The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
117 A meeting of the Board of Governors of the Federal Reserve .1,03tem was held in Washington on Monday, January 28, 1946, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Hanmiond, Assistant Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, 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 meetingsof the Board of Governors of the ra Reserve System held on January 25, 1946, were approved unani- 111011811r Memorandum dated January 21, 1946, from Mr. Carpenter recomtiencillig that Miss Sylvia I. Clements be appointed as a stenographer 14 th e Secretary's Office, with salary at the rate of $2,100 per antitim 'effective as of the date upon which she enters upon the performice of her duties after having passed the usual physical examination. The '111(prandum stated that Miss Clements was a member of the Civil Servi ce Retirement System, and that it was contemplated that she 1,70144 continue as a member of that System. Approved unanimously. 118 1/2E04.6 -2Memorandum dated January 25, 1946, from Mr. Thomas, Director Qt the Division of Research and Statistics, submitting the resigna- ti°r1 of Mrs. Jane Hall, a clerk in that Division, and recommending that the resignation be accepted effective as of the close of busi4688 januarY 30, 1946, and that a lump sum payment be made for the anrmml leave remaining to her credit at that time. The resignation was accepted as recommended. Letter to Mr. Neely, Federal Reserve Agent at the Federal Reere Bank of Atlanta, reading as follows: "This is in reply to your letter of January 16, 1946, r egarding the procedure contemplated for the issuance and of Federal Reserve notes at the New Orleans Branch and of ;ranch the appointments, in this connection, of :Val Nesterhaus and D. J. Ducamus as your repre ess:Ze.s :Y etti v "In your letter you state that Mr. Nesterhaus holds the position of Vault Custodian and Mr. Ducamus the posi (ion of Assistant Vault Custodian. The Board has heretotore taken the position that Assistant and Alternate As!istant Federal Reserve Agents and Federal Reserve Agents' Representatives at the Federal Reserve Banks and Branches should not be connected in any way with the Cash Departerit of the Bank and the Board does not believe that it would be good policy to have vault custodians serve in Ilch capacities. None of the Agent's Representatives at anY other Federal Reserve Bank or Branch is connected, direcqY or indirectly, with the Cash or Vault Department. "In the circumstances, it will be appreciated if you :1-11 reconsider the appointments of your representatives II? the New Orleans Branch in the light of the Board's posi61on as set forth above. 8 "Since it is the standard procedure for the Board to Pecifically approve salaries paid to Assistant Federal Reserve Agents, Alternate Assistant Federal Reserve Agents, 119 1/28/46 -3- 11 and Federal Reserve Agents' Representatives, it is suggested that your recommendations for the appointments at the New Orleans Branch also include the salaries proposed. "It is also suggested that, at the same time, provision be made in the personnel classification plan of the New Orleans Branch for the position of Federal Reserve Agent's Representative as outlined in the Board's letter of April 2, 1937, X-9856." Approved unanimously. Telegram to Mr. Dearmont, Chairman of the Federal Reserve Bank of R+ -" 14°Ilis, reading as follows: "Your wire January 21, 1946 regarding service of Mr. A. C. Voris, recently appointed director of Louisville Branch, as member of board of trustees of Madison State Hospital, North Madison, Indiana. It is understood that such board consists of four members appointed by State Governor not more than two of wham shall be members of same political party, and that only compensation is $300 annually and expenses not exceeding $125. In these circumstances, it is believed that service of Mr. Voris as bllember of such board of trustees is not essentis:Ily political and does not contravene the spirit of the Board's resolution of 1915 with respect to holding of political or Public office by officers and directors of Federal ReSee Banks. Accordingly, Board will offer no objection ' 0 Ills serving in that capacity 'while serving as director Of Louisville Branch." Approved unanimously. Telegram to Mr. Strothman, Assistant Counsel of the Federal Reaerve Bank of Minneapolis, reading as follows: "Conclusions stated in your letter December 20 are correct. A loan of $1,500 or less to finance purchase of /florae and appliances would be subject to Regulation W in so an as proceeds were to be used to purchase listed articles. However, if new money is added to existing mortgage by mea;l_s of new loan for aggregate of new money and existing °1 'bgags, new loan would be exempt even if part of proceeds 120 -4.were used to purchase listed articles, assuming new loan Is in excess of $1,500. See S-490." Approved unanimously. Thereupon the meeting adjourned. /1 7 Assistant Seer ta
@FedFRASER