The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
799 A meeting of the Board of Governors of the Federal Reserve sYStem was held in Washington on Saturday, May 20, 1944, at 11:00 a.m. PRESENT: Mr. Ur. Mr. Mr. Szymczak McKee 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 herein8Aer re ferred to was taken by the Board: Neral rt"ttaky. The minutes of the meeting of the Board of Governors of the Reserve System held on May 19, 1944, were approved unani- Letter to the Civil Service Commission reading as follows: or (I "Miss Judith Fishburn, a former employee of the Board thaovernors of the Federal Reserve System, has advised us „ she desires to be accorded a classified Civil Service ci et' ;ue Under the provisions of Civil Service Departmental cular No, 457. 4ors "lase Fishburn was an employee of the Board of Goverto mac/f the Federal Reserve System from September 20, 1939 the („ : 1 ch 23, 1943, and employees of the Board are not under Rese-saseified Civil Service. She was in the Division of 19424"h and Statistics from September 1939 through June istr :Jhere she performed personnel work and other admintransflve work Within the Division. Miss Fishburn was trati -rred to the Board's Division of Personnel Adminisc°n in July 1942, at the time the Division was organized, reel.,:ntinued in personnel work, particularly interviewing, weli:j"ting, and administrative work as Itritari,She was aplacement, with some capable member of the staff, and was vol;'Y separated by resignation as of March 23, 1943. toiao Mi88 Fishburn has informed us that she was on the g regi sters—Junior Professional Assistant as of 800 5141 / 44 -2"414. 1939, Junior Personnel Assistant as of January 1942, : ' 4 Personnel Assistant as of June 1942, and that her name 7's c ertified by the Commission to several Government agencies during the time she was at the Board. "Miss Fishburn's record at the Board of Governors is :-"cleether favorable and we would be glad to see her accorded ' classified status if the facts as stated above permit the grant ing of such status. Vise Fishburn has furnished us with Forms 124, 2413 a' 2390, which are enclosed." "'"t 1 ,, : 11 4 44. Approved unanimously. Letter to Transamerica Corporation, San Francisco, California, readl„ , tg as follows: re "The Board has received your letter of May 9, 1944, in 01,81)°nee to its letter of April 19, 1944, in which it reIce ested that the examiners be given access to the books and ords of Pacific Coast Mortgage Company. er "The Board has noted particularly the underscored efth:" in the letter to a 'statement of purported facts'; It- 4urther reference that it would not seem to be necessary th° P°1ht out many inaccuracies among the facts stated in whei letter, nor to indicate other facts which are pertinent th„,1! have been Omitted?; and finally the reference thab e;ociard should 'not consider that the statement which has Ta?ted is accepted by us as correct'. tact„ 8 ce the Board is interested in ascertaining the spec .lt requests that Transamerica Corporation advise it raci:'3 .-eal1Y which and in what respects the recitals of dee ' ln the Board's communication of April 19, 1944 are whirmhY it to be inaccurate, as well as such other facts whi„ Iransamerica Corporation deems are pertinent but '-11 Were omitted." Approved unanimously, together with the f°110wing letter to Mr. Clerk, First Vice Pr esident of the Federal Reserve Bank of San Francisco: ericialceiPt is acknowledged of your letter of May 9, 1944) aker;'4-"g the letter of the same date addressed by Trans"iton to the Board. re8,, will be appreciated if you will cause the enclosed arici"nee to T ransamerica Corporation to be delivered to it 61dvise the Board when you have done so." 801 —3— Telegram to the Presidents of all the Federal Reserve Banks reading as follows: ."Re S-758 enclosing form of notice of Guarantor's ob— jection to renewal of any obligation under 1942 form of grai:Itee agreement, Ma-, Navy, and Maritime Commission have informally advised that the words 'final maturity date' ref r, to final maturity of the credit as indicated in the -Loan a greement rather than the maturity date of any partic— ular notes." Approved unanimously, together with letters to Colonel Paul Cleveland of the War Department, Mr. William A. Coolidge of the Navy Department, and Lieutenant B. B. Griffith of the United States Maritime Commission transmitting copies of the above telegram for their information. Telegram to the Presidents of all the Federal Reserve Banks rea•cp,_ -411.g as follows: of dr : 141,,ferring my confidential letter May 18 enclosing copy of Bank Holding Company bill we have been informed tocia- ' Congressman Patman that he has decided not to intro— ill at this time because in consultation with the he is advised that the Treasury feels that introduc— Ths ; e°r the bill would interfere with Treasury financing. confidential." 4're please continue to keep bill entirely Approved unanimously. Let ter to Mr. Young, President of the Federal Reserve Bank of $ reading as follows: yoia ,"This refers to your letter of May 10 advising us of ere;Plans to complete Vault #4, which you state will in— % your present vault capacity by about 33 per cent. Nith In view of the statements contained in your letter Boardreepect to the necessity for this vault space, the pro . will interpose no objection to an expenditure of ap— torximately • this pur 0 2 e: 2 , the estimate given in your letter, 00 Approved unanimously. 802 -4Letter to Mr. F. J. Bailey, Assistant Director, Legislative Reference, Bureau of the Budget, reading as follows: "This refers to your letter of May 5, 1944, requesting an expression of the Board's views with respect to a Proposed report of the Department of Agriculture on the 1:i1Vrough .1 H. ' R 4384 'To provide credit service to farmers au expansion of the powers of the Famers' Home orporation and abolish the Farm Security Administration _ Catld the R egional Agricultural Credit Corporation', a copy ui whch was enclosed with your letter. , e You are advised that the Board has no objection to 'in submission of the proposed report of the Department of Agriculture." Approved, Mr. McKee not voting. Memorandum dated May 15, 1944, from Mr. Smead, Director of the 41111i°n of Bank Operations, recommending, principally because of manProblems at the reporting banks, that beginning with the week 144 21-27, 1944, the Board's weekly statement of "Condition of Weekly 41)(311'14g Member Banks in Central Reserve Cities" be released on Friday 4ttern°°1.18, instead of Thursday afternoons as at present, and that the 1714414 sta tement of "Condition of Weekly Reporting Member Banks in Lea.cling Cities" be issued on Tuesday afternoons, instead of on Monday 4tternoons as at present. The memorandum stated that the figures in thetiketatemerits would continue to show the condition of the reporting h4 -848 of the close of business on Wednesday and that no change was chtiter4P14ted in the time of release of the weekly condition statement c)tPedera1 Reserve Banks which was issued on Thursday afternoons. In P°8t8eript, to the memorandum, the it was stated that President Sproul of New York Bank had told Mr. Thurston that he would like to discuss 803 511 /44 -5- the release of figures for central reserve cities with newspaper correePondents in New York City, and authority was requested to fix the effective date of the proposed change after hearing further from Mr. 8Proul. In a memorandum of this date from Mr. Horbett, Assistant Di- l'ct°1 'of the Division of Bank Operations, it was stated that Mr. 11111re —°11 had talked with Mr. Sproul this morning and that, in view of the ll'eullistanoes mentioned in the memorandum, it had been suggested thEt the best thing to do was to announce today that the weekly conClItion 4. - suateme-, ",-, of all reporting member banks in leading cities would tlitile Iled on Tuesday afternoons beginning next week, instead of on 404o— ''''Y afternoons as heretofore, and to leave the question whether there should be any change in the time of release of the weekly con44,, statement of reporting member banks in New York City and Chi— or later consideration etatect t and determination. The memorandum hat Governor Evans, who had been advised accordingly, had approvea this procedure on behalf of the Board. Attached to the memo1'411(1141 w 48 an announcement for immediate release to the press with reePeet to this change and the following telegram to the Presidents of ' 11 the Federal Reserve Banks: 4tio , next week, Board's weekly statement orCon will of Weekly Reporting Member Banks in Leading Cities' lgo4L°e issued on Tuesdays around 3:00 p.m., instead of on Thi8 Ye around 4."0n A ) p.m. Announcement made to press today. Probiehange is being made principally because of manpower ems at reporting banks. New release date will also 804 5/4/44 -6- "give Federal Reserve Banks more time to summarize the re— torts. The figures should be dispatched in time to reach Board as early as practicable on Monday of each week." Approved unanimously, together with the following letter to Mr. Wheeler, Di— rector of Research of the Federal Reserve Bank of San Francisco: 4 "This refers to your telegrams of May 11 and 12, advi— tine that arrangements have been made with the Bank of America Wej: e ! .f S. As, San Francisco, to resume the reporting of 416 't4e-Y figures in weekly condition reports, Form F. R. u n eginni as of May 17. all There enclosed a copy of a telegram sent today to Federal Reserve Banks, from which you will note that they have co.been asked to dispatch their summary weekly member bank thncb-tlon figures as early as practicable each Monday. In c e of your Bank, if there should be an unavoidablede— bey is requested that the report be dispatched to Chicago th:re,. : 5 43ur Bank closes on Monday, for relay to Washington 4o4lowing morning." Thereupon the meeting adjourned. APProvea:
@FedFRASER