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Minutes of actions taken by the Board of Governors of the hurtaa Reserve System on Wednesday, December 13, 1950. PRESENT: Mr. Szymczak, Chairman pro tem. Mr. Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Memorandum dated December 11, 1950, from Mr. Bethea, Director the D ivision of Administrative Services, recommending increases 14 the basic annual salaries of the following employees in that 1)1//isio1, effective December 24, 1950: kit ilete cel—Watt tle 4,411w.St extup yilsk Title Assistant Supervisor, Stenographic Section Stenographer Clerk Salary Increase To From $3,100 2-775 2,650 2,930 2,875 3,050 Approved unanimously. Telegram to Mr. Davis, President of the FOderal Reserve °t St. Louis, reading as follows: t "Reurtel December 11 advising that your 111tte Executive Committee has granted Vice Presip t WIlliam H. Stead three months' leave with ' in order that he may act as Chief Economic prl'iser to Secretary of Interior for defense h8.1141s administered by the Secretary. Matter been brought to attention of the Board and vted without objection." 4 4 Approved unanimously. 01,44 Letter to Mr. Leedy, President of the Federal Reserve Bank " 8 City, reading as follows: wi3/50 -2- "In accordance with the request contained in .,c)11r r letter of December 7, 19)0, the Board of Governors approves the employment of Mr. Vincent O'Plaherty, President of the O'Flaherty-Norman eal Estate Company of Kansas City, Missouri, as 1E33. Part-time consultant for the Federal Reserve Of Kansas City in connection with the ad'' o'nistration of Regulation X and the payment f a fee to him while serving in this capacity at, the rate of $50 Per day, plus actual trans8 130!tation expenses and per diem in lieu of llo sistence not to exceed $15." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, ree41 rig as follows: With respect to the use of V-loan guarantees rer e, 'Ile purpose of financing facilities and plant t;Pansion, we have been advised that the following beY be regarded as a statement of the policy of the PartMents of the Army, Navy and Air Force. The Military Departments will limit V-loans • clot, y to working capital purposes, as was e during World War II. They will not `kallantee facilities loans as such, but facilities ,! 13 nsi°n, as en incident of V-loans in individual 110-1 : 8, will be permitted where the borrower's capital is such that capital expansion Th"-id not delay or impair repayment of the V-loan. to%I:lre agreed, however, that there is no objection tak;j4e non-military guaranteeing agencies underDa 'ng to utilize V-loans for financing plantexapr , , ision to the extent found feasible and deemed °Priate by those other guaranteeing ag. • ies." 4 Approved unanimous Secre -ry.
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