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5,6 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Monday, May 5, 1941, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak McKee Draper 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 hereinatter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederai Reserve System held on May 2, 1941, were approved unanimously. Memorandum dated May 2, 1941, from the Personnel Committee, 814itting memoranda dated April 28, 1941, from Mr. Wyatt, General C°1418e1, and recommending that,effective July 1, 1941, the salaries ofIliss Charlotte M. Nell and Miss Margaret Muelhaus, stenographers ill Counsel's Office, be increased from i.,740 to 620 to $1,740 per annum, respectively. 1.,800 per annum and Approved unanimously. M emorandum dated May 2, 1941, from the Personnel Committee, 811bmi • ttlng a memorandum dated April 29, 1941, from Mr. Goldenweiser, rector. of the Division of Research and Statistics, and recommending that, effective May 16, 1941, the salaries of Raymond J. Collier, Junior corio . 1418t3 and William H. Glazier, Economic Assistant in the Division, be -41cl'eased from 1t2,700 to A31000 per annum and fram2,000 to !4 2,300 Per arinum, respectively. Approved unanimously. 561 5/5/41 -2Letter to Mr. Walden, First Vice President of the Federal Re- " -e Bank of Richmond, reading as follows: "The Board of Governors approves the changes in the personnel classification plan of your Bank and B/:anches relating to the establishment of three positions in the National Defense--District Coordinator Department, as requested in your letter of May 1, 1941.it Approved unanimously. Letter to Mr. Gidney, Vice President of the Federal Reserve Of New York, reading as follows: "Reference is made to your letter of April 24, 1941, submitting the application of the United States Trust ComP tanY.of Newark, Newark, New Jersey, for permission to es,?.bllsh a branch in Irvington, New Jersey, in connection wlth the proposed purchase of assets and assumption of all -73e?Pt capital liabilities of the Chancellor Trust Company, ngton, New Jersey, a nonmember insured bank. . In view of your recommendation and the information a jallable, the Board approves the establishment and opera2n of a branch in Irvington, New Jersey, by the United n 01etes Trust Company of Newark, Newark, New Jersey, upon ?mpletion of the purchase of assets and assumption of liaies of the Chancellor Trust Company, Irvington, New 171ill-t J ?rseY, substantially in accordance with the plans as suband provided the assets acquired in the transaction are je considered acceptable by an examiner for the Federal ! serve Bank of New York and the value at which the bank.1.4.Lig premises are acquired is approved by the Reserve Bank. as been noted that the approval of the State Bank Cornr has been obtained and it is understood, further, Counsel to the Reserve Bank is to be satisfied as to the legal aspects of the transaction." T Approved unanimously. Letter dated May 3, 1941, to Congressman Charles S. Dewey, prePared for the signature of Mr. Vest, Assistant General Counsel, reading f°11014rs: accordance with your suggestion, your letter of 23, 1941, with regard to your proposal for acceptances 562 5/5/41 -3- "bY Federal Reserve Banks in connection with industrial 1°an5, has been brought to the attention of the Board. "The Board feels that the acceptance method of financing would involve difficulties in operation which would make it less practical than the commitment method which is provided in the present law and in the bills S. 877 and H. R. 582. However, I can assure you that if you wish to do s?, members of the Board will be glad to discuss the question with you at some future date which is mutually convenient." Approved unanimously. Thereupon the meeting adjourned. •(641CRA;tzz )116AAA:JeA9 Secretary. Chairman.
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