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1312 A meeting of the Board of Governors of the Federal Reserve S`Ystera was held in Washington on Thursday, August 9, 1945, at 10:30 a..ra. PRESENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Thurston, Assistant to the Chairman atter The action stated with respect to each of the matters hereinreferred to was taken by the Board: Me morandum. dated August 7, 1945, from Mr. Leonard, Director of the Di -718ion of Personnel Administration, recommending that the ba8ic annual beret salaries of the following employees in the Board Mem- section be increased, as indicated, effective as of the beginOf the first pay roll period following approval by the Board: tame 4411438 P. Title Hamilton Itichael L. gland-80 tel P .Lane Messenger in Governor Evans' office Messenger in Governor Draper's office Messenger in Governor Szymczak's office Salary Increase From To $1,770 $1,836 1,770 1,836 1,770 1,836 Approved unanimously, effective August 12, 1945Uemorandum dated August 8, 1945, from Mr. Bethea, Director Of the Di . vIsion of Administrative Services, recommending that the v4eit i„ 411111a1 salary of Mrs. Florence McVearry, a cafeteria helper that Division, be increased from $1,506 to $1,638 per annum, 1313 W45 -2- effective August 121 1945. Approved unanimously. Memorandum dated August 71 1945, from the Division of PerAdministration recommending that, because of the adoption of thebiweeklY pay roll period, the word "semimonthl,y" be eliminated 1.1"°111 the phrase "semimonthly pay roll periods" whenever used in the etateraent of the Board's maternity leave policy and in the authorizations for co ntributions to the retirement system during periods of leelre without pay, and that in these and any other related instances 1111el ' e /*eference the is made to the pay period, it be considered as mean- Present biweekly pay roll period, except as to the semimonthly 114"6.13-period8 for members of the Board. Approved unanimously. Letter to Mr. Weigel, Assistant Vice President of the Federal erve t of St. Louis, reading as follows: itee per "The P Board of Governors approves the changes in the or 8°11nel classification plan of the Federal Reserve Bank tie St. Louis, involving the Collateral and Custody Departtit 'as submitted with your letter of August 1, 1945." Approved unanimously, together with a letter to the Wage Stabilization Division, National War Labor Board, transmitling copies of a certificate of the Federal . 1teserve Bank of St. Louis with respect to Increases in the maximum annual salaries for two positions at the Bank. Letters to the "Rogers County Bank," Claremore, Oklahoma, the W45 -3"Peoples Bank & Loan Company," Lewisville, Arkansas, "The Bank of Shar°112" Sharon, Tennessee, and the "Bank of Commerce," Freewater, °Ileect, reading as follows: :ft Board is glad to learn that you have completed gements for the admission of your bank to meminshiP in the Federal Reserve System and takes pleasure -" Lransmitting herewith a formal certificate of your membership. 11 "It will be appreciated if you will acknowledge receipt of this certificate." Approved unanimously. Letter to Mr. Gentry, First Vice President of the Federal Reserve 41alt f uallas, reading as follows: to,1,,_"This is in reply to your letter of July 20, 1945, whether 'window ventilating fans' are listed are; c'ee for purposes of Regulation IV and, if so, in what (3111310f articles they are classified. to riandow ventilating fans are not specifically referred tr.34 section 13(a) but are included in Group A-142 'Elechot! aPpliances, not elsewhere listed, designed for hollse0at'.' °r personal use.' As a consequence of this classifihotl°112 commercial types, intended for stores, bakeries, e4T2 and the like are not subject to the regulation. as , 'While some window ventilating fans are installed so el Lio.become a part of the structure, they would not be grasslfied in Group C because the description of that wh:lit expressly excludes articles of kinds elsewhere listed, thai"er or not designed for household use. This means ject a household type of window ventilating fan is sul?derit° the regulation even if installed in a non-rei"-L. structure, but, on the other hand, a typ.„r1-1 ls not subject even if instaJled in a residential comer ialst raziac ure. In this respect, the regulation treats such cool-e n a manner similar to that in which it deals with astoves and refrigerators which sometimes become ' art of the structure." Approved unanimously. 1315 8/9/45 —4— Letter to Mr. Bell, Under Secretary of the Treasury, reading as A "This will acknowledge receipt of your letter of 4ugust 2, addressed to Mr. Eccles, regarding a plan to monetize • up to an aggregate amount of 300 million ounces °f silver bullion carried in the General Fund of the Treas: 1.ry at its cost value, from time to time and in such amounts InaY coincide with the issuance of silver certificates tor circulating purposes. "It is noted that the plan provides for the issuance aPproximately $25,000,000 of silver certificates per :Tnth in the denominations of $5 and $10, but mainly of 'net5 denomination. 'ILIs change in the policy of the Treasury Department 12e taken into consideration in placing orders for t_intlng Federal Reserve notes and unless we are advised the contrary, we will assume that for the present 45,000,000 of additional silver certificates will be— (314e available each month in the $5 denomination." Approved unanimously. Thereupon the meeting adjourned. \?. e.4,4 , 1,42,61.144 Vice Chairman.
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