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A meeting of the Board of Governors of the Federal Reserve 48te 1 was held in Washington on Thursday, January 20, 1938, at 11:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee 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 reto and the action stated rith respect thereto was taken by the BOar The minutes of the meeting of the Board of Governors of the Feder al Reserve System held on January 19, 1938, were approved unani121011S1y Telegram to Mr. Parker, First Vice President of the Federal Reserv e Bank of Atlanta, reading as follows: "Referring your January 18 letter Board approves paynt of salary to Fred L. Williamson, General Clerk, Havana 'i encY, at the rate of 3,000 per annum because of and dur/ing the period of his assignment as Acting Assistant Manager, ,Ilvane Agency. Please advise Board when any change is made 4n Mr. Williamson's present status." t Approved unanimously. the M emorandum dated January 11, 1938, from Mr. Snead, Chief of . Sion of Bank Operations, submitting a letter dated January 5 rz7) 1/20/38 -2- tt°111 Mr. Rounds, Vice President of the Federal Reserve Bank of New ICI‘k, which requested approval by the Board of changes in the personnel clessification plan of the bank to provide, for the reasons stated in the memorandum, for the creation of the new positions of "Account- ant" in the Foreign Department, "General Clerk" in the Transit Division of the Collection Department, and "Senior Clerk" in the Post Office Division of the Service Department, and because of the transfer of ertain duties from one department of the bank to another and to provide a better description of the work performed in other positions, the approval of twenty-one minor changes involving only the name of the dePertment, the description of work or the page number. The memorend stated that the proposed changes had been reviewed and recamMehded that they be approved. Approved unanimously. MHemorandum dated January 17, 1938, from Mr. Owens, Assistant C°1418e1, recommending that there be published ir the February issue Or the Federal Reserve Bulletin statements in the form attached to them 64111°randum with respect to the following subjects: Eligibility for Discount of Note given for Purchase ofMachinery. Eligibility of Finance Company Paper for Discount by Federal Reserve Banks. Inactive Officers of a Member Bank Subject to the Provisions of Section 22(g) of the Federal Reserve Act and the Board's Regulation O. Effect of Stock Becoming Unregistered After Loan is Made under Regulation U. Approved unanimously. 93 1 0 Thereupon the meeting adjourned.