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720 A meeting of the Board of Governors of the Federal Reserve 83ratell1 was held in Washington on Wednesday, April 15, 1942, at 11:00 PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinatter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ecteral Reserve System held on April 14, 1942, were approved unanikolislys Memorandum dated April 11, 1942, from Mr. Nelson, Assistant SecretarY, recommending that George R. Kay, operator (duplicating deItices) in the Secretary's Office, be granted leave of absence without Pkr be ginning April 17, 1942, so that he might enter active duty with tileu . lilted States Coast Guard, and that he be granted the benefits Pts"ided in the policy adopted by the Board on November 14, 1940, and etldscl August 20, 1941, for all employees entering military service. Approved unanimously. Memorandum dated April 10, 1942, from Mr. Nelson, Assistant 8eel'et arY, submitting the resignation of Miss Charlotte N. Mitchell aa stenographer in the Secretary's Office, to become effective as 721 4115/42 -2- of close of business on May 26, 1942, and recommending that the rieSignation be accepted as of that date. The resignation was accepted. Letter to Mr. Hays, Vice President and Secretary of the Federal "e Bank of Cleveland, reading as follows: "The Board of Governors approves the changes in the 13ersonne1 classification plan of your Bank as requested In Your letter of April 10, 1942." Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank of Chi eago, reading as follows: "With reference to your letter of April 2, 1942 to Paulger regarding the transfer of Examiner Newman to a" Personnel Department of the Reserve Bank, the Board &f°17es the designation of Mr. Newman as a special ex.r e in order that he may on occasion assist the ExamLon Department with examinations if necessary." 141, Approved unanimously. Telegram to Mr. Nest, Vice President of the Federal Reserve 13141k of 0 'an Francisco, reading as follows: "The Board approves the appointment of George M. er as an examiner for the Federal Reserve Bank of '" Francisco. Please advise us of effective date." Approved unanimously. Reserve Banks, Nactin. Telegram to the Presidents of all the Federal g as follows: "Representatives of War Department and of Board have 7`)2 4/15/42 -3"been considering form of guarantee agreement under Executive Order 9112 to be used with respect to a loan made °r participated in by a Federal Reserve Bank. Opening Paragraph of proposed form will read: 'The War Department of the United States (herein called ffWar Department"), in accordance with the provisions of Executive Order No. 9112 of March 26, 1942, hereby agrees With the Federal Reserve Bank of (herein called "Financing Institution") as follows:'. 1 ..ma1nder of proposed form is substantially same as form ,! t guarantee agreement with Financing Institution other irolarl Federal Reserve Bank adopted by War Department April 1942, except (1) War Department is substituted for ifteserve Bank' throughout, (2) the last clause of section th relating to loans payable on demand is eliminated, (3) e first clause of paragraph 10 reads: 'The Financing lalstitution shall pay to the War Department at the end °I* each period an amount', etc., and (4) the 44st sentence of paragraph 11 is eliminated. of "Please wire whether you have objection to adoption 8 proposed form by War Department, bearing in mind that 01,,,Iggest10n5 made by Federal Reserve Banks regarding form guarantee agreement approved April 10, 1942, have al4eatr been considered by Ear Department. It is Con!MPlated, of course, that the agreement could include lch special n` conditions as may be appropriate in particular " ,ases. Z Approved unanimously. Telegram to Mr. Olson, Assistant Vice President of the Federal ve Bank of Chicago, reading as follows: whe "Your wire as to who has authority to sign guarantees n vendloan made or participated in by Federal Reserve Bank in g designation of liaison officer. We are advised by wa named in General Styer's r The Department that the officers b nl°randum of April 6, 1942, will promptly be authorized ,P'ar Department to execute guarantees. Until liaison or ler local financing contracting officer is designated, ' 4 4115/42 -4- guarantees of loans made by or participated in by a Fed61 ' 41 Reserve Bank will have to be executed in Washington." Approved unanimously. Letter to Mr. Woolley, Vice President of the Federal Reserve tank of Kansas City, reading as follows: "This is in reply to your letter of April 4, addressed to Mr. Hodgson, with respect to cases in which a Registrant location in your district to a Regulation Wmoves from a 'flder town in another Federal Reserve District. "The Board agrees with your opinion that the Regishas done what is required under section 3 of the reg111ation, by filing his original Registration Statement, and Should not be required to file again. The Board sees no objection to your suggested procedure whereby the Federal Bank into whose district the Registrant has moved would issue a new Registration Certificate, recalling the On fle outstanding, and sending it to the issuing Federal Reserve Bank for cancellation." Approved unanimously. Ileed ca Letter to Mr. G. A. Leukhart, General Manager of the National Market Report, Inc., Chicago, Illinois, reading as follows: in "This will acknowledge your letter of April 10 callour attention to the fact that the 'Market Record' tiel'!rs to its designation under Regulation W in a manner maY imply that it is the only designated publication. ;"e Board has not issued any more detailed requests with 18Pect to the publishers' treatment of this subject than Dl e requests that were included in the letters of March to the respective publishers. As a general principle, undYou know, the Board feels that the use of designations er Regulation Vi in a promotional way to advance the 111; ' erests of a particular guide book is distinctly undesi trable, and the Board hopes that publishers will refrain r „:31!1 such use of their designations because it wishes to azi°141 the necessity of specifying in detail the language t, . (11 methods that publishers may use if they wish to recall their designations. 4 724 k/15/42 -5"We have also received your letter of April 10 en1°eing a copy of your letter of March 25 with respect ! j#0 the designation of your publications in certain terri-Lories. We trust that you have now received our letter APril 9 in reply to yours of March 25. You also inquire as to our views on the quotation retail values of used cars in case price ceilings on (11 cars should be established by the Office of Price , 11,8,e. ' 0cuni-nistration. While it is impossible for us to give . Y . 1-1 any advice on this subject, we do not at present see reason why you should not continue to publish average les figures, supplementing this by publishing also the cei144.11g figures, as you outline in your letter." Approved unanimously. Usmorandum dated April 14, 1942, from Mr. Morrill, submitting let " t dated Of April 12, 1942, from Mr. Paul V. McNutt, Administrator the Federal Security Agency, with reference to the campaign to raiee funds for United China Relief, and suggesting that it be ascertained Whether Mr. Hersey, Associate Economist in the Division of 114ear eh and Statistics, would be willing to represent the Board in the eaMPaian. Approved unanimously. At Chairman Eccles' request, Mr. Kenton R. Cravens cam to WEI tatters on on April 5, 1942, from Cleveland, Ohio, for conferences on arising under Executive Order No. 9112, prior to his temporary by the Board on April 6, 1942, and it was recommended that t 8°arci authorize the payment to him of a per diem of $10.00 in lieu c)t 81113 . slstence for the one day. Approved unanimously. 725 4115/42 Thereupon the meeting adjourned.
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