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749 A meeting of the Board of Governors of the Federal Reserve Syst"asheld in Washington on Tuesday, April 21, 1942, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters herein41ter referred to was taken by the Board: Bond in the amount of $10,000, executed under date of April 3, 1 /42, b Mrs. Genevieve M. Barnett as Alternate Assistant Federal Reserve 40tIt at the Federal Reserve Bank of Atlanta. Approved unanimously. Memorandum dated April 17, 1942, from Mr. Goldemeiser, Director °1* the • DivIsion of Research and Statistics, recommending that the salary or krs. Maxine Glad Stewart, a clerk in that Division, be increased from 1,620 t A v2,000 per annum. Approved unanimously, effective May 1, 1942. Letter to Mr. West, Vice President of the Federal Reserve Bank 41IPranc13c0, reading as follows: en "Reference is made to your letter of April 13, 1942, paclosing a request from First Trust and Savings Bank of of8adena, Pasadena, California, for an extension of time 45 days for the filing of reports of affiliates of the Z;1115 as of April 4, 1942. It is noted that the bank is 1 111liated with Transamerica Corporation and the required .14orrnation must be accumulated from more than forty af, "In the circumstances, the Board extends to May 19, 750 4/21/42 -.2-"1942, the time within which First Trust and Savings Bank Of Pasadena, Pasadena, California, shall file the reports of affiliates as of April 4, 1942." Approved unanimously. Letter to Mr. E. H. Foley, Jr., Acting Secrotary of the Treasury, readA._, m-.1.%. as follows: "This refers to your letter of April 15, 1942 requestCopies of certain correspondence between the Board and !he Chase Bank, a foreign banking corporation organized unlgier the provisions of section 25(a) of the Federal Reserve ect. Pursuant to your request, there are enclosed herewith of letters addressed to the Board by The Chase Bank :441der date of August 24, 1938 and February 10, 1939, together the Board's replies to these letters under date of Sep'eMber 23, 1938 and February 17, 1939. "It may be mentioned that the requests contained in the 1 -listters of The Chase Bank were made in view of a provision section 25(a) of the Federal Reserve Act to the effect at 81, no foreign banking corporation organized thereunder 4;411 carry on any part of its business in the United States b...c!Pt such, as in the judgment of the Reserve Board, shall J-ncidental to its international or foreign business. The d has no information indicating that the requests inualed arlY transactions by The Chase Bank in the Tueckwanderer ot'A-e t mentioned in your letter and, of course, the approval aihe Board contained in its letters of September 23, 1938 February 17, 1939 was on the assumption that any actions 1°4en thereunder would be in conformity with any applicable Z Approved unanimously. tlew Letter to Mr. Sproul, President of the Federal Reserve Bank of York ) reading as follows: "The Board of Governors will be pleased if, as stated Y°Iir the Bankletter of April 16, a visit is made by Mr. Rouse to of Canada for the purpose of making some firstirluq.observations of the methods being followed in Canada anancing the war. 414/42 -3- '1% will appreciate it very much if you will forward to the Board for its information copies of any reports prePared by Mr. Rouse in connection with the trip." Approved unanimously. Letter to Mr. Raisty, Manager of the Consumer Credit Department, ?ed. eralJReserve Bank of Atlanta, reading as follows: e "This is with reference to your letter of April 9, 1942, +, : 11el°sing correspondence in connection with ruling W-21 on e classification of water pumps for purposes of Regulation Z t "W-21 does not cover every kind of pump which is subject so the Regulation. However, any pump which is of a kind de.1bed in W-21, and which is of a larger size than that spec4e .01 '.;.43.ed for the particular kind of pump, is not subject to the ;Vlalation; for example, a shallow-well or reciprocating deepPump with a capacity of over 300 gallons per hour is not 4Ject to the Regulation; also, any deep-well jet type or 1. 11trifugal pump having a motor of more than 1/3 horsepower : 4 r4t subject to the Regulation. Moreover, the actual use 'u Which the pump is put does not affect the result. "Copies of this letter and the correspondence which you 8eat Ba t0 us are being made available to the Federal Reserve of San Francisco." 4 Approved unanimously. Thereupon the meeting adjourned. 6, 24.02 Se etary.
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