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1175 A meeting of the Board of Governors of the Federal Reserve Sys174.8 held in Washington on Monday, August 9, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, "Vice Chairman Szymczak Draper Evans 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"ter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fed- ersl erel Reserve System held on August 6, 1943, were approved unanimously. The minutes of the meeting of the Board of Governors of the Fed- Reserve System held on August 7, 1943, were approved and the actions recorded therein were ratified unanimously. Me morandum of this date from Mr. Morrill, recommending that Mrs. 4die M. Mann be appointed as a charwoman in the Secretary's Office, with tlelite salary at the rate of $1,200 Per annum, effective as of the date 4011 which she enters upon the performance of her duties after having 134418ed satisfactorily the usual physical examination. Approved unanimously. Meracrandum of this date from Mr. Morrill, recommending (1) that lall'illtMent of Miss Mary Forrest as a cafeteria helper in the SecretEiryle 0 trice be made permanent, effective as of the expiration of her 1176 19/43 13resent temporary appointment at the close of business on August 12, 1943, with an increase in her basic salary from $1,080 to $1,200 per al1411111) effective August 16, 1943, and (2) that the temporary appointment (4 *es Mary Tavenner as a cafeteria helper in the Secretary's Office be eZtended for an additional exceed 60 days, with no change Period of not to 14 " 4 Present basic salary at the rate of $1,080 per annum, effective as °t the expiration of her present appointment at the close of business on NNIet 14, 1943. Approved unanimously. Memorandum dated August 7, 1943, from Ur. Morrill, submitting the te8lenati -°11 of /Ars. Lillie S. Wiklund as a charwoman in the Secretary's " to become effective as of the close of business on September 30, 1943, alla recommending that the resignation be accepted as of that date. The resignation was accepted. Letter to Mr. Walden, First Vice President of the Federal Reserve 441t Of 4uumond, reading as follows: ti "The Board approves the changes in the personnel classiorcticni Plan of the Baltimore Branch covering the new position 'Iseistant Manager of the Transit Department, and a change in pa 'e l 4de , ecription of the duties of Supervisor of the Transit De-"Illent, as submitted with your letter of August 3.“ Approved unanimously. Letter to Mr. Hale, Secretary of the Federal Reserve Bank of San reading as follows: 11/11 accordance with the request contained in your letter of 7 311 1943, the Board of Governors approves the payment of A 4"i'' t I 8/9/43 " salaries for the period ending April 30, 1944, to the following at the rates shown: officersName Title a-1221 0. H. Barnard t3,900 Assistant Manager, Salt Branch City Lake D. E. 4,800 Bent Assistant Manager, Portland Branch D. E. Simms 4,500 Assistant Manager Seattle Branch E. R. 3,900 Assistant Manager, Los Barglebaugh Angeles Branch Ronald T. Symms 5,000 Assistant Cashier, Head Office "As requested, the effective date of the adjustment in Mr. Bent, 8 salary is September 1, 1943, the date his appointment as th7'8tant Manager of the Portland Branch becomes effective, and e effective date of the other salaries is August 1, 1943." Approved unanimously. Letter to Mr. W. H. Hitson, Branch Manager of the Pacific Finance P(5r4ti0n, San Antonio, Texas, reading as follows: ref "This will acknowledge your letter of July 29, 1943, with we "lee to the used car price situation in San Antonio, Texas. giving consideration to the suggestion that the Kelley Blue ; 4D°0k) The Official Used Car Guide, be designated for use in co ke— teection Mith Regulation W's credit requirements in your mar- change in the area for which this used car appraisal sur ; 000k is designated can only be made after a comprehensive ttm elr of the situation in the Southwest. This. will take some iild„! but it will be done as promptly as possible and you will be ..Lsed of the result." Approved unanimously, together with similar letters to Mr. Fred Sheppard and Mr. M. L. Goeglein, Branch Manager of the Pacific Finance Corporation, of Dallas, Texas; Mr. I. A. Maaddin, Branch Manager of the Pacific Finance Corporation, Houston, Texas; and Mr. A. H. Barnacastle, Manager Of Barney's Used Car Market, Mr. Temple Howard, Branch Manager of the Pacific Finance Corporation, Mr. X. P. Himmel of the Himmel Motor Company, Mr. F. B. Gordon of the Beaumont Used Car Co., Mr. X. Leon Brogan of the B and T Motor Co., and Mr. Carl Markley, President of the Carl Markley Motor Company, all of Beaumont, Texas. 819/43 -4Letter to Mr. Clerk, First Vice President of the Federal Reserve 338,4k or San Francisco, reading as follows: • "Thank you for your letter of July 29 furnishing us, in ITAY to our letter of July 5, with a copy of your letter to . Bell, dated July 28, regarding the extension of certain ' seal agency functions to your Branches. „_ "We were pleased to note from your letter to Mr. Bell 1,w-et beginning September 1 you are arranging to have all banks 1114 the Branch territories enter their subscriptions for Treesissues through the appropriate Branch offices. We were Elo Pleased to note that you are arranging to transfer to s,,1111 Branches the accounts of issuing agents for Series E : 8: , 1714:s Bonds so that all transactions and accounting for ' Li-es in Branch territories will be made through your Branches. 0 "It is noted from your letter to Mr. Bell that in the orstion of the banking functions of the Twelfth District yP ft :are convinced that, if all services performed in your vir," offices were concentrated in one, the same volume of eurk could be conducted with a saving of at least half the vixP eb enee now incurred by the Branches. Everyone is agreed, /1"es that the Branches add somewhat to the expenses or 2 injour Bank. Presumably, however, the additional expenses sici rred in decentralizing the banking functions are contheured justified, especially at the present time, in view of sizs and importance of the Twelfth District. Regardless, how, NI;vers whether in your opinion such expenses are or are not tY Justified, the question naturally arises, if complete noTing "411P1 facilities are available at the Branches, why should ete fiscal agency facilities also be available. In Other as long as the Branches continue to operate and to )1.rds' "°rm to :,practically all banking operations, it would seem wit1̀1415 that their services should be utilized in connection agency operations to the fullest extent practicable. The ate., , Lfiscal eat time you are in Washington we would like very much to Pc'ell:s this matter with you. 14r, Since writing to you on July 5, we have had some further rie-rInal talks with the Treasury Department with respect to ollre,n,sgaucy operations performed at the Branches, and it is atitt'uuerstanding that the Department now feels it will be to have war loan deposit accounts maintained at :tFal:reY s. The suggestion was made that the interested Fedthori:Ressrve Banks request the Treasury for the necessary auand' submit statements outlining in general how they Propose to handle the accounts at the Branches. It will be appr ecieted if you will advise us whether, in the circumstances, J 1179 bV43 —5:it appears feasible for your Bank to take up with the Treesrr the matter of having war loan deposit accounts maintained at the Branches." Approved unanimously. Thereupon the meeting adjourned.
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