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A meeting of the Board of Governors of the Federal Reserve System Was held in kishington on Wednesday, November 17, 1943, at 1:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter ' teterred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fed- '41 Reserve System held on November 16, 1943/ were approved unanimously. Memorandum of this date from Mr. Morrill, recommending that m, .0-Lariehe Broadhurst be appointed as a cafeteria helper in the Secl'eci"l '7.t e Office on a temporary basis for a Period of not to exceed 60 4.Y.83 wi.th basic salary at the rate of 57 cents per hour plus 8-1/2 cents t°r°vertime, or a total of 65-1/2 cents per hour, effective November 16, 19 43$ The memorandum stated that Mrs. Broadhurst would work six hours a ti rld that appropriate deduction would be made for meals in the same fli el" as for other cafeteria employees. Approved unanimously. Memorandum of this date from Mr. Morrill, submitting the resigtion to ID of Sonia Maskalenko as a cafeteria helper in the Secretary's Office, ecc)me effective as of the close of business on November 9, 1943, and Ncoi, ‘Ti'llericiing that the resignation be accepted as of that date. The resignation was accepted. 1'4 :ik)s 11/17/43 -2- Letter to the board of directors of the "Farmers and Merchants Ballkm, Clay City, Indiana, stating that, subject to conditions of membelishiP numbered 1 to 6 contained in the Board's Regulation H, the Bop.rd approves the bank's application for membership in the Federal Ree System and for the appropriate amount of stock in the Federal Reserve Bank of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors of the Federal Reserve System "Proves the application of the 'Farmers and Merchants Bank', Clay City, Indiana, for membership in the Federal Reserve Jatem, subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of Directors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the other Of which you are requested to forward to the Director, Departflient of Financial Institutions for the State of Indiana, for his information. "It is understood that in the State of Indiana trust funds deposited in the banking department of a bank are pre.erred claims in the event of liquidation of the bank. Therefore, You are authorized, in accordance with the general au'orization oreviously graded by the Board, to waive com°I-lance until further notice. with condition of membership numbered 6 "it is noted that you will follow the matter of bringing into conformity with the provisions of law and the Board's egulations the bank's requirements with respect to savings edosit withdrawals." Letter to Mr. UcRae, Chief Examiner of the Federal Reserve Bank qiloston, reading as follows: "This refers to Mr. Schlaikjer's letter of November 5, 194 i, 3, to Mr. i)reibelbis, enclosing copies of certain documents C connection with the revision of the Agreement and Declaraloh of Trust of the Massachusetts Investors Trust. "V,e have examined the or000sed revision of the Agreement :T1.Declaration of Trust designated as 'Exhibit A' and you may advise representatives of the Massachusetts Investors Trust 11/17/43 -3"that if the amendments indicated therein with reference to the Advisory Board are adopted, the pending question, particularly referred to in our letter to you of August 6, 1943, as to the applicability of section 32 of the Banking Act of 1933 to the service of members of the Advisory Board who are serving at the same time as directors of member banks, will be eliminated. "Consideration is being given to the memorandum of law submitted by Ur. Schlaikjer in connection with the possible affiliation of the State Street Trust Company and Massachuetts Investors Trust under section 20 of the Banking Act of -1-933, and you -will be advised of the Board's views thereon at a later date. Definite advice in the matter, however, will Ilat be given until after we have had an opportunity to examine he Agreement and Declaration of Trust in the form as finally adopted by the shareholders. A "Please obtain and forward to the Board a copy of the Rgreement and Declaration of Trust as finally adopted by the shareholders in order that the Board may reexamine the ratters ! r rerred to above in the light of the action taken by the 8"areholders of Massachusetts Investors Trust." Approved unanimously. that , to lidemorr,nd um dated November 16, 1943, from Mr. Szymczak stating rc,-jest,,,d Messrs. Gardner cnd Hflrley of the Board's st:,ff Jo him in attending the United Nations Relief and Rehabilitation Corife ' l enceo be held in Atlantic City, New Jersey, from November 18 to%0 Irelcdper 20, 1943, and that he had found that the tvo employees 'r e unable to meet their expenses out of the 46 per diem allcwed the Nlor f'r rl Board's travel regulations. In these circumstances, the all(41111 reccqlDended that the Board increase the per diem alloLnce 46 t° il2 for Messrs. Gardner and Harley during the period they attendance at the conference, it being understood that aside authorization of increased per diem while absent from their headquarters they would be governed by the current travel dIlos of the Board. Approved unanimously. Thereupon the meeting adjourned.
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