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4 ;I, Minutes of actions taken by the Board of Governors of the ?e(leral Reserve System on Wednesday, December PRESENT: Mr. Mr. Mr. Mr. Mr. 5, 1951. Martin, Chairman Szymczak Evans Vardaman Norton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Reserve System on December 4, 19)1, were approved unanimously. Memorandum dated December 3, 1951, from Mr. Leonard, Director, °11 of Bank Operations, recommending the appointment of Mrs. Doris L, e St°4- as a Statistical Clerk in that Division, on a temporary indefi- Ilite 13481s, with basic salary at the rate of $3,190 per annum, effective or the date upon which she reports for duty after having passed the 11418.1 131Vsical examination and subject to the completion of a satisfacto el111%ment investigation. Approved unanimously. Letter to the Honorable Lester C. Hunt, United States Senate, 14411111.gton) D. C., reading as follows: "Reference is made to your letter of November 24, 1951) addressed to former Chairman McCabe regarding the cei',Igibility of the Ideal Tool and Laboratory Company of "eYenne for V-loan financing of its defense contracts. The purpose of the V-loan program is to facilitate expedite the financing of contractors, subcontractors 0. other persons having contracts or engaged in operat17 48 deemed by the guaranteeing agencies to be necessary 12/5/ 51 -2- "to expedite production and deliveries or services under Government contracts for the procurement of materials or the Performance of services for the national defense. No )all is guaranteed unless it is first determined by the 131.°Per guaranteeing agency that the contract or operation °f the prospective borrower is necessary for the defense effort. "The application of the American National Bank of Cheyemnne for the guarantee of a loan to be made to the Ideal t,°ol and Laboratory Company has not been received by the 1,eoard from the Federal Reserve Bank of Kansas City and there;:e we are unable to determine which agency of Government s the preponderant interest of the company's defense work and will be the proper agency to guarantee a loan, so we are lellacaae to advise you whether or not the contracts and subheld by the Company can be financed by a V -loan. 11"ere is no requirement as to the volume of defense work b Prospective borrower must have in order to be an eligible c°1sr°wer. Both prime contracts with the Government or subertracts with concerns engaged in the defense effort are igible for V -loan financing if they are deemed necessary the national defense by the guaranteeing agency. "Upon receipt of the application from the Federal Reimmediately 've to th Bank of Kansas City, we will transmit it th e Proper Government defense agency with the request a. the case be expedited to the greatest extent possible." Approved unanimously. Telegram to Mr. Barrett, Assistant Cashier of the Federal Reserve 1361A 016f °an Francisco, reading as follows: concerning question of Los Angeles StOck"Reurtel November 27 re Exchange as to length of time it must retain files of ,q1lests for extensions of time under section 4 of Regulation 011 .„"For our purposes, Exchange need not keep such requests to Ille for more than two-year period. Such period conforms : el 11011blished views previously expressed by the Board in ant0 similar inquiry raised by another Stock Exchange. records to be Pres„,"SEC rules referred to by you relate to ' riled by members, dealers and brokers. SEC has indicated 12/5/31 -3- Informally that they do not regard those rules applicable to preservation of records by exchanges in cases such as that presented." Approved unanimously. ary.
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