The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
931 A meeting of the Board of Governors of the Federal Reserve 8Ysteta was held in 'Washington on Saturday, June 91 1945, at 11:00 a.m. PRESENT: Yr. 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 hereina4er r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the eral Reserve System held on June 8, 1945, were approved unanimously. Memorandum dated June 51 1945, from Mr. Vest, General Attorney, recom' ench-ng that the following increases in basic annual salaries of en 1c7, "ees in the Legal Division be approved, effective at the beginning th e Parr, ol period following approval by the Board: Nani Title 1,11"'Isd. b-c3rFIackley • lacc jea'alins C. C°chech asll Attorney Secretary to Mr. Vest Secretary to Mr. Townsend Stenographer Salary Increase To From $5,800 2,400 2,400 1,920 $6,400 2,600 2,600 2,040 roved unanimously, effective June 16, lt. Memorandum dated June 5, 1945, from Mr. Thomas, Director of t4:1)1. : 181-011 of Research and Statistics, recommending that Mrs. Janet eh ChaPman be appointed as an economist in that Division on a 932 6/9/45 —2— tezpo rarY basis for an indefinite period, with basic salary at the Nt nf6n e c4,600 per annum, effective as of the date upon which she ter -upon the performance of her duties after having passed satis— tactoril_. 4-4-Y- the usual physical examination. The memorandum stated that " halxlmn was a member of the Civil Service Retirement System and, t4ier ern -re, would not become a member of the Board's retirement system. Approved unanimously. Memorandum dated June 7, 1945, from Mr. Nelson, Assistant tirector of the Division of Administrative Services, recommending that Wylie Ratliff be employed as a laborer in that Division on a teraporary basis for an indefinite period, with basic salary at the rge '3‘l3200 per annum, effective as of the date upon which he en— ters lapon the performance of his duties after having passed satisfac— t:7IYthe Usual physical examination, with the understanding that atlythirlg derogatory develops in the investigation of his refer— e08 his s ervices may be terminated immediately. The memorandum atated that , "Ir. Ratliff would become a member of the Board's retire— te rn Approved unanimously. Letter to Mr. Rounds, Chairman, Retirement Committee, Retire— read& of the Federal Reserve Banks, Federal Reserve Bank of New 4g as follows: "Reference is made to your letter of February 28, 933 6/9/45 -3: 1945, transmitting a copy of the working rules of the °ard Plan and stating that the Retirement Committee is prepared to approve the rules if they are approved by the Board. "The Board approves the rules as written, with the understanding that they do not amend or modify the Board's resolution of November 2, 1943. to 4. "The Board appreciates your calling its attention , h two provisions which the Committee feels should changed. It agrees that in some individual cases the cluirements in question might be quite harsh. However, maY be a considerable time before a case involving such rdships arises and it is possible that in the meantime e' l e Civil Service requirements in these respects may be an ed. The Board, therefore, feels that it would be ''s'reeferable not to make the suggested deviations from Civil ofrvice practice at this time, but to defer consideration the suggested changes pending future developments." j j Approved unanimously. Telegram to Mr. Day, President of the Federal Reserve Bank of Pran„.. reading as follows: , a "Relet May 28. In view of your recommendation Board 11 ; 13r " .es the establishment and operation of an additional spanch in Stockton, California, by American Trust Company, fc; Francisco, California. It is understood that counsel li;hthe Reserve Bank will review all steps taken to estabth,reof the ."branch and satisfy himself as to the legality Approved unanimously. 4+4. -.4. or to Mr. Clerk, First Vice President of the Federal Reserve sa_ u Francisco, reading as follows: This refers to your letter of May 12, 1945, regarde reservation by member banks of the right to ren2tice of withdrawal of savings deposits in the light (3 -e)130ard's letter of April 9, 1945, and its enclosure -841 934 6/9/45 "Your letter indicates that the savings passbooks ieSued, by certain member banks in your district do not TcPressly reserve the right to require not less than 30 aY.?' Written written notice of withdrawal; and you suggest the de of incorporating in the Board's Regulation .a.Provision that passbooks should contain such a provis. . t "As indicated in the enclosure with the Board's let'r of April 9, while Regulation Q does not technically :quire I the inclusion of express provisions in savings ! assbooks, the Board nevertheless feels that, even where State statute authorizes the bank to reserve the right require notice, a deposit represented by a passbook _h makes no reference to such a statute does not cornthe spirit of the requirements of Regulation Q. coe''e there is no such statute, a deposit could not, of 8e, comply even technically with the definition of a b:Irings deposit' unless the bank legally has the right, r?servation or otherwise, to require not less than 30 cj 3 written notice. In a number of instances, a nonzlrianes of this nature has been disclosed as the reof examinations of member banks, as, for example, where au",Passbook does not provide for written notice; and in pr?" cases it has been suggested to the bank that it reor correct its passbooks at a convenient opportunity er to comply with the Board's Regulation. Heretofore, the matter has not been deemed of such t portance as to justify an amendment to Regulation Q for colltl"pose of requiring that savings passbooks expressly thar -L/1 a reservation of the right to require not less will ,3_° daYs' written notice. However, your suggestion 111 tl,r borne in mind and the practices of member banks Or e:f.reSpeCt will continue to be observed in the course to, t Ions in order that consideration may be given desirability of amending the Regulation if the tuat ation should seem to warrant it." Z l Approved unanimously. Letter to the Comptroller of the Currency reading as follows: 111-4. der "is respectruny requested that you place an orwith the Bureau of Engraving and Printing for printing 935 619145 _5_ ; 27!379,000 sheets of Federal Reserve notes of the 1934 erles during the fiscal year ending June 30, 1946, in the amounts and denominations stated for the following Federal Reserve Banks: Number of Denomisheets Amount nations Boston $72,000,000 1,200,000 $5 45,000,000 10 375,000 New York 1,700,000 102,000,000 5 4,125,000 495,000,000 10 20 2,075,000 498,000,000 160,000 50 96,000,000 P hiladelphia 1,500,000 90,000,000 5 600,000 10 72,000,000 54,000,000 20 225,000 C leveland 69,000,000 1,150,000 5 45,000 50 27,000,000 48,000,000 40,000 100 Richraond 1,100,000 66,000,000 5 75,000,000 625,000 10 550,000 20 132,000,000 45,000 50 27,000,000 100,000 100 120,000,000 1,000 6,000,000 500 Atlanta 72,000,000 1,200,000 5 325,000 10 39,000,000 20 900,000 216,000,000 39,000,000 50 65,000 75,000 90,000,000 100 24,000,000 1000 2,000 Chicago 183,000,000 3,050,000 5 36,000,000 300,000 10 425,000 20 102,000,000 42,000,000 35,000 100 St-fl. Louis 400,000 24,000,000 5 21,000,000 175,000 10 275,000 66,000,000 20 42,000,000 35,000 100 eapolis 12,000,000 100 10,000 'lleas City 600,000 36,000,000 5 20 66,000,000 275,000 15,000,000 25,000 50 42,000,000 100 35,000 12,000,000 2,000 500 1000 1,000 12,000,000 936 6/9/45 -6"Denomi— nations $5 10 20 50 100 Dallas San Francisco Total 500 5 20 50 loo 500 $5 10 20 50 100 500 1000 Number of sheets 150,000 750,000 500,000 30,000 35,000 1,000 850,000 1,000,000 125,000 110,000 2,000 12,900,000 7,275,000 6,225,000 495,000 475,000 6,000 3,000 Amount $ 9,000,000 90,000,000 120,000,000 18,000,000 42,000,000 6,000,000 51,000,000 240,000,000 75,000,000 132,000,000 12,000,000 774,000,000 873,000,000 1,494,000,000 297,0001000 570,000,000 36,000,000 36,00000001, Approved unanimously. Thereupon the meeting adjourned. 0-4A-Ce Secreta Chairman.
@FedFRASER