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1980 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Monday, December 27, 1943, at 11:00 PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairilan Szymczak McKee 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— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the eral4Reserve System held on December 24, 1943, were approved unani— tousiy. Telegram to Thomas Robins, Jr., President of the Hewitt Rubber Cot.— si tion, Buffalo, New York, reading as follows: "The Board of Governors of the Federal Reserve Sys— has appointed you director of the Buffalo Branch of ,t ,he Federal Reserve Bank of New York for three—year term ueginning January 1, 1944, and will be pleased to have Y°11r acceptance by collect telegram." Approved unanimously. Letter to Mr. Walden, First Vice President of the Federal Reserve p Richmond, reading as follows: "The Board of Governors approves the changes in the P oi ersonnel classification plan of the Federal Reserve Bank Richmond and its Branches, involving the Accounting De113.artment at the Baltimore Branch, as submitted with your etter of December 22, 1943." Approved unanimously. 1981 12/27/43 -2- Letter to Mr. Hitt, First Vice President of the Federal Reserve liank of St. Louis, reading as follows: "The Board of Governors approves the changes in the personnel classification plan of the Federal Reserve Bank of St. Louis, involving the establishment of the position of Relations Field Representative and the consolidation of the Collection and the Transfer-Telegraph Departments, as submitted with your two letters of December 7, 1943." Approved unanimously. Letter to Mr. Hale, Secretary of the Federal Reserve Bank of Francisco, reading as follows: "This is in reply to your letter of December 17, 1943 regarding proposed changes in the organization of the Legal Department of the Bank. "The Board of Governors approves payment of salary t° 4r. John A. OiKane, Assistant General Counsel, at the rate of A4,800 per annum for the period January 1 through 1:1Pril 30, 1944, which is the rate fixed by your Board of .rectors as reported in your letter. "The Board likewise approves the discontinuance of the , position of Assistant to General Counsel in your Legal ePartment, page 124 of the personnel classification plan, ' and the establishment of the new position of Legal AssistWith a maximum salary. of 5,000. In order to preserve he continuity of the numbering plan, the sheet for the osition of Legal Assistant, numbered 124a, has been numered 124 and it is suggested that a similar change be made on your copy." i t Approved unanimously, together with the following letter to the Joint Committee on Salaries and Wages: by General Order NO. 'Under the procedure established 9, of the War Labor Board and the authority granted :a.the Commissioner of Internal Revenue, transmitted hereitv,i4..th are the original and four copies of a certificate of ,L_Le Reserve Bank of San Francisco with respect to ;r_I increase in the maximum annual salary, under the perunnel classification plan, for the position of Legal 1_982 12/27/43 —3— "Assistant at the Federal Reserve Bank of San Francisco. "This increase has been approved by the Board of Governors of the Federal Reserve System as submitted. "In transmitting this certificate, attention is called to the fact, which has been discussed with representatives of the War Labor Board and of the Commissioner of Internal Revenue, that the maximum annual salaries apoved under the personnel classification plan are not, i n general, established rates paid for all employees corning within the respective groups. They represent instead 1114Xlmums within which adjustments, including increases due to individual merit and earned through long service, may be made by the Reserve Bank without further reference to the Board of Governors." r Letter to the board of directors of the "Bank of New Hyde Park", 41"4rde Park, New York, stating that, subject to conditions of member"Waloered 1 to 3 contained in the Board's Regulation H, the Board IIPProv es the bank's application for membership in the Federal Reserve 834:tell and for the appropriate amount of stock in the Federal Reserve 411k Of New York. Approved unanimously, for transmission through the Federal Reserve Bank of New York. Letter to "The Seneca County Trust Company of Seneca Falls, N.Y.", Eteca 8, New York, reading as follows: "The Board is glad to learn that you have completed ped_arrangements for the admission of your bank to the he_vral Reserve System and takes pleasure in transmitting 'elth a formal certificate of your membership. ceipt It will be appreciated if you All acknowledge reof this certificate." Approved unanimously. Telegram to Mr. Hale, Vice President of the Federal Reserve Bank rancisco, reading as follows: 1983 12/27/43 -4"Your wire December 20, 1943. We are advised that 4. J. Williams has been Secretary of United States Maritime Commission for several months, replacing W. C. Peet, Jr. No certificate or other formal evidence of Mr. Feet's aut!lority or specimen of his signature were ever obtained since it was believed unnecessary. Likewise, it is felt no!, necessary to obtain confirmation of Mr. Williams' appointment or copy of his signature." Approved unanimously. Letter to Mr. S. F. D. Meffley of the Recording & Statistical Corpor,, 610n, Chicago, Illinois, reading as follows: ' "Thank you for your letter of December 19 in which You explained the cause for your delay in publishing your j ,nanuary 1, 1943, issue of the Official Automobile Guide. !he postponement, which will permit you to include the efIective f.o.b. prices on commercial vehicles, is reasonable and meets with our approval." Approved unanimously. Letter to the Federal Reserve Agents at all of the Federal Reserve reading as follows: "Under date of October 28, 1921, the Board addressed le+4 vi-er to your Bank calling attention to section 5 of the Act of - Congress approved March 2, 1895, which provides orflat every officer whose duty it is to take and approve t idal bonds shall cause such bonds to be renewed every c°11r years after their dates, and this provision has been 02nstrued as requiring new bonds to be executed in place bonds which have been outstanding as long as four years, alr.1 though such bonds are in the form of continuing ()Miev ca. 1°ns. It was also stated that while it was not entirely oathat this provision was strictly applicable to the requirements was deemed advisable incompliance with such order to avoid any question in the matter. "Recently, advice was requested as to the necessity the renewal of certain bonds, as the surety company botul informed the Federal Reserve Bank that the present premiums theds were continuing obligations as long as reon were paid annually. In reply, the Board stated that compliance with the aforementioned statute was still 1_984 12 7/43 -5- "Considered advisable. Therefore, it will be appreciated if, Whenever an outstanding surety bond covering the position of Federal Reserve Agent, Assistant Federal Reserve Agent, Alternate Assistant Federal Reserve Agent or As!istant to the Federal Reserve Agent (Federal Reserve Agent's Representative) at your Bank is approaching the !nd of its fourth year, you arrange to have a new ipond executed and forwarded to the Board for approval in ccordance with the established procedure. Vhen a new .°nd is executed, please advise the Board whether there any objection to informing the bonding company that '" 18 under no obligation on the old bond for any acts committed by the principal subsequent to the date upon Which the new bond is approved by the Board." t Approved unanimously. Thereupon the meeting adjourned. ___62araAnithec_ Secretary. 4PProved: Vice Chairman.
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