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491 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Friday, April 18, 1941, at 11:30 a. m• PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on April 17, 1941, were approved unanimously. Telegrams to Mr. Young, President of the Federal Reserve Bank cif Boston, Messrs. Sanford, Post, McCravey, Dillard, and Stewart, Secretaries of the Federal Reserve Banks of New York, Philadelphia, Atlanta, Chicago, and St. Louis, respectively, Mr. Helm, Vice President of the Federal Reserve Bank of Kansas City, and Mr. Hale, Secretal7 of the Federal Reserve Bank of San Francisco, stating that the hoard approves the establishment without change by the Federal Reserve 8ank5 of St. Louis and San Francisco on April 15, by the Federal Reere Banks of New York, Atlanta, Chicago, Kansas City, and San Franon April 17, 1941, and by the Federal Reserve Banks of Boston ' elld Philadelphia today, of the rates of discount and purchase in their ed.sting schedules. Approved unanimously. 492 4/18/41 -2Memorandum dated April 15 1941, from Ur. Nelson, Assistant S ecretary, recommending, for the reason stated in the memorandum, that Edwin J. Weeks be appointed as a porter in the Building Operation and Maintenance Section of the Secretary's Office, with salary at the rate of $1,080 per annum, effective as of the date upon which he enters upon the performance of his duties after having passed satisfactorily the usual physical examination. Approved unanimously. Letter to Mr. Preston, First Vice President of the Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors approves the changes in the personnel classification plan of your Detroit Branch as requested in your letter of April 7, 1941. "The Board of Governors also approves the payment to five employees salaries in excess of the maximum annual salaries provided in the personnel classification plan for the positions occupied, as follows: Annual salary Position Name Head Office General Clerk, DisArthur C. Jorn $3,400 bursing Dept. Louis F. Levey General Clerk, Col2,700 lection Dept. Detroit Branch Supervisor, Personnel Clayton R. Stevens 3,300 Dept. DeCash Supervisor, H.R. Spencer-Smith 3,180 partment Switchboard Operator, Marie M. Mesle 1,720 Telephone Dept. "Relative to the proposed salary for Mr. Henriksen, a ?omparison with salaries paid by other Reserve Banks for similar positions indicates that the proposed salary is somewhat excessive. Accordingly, it will be appreciated if you will furnish the Board with more specific information relative 493 4/18/41 -3- "to the additional duties or responsibilities assigned to Mr. Henriksen." Approved unanimously. Letter to Mr. Hitt, First Vice President of the Federal Reserve Bank of St. Louis, reading as follows: "The Board of Governors approves the changes in the personnel classification plan of your Bank as requested in your letter of April 11, 1941." Approved unanimously. Letter to Mr. William S. Knudsen, Director General of the Office of Production Management, reading as follows: "Your letter of April 16, 1941 to Governor Draper . With respect to the establishment and maintenance of local field offices of the Defense Contract Service of the Office of Production Management at the Federal Reserve Banks has been presented to the Board of Governors. The Board has authorized me to advise you that the Federal Reserve Banks are prepared to continue the services requested, subject, to reimbursement as outlined in your letter, and it wishes to take this opportunity of assuring you that it is anxious to be of all possible assistance in this important work." Approved unanimously, together. with the following letter to the Presidents of all Federal Reserve Banks: "For your information there is attached a copy of a letter from Mr. William S. Knudsen, Director General of the Office of Production Management, to Governor Draper, and of the Board's reply thereto, with respect to reimbursement of the Federal Reserve Banks for expenses incurred in the offices of the District Coordinators subsequent to March 1, 1941. "It is suggested that requests for reimbursement, beginning with the month of March 1941, be submitted to Defense Contract Service of the Office of Production Management 4/18/41 -4- "on Standard Form 1034, which it is understood is used in obtaining reimbursement for fiscal agency expenses. "All expenses connected with the offices of the District Coordinators should be reported in fiscal agency unit 17g on page 22-B of Form E. This unit should be headed 'National Defense - District Coordinator' and the title of the National Defense function on page 10 should be changed to 'National Defense - Defense Contract Officer." Letter to The Comptroller of the Currency, reading as follows: "It is respectfully requested that you place an order with the Bureau of Engraving and Printing, supplementing the order requested June 19, 1940, for the printing of Federal reserve notes of the 1934 Series in the amounts and denominations stated for the Federal Reserve Bank of New York: Number of DenomiAmount sheets nation $30,000,000 5,000 500 90,000,000" 7,500 1000 Approved unanimously. Thereupon the meeting adjourned. hn Chairman. Secretary.
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