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769 A meeting of the Board of Governors of the Federal Reserve SYsterawa held in Washington on Monday, May 14, 1945, at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymozak McKee Draper Evans Yr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pede-_, Reserve System held on May 11, 1945, were approved unanimously. Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve tank of Chicago, reading as follows: "The Board of Governors approves the change in the !!reonnel classification plan of the Federal Reserve Bank Chicago, involving an increase in the maximum annual Salary for the position of Window Washer, as submitted with your letter of May 8, 1945." Approved unanimously. Letter to Mr. Gentry, First Vice President of the Federal Ree a Bank of Dallas, reading as follows: t4 _ "The Board of Governors approves the payment of overLVe retroactively to conform to the standards of the Fair 167r Standards Act as proposed in your letter of April 14a. 1945 as supplemented and modified by your letter of 8, 1945, ate "The Board also notes without objection the other 1.er138 Proposed to be taken to correct the other violations to erred to in your letter. The only proposals which seem '1.3e any question are the policy with respect to travel: in 2 engoloyees and the proposal for the creation of a pay ' 770 5/14/45 -2- "roll lag in order that overtime may be paid on the pay day for the pay roll period in which the overtime was Worked. It is believed that in these cases the Bank should use its best judgment in the light of views of the Wage and Hour authorities and advice of legal counsel for the Bank." Approved unanimously. Letter to the "North Philadelphia Trust Company", Philadelphia, Pennsylvania, reading as follows: "The Board is glad to learn that you have completed n. arrangements for the admission of your bank to memershiP in the Federal Reserve System and takes pleasure la transmitting herewith a formal certificate of your m embership. . "It will be appreciated if you will acknowledge recelpt of this certificate." t Approved unanimously. Letter dated May 12, 1945, to the Presidents of all the Federal Res erve , Bdnics reading as follows: "There is enclosed a copy of a memorandum received f ,ratal the Navy Department, dated May 9, 1945, signed by '1:ommander Donald P. Welles, Chief of Finance Division, ileig!rding claims for interest on terminated contracts ti 'hose cases when interest has been waived under Secon 6 of the 1942 and 1943 forms of guarantee agreeraent. to this memorandum is a copy of the form set ., f"Attached orth in JTR 966.1 and of the instructions set forth JTR 966.2." Approved unanimously. 771 5/14/45 Thereupon the meeting adjourned. A PProve 1 1• Chairman. 1
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