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A meeting of the Board of Governors of the Federal Reserve 83rsteralvas held in Washington on Saturday, March 4, 1944, at 10:30 a•m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak 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 herein— aft,er referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the <Reserve System held on March 3, 1944, were approved unanimously. Memorandum dated March 1, 1944, from Mr. Paulger, Director of 4-11a.si (4, 01 Examinations, recommending that, effective as of the (late vvil which he enters upon the performance of his duties after hay— satisfactorily the usual physical examination, Phillip P. be appointed as an Assistant Federal Reserve Examiner on a -Aran/ b aeie for an indefinite period, with basic salary at the rate (4 6, 1<,700 Per annum, and with official headquarters at Chicago, Illinois. . By unanimous vote, Mr. Phillip P. Piton was appointed on a temporary basis for an indefinite period as an examiner to examine Federal Reserve Banks, member banks of the Federal Reserve System, and corporations operating under the provi— sions of sections 25 and 25(a) of the 364 3/4/44 -2Federal Reserve Act, for all purposes of the Federal Reserve Act and of all other acts of Congress pertaining to examinations made by, for, or under the direction of the Board of Governors of the Federal Reserve System, and was designated as an Assistant Federal Reserve Examiner, with official headquarters at Chicago, Illinois, and with basic salary at the rate of t2,700 per annum, all effective as of the date upon which he enters upon the performance of his duties after having passed satisfactorily the usual Physical examination. Netor Memorandum dated February 25, 1944, from Mr. Goldenweiser, Dithe Division of Research and Statistics, recommending (1) that If411.8. Louise E. Leverton, a clerk-stenographer in that Division 1111° ha 8 been on maternity leave since October 1, 1943, be granted ad- Nyt "leave without pay for the period March 1 to 31, 1944, incluit being understood that during her leave without pay she will the Contributions to the retirement system but that she will pay sive, 4cictiti0nal contribution to continue the death benefits in force, a.lid (2) that she be reemployed as a clerk-stenographer in the Division Of 11 h, "earch and Statistics, with no change in her present basic salary the rate of 1t2,100 per annum, effective April 1, 1944. Approved unanimously. the A Letter prepared for the signature of Mr. Leonard, Chairman of P. ? ellc:f Committee on Deferment of Government Employees, to Mr. Edgar 147ear, Chairman, Review Committee, Deferment of Government Em4e0a , ''Jar Manpower Commission, reading as follows: 365 3/4/44 -34., "Under the provisions of Section IV, 1-b, of Execu: :q-ye Order 9309, the Agency Committee submits herewith in Pli.cate, a request for the deferment for six months from arch 30, 1944, of Mr. J. Burke Knapp, Assistant Head of the _ l , i --ernational Section of the Board's Division of Research and St atistics. " expanded work both for the War Department and the State" nate Department, referred to in our letter of September 11, to the Review Committee, has continued at an increased Pace, In addition, the collaboration of our International se ine'lon has been requested by the Military Government Division mil,further phase of the work for the War Department. The tZtarY Government Division is starting the preparation of trdee l for Military Government personnel specializing in inseal and financial operations. These are designed to assist ,ting up a procedure for meeting some of the major prob: et lem hi.s- that will have to be faced in the field. By reason of erv, Proven capacity, his excellent judgment, and his experiraerr within the Federal Reserve and with the Military Govern04 in particular, Mr. Knapp is uniquely fitted to carry beer!further phase of the Military Government job. He has directly in charge of the work of our International Secmeri! f?r the Military Government Division of the 4ar Depart'. 1.nce its inception. tio , „ Mr• Knapp's qualifications for his work in the InternaSection are unique. Following graduation from college at 0933, where he majored in economics, he was a Rhodes Scholar t]al tc)rd University in England for three years and then for Years was associated with an international banking firm Bo l:'g in the Berlin and London offices. He has been in the 8 International Section since February 1940, when he re' ttirri ed tram Europe. whom :In the circumstances, Mr. Knapp is truly a necessary man, No.” woula be exceedingly difficult, if not impossible, to ace at this time.” Approved unanimously. Secretary's note: At the meeting of the Board on March 10, 1944, Mr. McKee asked that he be recorded as not being in favor of the above action. oth Letter to Mr. Hill, Vice President of the Federal Reserve Bank 1Phia, reading as follows: "In aceordance with the request contained in your letr of r ebruary 29, 1944, the Board approves the designation (?",f-'0 3/4/44 -4"of the following as special assistant examiners for the Federal Reserve Bank of Philadelphia: Wm. H. Crozier, Jr. J. Donald Einchell Jean B. Frederick Arthur E. Walker Samuel G. MacTague John Y. Allan Florence Orrell Ruth A. Cooper Eugene R. Pomendale Andrew R. Smith J John C. Veghte" Approved unanimously. Letter to Mr. Stewart, Vice President of the Federal Reserve of St. Louis, reading as follows: be "The Board of Governors approves, effective Decembi 27, 1943, the change in the personnel classification ils-n of the Federal Reserve Bank of St. Louis, involving aue reestablishment or the position of Teletype Operator, e submitted with your letter of February 28, 1944. of "Although the page submitted covering the position yo TeletYpe Operator is unnumbered, it is referred to in t,.ur letter as page No. 131. This places the page in s.me order it occupi ed in the plan before the elixirth4tlon of the Transfer-Telegraph Department, and for Dee Purpose of placing it under the Collection-Transfer 11.13 rtment in the same order that is indicated in the 318 .1 c)f employees submitted with your letter of January 1-41 4-944, the page has been tentatively numbered 54-B. r advice in this connection will be appreciated." Approved unanimously. Letter to the board of directors of the "Bank of Ripley ", West Virginia, stating that, subject to conditions of member1 to 3 contained in the Board's Regulation H, the Board 13131'0'1es the bank's application for membership in the Federal Reserve te end for the appropriate amount of stock in the Federal Reserve 41kor Richmond. 367 3/4/44 —5— Approved unanimously, for transmis— sion through the Federal Reserve Bank of Richmond. Letter to "The First National Bank of Windsor", Windsor, Colorado, ' 441g as follows: "This refers to the resolution adopted on August 1943, by the board of directors of your bank, signify1g the bank's desire to surrender its right to exercise du ciarY powers heretofore granted to it. „ The Board, understanding that your bank has been '4!-scharged or otherwise properly relieved in accordance With the law of all of its duties as fiduciary, has is— foal certificate to your bank certifying that c4 le no longer authorized to exercise any of the fidu— o-rry powers covered by the provisions of section 11(k) the Federal Reserve Act, as amended. This certificate is enclosed herewith. fa "In this connection, your attention is called to the that, under the provisions of section 11(k) of the ' hil eral Reserve Act, as amended, when such a certificate Re8 been issued by the Board of Governors of the Federal 40e.?rve System to a national bank, such bank (1) shall of tonger be subject to the provisions of section 11(k) ct Federal Reserve Act or the regulations of the Board th' 20vernors of the Federal Reserve System made pursuant a:et°, (2) shall be entitled to have returned to it or" e?Ilrities which it may have deposited with the State co 31-Misr authorities for the protection of private or c_Urt trusts, and (3) shall not exercise any of the powers ex utlferred by section 11(k) of the Federal Reserve Act thc%It with the permission of the Board of Governors of e r ederal Reserve System." 44. Approved unanimously. Thereupon the meeting adjourned. Chairman.
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