to have your acceptance by collect telegram."


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

eaPolis, reading as follows:

accordance with the request contained in yourrjeuter of August 31, 1944, the Board approves the appoint-of Douglas C. Kelly, William A. O'Brien, and Arthur

liulty as assistant examiners for the Federal Reservewh:;"' °I' Minneapolis. Please advise us of the dates upon

the appointments become effective."


41% p.

der date of August 30, 1944, the Board received a letter from.1.1clne

tN1 Y, Vice President of the Federal Reserve Bank of New York, which

1A-1.ttecian application of The National City Bank of New York, New

' New Yr-,for permission to establish a branch at Calcutta, India,

reccommendation of the Federal Reserve Bank that the applicationbe -

93Proveci.

Accordingly, the following order wasadopted by the Board:


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9/7/44

"ORDER OF THEBOARD OF GOVERNORS OF

THE FEDERAL RESERVE SYSTEM

September 7, 1944

"Ylki]gl The National City Bank of New York has madePli taP'8 ea ion to the Board of Governors of the Federal Re-

jrve System, pursuant to the provisions of section 25 ofFe deral Reserve Act, for permission to establish a branchCalcutta India- and

be a M. it appears that the said bank may properlyuthorized to establish a branch at Calcutta, India;

Bank iI THEREFORE, IT IS ORDERED that The National Citya 1, of New York be and it hereby is authorized to establishthuranch at Calcutta, India, upon the condition that unless0 e branch hereby authorized is actually established and

eoelled for business on or before September 1, 1945, and thewria.r:1 of Governors of the Federal Reserve System advised info""ing that the branch has been so established and openedshr business, all rights hereby granted as to such branchhe be deemed to have been abandoned and the authority

th ileDY granted as to it shall automatically terminate; but,

,,ranch shall have been established and opened fororsl-ness on or before said date and the Board of Governors

'he Federal Reserve System shall have been so advisedsar:Triting, the said bank may operate and maintain the

Res e subject to the provisions of section 25 of the Federalerve Act.”

In connection with the above matter,the following letter to Mr. Gidney was ap-proved unanimously:

tr nReference is made to your letter of August 30, 1944,

lievansraitting the application of The National City Bank ofat ir,Y(3rk, New York, for permission to establish a branch'-alcutta, India.

e-L

ra, "Pursuant to the provisions of section 25 of the Fed-as Reserve Act, the Board of Governors of the FederalNerl,:ve System has authorized The National City Bank ofthe 'clrk to establish a branch at Calcutta, India, upon

condition that the branch be actually established and


9/7/44

k%

'Y, Vice President of the Federal Reserve Bank of New York, which

tte an application of the International Banking Corporation, New

-4-

Pened for business on or before September 1, 1945 andtehe Board advised in writing that the branch has been sostablished 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 opened4or business."

A letter to the Comptroller of theCurrency in the following form was alsounanimously approved:

.tiles There is enclosed herewith for your information anda copy of an order of the Board of Governors of the

of`781 Reserve System authorizing The National City Bankilew 'York to establish a branch at Calcutta, India."

U4der date of August 30, 1944, the Board received a letter from

elvye'rky for permission to establish a branch at Paris, France,arltiareco

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/.1representatives 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 estab-

he'llci were informed that the Department knew of no reasons why the

d. vdthhold its approval of such application.

Accordingly, the following order wasadopted by the Board:


9/7/44-5-

"ORDER OF THEBOARD OF GOVERNORS OF

THE FEDERAL RESERVE SYSTEM

September 7, 1944

g. International Banking Corporation, a cor-

tatlon organized and existing under the laws of theplate of Connecticut and having its principal office andrmace of business at New York, New York, pursuant to the

of the agreement entered into with the Boardvi G°Irernors of the Federal Reserve System under the pro-ra-a`'e!i°ns of section 25 of the Federal Reserve Act, hasmi aPplication to the said Board of Governors for per-

to"i establish a branch at Paris, France; and

Pro- i4Liq t appears that the said Corporation may

p,peri Y be authorized to establish a branch at Paris,4ance;

ng.A.1._ILIEREFOREt IT IS ORDERED that Internationaltal l:ng Corporation be and it hereby is authorized to es-lmi'lsh a branch at Paris, France, upon the condition that, I.;',Ise8S the branch hereby authorized is actually establishedth̀e4 °Pened for business on or before February 1, 1945, and

B°ard of Governors of the Federal Reserve System ad-all-cied in writing that the branch has been so establishedsuel,opened for business, all rights hereby granted as toalltfl: °ranch shall be deemed to have been abandoned and the

or Ltrlia tY hereby granted as to it shall automatically ter-ope ; but, if the branch shall have been established andof 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 operateagr maintain the same subject to the provisions of thepedeezent entered into with the Board of Governors of theor !ral Reserve System under the provisions of section 25

'he Federal Reserve Act."

In connection with the above matter,the following letter to Mr. Gidney wasapproved 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


9/7/444-6-

ol,1/13 of the State of Connecticut and having its principal

ci:Pe and place of business at New York, New York, for per-on 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 Re-

jrve SYstem has authorized International Banking Corpora-to establish a branch at Paris, France, upon the con-that the branch be actually established and opened

a°1' business on or before February 1, 1945 and the Boarda'Irised in writing that the branch has been so establishednd opened for business.or der

"There is enclosed herewith a certified copy of the„ adopted by the Board authorizing the establishment

e branch which you will please deliver to the Corpora-There is also enclosed a copy of the order for your

of "It will be appreciated if you will advise the Boardthe date the branch is actually established and openedbusiness."

A letter to the Comptroller of theCurrency in the following form was alsounanimously approved:

fii "There is enclosed herewith for your information andFed" a copy of an order of the Board of Governors of theco eral Reserve System authorizing International BankingIjPoration to establish a branch at Paris, France. TheNe:Jrnational Banking Corporation is a subsidiary of The

1°.nal City Bank of New York."

Letterto the Presidents of all the Federal Reserve Banks read-

tta There is being mailed to you under separate coverfZ3131Y of the form of application approved for use by

Lon,-, cing institutions in applying for a T (Termination)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 ap-

al, the following should be forwarded to the Board's


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9/7/44

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"Wa r 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 commentsand recommendations.

ment "Following authorization of a loan by the War Depart-

Navy Department or Maritime Commission, two executed

be es of the guarantee agreement and loan agreement should

-Lorwarded to the Board's War Loans Committee.In the case of applications which have been acted upon

I'Ler to authority, the following should be forwarded40 the Board's War Loans Committee:(1) Two copies of the application and of all

documents called for therein, the copiesof the Guarantee and Loan Agreements tobe in executed form.

(2) Two copies of the Federal Reserve Bank's

" forwarding letter.

con_ e copies of revised form F. R. 577 shod ac-1Y the executed copies of guarantee agreements and

teell agreements forwarded to the Board's War Loans Commit-

the case of T-loan guarantee and termination loantreenlents submitted with original application prior to au-ci7ization, the Services would, in general, prefer to re-

1).e.such documents unexecuted. However, if in the futureirlence indicates that the supplying of such documents

e ecuted form will substantially expedite processing,'e subject will be reconsidered at that time."


Thereupon the meeting adjourned.

Assistant Secretary.

Chairman.


Documents

19440907_Minutes.pdf