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720 A meeting of the Board of Governors of the Federal Reserve 81ratern Was held in Washington on Saturday, May 15, 1943, at 10:00 a.m. PRESENT: Mr. Mr. Mr. Ur. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. atte?. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— - referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederal Reserve System held on May 14) 1943, were approved unanimously. Mem°randum dated May 12, 1943, from Mr. Goldenweiser, Director Oj the Division of Research and Statistics, recommending that Mrs. 13°r°thYti. Wright be appointed as a clerk—stenographer in that Division, l'itth basic salary at the rate of $1,800 per annum, effective as of the te UPo c14n which she enters unon the performance of her duties after hav— illp 'Passed sat isfactorily the usual physical examination. Approved unanimously. terapore. lienlc)rarldum of this date from Mr. Morrill, recommending that the Se 41513°intment ofMrs. Irene Black, a cafeteria helper in the ry crete.ts °ffice, be made permanent and that her salary be increased I*NI$1,0 to $1,200 per annum, effective May 16, 1943. Approved unanimously. 721. 5115/43 —2— Telegram to Mr. Charles S. Lee, Oviedo, Florida, reading as fol— lows: h "The Board of Governors of the Federal Reserve System pa !aPPointed you director of the Jacksonville Branch of the "ral Reserve Bank of Atlanta for the unexpired portion of term ending December 31, 1945, and would be pleased to have vs Your acceptance by collect telegram." 4 Approved unanimously. Letter to Mr. Mulroney, Vice President of the Federal Reserve tarat of c • hleago, reading as follows: ter -Ln accordance with the request contained in your let— Otis°.f2ay 10, 1943, the Board approves the appointment of erai „;„' JIllYwn Coppedge as an assistant examiner for the Fed— upc Aeserve Bank of Chicago. Please advise us of the date n which the appointment becomes effective." Approved unanimously. Or Letter to Mr. Mercer, Vice President of the Federal Reserve Bank AiehMond , reading as follows: has "The Board of Governors of the Federal Reserve System ot ken°141sidered the reco. endation contained in your letter Of ti.111 26, and, purs t to the provisions of Section 19 Anac e Federal Reserve Act, grants permission to 'The main?stia Bank, Anacostia, D. C.', Washington, D. C., to d to beain the same reserves against deposits as are require serve maintained by banks located outside of central re— res.ve cities, effective with the first semi— tis4 le eZ computation period beginning after the date eT thiPlease advise the member bank of the Board's action s 's matter, calling Permiits attention to the fact that such eiOn is toarA of subject to revocation at any time by the Governors of the Federal Reserve System." Approved unanimously. Letterto "The First National Bank of Hooker", Hooker, Oklahoma, ne as follows: 722 5115/43 —3— "This refers to the resolution adopted on November 30, 1942) by the board of directors of your bank, signifying the bank's desire to surrender its right to exercise fiduciary Powers heretofore granted to it. "The Board, understanding that your bank has never actually accepted or undertaken the exercise of any trust, has iselled a formal certificate to your bank certifying that it ,! no longer authorized to exercise any of the fiduciary Powers covered by the provisions of section 11(k) of the Federal Reserve Act, as amended. m This certificate is enclosed herewith, 11T 4-11 this connection, your attention is called to the e;el, that, under the provisions of section 11(k) of the FedReserve Act, as amended, when such a certificate has been s_ 'sue issued by the Board of Governors of the Federal Reserve 8,!- tem to a national bank, such bank (1) shall no longer be 1:Ject to the provisions of section 11(k) of the Federal thee"Act or the regulations of the Board of Governors of Federal entitled Reserve System made pursuant thereto, (2) shall to have returned to it any securities which it rof ‘ have deposited with the State or similar authorities not he protection of private or court trusts, and (3) shall the exercise any of the powers conferred by section 11(k) of Boar4iederal Reserve Act, except with the permission of the u of Governors of the Federal Reserve System.” 4 Z Approved unanimously. Letter 4.uo "The First National Bank of Cleveland", Cleveland, Oklareading as follows: 1942Tli3 refers to the resolution adopted on December 8, the Or_ the board of directors of your signifying iar, desire to surrender its right banksigfyc to exercise fidu,Zwers heretofore granted to it. actlw;ne Board, understanding that your bank has never hasy accepted or undertaken the exercise of any trust, thatTued a formal certificate to your bank certifying ciary u i8 no longer authorized to exercise any of the fi(;uthe Felf:° ers Covered by the provisions of section 11(k)o enclou!ral Reserve Act, as amended. This certificate is te,A herewith. tact j n this connection, your attention is called to the 1/;!t, under the provisions of section 11(k) of the FedPeen Cerve Act, as amended, when such a certificate has SYstems : ued by the Board of Governors of the Federal Reserve '° a national bank, such bank (1) shall no longer be 723 5115/43 -4- 211bject to the provisions of section 11(k) of the Federal ! 1/ serve Act or the regulations of the Board of Governors of .fle Federal Reserve System made pursuant thereto, (2) shall entitled to have returned to it any securities which it TNT have deposited with the State or similar authorities for wle protection of private or court trusts, and (3) shall not ;x eedr any of the powers conferred by section 11(k) of the eral Reserve Act, excent with the permission of the Board vi Governors of the Federal Reserve System." Approved unanimously. Thereupon the meeting adjourned. red. Chairman.
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