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538 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, April 9, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal Reserve System on April 8, 1947, were approved unanimously. Memorandum dated April 3, 1947, from Mr. Sherman, recommending that an extension of leave without pay for three months from April 20) 1947, be granted to Miss Helen A. Haltigan, a file Clerk in the Secretary's Office, with the understanding that she would return to her office duties at an earlier date should her home conditions permit her to do so. The memorandum also stated that Miss Haltigan was a contributing member of the Civil Service Retirement and Disability Fund. Approved unanimously. Memorandum dated April 7, 1947, from Mr. Leonard, Director of the Division of Examinations, recommending that Miss Esther Severud, a clerk-stenographer in the Division of Bank Operations, be transferred to the Division of Examinations as secretary to Mr. Sloan, with an increase in her basic salary from ,2,845.44 to 539 -2- 4/9/47 $3,021 per annum, effective April 20, 1947. The memorandum also stated that the Division of Bank Operations had agreed to this transfer. Approved unanimously. Memorandum dated April 8, 1947, from Mr. Bethea, Director of the Division of Administrative Services, recommending that the resignation of Mrs. Helen B. Worthen, a stenographer in that Division, be accepted to be effective, in accordance with her request, at the close of business May 9, 1947, with the understanding that a lump sum payment would be made for annual leave remaining to her credit as of that date. Approved unanimously. Letter to Mr. Wayne, Vice President of the Federal Reserve Bank of Richmond, reading as follows: "This refers to your letter of March 27 and your wire of April 1, 1947, advising of the results of the general review made by your Bank of those cases in which member banks in your District have been granted authority to accept drafts or bills of exchange up to 100 per cent of their capital and surplus. "In accordance with the recommendation made in your telegram, the Board has today rescinded the authority of the member banks named below to accept drafts and bills of exchange up to 100 per cent, of their capital and surplus, such rescission to become effective August 1, 1947: The First National Bank of Baltimore, Baltimore, Maryland Maryland Trust Company, Baltimore, Maryland The National Marine Bank of Baltimore, Baltimore, Maryland 540 4/9/47 -3- "The Western National Bank of Baltimore, Baltimore, Maryland Bank of Charleston, National Carolina South The Charleston, S. C. The Peoples National Bank of Rock Hill, Rock Hill, S. C. The First National Bank of Danville, Danville, Virginia Bank of Hampton, National Merchants' The Hampton, Virginia National Bank of Commerce of Norfolk, Norfolk, Virginia National Bank of Norfolk, Citizens The Seaboard Norfolk, Virginia Richmond, Virginia Trusts, Bank of Commerce and Richmond, of Bank The Central National Richmond, Virginia First and Merchants National Bank of Richmond, Richmond, Virginia "There are enclosed letters addressed by the Board to these banks with respect to this matter; and it will be appreciated if you will promptly transmit them to the banks affected. For your records, there is also enclosed 8 copy of each such letter." Approved unanimously. Letter to "The Peoples National Bank of Lynchburg", Lynchburg, Virginia, reading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your application for fiduciary powers, and grants y-u authority to act, when not in contravention of State or local low, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with national banks are permitted to act under the laws of the State of Virginia, the exercise of all such rights to be subject to the provisions of the Federal Reserve Let and the regulations of the Board of Governors of the Federal Reserve System. 541 4/9/47 -4- "This letter will be your authority to exercise the fiduciary powers granted by the Board pending the preparation of e formal certificate covering such authorization, which will be forwarded to you in due course." Approved unanimously for transmission through the Federal Reserve Bank of Richmond. Chairman.
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