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1_043 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Monday, Slily 12, 1943, at 11:30 a.m. PRESENT: Mr. Mx. Mx. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee 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"tar referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Ilederel Reserve System held on Tuly 10, 1943, were approved unanimously. Memorandum of this date from Mr. Morrill, recommending that 1488 Mary E. Campbell be appointed as a cafeteria helper in the Secret417ts Office on a temporary basis for a period of not to exceed 60 days, With salary at the rate of $1,080 per annum, pffective Iuly 12, 1943. Approved unanimously. Letter to Mr. Weigel, Assistant Vice President of the Federal Ileserve Bank of St. Louis, reading as follows: "This refers to your letter of Xuly 7, 1943, in which you state that it has been the practice of your Bank to pay supplemental compensation on a quarterly basis, and inquire whether existing governmental regulations relating to wages and salan-es would prohibit your Bank from making these payments either monthly or semi-monthly. "It is understood that any such change would not result in anY change in the present rate of supplemental compensation, but Merely a change in the method of payment. On the basis of this Understanding, we know of no governmental regulations which 1044 7/12/43 -2- "Would prohibit your Bank from making payments of supplemental compensation on either a monthly or semi-monthly basis." Approved unanimously. Letter to Mr. Fleming, President of the Federal Reserve Bank of Cleveland, reading as follows: "In looking over FRB Instruction No. 2, 'Control and Issuance of Depositary Receipts', forwarded to you with Mr. Bell's memorandum of nine 30, it was noted that no Prefix numbers for the depositary receipts are shown for your Cincinnati and Pittsburgh Branches, although such numbers are listed for a majority Of the other Branches in the System. "We have learned informally that while depositary banks are to make their remittances of withheld taxes to your Cincinnati and Pittsburgh Branches, it is your present intention to have the head office forward the initial supply of depositary receipts direct to depositary banks in the Cincinnati and Pittsburgh Branch territories and to have your Branches in turn forward the completed receipts to the head office after first photographing them. Since this seems to depart somewhat from the general orinciple of decentralization, we would be interested in learning the reason for not handling the operation fully at your Cincinnati and Pittsburgh Branches." Approved unanimously, together with the following letter to Mr. Leedy, President of the Federal Reserve Bank of Kansas City, and a similar letter to 1.1r. Day, President of the Federal Reserve Bank of San Francisco: "In looking over FRB Instruction No. 2, 'Control and Issuance of Depositary Receipts', forwarded to you with hr. Bell's memorandum of nine 30, it is noted that no prefix numbers for the depositary receipts are shown for your Denver, Oklahoma City, and Omaha Branches, although such prefix numbers are given for a majority of the other Branches in the System. "We know, of course, that you are in favor of the general Principle of decentralization of operations at the Branches, and we would be interested in learning of the plan that is intended to be followed at your Branches in connection with the distribution of depositary receipts and in the handliaE of remittances by depositaries of withheld taxes." 1045 7/12/43 Letter to the Comptroller of the Currency, reading as follows: . "It is respectfully requested that you place an order • With the Bureau of Engraving and Printing, supplementing the order of Xune 15, 1943, for printing of 03,600,000 of Federal Reserve notes of the 1934 Series for the Federal Reserve Bank Of Dallas in the a,000 denomination. Approved unanimously. Thereupon the meeting adjourned, PIALC Secretary. 4-PProv
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