19430420_Minutes.pdf

609

A meeting of the Board of Governors of the Federal Reserve Sys-tem wee h

eld in V.ashington on Tuesday, April 20, 1943, et 11:00 a.m.

PRESENT: Mr. Eccles, ChairmanMr. YcKeeLir. Draper

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

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

"terreterred to was taken by the Board:

On the afternoon of April 16 Messrs. Eccles, McKee, Draper,

5'.118 (the members of the Board who were in Washington), Morrill, Clayton,

13.4 t"nard discussed informally the question of policy with respect totth

l‘equests for deferment from military service of employees of the

Of GOVernors. Pt that time the whole matter was discussed at

the light of the experience of the Board in connection with1.414vi

dlial cases that had been considered and also in the light of the

Dericii4 "ees of Martin Krost and Kenneth Villiams, Senior Economists14 the

1)-vielon of Research and Statistics. During the discussion, Mr.

1 celled attention to the fact that the Board had approved requestster the

cleterment of Paul Simpson, Iunior Economist in the Division ofRe8ectr

eh and Statistics, end Howard Hackley, Attorney in the Legal Divi-eiori

that in ven case of Paul Simpson the request had been disapproved,

ir

't1(1 thEit the case

of Howard Hackley was still pending.

It was the consensus of the members of the Board present that

e'4.141-Ither recuests for deferment were made they should be restricted

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

610

C made for the deferment of either or both of these

informed Chairman Eccles that he did not wish to be

Williams stated that a re:Jiest for his defermont would

•Thereupon Chairman Eccles discussed the matterr

McKee, Draf;er, and Evans and suggested that the

be reciuested, one the three memb,rs of the

from ir. Goldenweisc-r, Direc-

and Statistics, submitting the resigna-

enny as an Associate EconomiA in that

as of

4/20/43-2-

aa much as posible (not to exceed three

1" tood that ChLirman Eccles would

or four in number), and it

discuss the matter

was

with Mcs5rs.

Krost and and inform the Board's Committee on Deferment whether

l'equests should b

ernPloyees.

1. grost

cleferre- . and

Mr.imbe

agreeable to h.flather

th rs.

d"c'rrnent,

''°`11"( enncurr(4 in th.- t suFre Lion on the bqsis of the r,osition taKen

13'"nairnr'-n Lecies and i. Goldenweiser, Director of the Divi,ion of

and SLatistic,, that Mr. Williams occupied a Key position andthat his

services were essential.

It i;:ras agreed unanimously that theCommittee on Deferment should make a re-quest for the deferment of Mr. williams

accordance with the :_irocedure es6ab--lashed by the Executive Order issued bythe President under date of librch 6, 1943.

Memorand um dated April 17, 1943,

()1' ()I1 the :Division of Hesearchtiorl of

lArs. GlInhild Anderson

Livict3/1, to bec,ome effective

'Ilcil'ecommendinp that the resignati be acceptedon

The resignation was accepted.

Lett epthe dated. April 1'41,•lsion of

1943,

the close of business on Lay 8, 1943,

as of that c:ate.

addressed to Mr. omead, Chief of

'ank Operations, by Zelpha Cron, submitting her


611

4/2o/43

r'e8iMotion as a clerk in that Division,

cicee of businee: on April 30, 1943. Mr.

tl t he recommended acceptance of the resignation.

The resignation was accepted, with

the understanding that either an appropriate

deduction would be made by the Board from

Mrs. Cronts salary, or a refund made by Mrs.

Cron to the Board, for nine days and six

hours of unearned annual leave.

(3.ston

become effective as of the

Swead had noted on the letter

Letter to Mr. Paddock, President of the Lederal Re.

rec.ding as follows:

of A,"In accordnce with the reeuest contained in your letter

)1.,ori1 14, 1943, the Board approves the designation of thez), a6 suecial asAstant e.xaminers for the Federal Re-

ye lank of Boston:ililton C. AbornH. Leland AtkinsonLeo A. DinsmoreEldon F. Everetto‘arren K. HadleyJohn F. AlderryJasper A. Lane

elevpi

Letter to lir. Flemin,

erve Bank of

Robert LyleEdward IlartinKenneth M. NuteWilliam V. ReeganCharles P. Reidy, Jr.Stanley RupertJohn F. Sullivan"

Approved unanimously.

and reP.6ing as follovs:

ter "In accordance with the recAuest contAnod in your let-

of o 1 1l 15, 1943, the Board approvcs the ap7ointmenteras R. Gladden as an assistant examiner for the Fed-

da; "eserve Bank of Cleveland. Please advise us of the

Of :,11Pon which the appointment becomes effective and alsoilue salary rate."

President of the Federal Reserve Bank of

AlDproved unanimously.

Lettor to Mr. 1,.cLarin, President of the Federal Reserve Bank ofta' reading as follows:


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4/20/43

"In accordance with your request the Board of Governorsapprove s the changes in the Personnel Classification Plan ofthe

Nashville Branch, as submitted with your letter of April159 1943.11


Letter to the Presidents of all the Federal Reserve Banks, reading

48 follows.

it "Referring to the Board's letter 5-521 of rune 30, 1942,to i8 requested that an additional item, shown belor, be added,.... the form of application from financing institutions for

antees made pursuant to Executive Order 9112:'13. If F substantial portion of the stock

?f the applicant for the loan or of the financinginstitution is controlled by the other, or a sub-stantial portion of the stock of both is controlledbY the same interests, or if there are any officersor directors common to both, describe each such re-lationship briefly."


lierlorandum dated iDril 16, 1943, from Mr. Paulger, Chief of the

41U81°4 of Examinations, recommending that the budgets for the year 1943

the belik examination departments of the respective Federal Reserve

be EIPProved as submitted by the Banks in the following amounts:

Federal Reserve Bank Amount

Boston 83,345New York 359,046Philadelphia 164,097Cleveland 139,956Richmond 108,209Atlanta 58,860Chicago 251,357St. Louis 107,070Minneapolis 44,692Kansas City 67,486Dallas 54,350San Francisco 133,574



4/20/43

613

-5-

Letter prepared for the signature of Chairman Eccles to Honor-

able Paui V. McNutt, Chairman of the War Manpower Commission, readingas

follows:

APPr

"On behalf of the Board of Governors of the Federal Re-!el*" System, I request that the Federal Reserve Banks be'eclared essential activities by the War Manpower Commission.

"The Federal Reserve System was created by an Act ofConprBank approved December 23, 1913 and the Federal Reservec 8 and the Board of Governors together constitute therountryls

central banking organization, a type of agency

je°gnized in every modern nation as an arm of the Govern-s:nt. While the officers and employees of the Federal Re-See Banks Banks are not Federal employees, they are employeeste agencies whose activities in the fullest sense of thec_FT are necessary on the financial front for the prose-ftu'tlon of the war. More information with respect to the13,../2ctione of the Reserve Banks is given in the attached-Lef

memorandum.sit "The Board wishes to emphasize that the employmentcri1:1,t1°n of the Federal Reserve Banks is already extremely

theidleal' and the situation may well make it impossible for

them to perform properly their functions so necessary topown effort unless they are designated by the War Man-' 'dommission as essential activities."

Approved unanimously. ,

Thereupon the meeting adjourned.

Chairman.


Documents

19430420_Minutes.pdf