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1198 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Friday, August 13, 1943, at 11:00 Eton. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herer Peciej ,ai referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on August 12, 1943, were approved unani- 111°1181Y. Te legrams to Messrs. Treiber and Clouse, Secretaries of the ?ed"el PeservP B s of New York and Cleveland, respectively, Mr. Le`teh, Pr esident of the Federal Reserve Bank of Richmond, Mr. Dillard, 71ee President of the Federal Reserve Bank of Chicago, Mr. Stewart, Seclbet rSr Of the Federal Reserve Bank of St. Louis, Mr. Ziemer, Vice ?1'"1(iellt of the Federal Reserve Bank of Minneapolis, Mr. Mehornay, NA*/ Chairman of the Federal Reserve Bank of Kansas City, and Mr. 1141e) Secretary of the Federal Reserve Bank of San Francisco, stating t-e 3.0ard approves the establishment without change by the Federal -ye Banks of St. Louis and San Francisco on August 10, by the Federal 1199 8/13/43 -2- IleBerve Banks of New York, Cleveland, Richmond, Minneapolis, and Kansas City on August 12, 1943, and by the Federal Reserve Bank of Chicago today, of the rates of discount and purchase in their existing schedules. Approved unanimously. Letter to Mr. Stroud, First Vice President of the Federal Re" e Bank , of Dallas, reading as follows: "In accordance with the request contained in your letAugust 3, 1943, the Board of Governors approves the PAIVIllent of salaries to the personnel of the Federal Reserve rZt oltIs:Department, effective as of the dates indicated, as T. /L AshleY, c.Aratant Federal Reserve Agent Saunders Alternate Asst. Federal Reserve 1. Agent “31 ,!11 A. Boyd, Ig;of;gent's Representative, °1111 A. Boyd, P. 10 u-E40-taLgent's Representative, o Effective Date Annual Salary March 1, 1942 $2,700 August 1, 1943 3,600 October 1, 1942 2,880 August 1, 1943 3,000 G. W. Stover, P. R. 2,880 Agent's Representative, August 1, 1943 San Antonio $2 2 "Since Mr. Digings' salary was approved at the rate of i th '20 per annum in the Board's letter of March 27, furel' approval by the Board at this time is not necessary." Approved unanimously. rood,* x Letter to the board of directors of "The Bank of Holyrood", Holy- 81188, statins that, subject to conditions of membership numbered to 1 e°11tained in the Board's Regulation H, the Board approves the the aPPli"tion for membership in the Federal Reserve System and for utPPro Priate amount of stock in the Federal Reserve Bank of Kansas 0117. , 2d0 8/13/43 -3Approved unanimously, for transmission through the Federal Reserve Bank of Kansas City. Letter to Mr. Young, President of the Federal Reserve Bank of ellicago, reading as follows: a "This refers to your letter of August 5, 1943, and the c°D1Panying memorandum, relating to deficiencies in reof member banks in your District caused by a misinerPretation of instructions concerning the amendment to the "deral Reserve Act relative to War Loan Deposits. "In view of the circumstances set forts, the Board will itter , n -Pose no objection to your waiving the penalties in,7rred bY the nine member bsnks listed in the schedule accompanying your letter." Approved unanimously. Memorandum of this date from Mr. Goldenweiser, Director of the °I1 of Research and Statistics, stating that in connection with the re viaicne being made in the Division's department store data it was °arY to obtain material with respect to sales by mail-order houses rvP°rted it the 1939 Census of Retail Trade, which material the Bureau °t the Cerlsue had estimated could be obtained from their records at a ec'et of " n to exceed $50, and recommending that this expenditure be 4PProv ed and the appropriate account in the 1943 budget for the Division or Res° arch and Statistics increased accordingly. Approved unanimously. Thereupon the meeting adjourned. Chairman.
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