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873 A meeting of the Board of Governors of the Federal Reserve Sys'Let was held in Washington on Friday, June 2, 1 944, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Thurston, Special Assistant to the Chairman Mr. Goldenweiser, Director of the Division of Research and Statistics Mr. Dreibelbis, General Attorney Mr. Gardner, Chief of the International Section, Division of Research and Statistics Mr. Wyatt, General Counsel Mr. Hansen, Special Economic Adviser in the Division of Research and Statistics Mr. Hammond, Chief of the Correspondence and Publications Section, Office of the Secretary Mr. Knapp and Miss Bourneuf, Economists in the Division of Research and Statistics There were presented telegrams to Messrs. Treiber, McCreedy, and Se cretaries of the Federal Reserve Banks of New York, Philadelphia, ark' Cleveland, respectively, Mr. Leach, President of the Federal Reserve 11141k °I' Ri chmond, Mr. Dillard, Secretary of the Federal Reserve Bank of ellieagos Mr. Calcwell, Chairman of the Federal Reserve Bank of Kansas City, 64c1141% Rale, Itie that Secretary of the Federal Reserve Bank of San Francisco, stat- the Board approved the establishment without change by those Banks thlrle 1, 1944, of the rates of discount and purchase in their existing 4hedtlle s. Approved unanimously. 874 6/2/4 -2Mr. Szymczak inquired whether there would be any objection on the Part of the members of the Board to inviting Mr. Grady, Chairman of the 4:1el ' al Reserve Bank of San Francisco, who probably would still be in '141141gton next, week, to attend the meeting which had been called for June 6, 1 944, at 10:00 a.m. for a discussion of the plans for the ternational monetary fund and the Bank for Reconstruction and Development. There was unanimous agreement that Mr. Szymczak should bring the matter to the attention of Mr. Creighton as Chairman of the Chairmen's Conference and, if he were agreeable to Mr. Grady attending the meeting, to suggest that Mr. Creighton extend the invitation. There was a general informal discussion of several of the important teat 8 : k4k ot the plan for the monetary fund and the international investment the Provisions of the plans which were of interest to the Federal 'ea"'te 8Ysterno particularly from the standpoint of the effect of the °Perations of the tlithis country. fund and the bank on the monetary and credit situation The discusfiion continued during an afternoon session which con'elled at 2:30 . arldt mr. 0.1fl viith tssame attendance as at the morning session exthe 414 that HansenBourneuf were not present. hoak, Ues 3rs. Thurston, Goldenweiser, Dreibelbis, Gardner, Wyatt, ' As81.0„ "2 Knapp withdrew from the meeting at the conclusion of the and the action stated with respect to each of the matters er referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fedliese Ve SYstem held on June 1, 1944, were approved unanimously. 875 6/2/44 -3Letter to Mr. Rice, Vice President of the Federal Reserve Bank "New rork, reading as follows: 80 "The Board of Governors approves the changes in the perel classification plan of the Federal Reserve Bank of New To irk, involving the eliminatioa of three positions, the estabti : hment of five positions, and the changing of the descripi n of work of one position, as submitted with your letter of l 44aY 25, 1944." Approved unanimously. Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve Bank °t Chicapo, reading as follows: 80 'The Board of Governors approves the changes in the perç.r classification plan of the Federal Reserve Bank of 'ago, involving the Personnel Department, as submitted with Yckr letter of May 26, 1944." Approved unanimously. Letter to Mr. Gilbert, President of the Federal Reserve Bank of klas 'reading as follows: the !The Board of Governors approves the payment of salaries to Branc e,i ricers of the Federal Reserve Bank of Dallas and its rixecintal for the year beginning June 1, 1944, at the rates as yoar Executive Committee and reported in your letter of $ 1944, as follows: Annual Salary Title t. Ft ilbe wrt — $ent 20,000 President 8* Stroud First Vice President and R. B. f, 17,000 General Counsel W. J.' -4)leman 12,000 Vice President tvans Vice President and Secretary W. n 10,000 of Board of Directors W. Ford 11,000 Vice President h. 6- : Gentry 10,000 Vice President and Cashier W. e W 6,000 Assistant Cashier 5,400 R. Cashier Assistant !!' .ttle c t/18 5,400 Assistant Cashier Alle • 81/kYth 5,400 Assistant Cashier W. H. 4 SaYles 5,000 Cashier Assistant n°110way 6,000 General Auditor 876 6/2/44 -4"Name (Continued) Annual Salary Title BRANCH EL PASO J. L. Hermann Manager $4,205.04* Grover C. Page Cashier 3,180 HOUSTON BRANCH E. B. Austin Vice President 8,000 C. M. Rowland 4,800 Cashier Howard Carrithers 3,900 Assistant Cashier SAN ANTONIO BRANCH L. G. Pondrom Vice President 7,200 J. L. Cook 4,200 Cashier H. K. Davis * Assistant Cashier 3,300 his amount is the regular salary of $6,000 less the pension portion of the retirement allowance received from the Retirement System." Approved unanimously. aa Letter to the Presidents of all the Federal Reserve Banks read- follows: pro "In order that the Board may be in a position to act isinli.PtlY with respect to a revision of Regulation V when legWith regard to loans and guarantees upon termination clo : al' contracts has been enacted, we have prepared the enft of such a revision. aliciti In prepariag this draft, we have conferred with the War is b,,nr, Departments and the Maritime Commission. The draft tairi—e'L upon the assumption that authority such as that coned in section 10(c) of the bill S. 1718, or substantially that a i provison will be enacted. This section authorizes Federal Reserve Bank to act on behalf of the contracting thepr as fiscal agents of the United States in carrying out Box1.0.4 rP°ses of the Act, subject to such regulations as the reet0214. uovernors may prescribe with the approval of the Dirof tract Settlement. lates tt will be observed that the draft of the regulation reItrider rth to loans under Executive Order 9112 and to loans tr 'he Proposed legislation relating to termination of conacts. kly ettWe will be glad to have any comments or suggestions you lattoare to make regarding the proposed revision of the regubeto, n and hope that you can let us have any such comments - e thine 15.n Approved unanimously. '6/2/ Thereupon the meeting adjourned.
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