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795 A meeting of the Board of Governors of the Federal Reserve S‘'Istem was held in Washington on Wednesday, May 16, 1945, at 10:30 8..ra. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder 1 a-4 Reserve System held on May 15, 1945, were approved unanimously. Memorandum dated May 10, 1945, from Mr. Parry, Director of the Division of Security Loans, recommending that the title of Miss Lucille Barnett be changed from clerk to research assistant in that 1)ilerisi°r1 and that her basic salary be increased from $2,200 to $2,400 Per, a. 'II; effective at the beginning of the first pay roll period r°110wine, approval by the Board. roved unanimously, effective May 1410 ,. 16, 11,13 Memorandum dated May 10, 1945, from Mr. Parry, Director of the. Di 71sion of Security Loans, recommending that the basic salary t °tto H • Branic, a messenger in that Division, be increased from 5/16/45 -2- e1,500 to $1,560 per annum. oved unanimously, effective May 16, 19 1 7 Memorandum dated May 14, 1945, from Mr. Leonard, Director of the n4-, -4-vJ-sion of Personnel Administration, recommending that the fol1011ing increases in basic annual salaries of employees in that Divisi°r1 be approved, effective at the beginning of the pay roll period following approval by the Board: a rae Designation L. trttne A. Underwood Moore borothy M. shock Leave Clerk Clerk-Stenographer Secretary to Mr. Leonard Salary Increase From To $1,620 2,040 2,500 $1,740 2,160 2,700 Approved unanimously, effective May 16, 1945. Letter to the Federal Reserve Agents at a11 the Federal Re8erve 4'anks reading as follows: "In its letter of February 9, 1945, the Board rethe views of the Federal Reserve Agents and the PresiA ---ents of the Federal Reserve Banks with respect to Proposed discontinuance of the individual surety bonds pe ecpired by the Board of Federal Reserve Agents, Assistant ' eral Reserve Agents, Alternate Assistant Federal Resere vi eer Agents, and Federal Reserve Agent's Representatives. hi'e one of the Federal Reserve Banks has suggested certai corril practical and legal questions for consideration in coc,tion with the proposal, these questions had been 1 -tered by the Board before writing its letter of Pel;11" and arY 9, and all of the other Federal Reserve Banks haveall Federal Reserve Agents' offices, except one, tin advised that they see no objection to the disconwhotee of the bonds. The one Federal Reserve Agent " d not reply is away from the Bank on a special 5/16/45 -3--. • assignment for the Government and will not return for some time. "Careful consideration has been given to the replies, and inasmuch as the existing bankers' blanket bonds in effect at the Federal Reserve Banks afford protection to the United States which as a practical matter is generally equivalent to that provided by the surety bonds, the Board of Governors has decided that it no longer will require individual surety bonds of the Federal Reserve Agents and their assistants. ."In order that your Bank may obtain refunds on the premiums on outstanding bonds, the Board is prepared to address letters to the bonding companies releasing such companies from obligation on such bonds for any acts committed by the respective principals named therein subsequent to May 31, 1945. Therefore, it will be appreciated if, in accordance with the procedure followed in i fle past, you will advise whether there is any objection t'o the release of the bonds covering yourself and your assistants as of that date." Approved unanimously, together with the following letter to the Presidents of all the Federal Reserve Banks: "For your information, there is enclosed a copy of explanatory letter which is being sent to the Fed'' 0 1 1 Reserve Agents at all of the Federal Reserve Banks boclaY with respect to the discontinuance of the surety nds of the Federal Reserve Agents and their assistants." a self --- Letter to Mr. Sproul, President of the Federal Reserve Bank of 11%7 yo-, 11C, reading as follows: 0 , "Enclosed you will find a draft of informal minutes conference on May 4 that you, M. Williams, and a d 4noke attended here in the Board's offices and also : :t of a letter embodying the understanding we agreed 011 4.1 your ' 4 1' You find that either needs corrections to meet the °11/1 understanding of the arrangement or to improve w°rding, please indicate it. If the text of the letter 798 5116/45 —4— covers the matter satisfactorily, it will be submitted to the Board for approval and sent you formally." Approved unanimously. Thereupon the meeting adjourned. Approv
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