The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1491 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Tuesday, Octo ber 12, 1943, at 11:00 a.mPRESENT: Mr. Mr. Hr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Hr. 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 hereinafter referred to was take n by the Board: The minutes of the meeting of the Board of Gove rnors of the Federal Reserve System held on Octo ber 11, 1943, were approved unanimously. Memorandum dated October 9, 1943, from Mr. Morrill, recommen ding that Miss Dorothy McGough be appointed as a stenographer in the Secretary's Office on a temporary basis for a period of not to exceed three months, with basic salary at the rate of $1,620 per annum, effective as of the date upon which she enters upon the performance of her duties afte r having passed satisfactorily the usual physical examination. Approved unanimously. Memorandum dated October 9, 1943, from Mr. Morr ill, recommending that Miss Beverly J. Davey be appointed as a stenographer in the 1492 10/12/43 -2- Secretary's Office, with basic salary at the rate of ,.1,560 per annum, effective as of the date upon whi ch she enters upon the performance of her duties after hav ing passed satisfactorily the usual physical examination. Approved unanimously. Memoranda dated October 7, 1943, from Mr. Gol denweiser, Director of the Divisi on of Research and Statistics, recommending that the following increases in basic annual salaries of employ ees in that Division be approved, effect ive October 16, 1943: Name Mrs. Mrs. Mrs. Miss Mrs. Designation Doris Plass Warner Elizabeth B. Sette Alice D. Mullins Belle Weissberg Mary F. Weaver Junior Economist Economic Assistant Clerk Clerk Clerk Salary Increase From To 2,200 2,200 1,800 1,680 1,620 2,400 2,400 1,920 1,800 1,740 Approved unanimously. Memorandum dated October 7, 194 3, from Mr. Morrill, recommending that the following increases in basic annual salaries of junior file clerks in the Secretary's Office be approved, effective October 16, 1943: Name Berry, Marjorie V. Holden, Yeunice K. Underwood, Evelyn L. Breeden, Virginia C. Corcoran, Ruby C. Hatch, Cora Lee Simpson, Evelyn L. Lerch, Lillie B. Simpson, Hazel Lee Salary Increase From To S1,440 1,440 1,440 1,560 1,560 1,560 1,560 1,560 1,620 $1,560 1,560 1,560 1,620 1,620 1,620 1,620 1,680 1,680 1493 10/12/43 -3Salary Increase From To (Continued) Andrews, Ruby S. Jones, M. Elizabeth $1,740 1,680 $1,800 1,800 The memorandum also recommended that the temporary appointment of Miss Meunice K. Holden be made permanent, effective October 16, 1943. Approved unanimously. Memorandum dated October 7, 1943, from Mr. Morrill, recommending that the following increases in basic annual salaries of employees in the Secretary's Office be approved, effective October 16, 1943: Name Designation Beach, Ida M. Dertolini, Madalena Cooke, Clara Ray Corbin, Sarah F. Enrico, Mary J. Mock, Clara Rogers, Dorotlly Shelton, Lula Mae Spicer, Libbie L. Steiner, Almeda Sunderman, Ethel M. Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Charwoman Somers, Ruth Smith, Dora Bates, Thomas Herrmann, Violet Myers, William Taylor, Harry Tull, Winnie Wright, Eva Gill, Katie Simms, John R. Clerk Junior Supervisor Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Cafeteria Helper Approved unanimously. Salary Increase From To $1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 $1,260 1,260 1,260 1,260 1,260 1,260 1,260 1,260 1,260 1,260 1,260 1,680 1,500 1,260 1,260 1,260 1,260 1,260 1,260 1,200 1,200 1,740 1,560 1,320 1,380 1,320 1,320 1,380 1,380 1,260 1,260 1494 10/12/43 -4- Memoranda of this date from Mr. Morrill, submitting the resignations of Richard M. Bramhall and Mrs. Isabe lle S. Zimmerli as cafeteria helpers in the Secretary's Offic e, to become effective as of the close of business on Octob er 6 and October 15, 1943, respectively, and recommending that the resig nations be accepted as of those dates, with the understanding that appro priate deduction would be made from Mrs. Zimmerli's salar y for 5 days, 3 hours, and 10 minutes of unearned annual leave . The resignations were accepted. Letter to Mr. Charles H. Elmendorf, Managing Editor of the Kelley Blue Book, Los Angel es, California, reading as follows: "On August 12 we wrote you that we would undertake a study of the price movement of used cars in the Southwest and advise you whether or not we would designate the Kelley Used Car Guide Book for use in that area for purposes of Regulation W. At that time we belie ved that a statistical study of actual used car prices and an analysis of market conditions would affor d us a basis for an answer. Frankly, the statistical data we have been able to colle ct is not ample and is not conclusive in eithe direc tion. r "In deciding against granting your request, however, we have been influenced more by general considerations than by the present market situation. The designatio ns were based on the criterion that the book be so prepared that it reflect market prices in a particular secti on of the country. Books were designated for larger areas only when the method of determining prices resulted in figur es that would not be high in any part of the area. "It does not seem to us that your proposal meets these tests. Prices in the various sections are subject to influences which chang e from time to time, sometimes very rapidly. In the past, Texas prices have not been as high as those on the Pacific Coast. It may be that 1495 10/12/43 -5- "there are some sales today at prices that are as high, but how long that situation will continue is not dete rminable. We feel that there is nothing to indicate that prices in Texas and on the Pacific Coast will continue to move together for an extended period. Furtherm ore, it is not to be expected that you would want to set the prices in your book at the Texas level if pric es in Texas were lower. "In short, it does not appear advisable to us to change our basis for designations on the strength of conditions that may be temporary." Approved unanimously. Letter to Mr. Harry B. Mitchell, President of the Unit ed States Civil Service Commission, read ing as follows: "The Board has asked me to acknowledge receipt of your letter of October 4, 1943 in rega rd to the proposed amendment to the Retirement System of the Fede ral Reserve Banks with respect to the employees of the Board of Governors, and to thank you for the consideration whic h you have given to the Board's situatio n in this connection." Approved unanimously. Memorandum dated October 7, 1943, from Mr. Paulger, Chief of the Division of Examinations, recommending, in view of the material advances in hotel rates and food prices in New York City and the fact that concessions on weekly rates could not be obtained as in former years, that the per diem allo wance for the examiners and assistant examiners on the Board's road force who participate in the next examination of the Fede ral Reserve Bank of New York be increased from 6 to during the period they are in New York in connection with such examination. Approved unanimously. 1496 10/12/43 -6- Letter to Honorable D. w. Bell, Under Secretar y of the Treasury, reading as follows: "Referring to my letter of October 5, Mr. Kenn edy of the Board's staff expects to attend part of the sessions of the Fiscal Agency Conference to be held in Chicago October 18 - 23. He will arri ve in Chicago on Wednesday morning, October 20." Approved unanimously. Thereupon the meeting adjourned. Secretary.
@FedFRASER