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892 A meeting of the Board of Governors of the Federal Reserve SYstez was held in Washington on Friday, June 1, 1945, at 2:00 p.m. 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 The action stated with respect to each of the matters herein- 'rter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fecierea Reserve System held on May 31, 1945, were approved unanimously. c't th Telegrams to Messrs. Treiber, McCreedy, and Clouse, Secretaries e Federal Reserve Banks of New York, Philadelphia, and Cleveland, l'esPectivelY", Mr. Dillard, Vice President of the Federal Reserve Bank Of' chi c4g0, Ur. Stewart, Secretary of the Federal Reserve Bank of St. totti 1Mr. Earhart, Vice President of the Federal Reserve Bank 44 Prancisoo, stating that the Board approves the establishment eic Ilt change by the Federal Reserve Banks of St. Louis and San Fran(leiphi c3°4 IraY. 292 and by the Federal Reserve Banks of New York, Phila- a Cleveland, and Chicago on May 31, 1945, of the rates of dis' a*Ild purchase in their existing schedules. Approved unanimously. tl Idem °randum dated May 31, 1945, from Mr. Bethea, Director of sa.0„ " of Administrative Services, recommending (1) that the 893 6/1/45 -4.- aPP°illtinent of Mrs. Lyda M. Sanders, cafeteria helper in that Divi' 41 be made permanent, effective at the expiration of her present tempor arY aPpointment on June 8, 1945, without change in her present bast, - salary of :1U.,380 per annum, and (2) that the appointment of 1/rt. E—, veJ-Yn Lunsford, cafeteria helper, be extended on a temporary basis f or an indefinite period without change in her present basic sala,_ ' 4 at the rate of 1,200 per annum, effective at the expiration °t her Present temporary appointment on June 3, 1945. It was under— " wlat both employees would become members of the Board's re— tirement sYstem. Approved unanimously. M emorandum dated May 30, 1945, from Mr. Thomas, Director of the Division of Research and Statistics, submitting the resignation (4141 ' s* Mary H. Edwards, clerk—stenographer in that Division, as at the Close of business on May 31, 1945, and recommending that the res— ellation be accepted as tendered with the understanding that Mrs. „ards 'will make reimbursement for unearned sick and annual leave. The resignation was accepted as rec— ommended. Letter ,o L Mr. Willett, First Vice President of the Federal eserve bank of Boston, reading as follows: lett:In accordance with the request contained in your -r °I* May 29, 1945, the Board approves the designa— ' °f the following as special assistant examiners for 894 6/ 1/45 -3"the Federal Reserve Bank of Boston: Kenneth G. Gibson Neil H. LaBelle Edgar L. Merrithew 'Ellis S. Kupelian Lewis F. Bullock Charles F. Napoli Richard T. Burns George R. Sardell Edwin T. Hillberg Luther Hoyle" Approved unanimously. Letter to Mr. McCabe, Federal Reserve Agent at the Federal Reerve of Philadelphia, reading as follows: "In accordance with the request contained in your 1011. 1."ted letter, the Board of Governors approves the api'clintill°nt of Mr. Elwood J. Braker as Alternate Assistant tederal Reserve Agent with annual salary of $2,200, efectIve June 15, 1945. 4 ."This approval is given with the understanding that 4, ' 1 111 be placed upon the Agent's pay roll and will be olpY responsible to him, or, during a vacancy in the andl ” of Agent, to the Assistant Federal Reserve Agent, 0 the Board of Governors, for the proper performance h; ule duties. When not engaged in the performance of 44es duties as Alternate Assistant Federal Reserve Agent or "7, vith the approval of the Federal Reserve Agent, Agt,:ur 4. ing a vacancy in the office of the Federal Reserve pr,7:1 of the Assistant Federal Reserve Agent, and the in'sldent, perform such work for the Bank as will not be ere°11eistent with his duties as Alternate Assistant FedAgent. 114,1, 14r. Braker should execute the usual oath of office -" should be forwarded to the Board of Governors." Approved unanimously. New yo Letter to Mr. Sproul, President of the Federal Reserve Bank of PrePared in accordance with the action taken at the meeting the Boa on May 10, 1945, and reading as follows: out, r7At the meeting here Friday, May 4, which you and ams and Mr. Knoke attended, it was agreed that morand-ux of March 29 had served its purpose as a 895 6/1/45 —4— for statement discussion and that we should make a fresh of the understanding about the procedure to be followed with respect to foreign missions. In this ericnnection you will find enclosed a copy of the memoran' 1141 of the discussion. A report of this discussion was bmitted to the Board and the procedure agreed upon has een approved by the Board. t "Accordingly, it is understood that there will be 4n informal groups, including representatives of both Zr Board and your Bank, but with some flexibility so t,,a4t. individuals mAy be added or substituted from time ime and, particularly, so that representatives of 'sr Federal Reserve Banks may be included when their larticipation would be helpful. You, Chairman Eccles, and tra:.Szymczak will continue to serve as an informal consulgroup at the higher level for the discussion and a el'ange of views on policies. The other will be entirely man s k,aff grOup, of which Mr. Woodlief Thomas will be Chairb37, and will include members of the Bank's staff selected }f„:2 1 113 and certain members of the Board's staff. Mr. -""Id will serve as Secretary. ro_ The staff group will consider plans and procedures of4' hani. questions in the foreign field which may be auci° ,°noern to the Federal Reserve Banks and the Board, act4.' as the sending of representatives abroad, research batrities in the foreign field, and service to foreign in and governments or to agencies of this Government for foreign field involving the selection of personnel will rein missions. In that connection, the staff group zkke consider what personnel may be available and will atud appropriate recommendations. For example, it will Was Lthe feasibility of such a suggestion as that which ntent lanced during the discussion regarding the establishIzapor° t s°111e form of continuing foreign representation at reporta.?t centers, such as London. The staff group will ealci tir.'° the policy group, comprising you, Chairman Eccles, held als SzYmezak. Meetings of the staff group should be '°11-t, once a month. tcco,::wnever either the Board or the Bank has occasion he Dr-"der sending representatives abroad, the other shall Thoin470t4 informed. It will then be expected that Mr. tioni Or Mr. Hammond will see that appropriate considerakeeti:s given the matter. This may in some cases entail of one or both groups; in other cases an informal V t t2 896 6/ 1/45 -5canvass of members of the groups may be sufficient. "No attempt is being made at this time to define the ParL scope of the two groups more closely because a large of their responsibilities will be that of discussing rious problems that arise with respect to foreign rela°ns of the System, and of developing possible courses ;,,, ftion. They are not to take any action which would e.:"t or bind either the Banks or the Board. It is, however, agreed that the subject matter is extremely impor4.,a_r.lt and that the informal procedure is being adopted at 'T-s time in order to develop ways and means of coordinatp',Ig and advancing the System's relations in the foreign j 4 i Approved unanimously, with the understanding that a copy of the letter and enclosure would be sent to the Presidents of the other Federal Reserve Banks. Letter to the Presidents of all the Federal Reserve Banks read8 f011OWS: fir "There is enclosed a copy of a memorandum received Jill the Jar Department, dated May 29, 1945, signed by 131, 4-°nel Paul Cleveland, Chief, Advance Payment and Loan laan t eh, with further reference to modifications of colab,,eral under Section 11 of the 1943 form of guarantee iu'enetement and Section 7 of the 1944 V-loan guarantee agreeben„:, A memorandum has also been received from the Navy p. 76ment, dated May 30, 1945, signed by Commander Donald ticielles, Chief of Finance Division, containing an idenIllenio ...rara ouna tici difica of t Ai pr oilo2 n f8r1 e9l 4a 5nfu .a ge of the Navy Department's Approved unanimously. Thereupon the meeting adjourned. 1 _ItiVL I LLDJ) 1 ()V Secretary. Chairman.
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