19440916_minutes.pdf
TRANSCRIPT
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A meeting of the Board of Governors of the Federal Reserve Sys—telaw" held in Washington on Saturday, September 16, 1944, at 11:00 a.m.
PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. McKeeMr. DraperMr. Evans
qterreferred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the Fed—
Reserve System held on September 15, 1944, were approved unanimously.
Mr. Morrill, SecretaryMr. Bethea, Assistant SecretaryMr. Carpenter, Assistant Secretary
The action stated with respect to each of the matters herein—
Memorandum dated September 13, 1944, from Mr. Morrill recommend—
g (1) thath
t the appointment of Mrs. Helen E. Cook as a file clerk ine 8ecre
tarY's Office be made permanent, effective September 16, 1944,
ktici (2) t hat the following increases in basic annual salaries of employeesill the 8
ecretaryt s Office be approved, effective September 16, 1944:
4ame
E. Cook/loeLiPScomb
4eat.' Haltigan'€e
ice Huntera'- r'Sr D. Maize
Designation
File ClerkFile ClerkFile ClerkFile ClerkFile Clerk
Salary IncreaseFrom To
$1,440 $1,5601,560 1,6201,740 1,8601,980 2,1002,100 2,300
Approved unanimously.
MeMorandum dated September 12, 1944, from Mr. Goldenweiser, Direc—tob ot
the Division of Research and Statistics, recommending that the
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9/16/44-2-
r°11(ziling increases in basic annual salaries of employees
8'44 be approved, effective September 16, 1944:
Name
Barnetttalzabeth P. Tewksbury
R08Ethel L. EvansErnst
Viete Laursenlearlor S. Prase
qatharYne P. Reil
Designation
ClerkClerkClerkResearch AssistantEconomistEconomistEconomist
in that Divi-
Salary IncreaseFrom To
$2,040 $2,2002,200 2,4002,400 2,6002,500 2,7002,400 2,6002,900 3,2002,900 3,200
Approved unanimously.
Memorandum dated September 12, 1944, from Mr. Smead, Director ofthe nivi
slon of Bank Operations, recommending that the salary of GardnerEoct
he, Assistant Administrator of the War Loans Committee, be in-Teased
'rcm the rate of $7,500 to $8,000 per annum, effective September
16' 1944.
Approved unanimously, with the understand-ing that Mr. Boothe would be advised that theincreased salary was based upon his responsibi-lities in his present assignment in connectionWith the War Loans Committee, and that, uponcompletion of the assignment, his salary wouldbe adjusted to an amount commensurate with theduties of the position to which he might then be
assigned.
Att Uemorandum dated September 13, 1944, from Mr. Dreibelbis, General
°ill% re commending that the basic salary of Wilson L. Hooff, Attorney,
tlIelleased from $4,000 to $4,200 per annum, effective October 1, 1944.
Approved unanimously.
Ilemoranda dated September 15 and 16, 1944, from Mr. Morrill,°L11111ero4
"ng (1) that the resignation of Mrs. Ruby Howell, cafeteria
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he1Per in the Office of the Secretary, be accepted as of the close of
ess on September 7, 1944, and (2) that Miss Charlotte A. Murphy
be enr,P-LoYed as a cafeteria helper in the Office of the Secretary, on a
tenipw.'a17 basis for an indefinite period, with basic salary at the rate
tk/200 Per annum, effective September 16, 1944.
The recommendations were approvedunanimously.
Letter to Mr. William Willett, First Vice President of the Fed-erea"erve Bank of Boston, reading as follows:
ter "In accordance with the request contained in your let—ti of September 11, 1944, the Board approves the designa—tl,C94 of the following as special assistant examiners for"e
Of
Reserve Bank of Boston:George L. Campbell Robert L. SchneiderFrancis L. Finnegan Ray C. WhitemanHarold Gray Robert E. WatersJohn F. Burke Douglas TitusRalph J. Di Napoli Plemen C. HammErnest P. Farnam Robert W. HannanArthur M. Stoddard John H. Howard, Jr."
Approved unanimously.
Letter to Mr. Leach, President of the Federal Reserve Bank of.quorld
reading as follows:
ter "In accordance with the request contained in your let—
Of Of September 12, 1944, the Board approves the appointmentJot-n C. Horigan as an assistant examiner for the Federal
whierie Bank of Richmond. Please advise us of the date uponeu the appointment becomes effective.
It is noted that R. T. Short, an examiner for your Bank,e:lgned effective August 31, 1944, and that Herbert I. Lewis,
assistant examiner, resigned effective July 31, 1944."
Approved unanimously.
Letter to Mr. Laning, Vice President and Cashier of the Federalk3%,,Ire
3la11k of Cleveland, reading as follows:
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"In view of the circumstances described in your letterOct September 13, 1944, the Board of Governors approves the,Itanuation of the payment of a salary to Mr. Calvin C.natzel at the rate of2,220 per annum, which is $120 inexcess of the maximum annual salary provided in the person—e1 classification plan of your Bank for the position of
"eqlatered Mail Clerk, Mail Department, the position towhich Mr. Witzel is assigned., "This approval is given pending submission of a certif-48cate to support the proposed increase in the maximum annualalarY for the position occupied by Mr. Vitzel."
Approved unanimously.
Letter to Mr. Young, President of the Federal Reserve Bank of
reading as follows:
te "In accordance with the requests contained in your let—of of September 13, 19/1/1, the Board approves the appoint—s of Rolland Arthur Franzen and Keefer Leslie Lientz as
pi:lstant examiners for the Federal Reserve Bank of Chicago.
bee advise us of the dates upon which the appointmentseeome effective."
Approved unanimously.
-,Las Letter to Mr. Gilbert, President of the Federal Reserve Bank of
' reading as follows:
to "The Board of Governors approves the appointment by yourth:rd of Directors of W. D. Gentry as First Vice President ofto Federal Reserve Bank of Dallas, effective October 1, 1944,r t!le unexpired portion of the term ending February 28, 1946.
10,. 4The Board also approves payment of salaries to the fol—i1 ";r1g officers for the period October 1, 1944 to May 31, 1945,ree-Lileive, at the rates fixed by your Board of Directors andPorted in your letter of September 13, 1944, as follows:IA% Name7,.
Title SalaryFirst D. Gentry
tlt, B. Vice President $13,500
i Colemant: 0. Ford
Vice President 13,000
1 B. Austin Vice President 12,000
'-'• G. Pondrom Vice President and Cashier 9,000Vice President (in charge of
/11* li. Houston Branch) 8,500
Holloway Vice President (in charge of
P. T,Novey General AuditorSan Antonio Branch) 7,000
5,000
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"The Board likewise approves the payment to E. B. Stroudlegal services at the rate of $500 per month, on a month
° month basis, under the arrangement authorized by your BoardDirectors as reported in your letter of September 13, 1944."
Approved unanimously.
Letter to Mr. Neil G. Greensides, Acting Chief, Division of Exam-
ederal Deposit Insurance Corporation, reading as follows:
0. "In accordance with the request contained in your letter/1' September 9, 1944, the Board of Governors of the Federal:serve System hereby grants written consent, pursuant to the
13142.7.1-sions of subsection (k)(2) of Section 12B of the Federal
0or s-serve Act, for examiners for the Federal Deposit InsuranceB ration to make an examination of The Blackshear Bank,
4,a,hear, Georgia, in connection with its application fortl,l'Itinuation of insurance after withdrawal from membership in'Federal Reserve System.re :There are no unfulfilled conditions nor incomplete cor-et,3-ve programs with respect to the member bank in connection
which the Board would suggest incorporation of conditionsr continuing its status as an insured bank.
pa, For your information it appears that one of the princi-Re' I'easons for the bank's desire to withdraw from the Federal
the System arises in connection with certain provisions ofa e Federal Reserve Act which contain restrictions on loans by
reill,elaber bank to its affiliates and require publication ofv° rte of affiliates."
Approved unanimously, together with a fur-
ther letter to Mr. Greensides in the following
form:
Of' "In compliance with the request contained in your letterRe "Ptember 11, 1944, the Board of Governors of the Federalpr8„el:ve System hereby grants written consent, pursuant to theegYisions of subsection (k)(2) of Section 12B of the Fed-
Reserve Act, for examiners for the Federal Deposit In-
1311,„nee Corporation to examine the First State and Savingsof Holly, Holly, Michigan, in connection with Its appli-
trol°r1 for continuation of deposit insurance after withdrawalla membership in the Federal Reserve System.
col, "There are no unfulfilled conditions nor incomplete
nej?ctive programs with respect to the member bank in con-With which the Board would suggest incorporation of
'ltions for continuing its status as an insured bank."
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Letter to Honorable Preston Delano, Comptroller of the Cur-
44% reading as follows:
t, "The National City Bank of New York has made applica—lon to the Board of Governors of the Federal Reserve System,
TIrsuant to the provisions of section 25 of the Federal Re—!I've Act, for permission to establish branches in Cairo'-nd Alexandria, Egypt, or in either of said cities.th "The Federal Reserve Bank of New York recommends that,e application be approved and it will be appreciated if
gTwill advise whether you know of any objection to the
antlng of the permission applied for."
Approved unanimously.
Letter to Mr. A. J. Williams, Secretary, United States Mari—tILtle
e°111Mission, reading as follows:
te s is to acknowledge receipt of your letter of Sep—a,rilber 15, 1944, advising that the Maritime Commission hasoProved the revised form of guarantee agreement identifiedtmot V—Loan Guarantee Agreement' and bearing the datean.2)eptember 15, 1944, for use in the execution of guaranteeZ-eftents on behalf of the Maritime Commission, pursuant to
i.(i!crutive Order No. 9112. The Board has also received ahotel', dated September 14, 1944, signed by Mr. R. E.neerson, Director of Finance, United States Maritime Com-
4L!'?'°n, requesting the Board to notify each Federal Reservea 7:` of the Commission's approval of such form of guarantee
t%eement and of the Commission's concurrence in the Explana—Y Notes relative thereto.
note that these letters do not enclose a copy of the
4'r
n tee Agreement as approved b the Commission or of the
131an titIgi a orY Notes as concurred in by the Commission. -cco/d—elltiY, in order that our records in this matter may be
Y clear, there is enclosed a copy of the form of '1944Guarantee Agreement' and a copy of 'Explanatory Notes
be'au Respect to the 1944 V—Loan Guarantee Agreement', bothtrir?ing the date of September 15, 1944. It is our understand—
that the enclosed form of guarantee agreement is the;Zantee agreement referred to in your letter and that the
to i3eed Explanatory Notes are the Explanatory Notes referred
thet 11r. Anderson's letter as having been concurred in by% 1itime Commission. It will be appreciated if you will
our understanding in these respects."
Approved unanimously.
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the
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Memorandum dated September 14, 1944,
13111'811arit to the order issued by the Board on
tg o determine whether John Agnew and
1388
from Mr. Wyatt stating that,
August 9 with respect to a
F. 0. Fayerweather should be
relil d as directors of the Paterson National Bank, Paterson, New
he had arranged through the Federal Reservethe
elno-ces of Eugene F. Kerwin, court848)0 take a stenographic transcript
Bank of New York for
reporter, or one of his associ—
of the hearing and prepare a
l'ePcIt thereon in accordance with the directions
, 4 being understood that the charge for this
contained in the Board's
service would be at
rate of a per page for the original and one carbon copy
tkriscr'llA of the proceedings.
Approved unanimously, with the understand—ing that the appropriate account in the budgetof the Legal Division would be increased by anamount equal to the costs of the transcript ofthe hearing.
ADI3tov
Thereupon the meeting adjourned.
Chairman.
of the
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