The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1393 A meeting of the Board of Governors of the Federal Reserve SYstelnwas held in Washington on Monday, August 27, 1945, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Mr. Carpenter, Secretary Mr. Hammond, Assistant Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman Mr. Leonard, Director of the Division of Personnel Administration Mr. Bethea, Director of the Division of Administrative Services Mr. Vest, General Attorney Mr. Johnson, Personnel Officer There was presented a memorandum from Mr. Leonard, Director or tl, D sion of Personnel Administration, dated August 24, 1945, l'erell'ing to the communications addressed to the heads of the depart41erite and agencies of the Government by the White House on August 23, 1( , stating („ i) that it was the President's desire that not later than .. 4, '"e Week beginning September 9 all departments and agencies re- their administrative workweek to the basic 40 hours per week unllch the tozt reduction in hours would result in a serious detriment to es8ential operations, and (2) that there was no further necessity con*..ng the present requirements for working on public holidays that hereafter the following holidays should be observed as non,orit aYs ' The first of January, the twenty-second of February, the 139 8/27/45 -21 -- of May, the fourth of July, the first Monday of September, the eleventh day of November, the fourth Thursday in November, and Christmas Day. Mr. Leonard's memorandum recommended (1) that effective August 26, 1 n -L745, the beginning of the next biweekly pay period, the administratiVe workweek of 44 hours now in effect be discontinued and the 40-hour basic workweek of five 8-hour days, Monday through Friday, be +Is ""e established workweek and (2) that in accordance with the Preslcleht s memorandum the holidays listed above be observed as non-work claYs, Irith The memorandum stated that the first recommendation was made "e understanding that any skeleton force that might be required Or SatUrdaYs would be kept to a minimum, that the Telegraph Office Nad be kept open to handle messages between the Federal Reserve that Probably some members of the Division of Bank Operations ht ..a h ve to be present on Saturdays to handle clearing transactions, arid that t hequestion whether any additional skeleton force, other the neceesarY protection and maintenance staff, which would have be intained, would depend upon future developments. Chairman Eccles stated that if the Board were to return to 40 -h°ur week, there should be a closer adherence to the official h°urs than had been possible during the war period and that tclera • tlon should be given to (1) whether the present 30-minute .4eon Period should be lengthened to 45 minutes, with the underthat the Board's offices would open 15 minutes earlier in 1395 8/27/45 the Inc)rning or remain open 15 minutes later in the evening, and (2) th exit to which the snack bar should be open during the official 1vor,.1.ng hours. These points were discussed and it was suggested that the emPloyee . volght be given an option of continuing the present 30-minute IllrLeheola period, with the understanding that it would be strictly ob- ellied, or extending it to 45 minutes with a corresponding earlier or later closing, and that the snack bar might be open from 4k) a.m. to permit employees to get breakfast and from 1:30 to 215 P.m. to permit employees, who were not able to go to the cafetetlE4. °luring the regular luncheon period, to get something to eat. At the end of the discussion, it was voted unanimously to approve Mr. Leonard's recommendations with the understanding that, before any announcement were made to the employees, the Personnel Committee and Mr. Leonard would discuss the above suggestions With the Employees' Committee, the thought being that if the Employees' Committee felt that the snack bar should be open for additional periods during the official working hours a method would be suggested to prevent the privilege from being abused. Reference was then made to two additional memoranda dated AuNt 27, 1945, from Mr. Leonard, Director of the Division of Personnel A . ..str • atlon, recommending for the reasons stated therein (1) that the entence of item 6 of the personnel action taken by the Board on July 1396 V27/45 2, —4- 1945 authorizing payment for occasional overtime in excess of the 1111-ar workday be changed to read as follows: Authorize payment, on the basis of the computation referred to in item numbered 2 above, for irregular or (:Tcasional overtime duty in excess of 40 HOURS IN ANY ADMINISTRATIVE ViORKWEEK for a full time employee, but ?IllY for overtime specifically authorized or approved the head or the assistant head of the office or divi— P-011 or by one whose delegation to act in such matters nas been approved by the Personnel Committee. allci (2) that with the reduction in hours and the elimination of regular ()vel‘tillle, the salaries of the following employees be increased effective All.ellst 26, 1n. .-, /4) as shown below to conform to the principle contained 'eqeral Employees Pay Act of 1945, that a full—time employee in 41`vice °11 July 1, 1945, whose basic annual salary on June 30, 1945, cticInct exceed $1,800, shall, with respect to any pay period, receive a gl'egate compensation at a rate of not less than his basic annual 3EL14.171 on June 30, 1945, Plus $300 or 25 per cent of such annual basic N`e.17, Whichever is the smaller,so long as he continues to occupy tile same position he occupied on June 30, 1945: Division of Administrative Services N41 t11,211.a_§..tal2a 4114, _Helen tteba Nri blvy a hic Section ttt4 ; liar h:,, _ guerite K. g Ltertrude tolve tz9...§ . IIN1 3 Ruth ell, Dorothy Title Salary Increase To From $2,034 1,638 $2,040 1,680 Stenographer Clerk—Typist 1,968 1,704 1,980 1,740 Page Page 1,572 1,572 1,620 1,620 Clerk—Stenographer Clerk 139 8/27/45 -5Ne,Lne Title teterja Biasett-, Alvin Crawford, Mal7 liarrison, Dora lAinsford, Evelyn krers, Sanders, Lyda Tavenner, liary TiiTaYlor, Harry 1) Winnie Salary Increase To From $1,704 1,968 1,902 1,440 1,572 1,638 1,506 1,638 1,770 $1,740 1,980 1,920 1,500 1,620 1,680 1,560 1,680 1,800 1,968 1,968 1,980 1,980 1,704 1,968 1,740 1,980 2,034 2,040 1,946 1,960 1,902 1,770 1,902 1,770 1,968 1,968 1,968 1,902 1,968 1,770 1,920 1,800 1,920 1,800 1,980 1,980 1,980 1,920 1,980 1,800 Elevator Operator Elevator Operator 1,440 1,572 1,500 1,620 Chauffeur Chauffeur 1,770 1,968 1,800 1,980 Cook Head Cook Junior Supervisor Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Junior Supervisor ProcUrement Section 4iney, Virginia Supply Clerk Clerk & /3arnes, Mail Bricen Secti°nJunior Mail Clerk 4ickson, Clerk She DorothY rrod, Ralph Duplicating Operator, ADevices eheart, Lynwood Operator, Duplicating Devices QUard orce 8peeke, H. E. Guard p:r,°11ell, Charles Guard E. msl%Iner, Goocta, William Guard Benjamin G. Guard RaUser, Adam Guard erS 3 Clifford Guard qcho huls, Charles Guard 'iorciert, Leonard Guard teel‘, Karl Guard erTlan, James Guard ke tt,otvator 0 erators Toba.°1.1.1 Beatrice el') Nellie Ch,, v S Job v. HOWard W. 96 1. 1L izt Title PowleT,Preston Jorles, Everett tiacklin„ James lio H. rley, Michael Ratliff, Lee Ratliff, Wylie 'Herman RertoliTra-, Tobler,Ord Madalena Libbie L. Corbin, Sar:ah F. Crowell, Teresa balton, leo, Margaret Mary reaeock, Bl.anche Steiner, Almeda derman, Ethel v"rightson, Louise (111/1g, ita.beth Tele hone 'rooks, Rae erators illson, Mary %on, Seaton Salary Increase To From $1,638 1,704 1,770 1,572 1,440 1,770 $1,680 1,680 1,740 1,800 1,620 1,500 1,800 Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman 1,572 1,572 1,572 1,440 1,506 1,572 1,440 1,572 1,572 1,440 1,506 1,620 1,620 1,620 1,500 1,560 1,620 1,500 1,620 1,620 1,500 1,560 Telephone Operator Telephone Operator 1,836 1,902 1,860 1,920 Messenger 1,880 1,900 1,902 2,012 1,968 1,902 1,836 2,034 1,968 1,968 1,902 1,902 1,704 1,920 2,020 1,980 1,920 1,860 2,040 1,980 1,980 1,920 1,920 1,740 Laborer Laborer Laborer Laborer Laborer Laborer Laborer Charwoman Charwoman Charwoman 1,638 Division of Research and Statistics 1313rth„ Mary D. earter, Beverly ue°°4e) Itelba M. ,,glieate, Inez W.. ,.44e4the 4: 0e1411 r1100(1, On , LOiS Cecil Winorred le,t11142,ds (11, q1.n. Helen ,31\Iogah N.L. ,thl Jesse ga-) Marij,yn J. Clerk Messenger Clerk Clerk-Typist Clerk-Stenographer Draftsman Clerk Clerk-Typist Clerk Messenger Clerk 8/27/45 Name Title Salary Increase To From Office of the Secretary 4414ed, Prances K. 13'417, Marjorie V. Cock, Helen E. Davis, Marilyn jGielhaug, Evelyn Lipscarbib, Anne kil*arvey, Margaret 1"Ye, Hazel N'oud, Berl W ace, Glatrs File File File File File File File File File File Clerk Clerk Clerk Clerk Clerk Clerk Clerk Clerk Clerk Clerk $2,034 2,034 1,968 2,034 1,902 1,902 1,836 2,034 1,836 1,968 t2,040 2,040 1,980 2,040 1,920 1,920 1,860 2,040 1,860 1,980 1,968 1,980 1,836 1,704 1,860 1,740 1,836 2,034 1,860 2,040 1,902 1,920 1,770 1,800 1,836 1,968 1,860 1,980 1,836 1,902 2,034 1,860 1,920 2,040 Board Members Offices W4114- .4448tion, Sidney Clerk Legal Division reett E. L. eY, John H. Messenger Messenger Division of Examinations tiove -1",g3 Nancy Lee 3 iklictrey 4 Stenographer Stenographer Division of Bank Operations Carl M. Under Clerk Office of Administrator for War Loans William E. Messenger Division of Security Loans N4, Otto on, virginia Messenger Clerk-Stenographer Division of Personnel Administration 1111th 1,4.T3 Mary V. °c13 Evelyn Clerk Clerk-Typist Leave Clerk 1400 8/27/45 -8Approved unanimously, with the understanding that no announcement would be made regarding this action pending the discussion with the Employees' Committee referred to above. Before this meeting there was circulated among members of the BOartA " a letter dated August 14, 1945, from Mr. Lichtenstein, Secretary qthe Federal Advisory Council, requesting a list of the subjects which the 8 °ard Wishes the Council to discuss at its next meeting on September 16-17 '1945. It was agreed unanimously that the Secretary should send a letter to Mr. Lichtenstein suggesting the following topics for the consideration of the Council: What is the opinion of the Council on S. 380, the Tull Employment Act of 1945'? Should the bill be changed in any way and, if so, how? "2, What should be the policy of this country with respect to foreign credits to finance exports during the reconversion period, and what part can the International Monetary Fund, the International Bank for Reconstruction and Development, and the ExportImport Bank be expected to play in carrying out this policy? 43 ' What should be done with surplus goods owned by this country abroad?" clrew At this point Messrs. Leonard, Bethea, Vest, and Johnson withfrom the meeting. The action stated with respect to each of the matters herein- 'eferred to was then taken by the Board. 1401 8/27/45 The minutes of the meeting of the Board of Governors of the Pede ral Reserve System held on August 24, 1945, were approved unani— r, The minutes of the meeting of the Board of Governors of the Fetter a-L Reserve System held on August 25, 1945, were approved and the ns recorded therein were ratified unanimously. 14emorandum dated August 23, 1945, from Mr. Thomas, Director C>r the DiViSiOn of Research and Statistics, submitting the resigna— n of Emanuel T. Weiler, an Economist in that Division, and recomrkerictin so N/4 g that the resignation be accepted as of the close of business elliber 1/ 1945, with the understanding that he will receive a lump P4 ent for the annual leave remaining to his credit at that time. The reconmendation was accepted as recommended. Letter to the board of directors of "The Friendship State 8 riendship, Indiana, stating that, subject to conditions of P numbered 1 the to 3 contained in the Board's Regulation HI approves the bank's application for membership in the Fed— NI a "el-7e NA_ 1,al System and for the appropriate amount of stock in the Ft "erve Bank of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: tern lie Board of Governors of the Federal Reserve Sys— 4 Proves 4-13 the application of 'The Friendship State Bank,' 1402 8/27/45 —10— "Friendship, Indiana, for membership in the Federal Reserve subject to the conditions prescribed in the enclosed letter which you are requested to forward to the Board of ulrectors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the Other of which you are requested to forward to the Director, u?partment of Financial Institutions for the State of In— for his information. "Since the amount of estimated losses shown in the report, of examination for membership is relatively small, _Ile usual condition of membership requiring the elimination ;J1 losses has not been prescribed. It was noted, however, that the bank is to charge off the amount classified upon receipt of the State report." Thereupon the meeting adjourned. Secretary. Chairman.
@FedFRASER