rate of $1,080 per annum, effective August 7, 1943.

Approved unanimously.

Memorandum dated August 6, 1943, from Mr. Leonard, Director of

a•PProveci

1172

A meeting of the Board of Governors of the Federal Reserve

Arste111 was held in Washington on Saturday, August 7, 1943/ at 11:00

PRESENT: Mr. Eccles, ChairmanMr. DraperMr. Evans

The action

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant Secretary

Mr. Clayton, Assistant to the Chairman

stated with respect to each of the matters herein-

referred to was taken by the Board:

Memorandum of this date from Mr. Morrill, recomgending thatJaMesp,„

-111flgt0n be appointed as a cafeteria helper in the Secretary's

°11 a temporary basis for a period of not to exceed 60 days, with

Office

basic sal ry at the

he 13ivisi-an of Personnel Administration, recommending that the follow-

pE iner"as" in basic annual salaries of employees in that Division be

$ effective August 16, 1943:

Eame

Harry B. uth A

StoneIl. Westergren

Designation

Senior ClerkPersonnel Clerk

Salary Increase From To

$2,900 $3,1002,600 2,800

Approved unanimously.

Memorandum of this date from Mr. Morrill, submitting the res-

tion- ofH. F. Mayberry as a chauffeur in the Secretary's Office,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

11738/7/43

-2-

to become effective as of the close of business on August 19, 1943,

and reCOrnmendingthat the resignation be accepted as of that date.

The resignation was accepted.

Letter to the board of directors of the "Citizens Bank ofHatti sh

e--11rg", Hattiesburg, Mississippi, stating that, subject to con-

(414°ns of membership numbered 1 to 6 contained in the Board's Regula-

-tioh

11, the Board approves the bank's application for membership in the

Pederal Reserve System and for the appropriate amount of stock in the

?ederal Reserve Bank of Atlanta.

The letter also contained the follow-ing special comment:

"It appears that the bank possesses certain powers whichare not being exercised and which are not necessarily re-

rfed in the conduct of a banking and trust business, such:: e powers to act as surety and to insure titles to real

rate, Attention is invited to the fact that if the bank

ti ires to exercise any powers not actually exercised at thecorine.of admission to membership, it will be necessary underofridltion of membership numbered 1 to obtain the permissionc_ the Board of Governors before exercising them. In thiscraection, the Board understands that there has been nosi!nge in the scope of corporate powers exercised by the bank'“ce the date of as application for membership."

Approved unanimously, together with aletter to Mr. McLarin, President of the Fed-eral Reserve Bank of Atlanta, reading asfollows:

t"The Board of Governors of the Federal Reserve System

rTies ths application of the 'Citizens Bank of Hatties-eral 3 Hattiesburg, Mississippi, for membership in the Fed-the Reserve System, subject to the conditions prescribed intoe. enclo sed letter which you are requested to forward to the

letter of Directors of the institution. Two copies of such

the are also enclosed, one of which is for your files andOther of which you are requested to forward to the State

matioZmptroller for the State of Mississippi for his infor-

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

8/7/43-3-

"It is assumed that you will follow the matter ofthe hankie bringing into conformity with the provisionslaw and the Board's Regulations the savings accounts

103fted on page 16 of the report of examination for mem-.L-rship; the matter of providing adequate supervision of:rust

activities; and the establishment of a program fore(11te depreciation of bank premises.

the reP i-orr the amount of estimated losses classified in

nave bof examination for membership is reported to

r een charged off, the usual condition of membershipequiring the elimination of losses has not been prescribed."

Letter to the "Mountain Trust Bank", Roanoke, Virginia, reading

aafcllows.

,, "The Board is glad to learn that you have completed;4 arrangements for the admission of your bank to the'lleederal-L Reserve System and takes pleasure in transmittingrelth a formal certificate of your membership.

It will be appreciated if you will acknowledge re-ceipt of this certificate."

Appt,oy

Approved unanimously.

Thereupon the meeting adjourned.

121)k:PAIIIEL 64,41,,LiL42 Secretary.

Chairman.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis