Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, March 2, 1944, Volume 31, Part 1

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354
A meeting of the Board of Governors of the Federal Reserve Systeni was
held in Washington on Thursday, March 2, 1944, at 11:00 a.m.
PRESENT:

Mr.
Yr.
Mr.
Mr.
Mr.
Mr.

Eccles, Chairman
Ransom, Vice Chairman
Szymczak
McKee
Draper
Evans

Mr.
Mr.
Mr.
Mr.

Morrill, Secretary
Bethea, Assistant Secretary
Carpenter, Assistant Secretary
Clayton, Assistant to the Chairman

The action
stated with respect to each of the matters hereinter r
eferred to was taken by the Board:
The minutes
of the meeting of the Board of Governors of the
t'LL Reserve
System held on March 1, 1944, were approved unanimously.
The minutes of the meeting of the Board of Governors of the FedReserve
System with the Presidents of the Federal Reserve Banks
held 04 m
arch 1, 1944, were approved unanimously.
Letter to Mr. Paddock, President of the Federal Reserve Bank
ot8"t°r1, reading
as follows:
th

"The Board notes without objectio the salaries of
n
employees of
your Bank as of January 1, 1944, as shown
" the
report submitted with your letter of January 20.
or "The Eoard
understands, however, that the management
pol h? Bank will give continuing attention to the salary
lolZlee of the Bank, particularly those relating to the
comW Paid personnel,
to ensure that salaries paid are
mitleurate with the work performed and such as to perexhe2e maintenance of an organization of the character
Q iied of a
Federal Reserve Bank.
Bank In the list of salaries paid
to employees of your
sia as °f January 1, 1944, the salaries of Alternate Ast
Federal Reserve Agents Raymond J. Dunphy and Lewis
`''clYle are shown as P2,700 and 82,880 respectively.




355
3N44

-2-

records indicate that the Board has previously approved salaries for Messrs. Dunphy and Stoyle as Alternate
Rssistant Federal Reserve Agents at the rates of P2,400
!
nd t2,760 per annum, respectively. While we do not appear
? have
received a reauest for annroval of increases in
their salaries, the Board snecifically approves the pay:
ent of salaries to Mr. Dunnhy at the rate of 82,700 per
nnum, and to Mr. Stoyle at the rate of $2,880 per annum.
'In this connection reference is made to the follow!;ng excerpt from the Board's letter X-956, dated April
‹,

1937:

?* * * no change should be made in the
salarY of a person designated as an Alternate
Assistant Federal Reserve Agent * * * without
Obtaining the Board's prior approval thereof.'"
Approved unanimously.
Letter to Mr. Davis, Vice President of the Federal Reserve Bank
"hiladelphia, reading as follows:
of

"The Board of Governors approves the appointments
hlessrs. B. F. Mechling, John T. McDade, Keith Powlison,
t es M. Skinner, and Daniel H. Schultz as members of
Ree Industrial Advisory Committee for the Third Federal
bes?rve District to serve for terms of one year each,
tai
?nning March 1, 19h/L, in accordance with the action
bY the Board of Directors of the Federal Reserve
of Philadelphia, as reported in your letter of Feb3, 19/44.”'
Apnroved unanimouslY.
Letter to Mr. Fleming, President of the Federal Reserve Bank of
Cleveland
, reading as follows:
14
Of "The Board of Governors approves the appointments
4res„Issrs. C. F. Hood, H. P. Ladds, H. R. Neff, D. C.
er, and t. W. Withington as members of the Industrial
Ad
to ;
- e°r7 Committee for the Fourth Federal Reserve District
• for terms
194ierve
of one year each, beginning March 1,
in accordance with the action taken by the Board
or
Dire
of the Federal Reserve Bank of Cleveland, as
'eport ctors
4
J-n your letter of February 21L, 19hh."




Approved unanimously.

356
3/2/44
-3Letter to Mr. Leach, President of the Federal Reserve Bank of
Ric

hrnond, reading
as follows:
"In accordance with the request contained in your
letter of
February 22, 194/, the Board of Governors apP
if°ves Payment of salary to Dr. E. A. Kincaid, Consult-'
long as
he Economist, at the rate of 6700 a month as
:
I ?Pends at least five full days a week at the bank.
tt'ils understood that, in accordance with the arrangement
PPr°ved July 14, 191,1, no additional allowance will be
Made to Dr. Kincaid for traveling expenses between Richand Charlottesville or for subsistence."
Approved unanimously.
Letter to Mr. Peyton, President of the Federal Reserve Bank of
eaPolis, reading as follows:
notes"Tis is to advise you that the Board of Governors
Without objection the salaries paid to employees
rcti)f nur Bank as of January 1, 1944, as shown in the state't1t, accompanying Mr. Porell's letter of January 22, 1944."
Approved unanimously.

tarlk

Telegram to Mr. Knoke, Vice President of the Federal Reserve
Of New
York, reading as follows:
ri "Referring conversation with Carpenter, after confer21g with State Department, Board approves proposed reply
tu
l
tiaCentral
Bank of Turkey as follows, with understanding
t it is satisfactory to Mr. Sproul:
younque Centrale de la Republique de Turquie
140, 20. The Board of Governors of the Federal Reserve
opft at Washington, D. C., and the Federal Reserve Bank
York will be glad to afford one of your officials
an ,"
11
tiJPPortunitv to familiarize himself with the organizaalell ?T'd operations of the Federal Reserve System and
if desired
to arrange for him to spend part of his
°11ntrywith some of the leading commercial banks of the
e
.




Federal Reserve Bank of New York"
Approved unanimously.




Thereupon the meeting adjourned.