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1183 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Tuesday, August 1, 1944, at 11:00 et,ra. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Evans Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ?ederal Reserve System held on July 31, 1944, were approved unani- Memorandum dated July 26, 1944, from Mr. Leonard, Director of the D4 4-vision of Personnel Administration, submitting a letter dated 4 24 dely,v,4 from President Williams of the Federal Reserve Bank of Philato Governor Szymczak in which he advised that the directors °t the Philadelphia Bank wished to make Mr. Bopp, Director of Research, ls a nonofficial position at the Philadelphia Bank, an officer th th e same title, and to increase his salary from $7,000 to $8,500 Per Year. Since Mr. Williams' letter requested an indication of the 8oard I 8 approval of the plan, the memorandum recommended that Mr.. ams be advised informally that the Board would approve a salary 1184 8/1/44 -2at the rate of $8,500 per annum for Mr. Bopp as an officer of the Bank if the directors took appropriate action to make him an officer Of the Bank and fix his salary at that figure. Approved unanimously. Letter to Mr. McRae, Chief Examiner for the Federal Reserve Bank of Boston, reading as follows: "This is with further reference to your letter of May 9, 1944, concerning the application of Regulation T to certain activities of F. S. Moseley & Company in ! : I ranging loans on securities. Since a ruling of either nalid, favorable or unfavorable, may raise questions concerning an amendment of the regulation, it would be help1 if you could ascertain for us what it mould mean to l ue firm to discontinue the activities which would no : 4 onger be permitted if the Board should determine that t e: lle Persons for wham arrangements were effected in the : ar cumstances specified in your letter were 'customers' of the f i../vm within the meaning of Regulation T. The irstion is how much business would actually be lost by e firm if it received an unfavorable ruling. "In this connection, consideration should be given tO the fact that the only type of business that would be definitely prohibited would be the arranging of loans on lalnregistered securities. Others could be made in accordptIce with the terms of Regulations T or U. Furthermore, ate. Moseley & Company cannot expect, even with a favorrulin to have any more business in unregistered seN ---i-uies of the type conducted with the dealer in Rochester, Thne ew York, since such a dealer is himself prohibited by T from arranging such credit and could not, :11:thout violating the regulation, refer his customer to S. Moseley & Company." J T Approved unanimously. 1185 8/1/44 _3_ Thereupon the meeting adjourned. Assistant Secretary. Chairman. •
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