19430324_Minutes.pdf

424

SYsten

ette

Fedral Reserve System held on March 18, 19, 20, and 22, 1943, were ap-

Dtove," and the actions recorded therein were ratified unanimously.

A meeting of the Board of Governors of the Federal Reserve

as held in Washington on Wednesday, March 24, 1943, at 11:00 a.m.

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

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-

referred to was taken by the Board:

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

Reserve System held on March 17, 1943, were approved unanimously.

The minutes of the meetings of the Board of Governors of the

Bond in the amount of 410,000, executed under date of March1:4

943, by Minnie Smith as Alternate Assistant Federal Reserve AgentLtthe

Federal Reserve Bank of St. Louis.

411c1Q.411'ett Moore, cafeteria helpers in the Secretary's Office,

Nted

15kd

rill, recommend-

. Ethel Robinson

Approved unanimously.

Memoranda dated March 23, 1943, from Mr. Mo

for the reasons stated in the memoranda, that Mr

be sep-

from service effective as of the close of business on March 10

1943, respectively.

Approved unanimously.

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31/43 —9—

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

c't Richmond, reading as follows:

• "In accordance with the request contained in your let-ter of March 12, 1943, the Board of Governors approves thePaYment of salaries for the period March 16, 1943 to May 31,P43, to the following officers of the Charlotte Branch atl'he rates as fixed by your Board of Directors and indicatedbelow:

Name Title ProposedSalary

LRobert L. Honeycutt Assistant Cashier

$1/4.,20ouis D. Brooks Assistant Cashier )"

Approved unanimously.

Letter to Mr. Hitt, First Vice President of the Federal Re-

OeBank of St. Louis, reading as follows:

ter "In accordance with the request contained in your let-March 13, 1943, the Board of Governors approves the

1113evisi0n of the personnel classification plan of the Memphisel*';11ch, increasing from $2,100 to 4,2,400 the maximum annual4-LarY for the following position:

Eigg. Department Title of Position 10 Banking House Head of Department."

Approved unanimously, together with thefollowing letter to the Joint Committee onSalaries and Wages:

Under the procedure established by General Order No.19 of the War Labor Board and the authority granted by theComr.4

th-44-3sioner of Internal Revenue, transmitted herewith areli,se original and four copies of a certificate of the Federalm:!?rve Bank of St. Louis with respect to an increase in the;741mum annual salary, under the personnel classification

an, for one employee of the Memphis Branch of that Bank.er "This increase has been approved by the Board of Gov-

Ors of the Federal Reserve System.

to "In transmitting this certificate, attention is called2_,! the fact, which has been discussed with representatives

the War Labor Board and of the Commissioner of Internalelienue, that the maximum annual salaries approved under the

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426

3124/43

ft personnel classification plan are not, in general, estab-

lished rates paid for all employees coming within the re -sPective groups. They represent instead maximums withinwhich adjustments, including increases due to individualr,L,Ierit and earned through long service, may be made by the"serve Bank without further reference to the Board of Gov-ernors."

Letter to Mr. Hale, Vice President of the Federal Reserve

Ilk of San Francisco, reading as follows:

"This refers to your letter of March 2, 1943, request-advice as to whether there is any objection to furnish-in confidence to local supervisory agencies information

-Lrveloped through an investigation of a Registrant under Regu-ation %.

t "Since, in ordinary circumstances, investigations of"egistrants subject to local supervisory agencies would be

ucted by representatives of those agencies, we assumeat you refer to a case in which representatives of the Fed-

esral Reserve Bank have made an investigation of a Registrantnch as a vendor and that investigation has revealed informa-l:10n concerning a possible violation of Regulation by:another Registrant who is subject to the local supervisoryagency.

to "Under these circumstances, there would be no objectionYour furnishing all relevant information to the appropriatelocal supervisory agency in confidence, and as indicated in

ffIr letter such action should tend to promote full coopera-,,,IonDry these agencies.

t, "It is possible that we have not interpreted your ayes-

42n correctly, in which case you may wish to give us furtherlas concerning the nature of the information which would

e suPplied."

Approved unanimously.

Letter to the Presidents of all the Federal Reserve Banks,

g as follows:

ter "Under date of March 172 1943, the Board received a let-Na copy enclosed, from W. B. Young, Rear Admiral, S.C., U. S.

Paymaster General of the Navy, with respect to a short-of $5 in a currency Shipment received by Lieutenant Corn-er H. Anthony, S.C., USNR. It appears that this shipment

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3/24/43 -4-

ft was made by a Federal Reserve Branch to a member bank whicht?rned the package in which the shortage was claimed over toLieutenant Commander Anthony. Lieutenant Commander Anthonyaccepted the unbroken package from the Bank and returned im-mediately to his station via U. S. Navy Armored Vehicle where-Upon he counted the currency received and found the short-age.

"It appears from correspondence in this case that the143.ranch in cuestion wrote a letter to the member bank to which°le shipment was made, in which it stated:

'Lieutenant-Commander Anthony's letter, as youwill observe, relates to a difference of 0 shortdetected in a package of currency prepared by us onDecember 14, which he received from your bank. 'Milethat package appears to have been part of the 250,000shipment sent to you on December 17, the recognitionof differences in packages of currency prepared bythis bank is given to cases where the verificationis first made by the recipient bank.

'Under the circumstances, we have suggested toLieutenant-Commander Anthony that he again communi-cate with your bank concerning the difference reportedin his letter.'

t. "It would appear desirable, if practicable, for the prao-

jee of all Federal Reserve Banks to be uniform in cases ofy"e kind here referred to and before replying to Rear Admiralrung we should like to know what attitude your Bank would take-4/1 a case similar to the one herein described."

No4as follows:

Approved unanimously.

Letter to Mr. Solon J. Buck, Archivist of the United States,

"Receipt is acknowledged of your letter of March 12, 1943,equesting an estimate of the saving that might be effected

the Board the provisions of bill H.R. 1988 and any comments that

"e Board might wish to make with respect to the bill.tL "be have reviewed the destruction schedules prepared intr Board's offices since 1936, and it is estimated roughly

billyfl

if the procedure contemplated by section 3(3) of the

tio had been in effect, the time required for the prepara-of the schedules would have been reduced by between 4050 per cent. With the addition to the procedure of addi-

81enal items from time to time this saving would now be sub-antially increased.

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3/24/43 —5-.

'e have plans for the preparation of a card recordcovering all of the Board's files on which would be shownthe retention period for each subject in the files, and, ifthe procedure referred to in section 3(3) were put into ef—fect, the card on a particiOnr subject covered by the pro—cedure, at the end of the periodic retention period, wouldbe submitted to the division or divisions of the Board's!taff having primary interest in the subject matter and tohe Secretary or an Assistant Secretary of the Board for13Prova1 by initial of the destruction of the material that

"ad been retained for the required period, and upon return°f the initialed card to the Files Section the materialwt°1:11d be destroyed forthwith. Such a procedure, while main,-?3.-ning all the safeguards of the present procedure, wouldelaminate the laborious task of preparing annual or semi—annual destruction schedules and the use of space and equip—'tent to house material prepared for destruction pending the8111.3mission of the presently required schedules to the Ar—e"lves and approval of the material for destruction.. "H.R.1988 would authorize the National Archives Coun-11 to issue regulations covering the procedure to be fol—towed in the microfilming and destruction of records, and

would be our suggestion that if the bill is approved aLraft of the regulations be submitted to the various Gov—ernment departments and agencies for their comments and sug—estlons before the regulations are finally adopted.

Approved unanimously.

Thereupon the meeting adjourned.

Secretary.

Chairman.

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