19420926_Minutes.pdf

1889

A meeting of the Board of Governors of the Federal Reserve

8Y";e111 was held in Washington on Saturday, September 26, 1942, at

11:00 a.m.

PRESENT: Mr. Eccles, ChairmanMr. Ransom, Vice ChairmanMr. SzymczakMr. McKeeMr. DraperMr. Evans

Mr. Morrill, SecretaryMr. Carpenter, Assistant SecretaryMr. Clayton, Assistant to the Chairman

The action stated with respect to each of the matters herein-

ter referred to was taken by the Board:

The minutes of the meeting of the Board of Governors of thePed

ers1Reserve System held on September 25, 1942, were approved unani-

11)144.

Memorandum dated September 24, 1942, from Mr. Morrill, recom-

e that Miss Dorothy Newquist be appointed as a clerk in the Sec-rete.

17'8 Office, with salary at the rate of $1,380 per annum, effective48. or

the date upon which she enters upon the performance of her duties

having passed satisfactorily the usual physical examination.

Approved unanimously.

Letter to Mr. Fleming, President of the Federal Reserve Bank

Ettter

ot 01_'Ireland, reading as follows:

"As the B0

requested in your letter of September 15, 1942.t.ard of Governors approves the payment of salary atthe rate of $6,000 per annum to Mr. Alfred H. Laning,

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1890

9/26/42

the

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"Assistant Vice President, for the period ending April30, 1943."


Letter to Mr. Schelling, Assistant Federal Reserve Agent at

Federal Reserve Bank of Chicago, reading as follows:

"In his letter of September 18, 1942, President°ung stated that you concurred in the recommendationLhatCharles J. Scanlon be appointed Alternate AssistantF:ederal Reserve Agent at the Head Office, and that August•Pettke be designated Federal Reserve Agent's Repre-sentative at the Detroit Branch.

Gov "In accordance with the recommendation the Board of

ernors approves the appointment of Mr. Charles J.'canlon as an Alternate Assistant Federal Reserve Agentat the Head Office at his present salary of p3,200 per

annunl, and the designation of Mr. August J. Pettke asr_ederal Reserve Agent's Representative at the Detroit

Z!'anch at his present salary of 3,420 per annum, effec-,lve as of the dates they assume their duties, with the

;,erstanding that they will be placed upon the Federalerve Agent's pay roll and will be solely responsible

r him) or during a vacancy in the office of Agent, to the;ssistant Federal Reserve Agent, and to the Board of Gov-

,r12°rs, for the proper performance of their duties. V.henengaged in the performance of their duties as Alternate'Assistant Federal Reserve Agent and as Federal Reservejent's Representative they may, with the approval of the'ederal Reserve Agent, or, during a vacancy in the officec)tf the Agent, of the Assistant Federal Reserve Agent, andbhe President, perform such work for the Bank as will not

4! inconsistent with their duties as representatives of'"e Federal Reserve Agent.

"It is noted that appropriate surety bonds will be2btained and the instructions contained in Loose Leaf'ervice #9087 will be followed.

"Please advise the date that Mr. Scanlon and Mr.Pettke assume their duties as Alternate Assistant Fed-eral Reserve Agent at the Head Office and as Federal Re-serve Agent's Representative at the Detroit Branch re-sPectively."



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9/26/42-3-

Letter to Mr. West, Vice President of the Federal Reserve Bank

(It Sala Francisco, reading as follows:

"In accordance with the request contained in yourleter of September 17, 1942, the Board approves the ap-l!olatment of Philip M. Stone as an assistant examineror the Federal Reserve Bank of San Francisco. Pleaseadvise us of the date upon which the appointment becomeseffective."


Letter to the Presidents of all the Federal Reserve Banks, read-

48 f011OWS:

"In connection with the execution of guarantee agree-On behalf of the United States Maritime Commission

13191auant to Executive Order No. 9112, the Board has re-c?lved from the Maritime Commission a letter addressed to14:)-1-1 Federal Reserve Banks, dated September 22, 1942, signed". R. E. Anderson, Director of Finance, designating

G. Clark, Assistant Regional Construction Auditor,saelfic Region, as an alternate to act in behalf of Mr.

R. Kirby, Jr. and Mr. U. H. Quarg, as a representative;)I the Maritime Commission pursuant to the Commission'sIftletructions to all Federal Reserve Banks of May 7, 1942,nd stating that Mr. George Mayor is no longer authorizedir act as a representative of the Commission relative to'leglaation V loans.. ."In accordance with the request of the Maritime Com-

Tlsslon, a copy of the above-mentioned letter is beingMnemitted herewith."


Letter to the Presidents of all the Federal Reserve Banks, read-irlAPvo as

-1-01lows:

let Tor your information there is enclosed a copy of a

tter which the Board has received from the Maritime Corn-dated September 22, 1942, signed by R. E. Anderson,

lrector of Finance, suggesting that we call your attention


18”2

(ft42

II

the following questions which have arisen in connec-ion with the various applications received from financinginstitutions for Regulation V loans:

1. Dividend policy of the borrower.2. Executive salary policy of the borrower.3. Tax liability policy of the borrower.4. Financial arrangements for additional

business."

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Memorandum dated September 24, 1942, from Mr. Leonard, Director

he-lvision of Personnel Administration, reading as follows:

"The Washington Post has announced a program under:1,1i?h it will give a 8100 War Bond each month to the Fed-'a-4 employee who makes the most constructive suggestionfor the improvement of the Federal service, and has sug-

rated that each department and independent agency set up

committee to consider the suggestions of their employees*Lnd to nominate one employee each month for the Post award.1 "The Committee established by The Post to select the

pl

lner from the nominees is composed of Harold D. Smith,rector of the Budget Bureau, William H. McReynolds, the

?Aresident's administrative assistant on personnel, andictigressman Ramspeck.

"In order that the Board's employees may participate,the s recommended that a committee be set up to consider

suggestions. It is further recommended that the com;4:c'tee's proposed nominations be submitted to the Board'sersonnel Committee.

"It is believed that the committee should include arePresentative of the employees, an administrative officer,

attcl a representative of the Division of Personnel Adminis-• ti°11- It is suggested, therefore, that the committee

--Lght consist of the following:An employee selected by the Com-mittee of Employees.

L. P. BetheaR. F. Leonard

wash "Attached is a draft of a proposed letter to The.is 1ngten Post. Attached also as a matter of interesta circular issued by the Treasury Department."



Thereupon the meeting adjourned.


Documents

19420926_Minutes.pdf