1980

A meeting of the Board of Governors of the Federal Reserve

SYstem was held in Washington on Monday, December 27, 1943, at 11:00

after

PRESENT: Mr. Ransom, Vice ChairilanMr. SzymczakMr. McKeeMr. DraperMr. Evans

Mr. Morrill, SecretaryMr. Bethea, Assistant Secretary

Mr. Carpenter, Assistant Secretary

Mr. Clayton, Assistant to the Chairman

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

referred to was taken by the Board:

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

eral4- Reserve System held on December 24, 1943, were approved unani—tousiy.

Telegram to Thomas Robins, Jr., President of the Hewitt Rubber

Cot.—si tion, Buffalo, New York, reading as follows:

"The Board of Governors of the Federal Reserve Sys—has appointed you director of the Buffalo Branch of

,t,he Federal Reserve Bank of New York for three—year termueginning January 1, 1944, and will be pleased to haveY°11r acceptance by collect telegram."

Approved unanimously.

Letter to Mr. Walden, First Vice President of the Federal Reserve

pRichmond, reading as follows:

"The Board of Governors approves the changes in the

Poeirsonnel classification plan of the Federal Reserve Bank

Richmond and its Branches, involving the Accounting De-

113.artment at the Baltimore Branch, as submitted with youretter of December 22, 1943."

Approved unanimously.

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

1981

12/27/43-2-

Letter to Mr. Hitt, First Vice President of the Federal Reserve

liank of St. Louis, reading as follows:

"The Board of Governors approves the changes in the

personnel classification plan of the Federal Reserve Bankof St. Louis, involving the establishment of the positionof Relations Field Representative and the consolidationof the Collection and the Transfer-Telegraph Departments,as submitted with your two letters of December 7, 1943."

Approved unanimously.

Letter to Mr. Hale, Secretary of the Federal Reserve Bank of

Francisco, reading as follows:

"This is in reply to your letter of December 17,1943 regarding proposed changes in the organization ofthe Legal Department of the Bank.

"The Board of Governors approves payment of salary

t° 4r. John A. OiKane, Assistant General Counsel, at the

irate of A4,800 per annum for the period January 1 through1:1Pril 30, 1944, which is the rate fixed by your Board of.rectors as reported in your letter.

the "The Board likewise approves the discontinuance of

, position of Assistant to General Counsel in your Legal'ePartment, page 124 of the personnel classification plan,

and the establishment of the new position of Legal Assist-

With a maximum salary. of 5,000. In order to preserve

he continuity of the numbering plan, the sheet for the

tosition of Legal Assistant, numbered 124a, has been num-ered 124 and it is suggested that a similar change bemade on your copy."

Approved unanimously, together with

the following letter to the Joint Committee

on Salaries and Wages:

'Under the procedure established by General OrderNO. 9, of the War Labor Board and the authority granted:a.the Commissioner of Internal Revenue, transmitted here-itv,i4..th are the original and four copies of a certificate of,L_Le

areReserve Bank of San Francisco with respect to

;r_I increase in the maximum annual salary, under the per-

unnel classification plan, for the position of Legal

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

1_982

12/27/43—3—

"Assistant at the Federal Reserve Bank of San Francisco."This increase has been approved by the Board of

Governors of the Federal Reserve System as submitted."In transmitting this certificate, attention is

called to the fact, which has been discussed with repre-sentatives of the War Labor Board and of the Commissionerof Internal Revenue, that the maximum annual salaries ap-

rnoved under the personnel classification plan are not,i general, established rates paid for all employees corn-ing within the respective groups. They represent instead1114Xlmums within which adjustments, including increases dueto individual merit and earned through long service, maybe made by the Reserve Bank without further reference tothe Board of Governors."

Letter to the board of directors of the "Bank of New Hyde Park",

41"4rde Park, New York, stating that, subject to conditions of member-

"Waloered 1 to 3 contained in the Board's Regulation H, the BoardIIPProv

es the bank's application for membership in the Federal Reserve

834:tell and for the appropriate amount of stock in the Federal Reserve

411k Of New York.

Approved unanimously, for transmis-sion through the Federal Reserve Bank ofNew York.

Letter to "The Seneca County Trust Company of Seneca Falls, N.Y.",Eteca

8, New York, reading as follows:

"The Board is glad to learn that you have completedarrped_ angements for the admission of your bank to the

he_vral Reserve System and takes pleasure in transmitting'elth a formal certificate of your membership.

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

Approved unanimously.

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

rancisco, reading as follows:

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

1983

12/27/43

-4-

"Your wire December 20, 1943. We are advised that4. J. Williams has been Secretary of United States MaritimeCommission for several months, replacing W. C. Peet, Jr.No certificate or other formal evidence of Mr. Feet's au-t!lority or specimen of his signature were ever obtainedsince it was believed unnecessary. Likewise, it is feltno!, necessary to obtain confirmation of Mr. Williams' ap-pointment or copy of his signature."

Approved unanimously.

Letter to Mr. S. F. D. Meffley of the Recording & Statistical

Corpor,,'610n, Chicago, Illinois, reading as follows:

"Thank you for your letter of December 19 in whichYjou explained the cause for your delay in publishing your,nanuary 1, 1943, issue of the Official Automobile Guide.!he postponement, which will permit you to include the ef-Iective f.o.b. prices on commercial vehicles, is reasonableand meets with our approval."

Approved unanimously.

Letter to the Federal Reserve Agents at all of the Federal Reserve

reading as follows:

"Under date of October 28, 1921, the Board addressedle+4vi-er to your Bank calling attention to section 5 of

the A - Congress approved March 2, 1895, which providesorflat

ct of every officer whose duty it is to take and approve

t idal bonds shall cause such bonds to be renewed everyc°11r years after their dates, and this provision has been02nstrued as requiring new bonds to be executed in place

bonds which have been outstanding as long as four years,evalr.1 though such bonds are in the form of continuing ()Mi-

ca. 1°ns. It was also stated that while it was not entirelyoat hat this provision was strictly applicable to the

able compliance with such requirements was deemed advis-in order to avoid any question in the matter.

"Recently, advice was requested as to the necessitythe renewal of certain bonds, as the surety company

botul informed the Federal Reserve Bank that the present

theds were continuing obligations as long as premiums

that

reon were paid annually. In reply, the Board stated

compliance with the aforementioned statute was still

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

1_984

127/43

"Considered advisable. Therefore, it will be appreciatedif, Whenever an outstanding surety bond covering the po-sition of Federal Reserve Agent, Assistant Federal ReserveAgent, Alternate Assistant Federal Reserve Agent or As-!istant to the Federal Reserve Agent (Federal ReserveAgent's Representative) at your Bank is approaching the!nd of its fourth year, you arrange to have a newipond executed and forwarded to the Board for approval in

tccordance with the established procedure. Vhen a new.°nd is executed, please advise the Board whether there

any objection to informing the bonding company that'" 18 under no obligation on the old bond for any actscommitted by the principal subsequent to the date uponWhich the new bond is approved by the Board."

4PProved:

-5-

Approved unanimously.

Thereupon the meeting adjourned.

___62araAnithec_

Secretary.

Vice Chairman.

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