The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
2295 A meeting of the Board of Governors of the Federal Reserve SYStera was held in Washington on Thursday, December 10, 1942, at 11:45 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the 44e, "al Reserve System held on December 9, 1942, were approved unani14°11413r. Memorandum dated December 3, 1942, from .Mr. Goldenweiser, Director 'I the Division of Research and Statistics, recommending that Miss 4441).4., 'Lin Ridings Crandall be appointed as a clerk in that Division on a "arY indefinite basis, with salary at the rate of $1,560 per annum, erte etive as of the date upon which she enters upon the performance of her chtip. -' after having passed satisfactorily the usual physical examination. Approved unanimously. Memoranda dated December 2, 1942, from Mr. Paulger, Chief of ttle Di • Irlsion of Examinations, recommending that the following increases 8 41arles of employees in that Division be approved, effective as of Jktui rY 1, 1943: 2296 Wicv42 Name —2— Designation 451-11 R. Millard Joseph R. Porter Arthur H. Lang Federal Reserve Examiner Federal Reserve Examiner Assistant Federal Reserve Examiner James C. Smith Assistant Federal Reserve Examiner Mrs. Nancy R. Porter Clerk—stenographer Salary Increase To From $6,400 4,600 3,200 $6,900 4,800 3,400 3,000 3,300 1,800 1,920 Approved unanimously. Memorandum dated December 7, 1942, from Mr. Leonard, Director (4 the u.orision of Personnel Administration, submitting the resignation or 4r8. Wanda G• McLenighan as secretary to Governor Szymczak, and recom— 141141.11g that it be accepted as of the close of business on December 30, 1942. The resignation was accepted. Memorandum dated December 9, 1942, from Mr. Morrill, submitting the l'esignation of Charles S. Overmiller as a clerk in the Secretary's Ottiee 2 to become effective as of the close of business on December 21, 194z 'and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to Mr. Logan, Vice President and General Counsel of the aeserve Bank of New York, reading as follows: "We acknowledge receipt of your letter of December 1, transmitting for the approval of the Board of Governors of ILL-L Messrs. Lynch and Cahn for $1,000 in fees for serv— h!es and reimbursement for expenses incurred of $9.90. We n!derstand that this is in connection with the preparation av..1 the briefs and all other steps incident to the appeal and iflettment before the United States Circuit Court of Appeals p„„two cases brought by one Russell K. Mosier against the eral Reserve Bank of New York. 10 12/1.0/42 -3- "We understand that this fee has the approval of the board of directors of the Federal Reserve Bank of New York and has your approval as General Counsel. "We wish to advise that the Board of Governors approves payment of this fee and disbursements as above described." Approved unanimously. Telegram to Mr. R. E. Klages, President of the Columbus Auto Parts e°144Y, Columbus, Ohio, reading as follows: "Before taking any action on matters referred to in Your letter of December 3 (concerning official personnel at Cleveland Reserve Bank) Board would like to meet with Your Committee. Would it be possible to have the meeting on December 16 or 17?" Approved unanimously. Letter to the board of directors of the "Bank of Auburn", Auburn, 'al stating that, subject to conditions of membership numbered 1 to 3 eotta illed in the Board's Regulation H and the following special condition, the 130 ard approves the bank's application for membership in the Federal Reeerye SYstem and for the appropriate amount of stock in the Federal Reserve 144111t of Atlanta: "4. Prior to admission to membership, such bank, if it has not already done so, shall charge off or otherwise eliminate estimated losses of $1,466.03, as shown in the report of examination of such bank as of October 26, 1942, made by an examiner for the Federal Reserve Bank of Atlanta." The letter also contained the following special comment: "It appears that the bank is authorized to exercise trust Powers but is not doing so and that it may possess certain other Powers which are not being exercised and which are not necessarily 12/10/42 -4- required in the conduct of a banking business. Attention le invited to the fact that if the bank desires to exercise anY powers not actually exercised at the time of admission to membership, it will be necessary, under condition of memberShip numbered 1, to obtain the permission of the Board of %vernors before exercising them. In this connection, the aord understands that there has been no change in the scope Of corporate powers exercised by the bank at the time of its application for membership." Approved unanimously, for transmission through the Federal Reserve Bank of Atlanta. Letter to the board of directors of the "State Bank of Latham", Lathani Illinois, stating that, subject to conditions of membership nunbed , ' to 3 contained in the Board's Regulation H, the Board approves the application for membership in the Federal Reserve System and tl5r t he aPpropriate amount of stock in the Federal Reserve Bank of Chicago. Approved unanimously, for transmission through the Federal Reserve Bank of Chicago. Thereupon the meeting adjourned. -CIVILL-121e2cretary. 4PProved: Chairman
@FedFRASER