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. 223 A meeting of the Board of Governors of the Federal Reserve SYsten was held in Washington on Monday, February 21, 1938, at 11:30 a. m. PRESENT: Mr. Ransom, Vice Chairman Mr. Davis Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter reterred to and the action stated with respect thereto was taken by the 13°ard: Memorandum dated February 21, 1938, from Mr. Goldenweiser, Director of the Division of Research and Statistics, recommending that for the reason stated in the memorandum, the temporary appoint- illeat of Mrs. Elizabeth F. Longley as a clerk in the Division, be extended for a period of thirty days from February 21, 1938, with no chenge in her present salary at the rate of $120 per month. Approved unanimously. Memorandum dated February 18, 1938, from Mr. Morrill submitting a memorandum of the same date from Mr. Spurney, Building Manager, contained the following recommendations regarding changes in 414C1 additiOns to the Board's building force. Mr. Morrill's mmorandum "ed that he concurred unqualifiedly in Mr. Spurney's recommendations: " That Joseph E. Kelleher be promoted to Sergeant of the Guard, with salary at the rate of 1,600 per annum, effective immediately; 224 2/21/38 -2- That Mrs. Madalena Bertolini be promoted to Assistant Supervisor of Charwomen, with salary at the rate of 55V per hour, effective immediately; That the salary of Joseph T. Glotfelty, Jr., Third Assistant Engineer, be increased from 1,200 to 41,500 per annum, effective immediately; That John Clayton Harvey be appointed as Fourth Assistant Engineer, with salary at the rate of 41,440 per annum, effective as of the date upon which he enters upon the performance of his duties after having passed satisfactorily the usual physical examination; That Sven Eberhardt Johnson be appointed as Supervising Janitor, with salary at the rate of 41,800 per annum, effective as of the date upon which he enters upon the performance of his duties after having passed satisfactorily the usual physical examination; and That the Building Manager be authorized, with the approval Of the Secretary or an Assistant Secretary, to employ on a temporary basis a substitute nurse to be furnished by the Public Health Service to serve during absences of Miss Jones, with salary at the rate of 45.00 for each calendar day, including Sundays or holidays falling between days worked. The recommendations contained in Mr. Spurney's memorandum were approved unanimously. Recommendation from Messrs. Spurney and Koppang that Mrs. Mary Eaheart, who had been selected in accordance with the action taken the Board on July 12 and December 28, 1937, and who had passed 84ti efactorily the usual physical examination required to be taken by nlenibere of the Board's staff as a condition precedent to admission to /ha Retirement System of the Federal Reserve Banks, be appointed as a e441110man in the Board's building, with salary at the rate of 505( Per 225 2/21/38 -3- 11°11r, effective as of February 21, 1938. Approved unanimously. Letter to the "First National Bank of Warsaw", Warsaw, Indiana, l'eading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your application for permission to exercise fiduciary powers, end grants you authority to act, when not in contravention of State or local law, as executor, administrator and guardian of estates, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. "This letter will be your authority to exercise the . fiduciary powers granted by the Board pending the preparation of a fora:al certificate covering such authorization, Which will be forwarded to you in due course." Approved unanimously. Letter to Mr. McCravey, Secretary of the Federal Reserve Bank or Atlanta, reading as follows: "This refers to your letter of February 14, 1938, ad. vising that the Board of Directors of your bank on February 11, 1938, subject to the approval of the Board of Governors, approved an amendment to the by-laws of the New Orleans Branch of your bank which would strike out the first paragraph of section 1 of Article I of such by-laws and insert in lieu thereof the following: 'SECTION 1 - How Constituted: There shall be a discount committee consisting of the Managing Director, the Cashier and one other person, who shall be a director of the Branch. At each monthly meeting of the Board of Directors one member of the board shall be elected to serve on the discount committee until the next regular meeting and another member of the board shall be elected to serve as his alternate. In the absence, disability or inability to attend of both directors so elected, any other director, called for . 226 2/21/38 -4- "the purpose by the Managing Director, may serve as a member of the committee. In the absence, disability or inability to attend of the Cashier, the Assistant Cashier shall serve as a member of the committee. The Managing Director shall act as Chairman of the committee. In his absence or disability, the committee shall select one of its members to act as chairman pro tem. Any two members shall constitute a quorum for the transaction of business. Action of the committee shall be upon the vote of a majority of those present.' "It appears that the first paragraph of section 1 of Article I of the existing by-laws of the New Orleans Branch relates to the board of directors of the Branch and not to the Discount Committee. It is assumed, therefore, that you have reference to, and that the proposed amendment is intended to affect, the first paragraph of section 1 of Article II of the existing by-laws, which relates to the constitution of the Discount Committee. With this understanding, the Board of Governors approves the proposed amendment in the form set forth in your letter. "It is understood that you will forward to the Board four complete sets of the by-laws of the New Orleans Branch aS thus amended." Approved unanimously. Thereupon the meeting adjourned. Vice Chairman.
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