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222 A meeting of the Board of Governors of the Federal Reserve S'Ystem was held in Washington on Friday, February 9, 1945, at 10:40 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman Mr. Smead, Director of the Division of Bank Operations Mr. Thomas, Director of the Division of Research and Statistics Mr. Vest, Assistant General Attorney Chairman Eccles reported for the information of the Board that he had an fil6be appointment this afternoon to see Senators Wagner and r, members of the Senate Banking and Currency Committee, with re— aPset to the bill which would reduce the reserves required to be main— bY Federal Reserve Banks and would extend the authority of the Nel'41 Reserve Banks to pledge Government securities as collateral for !ectelial Reserve notes. He also said that he proposed to discuss with the Serlators the bill to amend section 13(b) of the Federal Reserve Aqrelating to industrial loans. Telegrams to Messrs. Treiber and Clouse, Secretaries of the Ner ?reeta di Reserve Banks of New York and Cleveland, respectively, Mr. Leach, ?re8i7of the Federal Reserve Bank of Richmond, Mr. Dillard, Vice exit ()f the Federal Reserve Bank of Chicago, Mr. Stewart, Secretary 223 2/9/45 -2- of the Federal Reserve Bank of St. Louis, Mr. Powell, First Vice Presi- dent of the Federal Reserve Bank of Minneapolis, Mr. Caldwell, Chairman of the Federal Reserve Bank of Kansas City, Mr. Gilbert, President of the Federal Reserve Bank of Dallas, and Mr. Earhart, Vice President of the Federal Reserve Bank of San Francisco, stating that the Board apPrcvved the establishment without change by the Federal Reserve Banks °t St. L°uis and San Francisco on February 6, and by the Federal ReServe 13 anks of New York, Cleveland, Richmond, Chicago, Minneapolis, 411ea . 8 eltY, and Dallas on February 8, 1945, of the rates of discount Purchase in their existing schedules. Approved unanimously. Before this meeting there was circulated among the members of the 13 °ard a memorandum dated January 15, 1945, from Mr. Carpenter sugNitin for the reasons stated in the memorandum, that the following lett r the: "e sent to the Federal Reserve Agents and Presidents at all of ederal Reserve Banks: Bo "In its letter of January 2, 1940, (S-197), the of Governors authorized a reduction to $10,900 the of amount of the individual surety bonds required 4 the Federal Reserve Agents, Assistant Federal Reserve p:ednts, Alternate Assistant Federal Reserve Agents, and pederal Reserve Agent's Representatives at each of the de eral Reserve Banks. This action was taken with the unFe;:tanding that the bankers' blanket bond carried by the b0n,n1 Reserve Banks was the revised bankers' blanket -Lot' the Federal Reserve Banks prepared by the Insurriiiie t Committee of the Presidents' Conference and acomee representing the Surety Association of America. 224 2/9/45 —3-, "The Board is of the opinion that the existing bankers' ?lanket bonds afford protection to the United States which ls not identical with, but as a practical matter is generally b equivalent to, that provided by the surety bonds, and it has een suggested that the surety bonds be discontinued altoFether, The Board is inclined to agree with this suggestion, :t1p1:1t inasmuch as any action that it might take in this conneci.32n would be of interest to the Federal Reserve Banks and Federal Reserve Agents, it would like very much to have of ,views of the Federal Reserve Agent and President at each oi ''he Banks concerning the suggestion. It will be appre, 4ated, therefore, if you will consider the matter and ad-se whether you see any objection to the discontinuance of he surety bonds of the Federal Reserve Agent and his assist*LntS now required by the Board. , This letter is being sent to the Federal Reserve Agent and P resident at each of the Federal Reserve Banks." Approved unanimously. 141'' Evans stated that the Board had received a reply to its letjanuarY 30, 1945, to President Williams, Chairman of the PresiConference Committee on Research and Statistics, and that Mr. 4tter had stated that he believed the procedure outlined in the Board's Lt.tee handling recommendations of the System Research Advisory Comwas a constructive step and should greatly facilitate cooperative 14 d eveloping System research work. At this point Messrs. Smead, Thomas, and Vest withdrew from e ting. qter The action stated with respect to each of the matters herein- referred to was then taken by the Board: The • minutes of the meeting of the Board of Governors of the Perl Rese w've System held on February 8, 1945, were approved unani111011, 225 2/9/45 -4- Memoranda dated February 5, 1945, from Mr. Pollard, Assistant Director of the Division of Examinations, recommending that the followillgincreases in basic annual salaries of employees in that Division be %Toyed, effective February 16, 1945: Salary Increase From To Name Designation 5 ce Scott 2,040 $2,160 Secretary to Mr. Pollard f'411cY Lee 1,010 1,560 Stenographer 44drey L. Chelberg lloye 1,620 1,740 Stenographer 1a5 4 /1 also recommended that Miss Chelberg be appointed on a permanent fba*81effective February 16, 1945. Approved unanimously. Me morandum dated February 9, 1945, from Mr. Bethea, Director ' 4 the Di„ ---Lsion of Administrative Services, recommending that Mrs. Lyda 4, sanders be appointed as a cafeteria helper in that Division on a tem13(*arY basis for a period of four months, with basic salary at the rate c4t1,380 per annum, effective February 9, 1945. The memorandum stated thattrSanders would not become a member of the Board's retirement -Y.aternd -uring the period of her temporary employment. Approved unanimously. th Menlorandum dated February 3, 1945, from Mr. Thomas, Director n. --alviion of research and Statistics, recommending that the tem4414)4PP°intment of Ernest J. Hopkins, an Economic Specialist in that 'be extended for an additional period of not to exceed six 226 2/9/45 -5sixra „ vr";hz from February 15, 1945, with no change in his present basic 841417 at the rate of $5,400 per annum and with the understanding that he -L-1- not become a member of the Board's retirement system. Approved unanimously. Letter to Mr. Koppang, First Vice President of the Federal Re- serve 1-, cank of Kansas City, reading as follows: "The Board of Governors approves, effective January 1 '1945, the changes in the personnel classification plan of the Federal Reserve Bank of Kansas City and Branches, l nriv°1ving the establishment of the position of Manager, Credit Department, Head Office, and increases in maximum tnnual salaries for five positions, as submitted with your wo letters of January 31, 1945. t As requested in your other letter of January 31, the orrd also approves, effective January 1, 1945, the payment vvs!laries in excess of the maximum annual salaries pro' oc eu in the personnel classification plan for the positions cupied, as follows: Name Annual SalETy Title Mr • Clara Lott Secretary, Administrative Department, A2,676 Head Office bliss Mabel C. Beeler Nurse and Dining Room Manager, Medical De3,300 partment, Head Office George M. Stewart Supervisor of Operations and Maintenance, 3,900 Head Office L8-,ence L. Miller Supervisor, Fiscal Agency Department, 3,600 Omaha Branch J. R. 2ahourek Assistant Supervisor, Custody-R.F.C. Department, Oklahoma City 2,580" Branch Approved unanimously, together with letters to the Wage Stabilization Division, National Tar Labor Board, and the Commissioner, Bureau of Internal Revenue, transmitting certificates of the Federal Reserve 227 2/9/45 —6— Bank of Kansas City with respect to salary increases at the Bank. Memorandum dated February 8, 1945, from Mr. Pollard, Assistant 134ector of the Division of Examinations, submitting a voucher for reitbiirsement for r travel and other expenses incurred by Geo. S. Sloan, l'ederal Reserve Examiner, while he was on official business in Memphis, Terillesseey and Dallas Texas. The memorandum stated that, because of the unavailability of the usual Pullman accommodations allowed by the toarcps travel regulations, it was necessary for Mr. Sloan to accept a be °omon the trip from Washington, D. C., to Memphis, and recommended that Payment of the voucher, including the additional charge of 6.25 't01.7the be droom, be approved. Approved unanimously. Thereupon the meeting adjourned. Chairman.
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