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674 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Thursday, April 26, 1945, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, 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 Pederal Reserve System held on April 25, 1945, were approved unani— Mousay. Memorandum dated April 23, 1945, from Mr. Bethea, Director of the n vision of Administrative Services, recommending that 4 Mrs. ViIrienne 0. Goebel be reappointed as a stenographer in that Division °II a temp orary basis for an indefinite period, with basic salary at the r ate of $1,920 per annum, effective as of the date upon which she enters upon the performance of her duties after having passed satis— fact°rilY the usual physical examination. The memorandum stated that tirs. Goebel was a member of the Civil Service Retirement System. Approved unanimously. Memorandum dated April 23, 1945, from Mr. Thomas, Director c)f the --"-Leion of Research and Statistics, recommending that the 1 675 4/26/45 -2- ten1Porary appointment of Miss Ruth Logue, a research assistant in that Division, be extended on a temporary indefinite basis from the eXPiration of her present appointment as of the close of business on 8/ 1945, and that her basic salary be increased from $2,000 to Per annum, effective May 16, 1945. The memorandum stated that 14is5 Logue was a member of the Civil Service Retirement System. Approved, Mr. McKee not voting. Memorandum dated April 25, 1945, from Mr. Bethea, Director ' c t the Division of Administrative Services, submitting the resignation of Mx . Clara Ray Cooke as a charwoman in that Division, effective as of the close of business on April 20, 1945, and recommending that tLae resignation be accepted as of that date with the understanding that she will make proper reimbursement for her overdrawn annual leave of 1 day and 5 hours and overdrawn sick leave of 9 days, 6 hours, and 30 Illinutes. The resignation was accepted as recommended. Memorandum dated April 23, 1945, from Mr. Paulger, Director of the Division of Ex 'nations, submitting the resignation of C. G. Oraus e as a Federal Reserve Examiner, to become effective as of the clos_ ' of business on April 30, 1945, and recommending that the resignation be accepted as of that date and that appropriate payment be Itlade f ox the accumulated annual leave remaining to his credit at that 676 4/26/45 -3- tirae, The resignation was accepted as rec— ommended. Letter to Mr. Flanders, President of the Federal Reserve Bank °t Boston, reading as follows: "The Board of Governors approves payment of salaries to you as President at the rate of $25,000 per annum, and to Mr. William Willett as First Vice President at the rate of 47,000 per annum, for the period May 1, 1945 to the expiration of the terms of office February 28, 1946. "The Board of Governors also approves payment of salaries to the other officers of the Bank at the follow— Ing rates for the period May 1, 1945 through April 30, 946: Name Annual Salary Title Ellis G. Hult $12,000. Vice President Carl B. Pitman 12,000. Vice President Oscar A. Schlaikjer Vice President and 12,000. General Counsel John C. Hunter 8,500. Cashier Ansgar R. Berge Secretary and As— 7,500. sistant Counsel Earle O. Latham Vice Assistant 6,000 President Roy F Van Amringe Assistant Vice 7,500. President Prank C. 5,500. Assistant Cashier Gilbody Robert B. Harvey 6,000. Assistant Cashier Edward R. Murphy 5,500. Assistant Cashier John J. F0,0 8,500. Auditor , The above rates are as fixed by the Board of Direc— k.ors, as reported in your letter of April 10, 1945. The salary for Mr. Fogg is approved subject to the receipt of an appropriate certificate in support of the increase under the salary stabilization regulations." Approved unanimously. Letter to Mr. Rounds, First Vice President of the Federal Reserve ,of u "e'VT York, reading as follows: 6,77 4/26/45 —4— "The Board of Governors approves the changes in the Personnel classification plan of the Federal Reserve Bank of New York, involving increases in maximum annual sal— aries for 24 building service and related positions, as sl: Ibmitted with your letter of April 13, 1945, and Mr. Rice's letter of the same date." Approved unanimously, together with a letter to the Wage Stabilization Divi— sion, National War Labor Board, transmit— ting a certificate of the Federal Reserve Bank of New York with respect to salary increases. Letter to Mr. Day, President of the Federal Reserve Bank of 8a,n rrancisco, reading as follows: "The Board of Governors approves payment of salaries to You as President at the rate of $25,000 per annum, and '0 Mr. Ira Clerk as First Vice President at the rate of 9,0o0 per annum, for the period May 1, 1945 to the ex, Piration of the terms of office February 28, 1946. The Board of Governors also approves payment of sal— aries to the other officers of the Bank at the following rates for the period May 1, 1945 through April 30, 1946: Annual Name Salary Title C. E. Earhart Vice President $13,000 H. N. Mangels Vice President 10,000 H, P. Slade Vice President 8,500 J. M. Leis7,500 Cashier }reward Armstrong Assistant Cashier 5,800 R. T. Hardy Assistant Cashier 6,300 E. C. Mailliard Assistant Cashier 6,300 Roland C. Milliken Assistant Cashier 4,500 J. M. Osmer Assistant 6,600 Cashier J. A. Randall Assistant Cashier 5,500 Merritt Sherman 6,000 Assistant Cashier Ronald T. Symms 6,600 Assistant Cashier O. P. ITheeler Director of Re— 8,500 search Albert C. Agnew 16,000 Counsel General John A. OtKane Assistant General 6,000 Counsel F. H. Holman 9,000 General Auditor 1 G8 4/26/45 -5- Annual Salary "Name Title LOS ANGELES BRANCH W. N. Ambrose $12,000 Managing Director E. R. Barglebaugh 5,000 Assistant Manager Fred C. Bold 8,500 Assistant Manager t. D. Durran 5,000 Assistant Manager M. McRitchie 6,000 Assistant Manager L. C. Meyer 6,000 Assistant Manager C. H. Watkins 6,600 Assistant Manager PORTLAND BRANCH D. L. Davis 10,000 Managing Director D. E. Bent 5,000 Assistant Manager J. P. Blanchard 4,500 Assistant Manager S. A. MacEachron 7,000 Assistant Manager ..g.:2__LAKE CITY BRANCH W. L. 9,000 Managing Director Partner 0. H. Barnard 4,200 Assistant Manager R. E. Everson 6,000 Assistant Manager W. M. Scott 4,800 Assistant Manager SEATTLE BRANCH C. R. Shaw 10,000 Managing Director R. H. Morrill 50500 Assistant Manager B. A. Russell 6,000 Assistant Manager D. E. Simms5,300 Assistant Manager "The above rates are as fixed by the Board of Directors, a8 reported in your letter of April 5, 1945. "It is believed that the salaries for Messrs. Holman and Partner will require certification under the salary sta bilization regulations and, accordingly, they are approved subject to the receipt of appropriate certificates 111 support of the increases." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks readas follows: the 1,"r1 November 1942 the Comptroller of the Currency, ee ural Deposit Insurance Corporation, and the Board : f cl°13ted a uniform inscription on their respective reports , examination for the purpose of further insuring the entiality of the reports. The other two agencies, sie vr, appear to go a step further than we do in emzing the matter when transmitting copies of reports t_o the banks examined. Z 679 4/26/45 -6- "The Comptroller of the Currency and the Federal Deposit Insurance Corporation both use form letters for transmitting copies of reports of examination which indicate that such copies are the property of the Comptroller of the Currency or of the Federal Deposit Insurance Corporation, as the case may be, and that they are furnished the banks examined for their confidential use. Enclosed is a coPY of each of these form letters and you will note that in each case it is perforated and the lower part, which is detachable, is an acknowledgment of receipt of the report and a statement by the bank, in one case, of its understanding that the copy of the report is subject to recall at any time and, in the other, that it is the property of the Corporation. "It is felt that we should adopt a similar procedure, and therefore, a form has been prepared, a copy of which is enclosed, somewhat along the lines of those used by the Comptroller of the Currency and the Federal Deposit Insurance Corporation. As you will note, the lower part of the form is to be signed by an authorized officer of the ?:nstitution examined and returned to the Reserve Bank. The form should be bound to the report immediately under he top cover and above the index page in copies of rePorts of examination forwarded to institutions examined. is requested that the form be put into use upon the r ecipt_ of the supply which is being forwarded under separate cover. Additional supplies may be obtained upon request. "It is not intended, of course, that the use of this form should interfere with the present practices at the Re.1,1:ye Banks with respect to the letters written to instiLlons in connection with reports of examination." Approved unanimously. the Memorandum dated April 26, 1945, from Mr. Smead, Director of .8. ion of Bank Operations, reading as follows: BankerIW. Ba"Attached is a letter dated April 25 from Mr. Robert cuelor, Director of the Research Council, American erican„ with Association, requesting that we furnish him of commercial and industrial loans as reported by "lber banks in each reserve city on call dates during 1940-1944. 680 4/26/45 —7— "As stated in Mr. Bachelor's letter, the data are desired for the purpose of preparing a chart covering each reserve city. It is understood that it is planned to show in this chart, in addition to commercial and industrial loans, the amounts of total loans and total loans and in— vestments, figures for which are available for each re— serve city in the published Member Bank Call Report. The data on commercial loans are also published in the Member Bank Call Report on a national and district basis but not for individual cities. "It is understood that the charts are to be used at 1:neetings which the American Bankers Association is arrang— ing with bankers in leading cities as part of its program to encourage bank lending, particularly during the con— version and postwar periods. These meetings are to be dressed by Mr. Robert M. Hanes, President of the tachovia ank and Trust Company, Winston—Salem, North Carolina, and • Hugh H. McGee, Vice President of the Bankers Trust Company, New York. "We see no objection to furnishing the data for the P turP?se indicated, and recommend that the Board allow us 0 give such data to Mr. Bachelor for the use of the Ameri— can Bankers Association." r Approved unanimously. Memorandum dated April 26, 1945, from Mr. Bethea, Director of the Di • . elon of Administrative Services, submitting a voucher in the a14°11ntf (3- $180 for reimbursement to Glenn M. Goodman, Federal Reserve Examine_ ' in the Division of Examinations, covering cost of the premium on an a._ insurance policy in connection with his travel to the Philip— Pines and. recommending that the payment of the voucher be approved. Approved unanimously. Thereupon the meeting adjourned. /14ece. Chairman. Secretary.
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