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A meeting of the Board of Governors of the Federal Reserve SI/stem was held in Washington on Wednesday, December 8, 1943, at 11:00 a.ta, PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Mr. Mr. Yr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Ped"al Reserve System held on December 7, 1943, were approved unanikolasly The minutes of the meeting of the Board of Governors of the Pecie ral Reserve System with members of the executive committee of the Ped.t„ ral Advisory Council held on December 7, 1943, were approved unani' nickekr. Memorandum dated November 26, 1943, from Mr. Leonard, Director of the Division of Personnel Administration, recommending, with the approval of Governor Szymczak and Mr. Dreibelbis, that Alonz° AL Stone, secretary to Governor Szymczak, be transferred to the Leg al Division as a clerk-stenographer, with an adjustment in 1829 12/8/43 -2his basic salary from $3,600 to $3,000 per annum, effective January 1, 1944. Approved unanimously. Memorandum dated November 29, 1943, from Mr. Leonard, Direct°r of the Division of Personnel Administration, recommending, at the equest of Governor Szymczak, that Miss Ferne M. Parkhill be apP*Ited as a stenographer in Mr. Szymczak's office, with basic salary at the rate of $2,000 per annum, effective as of the date upon which he enters upon the performance of her duties after having passed satisfactorily the usual physical examination. The memorandum also 8te;ted that Governor Szymczak desired to have Miss Dorothy Johnson, n'w sten ographer in his office, promoted to the position of secretary, " I no change in her present basic salary at the rate of $2,500 per hnume Approved unanimously. Memorandum dated December 7, 1943, from Mr. Morrill, recom--Lug that Mrs. Helen Smith be appointed as a stenographer in the 8ecre+, "I'Ve Office, with basic salary at the rate of $1,800 per annum, effect' lye as of the date upon which she enters upon the performance of her duties after having passed satisfactorily the usual physical exaination. Approved unanimously. 1_830 12/8/43 -3Memorandum dated December 7, 1943, from Mr. Morrill, recommending' that the appointment of Mrs. Margaret E. Dalton as a charwoman in the Secretary's Office be made permanent, with no change in her Present the basic salary at the rate of l,2OO per annum, effective as of expiration of her present temporary appointment at the close of business on December 13, 1943. Approved unanimously. Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve 41-1k of Chicago, reading as follows: "The Board of Governors approves the changes in the P?sonnel classification plan of the Federal Reserve Bank Chicago, as submitted with your letter of December 1, 1943, with the exception of the change in title of the P°sition of Assistant to General Counsel to Assistant C ounsel. "The position of Assistant Counsel is considered an Official position rather than one to be covered under the Personnel classification plan. In accordance with the re(4est of President Young, the proposal for the change in title is considered as withdrawn." Approved unanimously. Letter to Mr. Hale, Vice President of the Federal Reserve Bank of -an Francisco, reading as follows: 1g1,. "Reference is made to your letter of November 15, 4-I, regarding the October 18 report of condition sub' mitted by Portland Trust and Savings Bank, Portland, O,regon, in which the face amount only of the indebtedness due the Pittock Estate was shown opposite item 33 (b). "Since this was the first call for condition reports after the bank's admission to membership, the Board concurs in your recommendation that republication of the 1831 12/8/43 -4II current report should not be required. However, you st.lould instruct the bank to report as a subordinated obligation in its future call reports of condition the full amount including any accrued and unpaid interest due to the heirs of the Pittock Estate, or to amend item 33(b) ln its reports somewhat as follows: 'Deferred indebtedness excluding interest, not included in liabilities, Which is subordinated to claims of depositors and other c reditors'." Approved unanimously. Letter to the Chairmen of all the Federal Reserve Banks, reading as follows: "You will recall that at their recent Conference the Chairmen submitted to the Board as a recommendation Of the Conference the suggestion that it mould be very Pful to the Chairmen and the other directors of the !sderal Reserve Banks if, when an important matter involving System policy was submitted to the board of directors of .* the Banks, the Board would inform the Chairmen of the views of the Board so that these could be before the directors when the matter was taken up for action. "Although it was indicated during the Conference that the Board would be glad to undertake to carry out this suggestion, it was thought that the Chairmen should be advised that the Board had adopted the procedure contemplated in .91e recommendation, and this letter is being written for that purpose. The Board will appreciate it very much if 5r 2u will let us know if at any time you feel that the inl ormation furnished is not adequate or that the proposed ?rocedure can be improved upon in any way, as the Board 1;8 anXiOUS to keep the boards of directors of the Reserve a.anks fully informed on a]l matters of System policy and Particularly so in instances which might necessitate action 7 the directors. . "As you know, copies of the statement prepared by uhairman Eccles on the research work of the System, as as material relating to the adoption by the Federal rt?serve Banks of a broad program for sharing losses on Il-sks previously covered by insurance, have already been
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