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1286 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Saturday, August 26, 1944, at 11:00 ask. PRESENT: Mr. Eccles, Chairman Mr. Ransom, Vice Chairman Mr. Draper Mr. Bethea, Assistant Secretary Er. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— e'tterreferred to was taken by the Board: Memorandum dated August 24, 1944, from Er. Bethea recommending , t,14"488 1 Berl R. Stroud be appointed as a file clerk in the Secretary's vtric e011 a temporary basis for a period of not to exceed six months, th basi Illc salary at the rate of $1,440 per annum, effective as of the date 11Pon which she enters upon the performance of her duties after Passed satisfactorily the usual physical examination, with the illitierstanding (1) that if anything derogatory develops in the investi— tittiola Of her references her services may be terminated immediately kiCi (2) that if her services are satisfactory the appointment will be kkie p erillanent Approved unanimously. 1144 elle Uemo„ ' anuum of this date from Mr. Bethea recommending that Mrs. Peacock be appointed as a charwoman in the Secretary's Office a teni Pcrarl, basis for a period of not to exceed 60 days, with basic 41'Y at t he rate of $1,200 per annum, effective as of the date upon 1287 8/26/114 —2— Ithich She enters upon the performance of her duties after having passed satisfactorily the usual physical examination, with the understanding that if anYthing derogatory develops in the investigation of her refer— elea her services may be terminated immediately. Approved unanimously. Me morandum of this date from Mr. Bethea submitting the resigna— tion of ?alai H. Berntson as a clerk in the Secretary's Office, to become "tecti„ as of the close of business on October 17, 1944, and recommend— 1.4 that the re signation be accepted as of that date or an appropriate e4rlier date if any annual leave is used prior to his leaving the service °t the Board on September 9, 1944. The resignation was accepted as rec— °mended. or New yLetter to Mr. Rice, Vice President of the Federal Reserve Bank c'rk, reading as follows: ter view of the circumstances described in your let— the c4 August 22, 1944, the Board of Governors approves ssignillent of Mr. Ralph t. Scheffer to the Research of'.(Allent without titular designation for a further period 81-x months beginning September 1, 1944." Approved unanimously. erve relegram to Mr. Drinnen, First Vice President of the Federal Re— Bank of Philadelphia, reading as follows: litisdni, 13csal ' cl approves action your executive committee out— ato11114°ur letter August 24 authorizing the temporary g of currency notes in vaults your bank for account Q 12ci= . 8/26/4,4 "of the State Bank of Ethiopia. It is noted that some ?n ,hanges are contemplated in the suggested form of letter Governor Blowers to your bank and it is assumed that °11 will forward copy of the letter as finally received .Lor our files." Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of kehtorici 3 reading as follows: te "In view of the considerations outlined in your lett °f August 10, 1944, the Board will interpose no objecLA-L- Bank's purchasing the land at the rear of tL - to 7.Cr— iroCharlotte Branch building for $10,500, which amount v500 °f Ja„,more than that approved by the Board in its letter —4cLrY 6, 1944." Approved unanimously. Memorandum dated August 24, 1944, from Mr. Thomas, Assistant Dil'ect0 r of the Division of Research and Statistics, submitting a letter tirltecl Ailgust 17, 1944, from the Banking Editor of The Wall Street Journal which had been f orwarded to the Board by Mr. Leedy, President of the t° the Reserv-e Bank of Kansas City, and which requested information as possible demand for bank credit after the war. This was a subject c34111lich the 'etel 110a1,,c13 Reserve Banks were making a special inquiry as a joint Project initiated by the Presidents' Conference, approved by the axlci CO nducted under the auspices of a committee of which Mr. t "ecl that of the Philadelphia Bank was Chairman. The memorandum it would seem inadvisable to give The Wall Street Journal Of this inquiry before the Board and the other Reserve Banks 1289 8126/44 —4411c1 the co 'ttee in charge of the project had had a chance to see that President Williams of the Philadelphia Bank had addressed a ..e to the tter-Financial Editor of The Wall Street Journal to the ef— Itthat the Bank felt it inappropriate to furnish the answers before tIlestwybeing conducted by the System was completed but would be happy t° aend the newspaper a copy of the report when it was finished, and that eePY of this letter had been sent by Mr. Williams to the Presidents the other Federal Reserve Banks. The following proposed reply to Prep., --.4Lent Leedy's letter was attached to the memorandum: el ."This is in reply to your letter of August 21, en— thnna an inquiry received from the Banking Editor of Wall Street Journal. We understand that President id:Iams, Chairman of the Research Committee of the Pres01.-111,.' Conference, has sent to all Reserve Banks a copy reply to this inquiry. The Board believes that ls a suitable type of reply under the circumstances, as' Lough it would not object to your expressing such views You Wish in answer to the inquiry." The reply was approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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