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251 A meeting of the Board of Governors of the Federal Reserve SYstem Was held in Washington on Friday, February 13, 1942, at 10:30 444. PRESENT: Mr. Ransom, Vice Chairman Mr. Szymczak Mr. Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein4tter referred to was taken by the Board: Telegrams to Mr. Hays, Secretary of the Federal Reserve Bank ofeleveland, Mr. Leach, President of the Federal Reserve Bank of kehtry, -nu, Messrs. Stewart and Powell, Secretaries of the Federal Re- re Banks of St. Louis and Minneapolis, respectively, Mr. Caldwell, Chair man of the Federal Reserve Bank of Kansas City, Mr. Gilbert, merut of the Federal Reserve Bank of Dallas, and Mr. Hale, SecretaN- 011 the Federal Reserve Bank of San Francisco, stating that the toarci approves the establishment without change by the Federal Reserve talik Clev or San Francisco on February 10, by the Federal Reserve Banks of and and Minneapolis on February 11, by the Federal Reserve Banks el' ehmona, St. Louis, and Kansas City on February 12, 1942, and by the, 'ederal Reserve Bank of Dallas today, of the rates of discount and se in their existing schedules. Approved unanimously. liemorandum dated February 11, 1942, from Mr. Nelson, Assistant 252 2/13/42 -2-- Secretary, recommending that the following increases in salaries of em1310 es in the Secretary's Office be approved, effective as of February 16, 1942: Name /38.88, Sampson H. Pollard, Wayne A. Polindstone, John MGoodloe, Ida Cl'ews, Mildred Designation Supervisor, Accounting Section Accountant Clerk Stenographer Stenographer Salary Increase To From 2,400 1,620 1,740 1,740 23,600 2,900 1,800 1,860 1,860 Approved unanimously. Letter to Mr. Sproul, Chairman of the Presidents' Conference Cornkittee On Defense Savings Securities, reading as follows: our letter of October 17, we told you that acConsideration was being given to the recommendation °r the Presidents' Conference that an article be prepared ,c°mbining in some degree public relations work on ReguiO Wwith the defense saving bond program'. We have lien considerable study to the preparation of this artlele, and our efforts have not been very successful. rgely as a result of events that have occurred since e idea was first taken up, the situation is such that fleral agreement upon what should be said as a matter Public relations is difficult to attain. Differences , °Pinion have arisen in the Board's own staff, and it anticipated that greater difficulty would arise in whearinE such a discussion with the Treasury. In fact, at could be said would have to depend to a considerable deg ;ree upon the outcome of discussions now in progress 1.th the Treasury. Furthermore, it appears likely that 42. 11 an article might now have to be submitted to the 'ice of Facts and Figures for approval. of . "Meanwhile, in public discussions of Regulation W, haflcers and representatives of the Federal Reserve Banks ve explained the regulation as an element in the general t 4 "program of combating inflation and have related it to !he sale of defense bonds. These discussions have cer' 41: 11,Y gone far to lessen the need for the article as G nally contemplated. , "In the light of these considerations we should like have your opinion whether efforts to prepare the arIlele should be continued." Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. 01 th Vice Chairman,
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