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1509 A meeting of the Board of Governors of the Federal Reserve 8telll was held in Tashington on Thursday, September 20, 1945, at 10:30 est. PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Szymczak Mr. McKee Mr. Draper Mr. Evans Mr. Hammond, Assistant Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters hereinafter 4terred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fede1ltv Reserve System held on September 19, 1945, were approved unanimously. Memorandum dated September 11, 1945, from. Mr. Thomas, Director or Division of Research and Statistics, recommending that Henry Hilgard •11i„ "rd be appointed as an Economist in that Division on a temporary basis tor , ' Period of not to exceed one year with salary at the rate of $7,175 411111m, effective as of the date upon which he enters upon the perform3tiee Qf his duties after having passed the usual physical examination. The Ilirtb31 '13-clum. stated that Mr. 'Villard was a member of the Civil Service Re% enient System and would remain in that system. Approved, Mr. McKee not voting. Telegram to the Presidents of all the Federal Reserve Banks readfollows: 9/20/45 —2— "Board does not contemplate making an autumn call for condition reports upon State member banks. You may so advise State banking departments for their confidential information. Understand Comptroller's office has ad— vised them that no such call for reports upon national banks is contemplated." Approved unanimously. Letter to Mr. Rounds, First Vice President of the Federal Re— 8 „ erirz Bank of New York, reading as follows: "The Board of Governors approves the changes in the Personnel classification plan of the Federal Reserve Bank of New York, involving the establishment of three new po— sitions and an increase in the maximum for one position, as submitted with your letter of September 17, 1945." Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of -chmond, reading as follows: "The Board of Governors approves payment of salaries to the following officers of the Federal Reserve Bank of Richmond for the period September 16, 1945, to May 31, 1946, inclusive, at the rates indicated, which are the rates fixed by the Board of Directors as reported in your letter of September 13, 1945: Annual Salary Name Title C. L. Guthrie Vice President t91000 C. B. Strathy Vice President 9,000 J. M. Nowlan Assistant Cashier 5,400 Alan T. Bowler Assistant Cashier 6,000 "It is noted that, effective January 1, 1946, Mr. Guthrie's title will be changed to Vice President and Cashier and that Mr. Strathy will be appointed Secretary of the Board of Directors." Approved unanimously. Letter to Mr. Dillard, Vice President and Secretary of the 1511 9/20/45 -3- Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors approves the payment of compensation and expenses to the directors of the Federal Reserve Bank of Chicago in accordance with the resolution adopted by the Board of Directors at its meeting of August 23, 1945, a copy of which was enclosed with your letter of August 24. "It is understood that the only change from the compensation and expenses previously approved by the Board is the provision for compensation of $10 to a director for attending a meeting of a special committee on the same day he attends a meeting of the Board of Directors or Executive Committee, whereas heretofore no payment was made to a director for attending a meeting of a special committee if he received payment of a fee for attending a meeting of the Board of Directors or Executive Committee on the same days ?! Approved unanimously. Memorandum dated September 19, 1945, from Mr. Thomas, Direc of the Division of Research and Statistics, submitting a voucher in the amount of $23.26 for reimbursement for expenses incurred by Chard Youngdahl, an Economist in that Division, in connection with hi8 °fficial visits to the Federal Reserve Banks of Minneapolis and g on July 16 and 17, 1945. Special Board approval of this Ir°11cher Was necessary because the amount involved was larger than Iv°12-4 be obtained by strict adherence to the prescribed regulations beealase the additional time amounted to only one 24-hour day. The rileill°randum recommended that the Board approve reimbursement to Mr. co , 'iggahl for two 24-hour days since he spent more than a furl workday at the Federal Reserve Bank of Minneapolis and the better 1 9/20/45 k.) r- t_ —4 Pkft, of a full workng day with the Federal Reserve B of Chicago. Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. APProved,: Chairman
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