meeting minutes, february 14, 1946, volume 33, part 1 · 2018. 11. 6. · ecolur, 4i-l8t, in that...

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A meeting of the Board of Governors of the Federal Reserve

drstem was held in Washington on Thursday, February 14, 1946, at 2:15

p.m.

PRESENT: Mr. Eccles, ChairmanMr. McKeeMr. DraperMr. Evans

Mr. Carpenter, SecretaryMr. Connell, General Assistant,

Office of the SecretaryMr. Thurston, Assistant to the Chairman

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

afterreferred to was taken by the Board:

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

eral Reserve System held on February 13, 1946, were approved unani-1101184.

Memorandum dated February 11, 1946, from Mr. Bethea, Director

Ot the Division of Administrative Services, recommending that the

b4si annual salary of each of the following employees in that Divi_

qc),, ue increased, as indicated below, effective as of the beginning

of theriv-&-u, payroll period following approval by the Board:

're•rae

Rarry E. KernP. L.

WatkinsRelerl Ilialenkid

e W. Staleylba.

14211qertrude

MurPhYRlith I. BowesNellie G. Tobler

Title

Purchasing ClerkSenior Mail ClerkClerk—StenographerClerk—StenographerClerkClerk—StenographerPageElevator Operator

Approved unanimously, effective

Salary Increase From To

$2,540 $2,6502,430 2,4962,040 2,1662,100 2,2321,680 1,7701,740 1,8361,620 1,7041,620 1,638

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

2/14/46 -2-

211

February 24, 1946.

Memorandum dated February 8, 1946, from Mr. Thomas, Director

of the n,A.vision of Research and Statistics, recommending that the ap-

Pcintment of Ernest J. Hopkins, an Economic Specialist in that Divi-

814xa, be extended for an additional period of not to exceed six months,

etrective when his present six-month appointment expires at the close

or business February 15, 1946, and that his salary be increased from

t6,020 „,"c) i140,440 per annum, effective at the beginning of his new ap-

1°111tillent• The memorandum stated that it was assumed that Mr. Hopkins

IY°1134 continue to be excluded from the Federal Reserve Retirement Sys-tem

because of the nature of his appointment.

Approved unanimously.

Memorandum dated February 13, 1946, from Mr. Bethea, Director

Or the n.-lvision of Administrative Services, submitting the resignation

Or Herb„-1'6 E. Becke, a chauffeur in that Division, and recommending

that the resignation be accepted effective as of the close of busi-

tles January

29, 1946.

The resignation was accepted asrecommended.

Memorandum dated February 13, 1946,°t the n.

- 44-vision of Administrative Services,ot 1[1,8.

Gloria Jenkins, a cafeteria helperornmenctin.

g that the resignation be accepted

from Mr. Bethea, Director

submitting the resignation

in that Division, and rec-

effective as of the close


212

2/34/46 _3....

c't business February 11, 1946, and that a lump sum payment be made for

44Y accrued annual leave remaining to her credit at that time.

The resignation was accepted asrecommended.

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

St. Louis, reading as follows:

"In accordance with the request contained in yourletter of February 8, 1946, the Board approves the ap-p,cintments of Robert Frederich Schalk and Paul William45011 as assistant examiners for the Federal Reserve Bank°f St. Louis. Please advise us as to the effective dates0f appointments."

liaziltof


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

814'/Ie Bank of Boston, reading as follows:

191.4, "Reference is made to your letter of January 22,p submitting the request of The Brooks Bank and Trust

jrnPanY, Torrington, Connecticut, for approval of an addi-,1°nal investment of $110,000 in bank premises, and yourfurther letter of February 5, 1946.th "It is understood that the bank proposes to razethe

buildings now carried as bank premises and to con-t

,411.1et a new building on a portion of the land now occu-ed at a cost not to exceed $110,000 and that additional

J°Penditures for furniture and fixtures are not expected

1 exceed from $10,000 to $15,000. The remainder of the,41143 consisting of a lot approximately 50' x 150' is to

leased to the G. C. Murphy Company under an agreement

Z0 erect a store building thereon costing from $130,000,0 $150,000, to absorb all taxes and pay the bank $3,000t,T.r annum rental for the land for a period of thirty years,,the expiration of which the ownership of the building'4u2-L1 vest in the bank. The present carrying value of bank-

house, furniture and fixtures is $102,868. In viewthe fact that the actual cost of the new bank building

dZ,?Xpected to be less than $110,000, and that of the ad-furniture and fixtures less than ,'>15,000, it


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2/14/46 -4-

"appears that the aggregate of the bank's investment inland, building, furniture and fixtures will amount to ap-praximately 225,000 when the transaction is completed.

"In view of your recommendation and the informationsubmitted, the Board of Governors approves the proposedadditional investment in banking premises by The BrooksI tnk and Trust Company provided the aggregate investmentin land, buildings, furniture and fixtures does not exceed225,000, and prior approval of the State Bank Commissionerls obtained, if required, for the proposed additional in-vestment in furniture and fixtures. The latter conditionls Imposed because the State law to which you refer ap-

pears_herein to apply to 'banking house or houses and equipment

contained'. The approval of the Commissioner re-rers only to the erection of the banking house."

Philad

el

and, reading as follows:


Telegram to the Federal Reserve Banks of Boston, New York,

elPhia, Cleveland, Richmond, and St. Louis, reading as follows:

c "In connection with investigation of main officeOn

eumers Home Equipment by Chicago Reserve Bank's De-sa t Branch, checking of sales slips representing cash:-Les of listed articles having a time price in excess1);1 140 shows that majority of such sales were made atL'ne alleged time price even though for cash. Forty-twocash sales of stainless steel tableware out of forty-eightZIllecked had a cash sale price of t14.95 identical with1.1 e time price. Accordingly, it is suggested that in con-0;e!ion with the reinvestigation referred to in our wire

rebruary ( 1946 you make a check of cash sales slips°nsumers' Form 114--a) or other relevant matters to de-ermine whether same pattern exists elsewhere, which mayIndicate that cash price-time price breakdown is a fiction."


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

staffuReply to your letter of January 22 regarding theGroup on Foreign Interests has been delayed until


214

2/14/46 -5-

"after a meeting held in New York, January 30, which wouldgive an opportunity for consideration of the points youmentioned.

"With respect to representation of other Reserve Banksthan New York, it seems to be the consensus that this mat-ter is now in the hands of the Presidents' Conference. The4g.1.1°uP will welcome any practical arrangement for representa-tion of the Federal Reserve Banks that may be worked out.

"With respect to the roster of System personnel, noth-ing has been done so far beyond the preliminary stage; but

do not think there was ever any thought other than thatthe roster should contain the names of qualified personsWherever they were in the System. There is now no new1:alss1on in prospect, however, and in the last four yearsthere have been occasions for only five persons from the:?ard and two Reserve Banks to go on foreign advisory mis-1°ns, excepting, of course, those whose services werespecifically requested by the State Department, the Army,and other Government agencies. In any event, however,Y2ur. suggestion will contribute to consideration of the°1110Ject when it comes up again."


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

as follows:

"In order that we may bring our records on group andchain banking up to date as of December 31, 1945, it will

.1,3.e appreciated if you will kindly furnish the Board with

re information outlined in the accompanying memorandum:Tering bank groups and chains operating in your District.

]""e desired information may be incorporated by referenceto the reports of holding company affiliates on Form F. R.437 and accompanying exhibits, in lieu of being repeatedtn. the reports herein requested, to the extent that thosereports and exhibits cover bank groups.it "In order to facilitate our tabulation of the reports,b 18 suggested that the report relating to group bankingh! submitted as early as practicable, to be followed later17 the report on chain banking. If desired, the lists of

which may be submitted in advance of the complete reports

b"-Lch are to show the degree and manner of control of the44ks in the groups and chains.


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2/14/46 -6-

"In addition to the reports covering groups and chainscomprising three or more banks, it will be appreciated ifkrou will furnish the Board with a supplementary report show-

similar information covering affiliations which would1811 within the scope of the requested reports on groupand chain banking except for the fact that they compriseonly two banks."


Memorandum dated February 12, 1946, from Mr. Thomas, Director

(4 theL'ivision of Research and Statistics, submitting a voucher for

lieilubnz'sement for travel expenses incurred by Lewis N. Dembitz, anEcolur,

4i-L8t, in that Division, on an official trip to Boston, Massachusetts,

?ebt'llarY 4 to 7, 1946. The memorandum stated that the voucher needed

eiDecial Board consideration because the less expensive Pullman accom-

I"ati°ns that are arlowed under the Board's travel regulations were

t available and recommended approval of the voucher.


Thereupon the meeting adjourned.

Chairman.


meeting minutes, february 14, 1946, volume 33, part 1 · 2018. 11. 6. · ecolur, 4i-l8t, in that...

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