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1655 A meeting of the Board of Governors of the Federal Reserve SYS-tEmlwas held in Washington on Wednesday, November 26, 1941, at 11:30 a.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 herein- after referred to was taken by the Board: Memorandum dated November 24, 1941 y from Mr. Morrill, Secretary, ree°Millenclina that the following increases in salaries of employees in the C°rrespondence and Publications Section of the Secretary's Office be approved, effective as of December 1, 1941: Name Designation Salary Increase From To William A. Kline Uargaret Lee Higdon kizabeth Carmichael Printing Clerk Clerk-Stenographer Stenographer 1,800 1,620 12,600 1,920 1,740 Approved unanimously. Memorandum dated November 24, 1941, from Mr. Goldenweiser, Di°4 the Division of Research and Statistics, recommending that aset b„, . given by the Board to the examination and certification by the Civil e Service alit Commission of Mrs. Lyndall C. McCloud, an economic assist- that D ivision, for the position of junior professional assistant economist). Approved unanimously. 1656 11/26/41 -2- Memorandum dated November 24, 1941, from Mr. Goldenweiser, Director of the Division of Research and Statistics, recommending that assent be given by the Board to the examination and certification by the civ„ -Li Service Commission of Mrs. Maxine G. Stewart, a clerk in that Division, for the position of junior professional assistant (junior economist). Approved unanimously. Letter to M. Henry H. Tucker, President of Fones Brothers Rardware Company, Little Rock, Arkansas, reading as follows: "Mr. Nardin has advised the Board of your election To,n November 18 as a Class B director of the Federal Reserve 40ank of St. Louis for the unexpired portion of the term nding December 31, 1943, and has transmitted your letter eof November 14 in which you submit your resignation as a director of the Little Rock Branch. ., "The Board accepts your resignation as tendered, and wishes to thank you most sincerely for the service you have rendered as a branch director. The Board extends its conPatulations on your election to the head office board, and 'L8 glad to learn that you will continue to serve the System. We hope that it goes without saying that we are always :e trus desirous of being whatever assistance we can and that an be ofyou will not hesitate to call on us whenever we service." Approved unanimously. Letter to Mr. Powell, First Vice President of the Federal Reserve of 1A; ---nneapolis, reading as follows: "The Board of Governors approves the changes in the classification plan of your Bank as requested ln Your letter of November 15, 1941." Personnel Approved unanimously. 1659 11/26/41 -3- Letter to the board of directors of the "Bank of Greenville", Greenville, Vest Virginia, stating that, subject to conditions of memberehilo numbered 1 to 3 contained in the Board's Regulation H, the Board 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 Richmond. Approved unanimously for transmission through the Federal Reserve Bank of Richmond. Letter to Mr. Mulroney, Vice President of the Federal Reserve • ofChicago, reading as follows: "Reference is made to Mr. Diercks' memorandum dated October 6, 1941, in which he stated that the Springfield liarine Bank, Springfield, Illinois, did not publish the report of its affiliate in connection with the September 24,_ 1941 call, and that such publication in future call l'eports had been discussed with the management of the Member bank. ber The report of examination of the bank dated Septemn,-, J-941, showed that Bunn Capitol Grocery Company, vr-ulgfield, Illinois, had been an affiliate of the bank 44eNtriel:al years as a result of certain shareholders who majority of the shares of the bank also owning the Of thee shares of the affiliate, and that the management bank was not aware of the existence of the ation until it was called to its attention during a;'? course of the 80 examination. The examination report 1,t showed that the affiliate was indebted to the member udrIk .tri the amount of 195,000. as The at this time of the affiliate reports in( t) ,,f , pastpublication call dates will serve no practical purpose, and, publi.10 ci rcumstances, the Board will not insist upon their timelcaticm. If, the __?f the next however, the affiliation exists at the call for condition reports, the report of v„. cLIfiliate should be submitted and published unless '' 11red by the waiver provisions printed on form F. R. 220b." i Approved unanimously. 1658 11/26/41 -4- Let r to the Comptroller of the Currency, reading as follows: "It is respectfully requested that you place an order with the Bureau of Engraving and Printing, supplementing the order requested June 14, 1941, for the printing of Federal reserve notes of the 1934 Series in the amount and denomination stated for the Federal Reserve bank of 80ston: Number of DenomiAmount sheets nation $15,0001000" 5 250,000 Approved unanimously. Thereupon the meeting adjourned. APp oved: Vic Chairman.
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