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832 A meeting of the Board of Governors of the Federal Reserve Sys, neld in Washington on Friday, May 26, 1944, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. 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 herein- atter to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder'41 Reserve System held on May 25, 1 944, were approved unanimously. Telegrams to Mr. Flanders, President of the Federal Reserve Bank ot 8t°11, Mr. Treiber, Secretary of the Federal Reserve Bank of New York, '41\ lard ,, President of the Federal Reserve Bank of AtlantR,Messrs.DilStewart, Secretaries of the Federal Reserve Banks of Chicago and 441,17 respectively, Mr. Powell, First Vice President of the Federal e Bank of Minneapolis, Mr. Gilbert, President of the Federal Reserve pr °f °all", and Mr. Hale, Secretary of the Federal Reserve Bank of San aziciee °' stating that the Board approved the establishment without change t he Pecieral Reserve Bank of St. Louis on May 23, by the Federal Reserve °I' Atlanta or and San Francisco on May 24, by the Federal Reserve Banks tcle ChicaPro„ Minneapolis, and Dallas on May 25, 1944, and by the ttlt : 114eserve Bank of Boston today, of the rates of discount and purchase eizb existing schedules. Approved unanimously. 833 51V44 -2dated May 25, 1944, from Mr. Morrill recommending that 8. cOra King be appointed as a charwoman in the Secretary's Office on a temno__ 'dry basis for a period of not to exceed 60 days, with basic salary at the rate of $1,200 per annum, effective as of the date upon which she enters Upon the performance of her duties after havinc passed satisfactorilY the sual physical examination. Approved unanimously. Memorandum dated May 23, 1944, Morrill recommending that from t4following increases in basic annual salaries of employees in the Secte'rYts Office be approved, effective June 1, 1944: bme Designation Nilding 0 eration and P. C. Maintenance E. J. Riston Foreman of Laborers Weeks Assistant Foreman of Laborers Ilichael Laborer RerMan Morley Tobler Laborer Preston E. i Fowler Laborer ceFu `)ervnctions a7;77;d Operator (Duplicating Devices) 4cretarial and Adatni strative Pranklin Taylor upply Clerk Salary Increase From To $1,860 $1,920 1,680 1,380 1,380 1,200 1,740 1,440 1,440 1,560 1,620 1,620 1,680 1,320 Approved unanimously. Uemorandum of this date from Mr. Morrill recommending, for the -.)t118 hqp, the stated in the memorandum, that August D'Aiutolo, a cafeteria ill the S ecretary's Office, be separated from service effective at ci°8e of business on May 26, 1944. Approved unanimously. 834 5/26/44 Letter to Mr. McLarin, President of the Federal Reserve Bank of At1ta reading as follows: , "The Board of Governors approves the payment of salaries to isrle officers of the Federal Reserve Bank of Atlanta and its Jc2,!'anches, for the year beginning June 1, 1944, at the ratesas Yzz Board of Directors and reported in your letter of ma37_ 16, as follows: Annual Salary Title . S McLarin 11. Jr. $20,000 President T aloclm H. Br;ran First Vice President 15,000 M. Clark 12,000 Vice President !!. F. 8,000 Vice President v. K. Conniff J. ,. Bowman 8,000 Vice President .1 Assistant Vice President 5,800 . 8. P. McCravey, Jr. Turman General 6,000 Counsel P. Assistant Vice President 6,000 8. R. Schuessly. camip Assistant Vice President 6,000 *,Wlinslow E. Pike Acting General Auditor 5,000 E. Denmark General Auditor 5,500 Geo "JACKSONVILLE BRANCH fli: (‘deman 1 T. ;7 1 1,S a; Jr. Managing Dir7ctor 7,000 Tho Cashier 5,300 illas Crawford Clark Assistant Cashier 3,600 "NASHVILLE BRANCH Joel B. Fort, Jr. Managing Director 7,000 R. Harrison 5,300 Cashier P. L. T. "BITNIMHAg BRANCH Managing Director 7,000 ,H. j. UrqBeavers uhart L. W. Cashier 4,50 0 H. C. Starr Assistant Cashier 3,600 Fra7,er Assistant ManarTer 5,300 E. P. "NEW ORLEANS BRANCH Paris Manas.ini:- Director 10,000 L. Shaw W. R. Cashier 6,000 4,800 C. Sewell Assistant Cashier V .L, asterling 4,000 Assistant Cashier awrence y. Chapman 4,000 Assistant Cashier "SAVANNAH AGENCY arH. Bowden 4,300 Manager le M. " r on Looney 4,000 Acting Manager leave — Military Service" ! Approved unanimously. 835 5/26/44 —4— Letter to Mr. Gidney, Vice President of the Federal Reserve Bank °11 Hew York, reading as follows: "Under date of May 18, 1944, the Board sent you copies of letterst rl the addressed to the Federal Deposit Insurance Corporation :id C Comptroller of the Currency, relating to the surrender :ust powers by The National Bank of Westfield (in liquidat4 tl b'on), Westfield, New York, in order that the securities held the State banking authorities might be released to the Corporation. "As the national bank had been absorbed by the Union Trust C°mPan of Jamestown, Jamestown, New York, a nonmember bank, et re Comptroller of the Currency would not have occasion to a regular examination of the national hank, it seemed more r°Priate to request the Corporation to have one of its exam;7re develop the information required by the Board as a preto the issuance of a formal certificate terminating the21-F1t of the national bank to exercise fiduciary powers. fie "ave now been informed that the Union Trust Company of Jameshas applied for membership in the Federal Reserve System "ur Bank exnects to make an examination of the nonmember ; 1 4r:Z starting next week. Therefore, it would seem more conventhe ,for your examiner to make the necessary investigation of 'rust department of the former national bank. b_4 AccorA4_ u_Lugly, the Federal Deposit Insurance Corporation is .joln,g notified that it will not be necessary for its examiner have ice an investigation. In lieu thereof, please arrange to clepe,fle of your examiners make an investigation of the trust merit records of the national bank in order to determine Whet arry f% it appears that the bank has ever undertaken to act in ' trust uciarY capacity and, if so, whether in the case of each accepted or undertaken it appears from the bank's records: "(1) That all assets and papers belonging to the 4 estate have been delivered by the bank to the Person or persons entitled to receive them; and That the duties of the bank as fiduciary have been completely performed and that the bank has been discharged or otherwise properly relieved of all of its duties as fiduciary." h e Approved unanimously, together with a letter to Mr. Wheeler McDougal, Chief of the Division of Liquidation, Federal Deposit Insurance Corporation, notifying the Corporation that it would not be necessary for its examiner to make an investigation of The National Bank of Westfield (in liquidation). 836 5/26/44 -5Letter to Mr. Wallace, Counsel of the Federal Reserve Bank of Richmond, reading as follows: , "In reply to your letter of May 6, 1944, requesting an 4nte rpretation of the provisions of section 6(B) of the 1943 standard form of guarantee agreement) there is enclosed a orandum received by the Board from Mr. William A. Coolidge, 21 1er of Finance Section, Navy Department, under date of May tifi, 1944. You will note that Mr. Coolidge's memorandum states ?t the War Department and Maritime Commission concur in the °I:anion therein expressed. r Approved unanimously. Thereupon the meeting adjourned. .07rezutAi Secretary.
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