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494 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Monday, March 16, 1942, at 2:00 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman It was stated that Mr. R. M. Evans had been appointed by the Pl'esident as a member of the Board for the unexpired portion of the 14-year term from February 1, 1940, and that he had taken his oath Of °ffice as a member of the Board on Saturday, March 14, 1942. The action stated with respect to each of the matters herereferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder , 8.1 Reserve System held on March 13, 1942, were approved unaniM0118131.. Memorandum dated March 10, 1942, from Mr. Nelson, Assistant secreta recommending that the following increases in salaries of eMPloye, . -s in the Secretary's Office be approved, effective as of March 16 '1942: 14. Designation Peter Sarfaty Clerk to Building Manager Salary Increase From To $1,500 _k1,740 495 3/16/42 Name -2- (Cont'd.) Designation Salary Increase From To M. DuBose MacDowell Raymond C. Twomey ;It1,800 Clerk Foreman Operator 2,200 2,300 (Dup. Devices) thine E. Ayers 1,620 1,680 Stenographer Helen Conley 1,620 1,680 Stenographer Helen B. tolcott 1,620 Stenographer 1,740 Esther Severud 1,560 1,680 Stenographer Flora J. 1,620 1,800 Telephone Operator Jessie A.Griffith Sexton 1,260 1,/1/10 E. P. Telephone Operator Anderson 1,800* 1,620 Senior Guard Percy C. Riston Assistant Supervising 1,620 1,500 Janitor Philip D. Faber 1,260 1,320 Porter Michael Morley 1,200 1,320 Porter Woodley Boothe 1,200 1,320 Porter Rerman Lee Tobler 1,200 1,080 Porter Robert Sinclair 1,080 1,200 Porter *This adjustmen in salary is to continue only during the period Mr. And erson is serving as Acting Captain of the Guard. Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve Bank of 4118ae City, reading as follows: "Referring to your letter of January 12, 1942, and to the to the Board's letber of January 19, 1942, with regard 11nt5 salary of Mr. Albert Stannard, in view of the stateto ma, contained in your letter and the statements made • Smead while you were in Washington, the Board apProves a salary of 43,456 per annum for Mr. Stannard. "With reference to your letter of March 5, in which you submitted a revised personnel classification page for nue Position of Chief Telegraph Operator, while the Board n:tos that you have included supervision of the Telephone scpsrtment along with the Telegraph Department in the de' 113 ilof work for the position, it feels, in the light of Salaries paid for similar positions elsewhere, that a Maximum of P2 7n0 would generally be adequate for most 496 3/16/42 -.3- Persons occupying Occupying the position, and therefore does not aPprove a maximum salary of 3,000 for this position." Approved unanimously. Letter to the board of directors of "The Union Savings Er_ Trust y ”arren, Ohio, stating that, subject to conditions of membership rIllbered 1 to 6 contained in the Board's Regulation H, the Board apProves the bank's application for membership in the Federal Reserve SYstem - and for the appropriate amount of stock in the Federal Reserve Bank of ClevelandApproved unanimously, together with a letter to Mr. Fleming, President of the Federal Reserve Bank of Cleveland, reading as follows: "The Board of Governors of the Federal Reserve Sysapproves the application of 'The Union Savings & Ttrust Co.', Warren, Ohio, for membership in the Federal serve System, subject to the conditions prescribed in " enclosed letter which you are requested to forward ,e to f the Board of Directors of the institution. Two copies such letter are also enclosed, one of which is for Your1, files and the other of which you are requested to : 1 ward to the Superintendent of Banks for the State of for his information. "Since the amount of estimated losses shown in the report of examination for membership is small, the usual (311cliti0n of membership requiring the elimination of losses has not been prescribed. "Enclosed is a letter approving the retention and operation of a branch at Newton Falls, Ohio, which you : re requested to forward to the board of directors of the ,PPlicant bank. Enclosed also is a copy of the letter -Lor your files." j In connection with the above matter, the following letter to the board of directors of "The Union Savings & Trust Co.", barren, Ohio, was also approved unanimously: 497 3/16/42 -4- "In connection with the application of 'The Union °avIngs & Trust Co.', Warren, Ohio, for stock in the FedReserve Bank of Cleveland, the Board of Governors of the Federal Reserve System approves the retention and o peration by The Union Savings & Trust Co., after admis-°n to membership, of the branch at Newton Falls, Ohio, tne of which was approved effective as of July r7 I by the Superintendent of Banks for the ate of St" Ohio." I-937, !? Letter to Mr. Swanson, Vice President of the Federal Reserve Bank of minneapolis, reading as follows: "Thank you for sending us with your letter of March 1942, a descriptive folder relating to the Schaefer ' ak-A-Way frozen food cabinets. 12 "The Board agrees with you that the sizes under cubic feet are covered by Regulation VI inasmuch as they meiaj e eearly . designed for household as well as cornuse, "Of course there is the possibility that the product ?fl °f the cabinets may in the future be subject to curilment due to scarcity of materials entering into their manu facture." Approved unanimously. Letter to Mr. Hale, Vice President of the Federal Reserve Bank °t San Francisco, reading as follows: "This will acknowledge your letter of February 28, 19423 inquiring as to the status of 'KoolShade' sun screens '-gluer Regulation W. 2 ';As indicated in the Board's letter of February 6, 194 8-437-a), the Board is of the opinion that screens anri-' b; - awnings are usually to be regarded as Group E items, da2u8e, although they are readily removable without to the building, they are usually made to fit a part e341,e111,.:r buildingand would not be suitable for use without alterations. Similarly, the Board bees that Venetian blinds should be regarded as Group terns; and on the basis of the facts stated in your 498 3/16/42 -5- "letter, the Board is inclined to the same view with respect to the 'KoolShade'. "With respect to the question whether these screens should be regarded as seasonal goods within the meaning of section 4(d), the Board agrees with you that they Shod not, on the basis of the information furnished. fl"'vlously, they have greater usefulness at some seasons at others, and are useful a greater portion of the e in some climatesI than in others, but the same s true of shutters and window blinds." Approved unanimously. Telegram to Mr. Knoke, Vice President of the Federal Reserve nk of Mew York, reading as follows: your letter March 12, 1942, Board consent8"Referring to opening and maintaining of accounts on books c c4 Your bank for and in the name of the Government of 21.a, or for and in the name of agencies of the GovernChina. The other Federal Reserve Banks are auto participate in such accounts and will be so `'vised by the Board." Approved unanimously, with the understanding that copies of the above telegram and Mr. Knoke's letter of March 12, 1942, would be sent to the Presidents of all Federal Reserve Banks except New York. Thereupon the meeting adjourned. —fChe ' --41&- 410 Secretary. Chairman.
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