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A meeting of the 7ederal Reserve Board was held in the office of the Federal Reserve Board on l'onday, April 4, 1932, at 12:10 P. PREMIT: Governor Meyer Lir. Hamlin Ur. Miller Mr. Tames Mr. Magee Mr. Morrill, Secretary Mr. McClelland, Assistant Secretary Mr. Harrison, Assistant to the Governor. The following matters of business were presented for the consideration and action of the Board: Telegraphic reply to a wire dated April 1, 1932, from Deputy Governor Rounds of the Federal Reserve Bank of Nevi York requesting approval of the Purchase from the First National Bank, Lnglishtown, New Jersey, of a tax anticipation note of the Township of nanolapan, New Jersey, in the amount of 44,000, the reply stating that the Board authorizes the purchase with the Understanding that the note meets all requirements of Regulation E except as to the population of the issuing municipality and that the amount of the note exceeds 25c/J of the total amount of warrants of the municipality outst8ndin3Reply approved. Memorandum dated March 31, 1932, from Assistant Secretary McClelland With regard to a request received from Deputy Governor Attebery of the Federal Reserve Bank of St. Louis under date of March 26, 1932, that the Board approve a change in the interdistrict time schedule between the Louisville Branch of the Federal Reserve Bank of St. Louis and the Birmingham Branch of the Federal Reserve Bank of Atlanta from two days to one day, the memorandum Federal Reserve Bank of stating that the proposed change is agreeable to the 4/4/32 9 Atlanta. Approved. Report of the Committee on Salaries and Expenditures, dated Larch 31, 1932, stating that all Federal reserve banks have submitted staterents showing the salaries paid the employees of the respective banks and branches as of January 1, 1932, that these statements have been checked against the Personnel classification plans on file with the Board, and that the following salaries require the specific approval of the Board, because of changes made during the year 1931 Which were not submitted to the Board: Boston: Salary at the rate of2,760 per annum for Lewis E. Stoyle, fonnerly Supervisor of the Loans and Discount Function, Who was transferred without a change in salary to the position of Supervisor-Lon Cash Collections, which Position has a salary rante of1,920 to .2,400 per annum. Atlanta: Salary at the rate of 'i 12,400 per annum for Bertha C. Anderson who was transferred without a change in salary from the position of Secretary to Deputy Governor to Steno-Clerk, which position has a salary range of :1,600 to ,,2,200 per annum. Dallas: An increase from 2,500 to :2,700 per annum E. A. Chancellor, ,Chief in the salary of Jr.L Credit Analyst, an appraised position, the failure to Obtain the Board's prior approval of the increase having been due to a misunderstanding. The report also submitted a statement showing the number and total amount of salaries of employees of the Federal reserve banks on January 1, 1931, and January 1, 1932, and the number of employees granted salary increases between /1k January 1, 1931 and January 1, 1932. Upon recommendation of the Committee on Salaries and Expenditures the salaries above referred to were approved. It was also noted with 271 -3- 4/4/32 approval that with those exceptions all of the statements submitted by the banks are in agreement with the salary classification plans approved by the Board. Reports of Standing Comnattee dated April 4, 1932, recommending approval of the following changes in stock at Federal reserve banks: APPlications for SURRENDER of Stock: District No. 6. First National Bank, Hartwell, Ga. (Insolvent) Shares 62 62 District No. 7. Anamosa National Bank, Anamosa, Iowa. (Insolvent) 72 72 District No. 11. Nogales National Bank, Nogales, Ariz. (Insolvent) 60 60 34 Total 34 228 District No. 12. Bank of Iron County, Parowan, Utah. (Insolvent) Approved. Report of Standing Committee dated April 4, 1932, recommending approval of the following Clayton Act application: Lal. Sohn C. Haddock for permission to serve at the same time as officer of the First National Bank of 'EcAdoo, Pennsylvania, and as director of the Wyoming National Bank of Wilkes-Barre, Pennsylvania. Approved. Thereupon the meeting adjourned. Approved:
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