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590 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Thursday, April 15, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman McKee Draper Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter r eferred to ras taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on April 14, 1943, were approved unanimously. Memorandum of this date from Mr. Morrill, submitting the resig- netio,1 Of Miss Alice Mackey as a junior file clerk in the Secretary's rice, atd re to be come effective as of the close of business on May 9, 1943, e°111111ending that the resignation be accepted as of that date. The resignation was accepted. Meincrandum of this date from. Mr. Morrill, submitting the resigti°11 Of S. Genevieve Swenson as a junior file clerk in the Secre- t"7's O ffice, to become effective as of the close of business on 413111 12, 1943, and recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to Mr. Paddock, President of the Federal Reserve Bank "Ilcoton, reading as follows: 591 4/15/43 -2"In accordance with the request contained in your letApril 9, 1943, the Board approves the appointment of : 1 1-cqd P. Tyrer as an assistant examiner for the Federal Pe:!_rva Bank of Boston. Please advise us of the date upon which aPpointment becomes effective." ter np Approved unpnimously. Letter to Mr. Stewart, Secretary of the Federal Reserve Bank of St 'LoUis, reading as follows: "Receipt is acknowledged of your letter of April 2, advising that effective April 1, 1943, the directors had atted a leave of absence to President Davis, with salary t the rate of 415,000 per annum, being the difference between his salary as U. S. Food Administrator and the salary - "as been receiving as President of your bank. "Mr. Davis has informed us that he took oath of ofri as U. S. Food Administrator on Larch 29 and the Board eyes it is important that his leave of absence from the 1R -j' oerve Bank be effective as of that date. Tile Board of Governors approves payment to Mr. Davis While 1, 0,1 ,e on leave of absence durinr the period ending May 31, eqf), of the difference between the salary which he rebe ves as U. S. Food Administrator and the salary he has m?11 receiving as President of the Federal Reserve Bank. 4 ,18 action is taken with the understanding that the Board n:fds ready to reconsider the matter should other arrangebe worked out alonr the lines discussed. As your anrectors have been advised, the Board would much prefer as !!rrangement whereby Mr. Davis would serve without pay Administrator and would receive his full salary :fora the leave of absence to serve 0 Food Reserve Bank while on Administrator. It is noted also that Henry H. Edmiston, who had been se id. : 17111 as Assistant Vice President, was elected a Vice Presme-", and that the titles of the Assistant Cashiers Hollocher - were changed to AsqcsZrals1; Vice Presidents. ari "The Board of Governors approves the payment of sales for the period ending May 31, 1943, to Messrs. ston, Gilmore, Hall, and Hollocher, in their new 'ties, at the same rates as they have been receiving. rect "It is further noted that at the meeting of the diOn 1, 1943) the salaries of the officers were and fixed for the year beginning June 1, F 1:1.7 592 4/15/43 —3— "1943, subject to approval of the Board, and that the list and supporting data will be forwarded to the Board in the near future." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, read- ing as follows: "In lieu of daily schedules furnished the Board with resPect to Purchases of Treasury bills under resale agreeit Will be appreciated if in the future you will sUbmit to the Board a report as of the end of each month show 41-P, the following information for each separate pure made during the report month: Date of purchase Maturity value Maturity Cost Name of seller "T:1 this connection, schedules being submitted to the Board LY.Y some of the Reserve Banks for Treasury bills pur;"ased Without resale agreement—that is, those to be ira.nsferred to the System open market account—need no (3riger be submitted." Approved unanimously. _ to TeleFrom Mr. Hitt, First Vice President of the Federal Reeery.° 3, 3 of St. Louis, reading us follows: "Re your wire April 13. The question of Payment of time 100e certificates of deposit before maturity to enable ae, -e sit°rs to purchase Government securities has been disoLetssed informally with the Trearury Department on several 21°ns since Board's telegram of December 17, 1941; but .0c3. Treasury has not felt that action to Permit such Ment should be taken. For your information, however, tx , 14,1 . 11cisco Reserve Bank recently wired Chairman Eccles no-u4nP, that there was considerable discussion of anbel4Inement of Secretary of Treasury that public is not se41R asked to withdraw savinos to purchase United States urities (See American Banker, April 7), calling attentie , ur ; 11 to commercial banker opinion tbat it would help TreesDrorTam if surplus savinc, ,s accounts in commercial banks ''re Used for the' purpose, and su-r,gestinr_: that depositors W 593 4/15/43 -4having large savings accounts be solicited to make such purchases. Matter was taken up with Treasury, and Mr. Robbins, National Director of Sales, subsequently wired the Reserve Bank as folloTs: 'We recognize problem raised in your telegram to Eccles l'efarence savings accounts and war bond sales. 1Jj11 rely on u to handle situation locally. We expect all citizens who re available funds to be solicited regardless of where 4heir funds may be located. On the other hand we cannot ask 4reasury Department or Federal Reserve Board to take a posiwhich might be interpreted as against any one type of , llking institution, nor can we alter conditions of purchase e'"gibility for different types of banking structure. Our f. Rgestion that you go aggressively after individual citizens wao should buy these issues and avoid discussion of banking 1311°bl-ems or source from which they will draw funds.' T,HBoard is sending copy of your vire and of this reply to " asury for its information." r Approved unanimously. Thereupon the meeting adjourned. Secretary. APProye Chairman.
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