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573 A meeting of the Board of Governors of the Federal Reserve SYstem Was held in Washington on Friday, May 9, 1941, at 11:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. McKee Mr. 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 hereinreferred to was taken by the Board: Telegrams to Mr. Hays, Secretary of the Federal Reserve Bank or Cleveland, Mr. Leach, President of the Federal Reserve Bank of Messrs. Dillard, Stewart, and Powell, Secretaries of the Pecleral Reserve Banks of Chicago, St. Louis, and Minneapolis, respec- elY, Mr. Gilbert, President of the Federal Reserve Bank of Dallas, 411t 1*. Wale) Secretary of the Federal Reserve Bank of San Francisco, 3t4tilig that the Board approves the establishment without change by the deral Pe Reserve Bank of San Francisco on May 6, and by the Federal Ilea"ve Ilanks of Cleveland, Richmond, Chicago, St. Louis, Minneapolis, kid on May 8, 1941, of the rates of discount and purchase in the; xlsting schedules. Approved unanimously. Memorandum from Mr. Goldenweiser, Director of the Division of Ilesear ch and Statistics, submitting the resignation of Joseph Silverman 48 an ecc)nomic assistant in the Division of Research and Statistics, V. 574 5/9/41 —2— effective as of the close of business on May 7, 1941, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to the board of directors of "The New Waterford Savings and Banking Company", New Ohio, stating that, subject to e(31.4iti°ns of membership numbered 1 to 3 contained in the Board's Reg— ulatio n H, the Board approves the bank's application for membership in the Federal the Reserve System and for the appropriate amount of stock in Federal Reserve Bank of Cleveland. . Approved unanimously for transmis— sion through the Federal Reserve Bank of Cleveland. Letter to the board of directors of "The Clay City Banking Cc4", Clay city, Illinois, stating that, subject to conditions of Ineraberei,, "-LP numbered 1 to 3 contained in the Board's Regulation H, the 4ard approves the bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of St. Louis. . Approved unanimously for transmis— sion through the Federal Reserve Bank of St. Louis. Thereupon the meeting adjourned. Secretary. 411PrOyed : Chairman.
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