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424 A meeting of the Board of Governors of the Federal Reserve SYsten as held in Washington on Wednesday, March 24, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman 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 hereinette referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on March 17, 1943, were approved unanimously. The minutes of the meetings of the Board of Governors of the Fed ral Reserve System held on March 18, 19, 20, and 22, 1943, were apDtove, " and the actions recorded therein were ratified unanimously. 1:4 Lt Bond in the amount of 410,000, executed under date of March 943, by the Minnie Smith as Alternate Assistant Federal Reserve Agent Federal Reserve Bank of St. Louis. Approved unanimously. Memoranda dated March 23, 1943, from Mr. Mo rill, recommend- for the reasons stated in the memoranda, that Mr . Ethel Robinson 411c1Q. 411'ett Moore, cafeteria helpers in the Secretary's Office, be sepNted from service effective as of the close of business on March 10 kd 15 1943, respectively. Approved unanimously. 425) 31/43 —9— Letter to Mr. Leach, President of the Federal Reserve Bank ' ct Richmond, reading as follows: • "In accordance with the request contained in your letter of March 12, 1943, the Board of Governors approves the PaYment of salaries for the period March 16, 1943 to May 31, P43, to the following officers of the Charlotte Branch at l'he rates as fixed by your Board of Directors and indicated below: Name Title Robert L. Honeycutt Louis D. Brooks Assistant Cashier Assistant Cashier Proposed Salary $1/4.,20 )" Approved unanimously. Letter to Mr. Hitt, First Vice President of the Federal ReOe Bank of St. Louis, reading as follows: "In accordance with the request contained in your letMarch 13, 1943, the Board of Governors approves the 13e 1 visi0n of the personnel classification plan of the Memphis el*';11ch, increasing from $2,100 to 4,2,400 the maximum annual 4-LarY for the following position: Title of Position Department Eigg. 10 Head of Department." Banking House ter Approved unanimously, together with the following letter to the Joint Committee on Salaries and Wages: Under the procedure established by General Order No. 19 of the War Labor Board and the authority granted by the Comr.4 th-44-3sioner of Internal Revenue, transmitted herewith are li,se original and four copies of a certificate of the Federal m:!?rve Bank of St. Louis with respect to an increase in the ;741mum annual salary, under the personnel classification an, for one employee of the Memphis Branch of that Bank. er "This increase has been approved by the Board of GovOrs of the Federal Reserve System. "In transmitting this certificate, attention is called to 2_,! the fact, which has been discussed with representatives the War Labor Board and of the Commissioner of Internal elienue, that the maximum annual salaries approved under the 426 3124/43 ft personnel classification plan are not, in general, established rates paid for all employees coming within the resPective groups. They represent instead maximums within which adjustments, including increases due to individual , , rLIerit and earned through long service, may be made by the "serve Bank without further reference to the Board of Governors." Letter to Mr. Hale, Vice President of the Federal Reserve Ilk of San Francisco, reading as follows: "This refers to your letter of March 2, 1943, requestadvice as to whether there is any objection to furnishin confidence to local supervisory agencies information rveloped through an investigation of a Registrant under Regu-Lation %. t "Since, in ordinary circumstances, investigations of "egistrants subject to local supervisory agencies would be ucted by representatives of those agencies, we assume at you refer to a case in which representatives of the Fedesral Reserve Bank have made an investigation of a Registrant nch as a vendor and that investigation has revealed informa: l 10n concerning a possible violation of Regulation by :another Registrant who is subject to the local supervisory agency. no objection to "Under these circumstances, there would be Your furnishing all relevant information to the appropriate loc al supervisory agency in confidence, and as indicated in ffIr letter such action should tend to promote full coopera,,,Ion Dry these agencies. t, "It is possible that we have not interpreted your ayes2n correctly, in which case you may wish to give us further las concerning the nature of the information which would e suPplied." 4 Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, g as follows: ter "Under date of March 172 1943, the Board received a letNa copy enclosed, from W. B. Young, Rear Admiral, S.C., U. S. Paymaster General of the Navy, with respect to a shortof $5 in a currency Shipment received by Lieutenant Corner H. Anthony, S.C., USNR. It appears that this shipment 49'7 3/24/43 -4- ftwas made by a Federal Reserve Branch to a member bank which t?rned the package in which the shortage was claimed over to Lieutenant Commander Anthony. Lieutenant Commander Anthony accepted the unbroken package from the Bank and returned immediately to his station via U. S. Navy Armored Vehicle whereUpon he counted the currency received and found the shortage. "It appears from correspondence in this case that the 14. 3ranch in cuestion wrote a letter to the member bank to which °le shipment was made, in which it stated: 'Lieutenant-Commander Anthony's letter, as you will observe, relates to a difference of 0 short detected in a package of currency prepared by us on December 14, which he received from your bank. 'Mile that package appears to have been part of the 250,000 shipment sent to you on December 17, the recognition of differences in packages of currency prepared by this bank is given to cases where the verification is first made by the recipient bank. 'Under the circumstances, we have suggested to Lieutenant-Commander Anthony that he again communicate with your bank concerning the difference reported in his letter.' "It would appear desirable, if practicable, for the praot. ee of all Federal Reserve Banks to be uniform in cases of y"e kind here referred to and before replying to Rear Admiral rung we should like to know what attitude your Bank would take -4/1 a case similar to the one herein described." j Approved unanimously. Letter to Mr. Solon J. Buck, Archivist of the United States, No4 as follows: "Receipt is acknowledged of your letter of March 12, 1943, equesting an estimate of the saving that might be effected the provisions of bill H.R. 1988 and any comments that the "e Board might wish to make with respect to the bill. tL "be have reviewed the destruction schedules prepared in tr Board's offices since 1936, and it is estimated roughly if the procedure contemplated by section 3(3) of the had been in effect, the time required for the preparatiofl of the schedules would have been reduced by between 40 50 per cent. With the addition to the procedure of addi81enal items from time to time this saving would now be subantially increased. billy 428 3/24/43 —5-. 'e have plans for the preparation of a card record covering all of the Board's files on which would be shown the retention period for each subject in the files, and, if the procedure referred to in section 3(3) were put into ef— fect, the card on a particiOnr subject covered by the pro— cedure, at the end of the periodic retention period, would be submitted to the division or divisions of the Board's !taff having primary interest in the subject matter and to he Secretary or an Assistant Secretary of the Board for 13Prova1 by initial of the destruction of the material that "ad been retained for the required period, and upon return °f the initialed card to the Files Section the material t w°1:11d be destroyed forthwith. Such a procedure, while main,?3.-ning all the safeguards of the present procedure, would elaminate the laborious task of preparing annual or semi— annual destruction schedules and the use of space and equip— 'tent to house material prepared for destruction pending the 8111.3mission of the presently required schedules to the Ar— e"lves and approval of the material for destruction. . "H.R.1988 would authorize the National Archives Coun11 to issue regulations covering the procedure to be fol— towed in the microfilming and destruction of records, and would be our suggestion that if the bill is approved a Lraft of the regulations be submitted to the various Gov— ernment departments and agencies for their comments and sug— estlons before the regulations are finally adopted. Approved unanimously. Thereupon the meeting adjourned. Secretary. Chairman.
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