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A meeting of the Board of Governors of the Federal Reserve

System was held in Washington on Wednesday, October 6, 1937, at 11:30

a. m.

PRESENT: Mr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. Davis

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

Consideration was given to each of the matters hereinafter re-

ferred to and the action stated with respect thereto was taken by the

Board:

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

Federal Reserve System held on 'October 5, 1937, were approved unani-

mously.

oral

Letter to Mr. Willard White, c/o Board of Governors of the Fed-

Reserve System, reading as follows:

"In accordance with the request contained in your let-

ter of September 30, 1937, the Board is accepting your resig-

nation to take effect at the expiration of the annual leave

available to you after September 30, 1937.

"Now that the work upon the Board's new building has

came so near the end, I take pleasure in expressing our ap-

preciation of the conscientious, thorough and loyal service

that you have rendered to the Board in connection with the

supervision of the construction of its new building. We

trust that the new work which you are now undertaking will

prove both pleasant and profitable to you."

Approved unanimously.

Letter to Mr. Robert N. Linke, c/o Board of Governors of the

Federal Reserve System, reading as follows:

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"In view of the fact that you desire to accept employ-ment elsewhere and that the work in connection with thesupervision of the Board's new building is rapidly beingcompleted, the Board is accepting your resignation as ten-dered in your letter of September 30, 1937, to take effectat the expiration of the annual leave available to you af-ter September 30, 1937.

"I take this opportunity of expressing our appreciationof the valuable service that you have rendered in the oneroustask of inspection during the construction of the Board'snew building and to wish you success in your new employment."

Approved unanimously.

Letter to the Federal Deposit Insurance Corporation, reading as

f 01 I ()Ws :

"Pursuant to the provisions of section 12B of theFederal Reserve Act, as amended, the Board of GovernorsOf the Federal Reserve System hereby certifies that 'FirstBank and Trust Company', Perth Amboy, New Jersey, became amember of the Federal Reserve System on October 2, 1937, andis now a member of the System. The Board of Governors of theFederal Reserve System further hereby certifies that, in con-nection with the admission of such bank to membership in theFederal Reserve System, consideration was given to the fol-lowing factors enumerated in subsection (g) of section 12Bof the Federal Reserve Act:

1. The financial history and condition of the bank,2. The adequacy of its capital structure,3. Its future earnings prospects,4. The general character of its management,5. The convenience and needs of the community to

be served by the bank, and6. Whether or not its corporate powers are consistent

with the purposes of section 12B of the FederalReserve Act.

"You, of course, are familiar with the fact that theFirst Bank and Trust Company was organized for the purposeOf assuming the deposit liabilities of The First NationalBank of Perth Amboy, Perth Amboy, New Jersey, and of facili-tating the liquidation of the insured deposit liabilities ofthe Perth Amboy Trust Company and The Raritan Trust Companyof Perth Amboy whose properties and businesses were takenPossession of by the Commissioner of Banking and Insuranceof the State of New Jersey, all of which circumstances

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"have been considered in admitting the bank to membershipin the System."

Approved unanimously.

Memorandum dated October 5, 1937, from Mr. 5"mead, Chief of the

Division of RAnk Operations, stating that the Federal Reserve Bank of

St. Louis had requested approval by the Board of the following change

in the interdistrict time schedule for cash items, which had been agreed

to by the Federal Reserve Bank of Atlanta. The memorandum recommended

that the proposed change be approved:

St. Louis to Nashville

From To

2 days 1 day

Approved unanimously.

Memorandum dated September 29, 1937, from Mr. Noell, Assistant

Secretary, recommending, for the reason stated in the memorandum, that

there be added to the budget of the Office of the Secretary for 1937

the awn of 00 for the purchase of supplies and materials for the

balance of the year.

Approved unanimously.

Memorandum dated October 1, 1937, from Mr. Foulk, Fiscal Agent,

recommending that the budget allotment for the Office of the Fiscal

Agent for equipment be increased in the amount of 85.00 for the pur-

pose of purchasing a Brandt Automatic Coin Change Machine.

Approved unanimously.

Thera was then presented a recommendation, which had been ap-

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proved by the Personnel Committee, that the Board authorize the pur-

chase of certain kitchen equipment, glass tops for desks, file cases,

blue prints and wrapping paper and twine, as listed in purchase orders

Nos. 2159, 2170, 2173, 2223, 2224 and 2232, at a total cost of $841.06.

Approved unanimously.

Thereupon the meeting adjourned.

Approved:

Secrete .

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