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1255 A meeting of the Board of Governors of the Federal Reserve Sysheld in Washington on Monday, August 30, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper 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 herein(Itter r e,-erred to was taken by the Board: The minutes of the meeting of the Board of Governors of the "LtReserve System held on August 28, 1943, were approved unanimously. Me morandum dated August 25, 1943, from Mr. Goldenweiser, Direct°r Or the Division of Research and Statistics, recommending that Dirs. eetilerine F. Gast be appointed as a clerk in that Division on a tempol'Srlr basis for an indefinite period, with basic salary at the rate of 31,440 per annum, effective as of the date upon which she enters upon the Performance of her duties after having passed satisfactorily the tiellea physical examination, with the understanding that if anything deIsc'etory should develop in the investigation of her references her servlees raay be terminated immediately. Approved unanimously. Mem -orandum Co, 4 ' uattee dated August 28, 1943, addressed to the Personnel LT kr. Leonard, Director of the Division of Personnel Adminiatr„ion, ) recommending, in compliance with a request made by the Office 1256 8/30/43 -2for Emergency Management, that Mrs. Helen Braden, substitute nurse, be 4erled to that Office on a reimbursable basis for the month of Septemb"943, with the understanding that in the event of an emergency reqUiring her services at the Board she would be released by the Office f(*titiergeneY Management to take over her duties here. Approved unanimously. Letter to Mr. Laning, Vice President and Cashier of the Federal Reserve, nank of Cleveland, reading as follows: "The Board of Governors approves the changes in the per0;4111s1 classification plan of the Federal Reserve Bank of 4' 4 aveland and its Branches as submitted with your letter of uglist 18, 1943". 8_ Approved unanimously, together with the following letter to the Toint Committee on Salaries and Wages: "Uadsr the procedure established by General Order No. 19, or iaisthe Viar Labor Board and the authority granted by the Coinof Internal Revenue, transmitted herewith are the eer inal and four copies of a certificate of the Federal Rel./4111 : e Bank of Cleveland with respect to increases in the maxfor annual salaries, under the personnel classification plan, at : 4it_110 positions at the Cincinnati Branch and two positions 611a Pittsburgh Branch. erao "Theseincreases have been approved by the Board of Gov1943' 18 of the Federal Reserve System, effective September 1, to ;In tranamitting this certificate, attention is called fact, with representatives of the iltie War Laborwhich has been discussed Board and of the Commissioner of Internal Revesoil 'that the maximum annual salaries approved under the perratnel classification plan are not, in general, established grolele Paid for all employees coming within the respective /4eatps• They represent instead maximums within which adjustthi, 81 incl u ding increases due to individual merit and earned furt11g4 long service, may be made by the Reserve Bank without °,'ler reference to the Board of Governors.“ 1 257 8130/43 Letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "This refers to your letter of Tune 4, 1943 and to the subsequent correspondence regarding the salary of Mr. H. X. 11111°nts Manager of the Detroit Branch of the Federal Reserve Bank of Chicago. to "The Board of Governors approves the payment of salary 0, M. Chalfont as Manager of the Detroit Branch at the rate 1; 11O00 per annum, for the period Tune 1, 1943 to March31, 44 ' inclusive, the rate fixed by your board of directors." 2 Approved unanimously, together with the following letter to the Toint Coimnittee on Salaries and Wages: "Under the procedure established by General Order No. 19, the War Labor Board and the authority granted by the Coms isicner of Internal Revenue, transmitted herewith are the er 0-nal and four copies of certificate No. 2 covering an incline from $10,000 to 0.1,000 in the salary of Mr. H. 1. 1 1. 1t6ItEgr of the Detroit Branch of the Federal Reserve Of TrA Z 1 "The Board of Governors of the Federal Reserve System has approved this increase effective Tune 1, 1943. 48t4 "Because of some rather unique features in this case, the "" Was submitted informally to Mr. Burford, Deputy Commisad;tler of Internal Revenue, who, in a letter dated August 25, ald'sed the Board that approval of the increase would be conor :.!ed consistent with the stabilization policy of the Office 0 ,.ruile Co mmissioner of Internal Revenue under the provisions 4.xecutive Order 9328." Letter to Mr. Powell, First Vice President of the Federal Reserve Of -Luleapolis, reading as follows: 80,, "The Board of Governors approves the changes in the perAu-4161 classification plan as requested in your letter of g48 !21; 1943 and the related correspondence. or cb The changes reflecting the establishment of the position : t ier Engineer in the Building Department and the changes cle maximum annual salaries of the Engineer, the Analysis iceel"'!' in the Accounting Department and the Bead of the Safeljlng Department are approved effective September 1, 1943. 1258 8/3o/43 -4. 0 "In accordance with the advice contained in your telegram Q1 lAlgust 16, the maximum annual salary for the position of ;!Pervisor of the Fiscal Agency Department has been reduced 4,500 to 84 200 on page 58a submitted with your letter or August 6. A "In accordance with the advice contained in the letter of gust 21, the present page No. 30 covering the position of °rarri:111 of the Building Department has been changed to 30A. 'For your convenience a list of the changes as approved 10 attachedot 7 Approved unanimously, together with the following letter to the Joint Committee on Salaries and Wages: "Under the procedure established by General Order No. 19, the War Labor Board and the authority granted by the Comora isloner of Internal Revenue, transmitted herewith are the cre Plal and four copies of certificates numbered 1, 2, and 3 c; Federal Reserve Bank of Minneapolis with respect to ine_!ases in the maximum annual salary for two positions, the i a blishment of a new position which is in effect an increase annual salary, and a decrease in the maximum annual salary °f another position, under the personnel classification 1,3 for that bank. 40_ "These changes have been approved by the Board of Gover' l a Of the Federal Reserve System effective September 1, 1943. to "In transmitting these certificates, attention is called the e fact, which has been discussed with representatives of ler Labor Board and of the Comnisiioner of Internal Reve5., that the maximum annual salaries approved under the per8Ot rat11,r1 classification plan are not, in general, established a Paid for all employees coming within the respective groups. The : eilveloresent instead maximums within which adjustments, inion 4'ne increases due to individual merit and earned through refig service, may be made by the Reserve Bank without further erence to the Board of Governors." ;11 14e Letter to the Presidents of all the Federal Reserve Banks, readas follows: to "There are enclosed herewith copies of letters addressed De all Federal Reserve Banks by the War Department, the Navy and the United States Maritime Commission, dated €U gar(13” 1. 281 August 30, and August 27, 1943, respectively, re"ng the inclusion of a special provision in guarantee 1259 8/30143 -5- agreements hereafter executed pursuant to Executive Order 9112 in certain types of cases described in the enclosed Jietters (for the purpose of making guarantees available for Zeeing Working capital upon cancellations of war producblon contracts which may occur after the execution of the guarantees). In connection with the Board's telegram of May 12, 1943, regarding the maximum commitment fee which may be tb rged Borrowers in connection with loans guaranteed under 6 Executive Order, the Board of Governors of the Federal /1" System, after consulting with the War Department, the i NavY Departm e! Commission, has deMaritmen, and the Maritime viq?d that hereafter in any case in which the special pr02 1°11 quoted in the enclosed letters is included in any ivbarantee agreement, -the amount of any commitment fee charged Borrower by the Financing Institution shall not exceed °f 1 Per cent per annum on the undisbursed portion of the .40ans ti Approved unanimously, together with a telegram to the Presidents of all the Federal Reserve Banks quoting the above letter and the letter dated August 28 from the War Department enclosed therewith. The telegram also stated that a press release was being prepared on this subject to be issued at Washington and that a copy would be wired to the Presidents in advance as soon as available, but that no information should be given out regarding the matter until the time specified in the press release. Letter to Mr. lig. A. Coolidge, Chief of the Finance Section, Navy 1)%1Inent, reading as follows: toar "Referring to your memorandum of August 28, 1943, the of ! til , (3f Governors will interpose no objection to the waiving wea. 4e guarantee fee charged on the Regulation V loan to the ths e!,CitY Tank and Boiler Company, with the understanding 11111 benefit of the waived guarantee fee will inure to the borrower and not to the financing institution." Approved unanimously. 1260 8/30/43 -6-- Thereupon the meeting adjourned. erte„04, 411Pro irnian. • Secretary.
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