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A, meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Friday, December 2, 1938, at 11:30 m. PRESENT: Mr. Ransom, Vice Chairman Mr. Davis Mr. Draper Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Telegrams to Messrs. Kimball, Post and /bung, Secretaries of the Federal Reserve Banks of New York, Philadelphia and Chicago, reell eotively, Mr. McKinney, President of the Federal Reserve Bank of 13ellaa, and Mr. Sargent, Secretary of the Federal Reserve Bank of 8411 Francisco, stating that the Board approves the establishment Without change by the Federal Reserve Banks of Chicago and San Francisc° on November 29, by the Federal Reserve Banks of New York, Dallas 4141 San Francisco on Decanber 1, 1938, and by the Federal Reserve BeAk of Philadelphia today, of the rates of discount and purchase in t4eir existing schedules. Approved unanimously. Memorandum dated November 29, 1938, from Mr. Noell, Assistant Secretary, recommending, with the concurrence of Mr. Morrill, (1) that 11°11glae P. weaver, elevator operator, be appointed a guard for a 12/2/38 -2- Pro bationary period of six months, with salary at the rate of i,1,380 Pell annum, with the understanding that in the event his services in this position are satisfactory during the probationary period his salary will be increased to 01,500 per annum at the expiration of slIch period; and (2) that Hudson McK. Rose be appointed as an elevator °Parator, with salary at the rate of 0_,200 per annum, effective as °f the date upon which he enters upon the performance of his duties after having passed satisfactorily the usual physical examination. The recommendations were approved unanimously, with the understanding that both appointments will became effective as of the respective dates upon which Messrs. Weaver and Rose enter upon the performance of their new duties. Memorandum dated December 1, 1938, from Mr. Goldenweiser, Director of the Division of Research and Statistics, recommending that the Board authorize the temporary assignment, for a period of not to exceed three months, of Mr. Emile M. Despres, Statistician in the Research Department of the Federal Reserve Bank of New York, t° the Board's Division of Research and Statistics to assist in work being done for the Fiscal and Monetary Advisory Board and that the authorize the reimbursement of the Federal Reserve Bank of New .Y.°1'k for Mr. Despres salary during the period at the rate of 44,250 'annum, the bank's usual contributions to the Retirement System 13e1 or Mr. Despres, a subsistence allowance of ;0.00 per calendar day, 1239 12/2/38 -3- and transportation costs between New York and Washington in accordwith the Board's travel regulations. The memorandum stated that President Harrison, First Vice President Sproul and Vice President Williams of the Federal Reserve Bank of New York had been consulted in the matter and they were agreeable to the temporary transfer. Approved unanimously, together with the following letter to MT. Harrison, President of the Federal Reserve Bank of New York: "In connection with the recently formed Fiscal and Monetary Advisory Board a large amount of additional work has devolved on our Division of Research and Statistics. In these circumstances, it is understood that you are Willing to lend us the services of Mr. Emile M. Despres of your staff for a period not to exceed three months beginning as of the date he enters upon his duties at the Board. "We will, of course, undertake to reimburse your bank for his salary during the period of his assignment to the Board plus the bank's current contributions to the retirement system for his account, a per diem allowance in lieu of actual subsistence at the rate of 46 per calendar day, and transportation expenses between New York and Washington in accordance with the Board's travel regulations. We should like Mr. Despres to come to Washington as soon as possible and will be pleased if you will advise us if this arrangement is agreeable to your bank." Letter to Mr. Young, Vice President of the Federal Reserve of Chicago, reading as follows: "In accordance with the requests contained in your letters of November 25, the Board approves the appointment of Victor P. Schumacher, at present an assistant examiner, as an examiner for the Federal Reserve Bank of Chicago and that of Nils S. Jacobson as an assistant examiner. Please advise us of the effective dates. 1240 12/2/38 -4- "Mile it has been noted that Mr. Jacobson is foreign born, it is assumed that he is a citizen of the United States. However, definite advice in this connection will be appreciated." Approved unanimously. In accordance with the action taken at the meeting of the Board Or November 4, 1938, the Personnel Committee had approved (1) the eXecution of a contract with the Liberty Mutual Insurance Company covering compensation insurance for the Board's employees and (2) on c"dition that at least 75 per cent of the employees request group inthe execution of a contract for an experimental period of thl'ee years with one of the five companies which had offered to write gli°1-1P life insurance on the basis of the Board of Governors paying part °t the premium, the contract worked out to provide that each employee shell be permitted to subscribe to 4131,000 of insurance. At the request t the Personnel Committee farther negotiations had been conducted by the staff with the Liberty Mutual Insurance Company and the following letter to P. M. Morrell, Resident Manager of that company, had been 131"ePsred: "Receipt is acknowledged of your letter of November 301 1938, stating that your Company has issued compensation insurance coverage on the employees of the Board of Governors, effective from November 28, 1938, unless previously canceled, until December 29, 1938, or until the issuance of a formal binder or of an executed policy. It is understood that in the event the insurance is not continued beyond the period named in your letter, the premium 1241 12/2/38 -5- "on the insurance furnished in accordance therewith will be $106.76. "Receipt is also acknowledged of a draft of policy Providing such insurance for a period of a year, which was prepared by Mr. E. W. Sawyer, Assistant General Counsel for Your Company, and which was delivered at the offices of the Board by Mr. Morrell, your Resident Manager in Washington, on November 26, 1938. We have certain suggestions regarding this draft, and there is inclosed herewith a revised draft which incorporates these suggestions. We are willing to enter into a contract of insurance with your Company on the basis of this revised draft, and therefore, if a policy In this form is satisfactory to your Company, please have it executed and delivered to us." Approved unanimously. Thereupon the meting adjourned. ‘e524LA;Z-4 hr) Secretary.
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