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778 A meeting of the Board of Governors of the Federal Reserve 8Ystem was held in Washington on Tuesday, Ma7 16, 1944, at 11:00 a.m. PRESENT: Mr. McKee Mr. Draper Mr. Evans Mr. Mr. Mr. Mr. The Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman action stated with resoect to each of the matters herein- eNr referred to was taken by the Board: Memorandum dated May 10, 1944, from Mr. Smead, Director of the kvision of Bank Operations, recommending that John DeLaMater, supervisor of service functions in that Division, who reached the retirement Of 65 on January 30, 1942, and whose retention in active service 11111'41 June 30, 1944, had previously been approved by the Board, be ret441ed in the active service of the Board at his present basic salary °t $4,000 per annum for an additional period of six months beginning jillY 11 1944, With the continued understanding that payment of his l'etiNrilent allowance will be suspended until the termination of his er4Ployment in accordance with the terms of the resolution adopted by the Retirement Committee on November 28, 1942. Approved unanimously. Of MeMoranda dated May 12, 1944, from Mr. Goldenweiser, Director the tivi 10Wk4e . , in sion of Research and Statistics, recommending that the fol- creases in basic annual salaries of employees in that Division 779 5/16/4 -2- be approved, effective Ma,- 16, 1944: Name DesiPnation 14rs. Doris Plass Warner Ilre. El izabeth R. Sette Junior Economst Economic Assistant Salary Increase From _To _ $2,400 2,/,00 2,600 Anproved unanimously. tlm Memorandum dated May 13, 1904, from Mr. Morrill recommendinP: the bas3c salary of Howard W. Stull, a mard in the Secrets/r's Orr; 'ce, be increased from A1,560 to A1,620 per annum, effective May 16, Approved unanimously. Memorandum dated May 1 5: 1904, from Mr. Morrill recommendinp: (1) t hat Mrs. Carrie B. Sanford, a tel operator in the Secretary's Offi ce, be granted an extension for the period May 16 to May 31, 1944, thcltisivp, ' r f the leave without pay previ7-1sly granted her because of 1-11 nes and (2) that the Board authorize the continuation of her death berieftt 1-17-surance with the understandinF that she will make appropriate c°11tributions therefor. Approved unanimously. the of t Memorandum dated May 13, 1944, from Mr. Leonard, Director of Divis. " 1 of Personnel Administration, submitting the resignation • Pauszek as stenorfrarher in Governor Draper's office, effective as of the close of business on May 31, 1944, and ding that the resimiation he accerted es of that date, it being 780 5/16/44 —3— understood that appropriate dednction will be made for unearned leave ta411 bY Mrs• Pauszek. The resignation was accepted as recommended. Letter to Mr. Gidney, Vice President of the Federal Reserve Bank Of New York, reading as follows: "In accordance with the request contained in your lett er of May 11, 194/ the_ Board approves the appoint— nients of Herman J. Drenning William M. Nisham, at present ..;ressnt assistant examiners, as examiners for the Fed- 84- Reserve ' Bank of New York, the appointment of as nk,— Donald G. Boyd g-11 assistant examiner, and the designation of Walter L. Freund F. Sanford McCarthy, Jr. John D. Newhouse 48 slpeci I date ' a-L. assistant examiners. Please advise us of the the uPell Which the appointments of the examiners and assistant examiner become effective." Approved unanimously. Letter to Mr. Meyer, Assistant Cashier of the Federal Reserve 4114t of Chicago, reading as follows: the "The Board of Governors approves the changes in Bazteersonnel classification plan of the Federal Reserve eiti of Chicago, involving the establishment of two po— one ' °fla and a change in the description of duties for optit ay tletn11 ] 91) 4 Department, 7 as subtted submitted with Yollrlselttri rer„,4 Since one copy of each Form A page is all that is pae -l'red for our records the duplicate copies of the es submitted with you; letter are being returned." Approved unanimously. 781 5116/44 -L- Letter to the "American Bank and Trust Company", Racine, sccal04_ reading as follows: 1 "The Board is glad to learn that you have completed ; " - 1- arrangements for the admission of your bank to the h:deral -revrithReserve System and takes pleasure in transmitting a formal certificate of your membership. _ "It will be appreciated if you will acknowledge receipt of this certificate." Approved unanimously. Letter to Mr. Fletcher, Vice President of the Federal Reserve Of r '1.elieland, reading as follows: tr "Reference is made to your letter of May 4, 1944 with favorable recommendation, a request ofansnlittin', f The Union Bank of Commerce Company, Cleveland, Ohio, or Pernission to reduce its capital by ft/A70,000 in order bv rT”'ire 4,700 shares which were turned over to the bank '1110n Properties, Inc. It is understood that none of the released capital rill be raid to stockholders but that al:ount of the reduction will be added to surplus. in in view of the circumstances involved, the Board, l det1,?cordance with your recommendation, approves the re18 , 2 1 n of A470,000 in capital, nrovided the transaction cou-pProved by. the appropriate State authorities and your " el is Satisfied withthe legal aspects involved." Approved unanimously. Letter to Mr. i Gdney, Vice President of the Federal Reserve 44111t of New York, reading as follows: 1944 "4ith further reference to your letter of May 2, of relating to the desire of The First National Bank yorL'eaesntville (in liauidation), Pleasantville, New to We surrender its right to exercise trust powers, ellrualre been advised by the Deputy Comptroller of the necrenclr that his office will have no objection to the "earY i nvestigation being made by an examiner for 782 5/16/44 "the Federal Reserve Bank of New to develop the inormation required by the Board as a prereouisite to the ! euanoe of a formal certificate terminating the right a cl the bank to exercise trust powers. Therefore, please ratige to have one of your examiners make an investigai4-on of the trust department records of the national bank hral order to determine whether it appears that the bank ifs ever undertaken to act in any fiduciary capacity, and, t.„ SO)Whether in the case of each trust accepted or underc"cen it appears from the bank's records: (1) That all assets and papers belonging to the trust estate have been delivered by the bank to the person or persons entitled to receive them; and (2) That the duties of the bank as fiduciary have been has been completely performed and that the bank discharged or otherwise properly relieved of all its duties as fiduciary." f j Approved unanimously. the tis:emorandum dated May 12, 1944, from Mr. Leonard, Director of vlsion of Personnel Administration, recommending that the policy aclopt ed by the Board on July 23, 1943, with respect to the restrictions on ann 118 ' 1 leave for its employees during wartime be modified as set the following memorandum addressed to all employees: Nth in the "The Board's leave regulations provide that, with or oatyProval of the head or an assistant head of a division tizesfice, annual leave may be granted at such time or ejvjj QT QfQQaditig2n_Df_thP woric Q ", 14'auLt. war,, n the interest of conserving manpower, because of IlseIle conditions, the following policy regarding the on leave apply until otherwise ordered. rect .The major change from the policy heretofore in efeatioll ,s the , provision with respect to travel time for valeavp-- rormerly some allowance for additional travel - was permissible in case it was necessary to travel 783 51(14/44 -6- unusual distances to make a visit home. The vacation Period is for rest, recreation, and recuperation, and in ( der that the vacation may be of the greatest benefit tTue limitation has been modified so as to permit a 15c41endar-day vacation with reasonable allowance, in addi°11, for necessary travel time to and from the place of vacation, t Le "1. Extended vacation leave during a calendar year is limited to 15 calendar days, excluding travel time, unless the first or last day of the annual leave is observed as a holiday, In which case the extended vacation leave may run for 16 days. "In case travel time is requested for vacation, the application for leave should include a notation as to the amount of travel time requested and the destination. In order to avoid any misunderstanding or inconvenience, it is suggested that reauests for travel time be taken 1110 with the appropriate office before definite Plans are made'or.the application for leave is filed. "Because of the difficulties of obtaining transportation, employees are cautioned about the necessity of making arrangements in advance for return transportation. "2. Other annual leave in shorter periods may be granted from time to time provided that the total annual leave taken during the calendar Year does not exceed 26 work days (or a proportionate lesser number in the case of employees w were employed subsequent to January 1 of ,,the current year). IL MEOILtegid.Prj.or to JanuazEj. '3. Employees with annual leave accumulated from Prior years may take not to exceed eight hours, annual leave a month in anounts of four hours4 or less at a time, without reference to he limit of 26 days referred to in paragraph when such leave is taken separately from Other annual leave. Such leave shall be charged ,,to accumulated leave. to Exsalant lIndue Hardsh5.; "4. If an exception to the foregoing policy i8 considered necessary in order to prevent undue 784 5/16/44 -7"hardship or to meet an unusual situation, the matter will be considered by the Board's Personnel Committee on application of an emplo7ee to his or her division or office head for transmittal and recommendation to the Division of !:ersonnel Administration. Defe As a war measure, the Director of the Office of nse Transportation has requested that all annual leaves w_nlch involve travel be spaced throughout the year, except 1e r,orhe period December 15-January 15, when it has been bequested that holiday travel be avoided. It has also tr "requested that vacations be so arranged that any Thiarlfsl involved begin and end on Tuesday, Wednesday, or gsdalY so far as possible. It is expected that leave invar lng public transportation will be arranged accordti ThelyThe Memorandum also recommended that the special provisions rith respect t° the use of accumulated leave by priards, charwomen, and laborers, as approved by the Board on July 23, 1943, be continued without change. The s tatement was also contained in the memorandum that, if the 41)°Ire recoMmendations were approved, Mr. Leonard would send to the %talon he a supplemental memorandum relating to what could be rege'rcled as travel time. Approved unanimously. Thereupon the meeting adjourned. ---62gStAefe-hj-Secretary. APProyeci: Member.