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1651 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washi ngton on Tuesday, November 25, 1941, at 12:45 P.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters herei nafter referred to was taken by the Board: Memorandum dated November 17, 1941, from Mr. Morrill recomirkencling that the salary of James D. Crawford, a guard in the Building °I)ellati°11 eased and Maintenance Section of the Secretary's Office, be in- from q,380 to 1.,500 per annum, effective December 1, 1941. Approved unanimously. Memorandum dated November 17, 1941, from Mr. Nelson, Assistant Secretary, recommending that assent be given by the Board to the elcarranation and certification by the Civil Service Commission of Robert W Rieseberg, an accounting clerk in the Accounting Section °f the SecretarY's - Office, for the position of Treasury enforcement agent. Approved unanimously. Memorandum dated November 18, 1941, from Mr. 1JOr of the Division of Research and Statistics, that assent be given by the Board to the examination " oY the Civil Service Commission of Mrs. Jane W. kreo Goldenweiser, recommending and certificaBarco, a clerk 1_652 11/25/41 -2-- in that Division, for the position of junior calculating machine Operator. Approved unanimously. Memorandum dated November 22, 1941, from Mr. Carpenter, Assistant Secretary, submitting the resignation of Mrs. Marie M. Youngblood as a junior file clerk in the Secretary's Office, to become ffective as of the close of business on December 23, 1941, and rec(3minencling that the resignation be accepted as of that date. The resignation was accepted. Letter to Mr. Rice, Vice President of the Federal Reserve Bank Of New York, reading as follows: "The Board of Governors approves the changes in the Personnel classification plan of your Bank as requested in Your letter of November 17, 1941." Approved unanimously. Letter to the board of directors of the "State Bank of Niles", Niles . '"Ilchigan, stating that, subject to conditions of membership :: ::e:h : : : los contained in the Board's Regulation H, the Board apapplication for membership in the Federal Reserve 88teill and for the appropriate amount of stock in the Federal Reserve tik 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 1_653 11/25/41 -3- " approves the application of the 'State Bank of Niles', Niles, Michigan, for membership in the Federal Reserve System, 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 Commissioner of Banking for the State of Michigan for his information. "Since the amount of estimated losses shown in the report of examination for membership is relatively small, the usual conditi on of membership regarding elimination of losses has not been prescribed. It has been noted, however, that at the close of the examination the directors authorized the elimination of the amount classified. "Although the bank is authorized to exercise fiduciary Powers, at the time of the examination for membership such Powers were not being exercised. Nevertheless, in accordance with the recomme ndation of the Reserve Bank the standard trust conditions of membership have been prescribed. While the exercise of fiduciary powers subsequent to admission :bership would be a change in the scope of the corFra r l powers exercised by the bank, it is contemplated, 21 view of the circumstances, that the bank may do so without first obtaining the permission of the Board under the Provisions of condition of membership numbered 1." Telegram to the Presidents of all of the Federal Reserve Banks readi rig as follows: os, "A Federal Reserve Bank has asked whether the form registration certifi cate acknowledging registration t deTents under Regulat ion W could be changed so that the °i" followi ng the words 'Executive Order No. 8843' 1.8 el StateIt= and the words 'of the President of the United substituted therefor. The Board has approved this sa_ request and has authorized any other bank to make the orine chan-e wishes to do so either in the orinal gi any sub if sequent it 1printing." 4 Approved unanimously. Letter to Mr. Harry Sokol of Sokol Brothers, Birmingham, Alabama, 654 11/25/41 reading as follows: "Your letter of October 11, addressed to Dr. J. F. Bogardus, Office of Price Administration and Civilian Supply, has been transmitted to the Board for attention, since it refers to the Board's Regulation Vi„ dealing with instalment credit. "Your letter has been read with attention and we are obliged to you for the expression of your views. The 12.oard desires to improve its regulation and to this end as taken pains to consult trade associations and to invite the opinions of others subject to the regulation with a view to making its terms as equitable as possible." 1 Approved unanimously. Thereupon the meeting adjourned.
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