The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Tuesday, December 19, 1944, at 10:30 a.01. PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereintter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peci"al Reserve System held on December 18, 1944, were approved unanik484. Memorandum dated December 15, 1944, from Mr. Parry, Director thn• e -ivision of Security Loans, recommending, with the concurrence (It the 1-1 - LA-vision of Research and Statistics, that Miss Lucille Barnett be tra nsferred from that Division to the Division of Security Loans 48 n - Clerk, with no change in her present basic salary at the rate of 1Q,2nn ""Per annum, effective January 1, 1945. Approved unanimously. Memorandum dated December 18, 1944, from Mr. Bethea, Director n the ivision of Administrative Services, submitting the resignation 01. ur 8* beco41e Vivienne 0. Goebel as a stenographer in that Division, to effective as of the close of business on January 1, 1945, or 12/1j9/44 —2— aria Ppropriate earlier date if she uses any annual leave prior to 1"ng the service of the Board, and recommending that the resigna— %4 be accepted as of that date. The resignation was accepted as rec— ommended. Memorandum dated December 8, 1944, from the Personnel Committee, l'ee°nIniending (1) the reappointment of all Class C directors of the Fed— N.a Reserve Banks whose terms expire December 31, 1944, (except Mr. briscoe at the Federal Reserve Bank of Dallas who recently sub— Itted his resignation) and (2) the redesignation for the year 1945 or Chairmen and Deputy Chairmen at all of the Federal Reserve Banks (eXcePt Dallas, for which it was stated a separate recommendation would be slItoitted following a conference by Messrs. Ransom and Szymczak with ellail'maa Jay Taylor). In accordance with these recommendations, actions were taken by the Board as set forth below: The following were reappointed as Class C directors of the respective Federal Reserve Banks shown, each for a term of three years beginning January 1, 1945= Name Albert M. Creighton Beardsley Ruml C. Canby Balderston A. Z. Baker Charles P. McCormick Frank H. Neely Simeon E. Leland Douglas W. Brooks Roger B. Shepard Robert L. Mehornay Henry F. Grady LesLex11-2,aum,....3Qaali Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco 1i 0 12119/44 —3— The following were redesignated as Chairmen and Federal Reserve Agents at the respective Federal Reserve Banks shown for the year 1945, and the compensation of each as Chairman and Federal Reserve Agent was fixed on the uniform basis for the same position at all Federal Reserve Banks, i.e., the same amount as the aggregate of the fees payable during the same period to any other director for attendance corresponding to his at meetings of the board of directors, executive committee, and other committees of the board of directors: Name Albert M. Creighton Beardsley Ruml Thomas B. McCabe G. C. Brainard Robert Lassiter Frank H. Neely Simeon E. Leland Wm. T. Nardin W. C. Coffey Robert B. Caldwell Henry F. Grady Egderal Reserve Bank Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco The following were reappointed as Deputy Chairmen of the respective Federal Reserve Banks shown for the year 1945: Name Henry S. Dennison William I. Myers Warren F. Whittier R. E. Klages W. G. Wysor J. F. Porter W. W. Waymack Douglas W. Brooks Roger B. Shepard Robert L. Mehornay Harry R. Wellman Federal Reserve Bank Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City San Francisco 191 12/19/44 —4-- Memorandum dated December 9, 1944, from the Personnel Committee ending the reappointment for terms beginning January 1, 1945, of 16 of the 24 Federal Reserve branch directors whose terms expire De— celttber 31, 1944. In accordance with this recommenda— tion, the following were reappointed as directors of the respective branches of the Federal Reserve Banks shown each for a term of three years beginning January 1, 1945: Name Marion B. Folsom W. Frank Thomas Chas. L. Creech, Sr. Donald Comer Walter J. Matherly Clyde B. Austin S. M. Brooks E. J. O'Brien, Jr. J. Holmes Sherard L. E. Hurtz J. M. Odom Federal Reserve ___B4nk Branch Buffalo Baltimore Charlotte Birmingham Jacksonville Nashville Little Rock Louisville Memphis Omaha San Antonio The following were reappointed as directors of the respective branches of the Federal Reserve Banks shown each for a term of two years beginning January 1, 1945: Name R. B. Richardson Neil R. Johnson C. E. Myers William H. Steen R. C. Rich Federal Reserve Bank Brangh Helena Oklahoma City Los Angeles Portland Salt Lake City 12444 —5— Letter to Mr. Fry, Vice President of the Federal Reserve Bank °I' Richmond, reading as follows: "The Board of Governors approves the changes in the Personnel classification plan of the Baltimore Branch, Involving increases in maximum annual salaries for three Positions, as submitted with your letter of December 12, 1944, and supported by the certificates submitted with Your letter of the same date." Approved unanimously, together with a letter to the Joint Committee on Salaries and Wages transmitting certificates of the Federal Reserve Bank of Richmond with re— spect to the three salary increases. Telegram to J. E. Wheat, Woodville, Texas, reading as follows: "The Board of Governors of the Federal Reserve Sys— tem has appointed you director of the Houston Branch of ,t_the Federal Reserve Bank of Dallas for three—year term ueginning January 1, 1945 and will be pleased to have Your acceptance by collect telegram." Approved unanimously. Memorandum dated December 9, 1944, from the Personnel Commit— tee, WDIldtting the name of John M. McGregor, agriculturist and liveqoev ' (=Amer at Hooper, Washington, as a director of the Seattle Branch or the Federal Reserve Bank of San Francisco for the term beginning Jeral 1, 1945, and recommending (1) that Mr. Grady, Chairman of the Reserve Bank of San Francisco, be requested to ascertain in— a1-1Y Whether Mr. McGregor would accept the appointment, and (2) that t he appointment be tendered if he would accept. Approved unanimously. 12/19/44 —6— Letter to the Presidents of the Federal Reserve Banks reading 48 follows: "For your information there is enclosed a copy of a memorandum received from the Navy Department, dated December 14, 1944, signed by Commander Donald P. telles, Chief of Finance Division, regarding the certificates and reports referred to in Explanatory Notes 32 and 34 in connection with the standard form of termination loan agreement." Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve Bank of a8 City, reading as follows: "'We are informed by Mr. Norman Ness of the Treasury DePartment that he and Mr. Mikesell, one of his associates, are arranging to visit a number of western and southern cities, including Denver, early in January for the purpose 2f discussing and describing the Bretton Woods agreements. Ihe immediate occasion of the visit to Denver is a meeting ?f the local committees of the Council on Foreign Relations; but they will also be prepared to speak informally with ?ther groups of persons, particularly bankers, interested ln the plans under discussion for promoting international Monetary stability. "Mr. Norman Ness, who is Assistant Director of the Tr h_ easury's Division of Monetary Research, is a native of .,43-nnesota; he formerly taught at the University of Nevada, Ilenb, and at Pomona College, Claremont, California. He a member of the U. S. Mexican Commission to study the ;',alance of payments, 1943, and a technical adviser to the united States Delegation at Bretton Woods last summer. "Mr. Raymond F. Mikesell, is a native of Ohio and is 2n leave with the Treasury from the University of Washington, ttle. He was recently Treasury representative in Cairo rid a member of the United States technical staff at 40rett0n Woods. "Messrs. Ness and Mikesell plan to be in Denver from 8:45 a.m. Wednesday, January 3, to 5:05 p.m. on Thursday, I 12/19/44 -7- When they leave for Salt Lake City. "An opportunity to obtain firsthand information about the Bretton Woods proposals will be afforded to the officers of the Denver branch, to bankers in Denver, and to others by the visit of Messrs. Ness and Mikesell, Who we are informed will gladly be available for group discussion. If you will wire us your Ashes or suggestions, we can pass them on to Mr. Ness and make such arrangements as may be necessary at this end." Approved unanimously, together with similar letters to Mr. McLarin, President of the Federal Reserve Bank of Atlanta, and Mr. Day, President of the Federal Reserve Bank of San Francisco. Thereupon the meeting adjourned. \Vice Chairman.
@FedFRASER