A meeting of the Board of Governors of the Federal Reserve

SI/stem was held in Washington on Wednesday, December 8, 1943, at 11:00

a.ta,

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. Draper

Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryYr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Chairman

The action stated with respect to each of the matters herein-

after referred to was taken by the Board:

The minutes of the meeting of the Board of Governors of the

Ped"al Reserve System held on December 7, 1943, were approved unani-

kola sly

Pecie

The minutes of the meeting of the Board of Governors of the

ral Reserve System with members of the executive committee of the

'Ped.t„

ral Advisory Council held on December 7, 1943, were approved unani-

nickekr.

Memorandum dated November 26, 1943, from Mr. Leonard, Di-

rector of the Division of Personnel Administration, recommending,

with the approval of Governor Szymczak and Mr. Dreibelbis, that

Alonz° AL Stone, secretary to Governor Szymczak, be transferred to

the Leg al Division as a clerk-stenographer, with an adjustment in

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his basic salary from $3,600 to $3,000 per annum, effective January

1, 1944.

Approved unanimously.

Memorandum dated November 29, 1943, from Mr. Leonard, Direc-

t°r of the Division of Personnel Administration, recommending, atthe

equest of Governor Szymczak, that Miss Ferne M. Parkhill be ap-

P*Ited as a stenographer in Mr. Szymczak's office, with basic salary

at the rate of $2,000 per annum, effective as of the date upon which

he enters upon the performance of her duties after having passed

satisfactorily the usual physical examination. The memorandum also

8te;ted that Governor Szymczak desired to have Miss Dorothy Johnson,

n'w sten ographer in his office, promoted to the position of secretary,

"I no change in her present basic salary at the rate of $2,500 perhnume

Approved unanimously.

Memorandum dated December 7, 1943, from Mr. Morrill, recom-

8ecre+,"I'Ve Office, with basic salary at the rate of $1,800 per annum,

--Lug that Mrs. Helen Smith be appointed as a stenographer in the

effect'lye as of the date upon which she enters upon the performance of

her duties after having passed satisfactorily the usual physical ex-

aination.

Approved unanimously.

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Memorandum dated December 7, 1943, from Mr. Morrill, recom-

mending' that the appointment of Mrs. Margaret E. Dalton as a charwoman

in the Secretary's Office be made permanent, with no change in her

Present basic salary at the rate of l,2OO per annum, effective as of

theexpiration of her present temporary appointment at the close of

business on December 13, 1943.

Approved unanimously.

Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve

41-1kof Chicago, reading as follows:

"The Board of Governors approves the changes in theP?sonnel classification plan of the Federal Reserve Bank

Chicago, as submitted with your letter of December 1,1943, with the exception of the change in title of theP°sition of Assistant to General Counsel to AssistantCounsel.

"The position of Assistant Counsel is considered anOfficial position rather than one to be covered under thePersonnel classification plan. In accordance with the re-(4est of President Young, the proposal for the change intitle is considered as withdrawn."

Approved unanimously.

Letter to Mr. Hale, Vice President of the Federal Reserve Bank

of-an Francisco, reading as follows:

1g1,. "Reference is made to your letter of November 15,'4-I, regarding the October 18 report of condition sub-mitted by Portland Trust and Savings Bank, Portland,O,regon, in which the face amount only of the indebtednessdue the Pittock Estate was shown opposite item 33 (b).

"Since this was the first call for condition reportsafter the bank's admission to membership, the Board con-curs in your recommendation that republication of the

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IIcurrent report should not be required. However, you

st.lould instruct the bank to report as a subordinated ob-ligation in its future call reports of condition the fullamount including any accrued and unpaid interest due tothe heirs of the Pittock Estate, or to amend item 33(b)ln its reports somewhat as follows: 'Deferred indebted-ness excluding interest, not included in liabilities,Which is subordinated to claims of depositors and othercreditors'."

Approved unanimously.

Letter to the Chairmen of all the Federal Reserve Banks, read-

ing as follows:

"You will recall that at their recent Conferencethe Chairmen submitted to the Board as a recommendationO f the Conference the suggestion that it mould be very

Pful to the Chairmen and the other directors of the!sderal Reserve Banks if, when an important matter involv-ing System policy was submitted to the board of directorsof.* the Banks, the Board would inform the Chairmen of theviews of the Board so that these could be before the di-rectors when the matter was taken up for action.

"Although it was indicated during the Conference thatthe Board would be glad to undertake to carry out this sug-gestion, it was thought that the Chairmen should be advisedthat the Board had adopted the procedure contemplated in.91e recommendation, and this letter is being written forthat purpose. The Board will appreciate it very much if5r2u will let us know if at any time you feel that the in-lormation furnished is not adequate or that the proposed?rocedure can be improved upon in any way, as the Board11;8 anXiOUS to keep the boards of directors of the Reservea.anks fully informed on a]l matters of System policy andParticularly so in instances which might necessitate action7 the directors.. "As you know, copies of the statement prepared by

uhairman Eccles on the research work of the System, asas material relating to the adoption by the Federal

rt?serve Banks of a broad program for sharing losses onIl-sks previously covered by insurance, have already been

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