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898 A meeting of the Board of Governors of the Federal Reserve System Vias held in Washington on Tuesday, June 29, 1937, at 2:30 p.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Broderick Szymczak McKee Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman Consideration was given to each of the matters hereinafter referred to and the action stated with respect thereto was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal Reserve System held on June 24, 1937, were approved unanimously. The minutes of the meetings of the Board of Governors of the Federal Reserve System held on June 25 and June 26, 1937, were approved and the actions recorded therein were ratified unanimously. Telegram to Mr. Sargent, Secretary of the Federal Reserve Bank of Sall Francisco, stating that the Board approves the establishment without hange by the bank today of the rates of discount and purchase in its exschedule. Approved unanimously. Memorandum dated June 28, 1937, from Mr. Morrill submitting the l'ecc3mmendation of Mr. Ransom that the salary of Mrs. Annie I. Cotten, Secto Mr. Ransom, be increased from the rate of $3,000 per annum to 3 ) (1)0 per annum, effective July 1, 1937. Approved unanimously. 897 29/37 6/ -2Memorandum dated June 28, 1937, from Mr. Smead, Chief of the Divi- alon of Bank Operations, stating that the revised personnel classification Plan of the Federal Reserve Bank of Cleveland had been received and carereviewed; till-A a number of the larger increases had been discussed with President Fleming and it appeared that such increases were warranted; "d that it was recommended that the plan be approved. The meuorandum also le ' commended that the Federal Reserve Bank of Cleveland be requested to sub2t1tute in its plan Form A pages showing the standard description of work the positions of Assistant Federal Reserve Agent and Alternate Assist-t Federal Reserve Agent which was approved by the Board in connection with the approval of the personnel classification plans of the other Fedreserve banks. The recommendation was approved by three members of Ithe Bo;trd on June 28, 1937. Approved unanimously. Letter to Mr. Albert J. Cuni, Assistant Secretary and Treasurer of The Provident Savings Bank and Trust Company, Cincinnati, Ohio, reading as follows: "This refers to your letter of June 11, 1937, concerning a plan under which all banks on the par list would print on the face of their checks a symbol indicating the Federal Reserve bank or branch through which their checks are payable. It is noted that you believe the plan could be put into successful operation only through issuance of regulations by the Board of Governors to all banks to have their checks so imprinted. "This question has been before the Board for consideration several times and has been taken up with the American Bankers Association. The Association has evidenced interest in the plan on several occasions, and in 1926 the Clearing House Section issued a pamphlet entitled 'A Plan for Simplified Checks', one of the recommendations of which was that the Federal Reserve 898 6/29/37 -3- "district number (and symbol) should appear immediately beneath the transit number of the bank on which the check is drawn. "The Board feels that in the circumstances any action along the lines you suggest should be taken by the banks themselves through their bankers' associations." Approved unanimously. Letter to the Fidelity Storage Company, Washington, D. C., approved bY the Personnel Committee on June 28, 1937, and reading as follows: "You are hereby notified that the Board of Governors of the Federal Reserve System accepts your bid dated June 28, 1937, in the sum of $2,676.70 for moving books, files, furniture, etc., from the Board's present quarters in the Washington Building and Shoreham Building, Washington, D. C., to the Board's new build.hg on Constitution Avenue, between 20th and 21st Streets, Northwest, Washington, D. C., in accordance with the provisions of the Board's invitation for bids dated June 22, 1937. "It is requested that all arrangements in connection with the moving be worked out with Mr. Koppang." Approved unanimously. Thereupon the meeting adjourned. APPrOved : Chairman.
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