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938 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Monday, September 12, 1938, at 11:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak Davis Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters hereinafter l'eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on September 9, 1938, were approved unanimously. Telegram dated September 10, 1938, to Mr. Sanford, Assistant Sec' l etarY of the Federal Reserve Bank of New York, stating that the Board apPrclIres the establishment without change by the bank on September 8, 1938, 0t the rates of discount and purchase in its existing schedule. Approved unanimously. Memorandum dated September 9, 1938, from Mr. Smead, Chief of the 43rision of Bank Operations, submitting a letter dated September 1 from Mr. Rays, Assistant Vice President of the Federal Reserve Bank of CleveWhich requested approval by the Board of a change in the personnel classification plan of the bank to provide for the creation of the new 1418ition of "Assistant Manager" in the Business Statistics Department of the bank. The memorandum recommended, with the concurrence of Mr. Qoldenweiser, Director of the Division of Research and Statistics, that the Proposed change be approved. Approved unanimously. 939 9/12/3B -2Letter dated September 10, 1938, to "The Commercial National Bank Of 8Partanburg", Spartanburg, South Carolina, reading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your supplemental application for fiduciary powers, and, in addition to the authority heretofore granted to act as trustee and registrar of stocks and bonds, grants you authority to act, when not in contravention Of State or local law, as executor, administrator, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with national banks are permitted to act under the laws Of the State of South Carolina, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. "This letter will be your authority to exercise the fiduciary powers granted by the Board pending the preparation of a formal certificate covering such authorization, which will be forwarded to you in due course." Approved unanimously. Memorandum dated September 8, 1938, from Mr. Smead, Chief of the tillsion of Bank Operations, recommending, with the concurrence of Mr. al161danweiser, Director of the Division of Research and Statistics, that the weekly statement of assets and liabilities of the twelve Federal rebanks combined be changed to show the increase or decrease in each item of assets and liabilities as compared with the preceding week and '41th the corresponding week a year ago instead of the amounts of each item (14 the two comparative dates. The memorandum also recommended, with the °Ilcurrence of Mr. Goldenweiser, that the same procedure be followed in he weekly statement showing assets and liabilities of reporting member 940 9/12/38 bAnt. in central reserve cities, except that such figures be shown in Millions of dollars as at present The recommendations were approved unanimously. Thereupon the meeting adjourned.
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