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2265 A meeting of the Board of Governors of the Federal Reserve Systeni was held in Washington on Friday, December PRESENT: Mr. Mr. Mr. Mr. Mr. 4, 1942, at 11:00 a. in. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Evans Ir. 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 ieserve System held on December 3, 1942, were approved unani11111Y. Telegrams to Messrs. Treiber, McCreedy, Hays, and Dillard, n of the Federal Reserve Banks of New York, Philadelphia, '.1 e'zeland, and Chicago, respectively, Mr. Caldwell, Chairman of the Niel'al-P,eserve Bank of Kansas City, Mr. Gilbert, President of the NI",ea Reserve Bank of Dallas, and Mr. Hale, Secretary of the Federal Ileve Bank of San Francisco, stating that the Board approves the esWithout charwe by the Federal Reserve Bank of San Francisco 1)eeenlber 1, and by the Federal Reserve Banks of New York, Philadelphia, Ciell'eland, Chicago, Kansas City, Dallas, and San Francisco on December 3, the rates of discount and purchase in their existing schedules. Approved unanimously. 2266 12/4/42 -2Memorandum dated December 2, 1942, from Mr. Morrill, recom- 41°134111g that Daniel M. Derrick be appointed as a guard in the Secretor " -4 8 Office on a temporary basis for an indefinite period, with salary ettl, 'et rate of $1,500 per annum, effective as of the date upon which he ktors upon the performance of his duties. Approved unanimously. Memorandum dated December 2, 1942, from Mr. Morrill, recomlue4c1ing that Michael L. Jamison be appointed as a laborer in the SecItet"rs Office on a temporary basis for an indefinite period, with 4Q1eirY at the rate of $1,200 per annum, effective as of the date upon IvIll°11 he enters upon the performance of his duties after having passed ettti aetorily the usual physical examination. Approved unanimously. ths Memorandum dated December 1, 1942, from Mr. Faulger, Chief of leion of Examinations, submitting the resignation of Arch B. Brown 0410r clerk in that Division, to become effective as of the close Or 1)1 4 4ess on December 31, 1942, and recommending that the resignation v4ecit as of that date. The resignation was accepted. bite Memorandum dated December 1, 1942, from Mr. Goldenweiser, t°1 ' of the Division of Research and Statistics, submitting the att cm of Mrs. Margaret Mitchell as a clerk in that Division, to beeoke effective as of the close of business on December 11, 1942, and 201„7 12/4/42 -3- Ilec°111111ending that the resignation be accepted as of that date. The resignation was accepted. Letter to the board of directors of the "Danville Loan and 41114 " !lank", Or Danville, Virginia, stating that, subject to conditions me ZbershiP numbered 1 to 3 contained in the Board's Regulation H and the r °110wing special condition, the Board approves the bank's applica. ti0ll l c'r membership in the Federal Reserve System and for the appropriate ' °f stock in the Federal Reserve Bank of Richmond: 114 Prior to admission to membership, such bank, if it has not already done so, shall charge off or otherwise eliminate stimated losses of fi,11,228.50 as shown in the rePort of examination of such bank as of September 28, 1942, Inade by an examiner for the Federal Reserve Bank of Richmond." The letter also contained the following special comment: a "It appears that the bank possesses certain powers which not being exercised and which are not necessarily rered in the conduct of a banking business, such as the uwar to guarantee the payment of bonds. Attention is in; ,1"tecl to the fact that if the bank desires to exercise any f°wers not actually exercised at the time of admission to ale it will be necessary under condition of membernumbered 1 to obtain the permission of the Board of vernors before exercising them. In this connection, the :lard understands that there has been no change in the scope 01 the corporate powers exercised by the bank since the date ' r its application for membership." e Approved unanimously, together with a letter to Mr. Leach, President of the Federal Reserve Bank of Richmond, reading as follows: 2268 12/4/42 -4- "The Board of Governors of the Federal Reserve System ?Proves the application of the'Danville Loan and Savings Danville, Virginia, for membership in the Federal Reserve System, subject to the conditions prescribed in the encl°sed letter which you are requested to forward to the Board el Directors of the institution. Two copies of such letter erB also enclosed, one of which is for your files and the other which you are reonested to forward to the Commissioner of anking for the Commonwe'ilth of Virginia for his information. baak,"It is assumed that you will follow the matter of the 8 bringing into conformity with the provisions of law the Board's regulations the practices with respect to time savins deposits, and that of reducing to within statutory Mi 4.1ts the excess balance in a nonueffiber bank." V Thereupon the meeting adjourned. Se APProlre /i /7 Chairman. etary.
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