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185 A meeting of the Board of Governors of the Federal Reserve Systern Was held in Vcashington on Thursday, February 4, 19430 at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman hansom, Vice Chairman Szymczak Draper Evans Mr. Morrill, Secretary Mr. Betheas Assistant Secretary Mr. Clayton Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederal Reserve System held on February ousiy. 3, 1943, were approved unani- Bonds in the amount of 0;10,000 each, executed under date of Fehrtlary 1, 1 943, by Joseph H. P. Farnon and Edna K. Reynolds as Alter114e Assistant Federal Reserve Agents at the Federal Reserve Bank of Ilew York. Approved unanimously. Memorandum dated February 4, 1943, from Mr. Morrill, recommend'hat Mrs. Olga Dunlap and Miss Carlena Woods be appointed as kitchen heipe rs in the Secretary's Office on a temporary basis for a period of rtqt° exceed 60 days, each with basic salary at the rate of $1,080 per 611111411, effective today. Approved unanimously. 186 2/4/43 -2Letter to the "Haddonfield National Bank", Haddonfield, New Jersey, reading as follows: "The Board of Uovernors of the Federal Reserve System has given consideration to your application for fiduciary Powers, and grants you authority to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with national banks are permitted to act under the laws of the State of New Jersey, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. . "This letter will be your authority to exercise the fiduciary powers granted by the Board pending the preparation of a formal certificate covering such authorization, which will be forwarded to you in due course." Approved unanimously. Telegram to the Presidents of all the Federal Reserve Banks, reading as follows: "Under section 8(e) of Regulation W, remodeling or rehabilitation projects are designed as 'defense housing' pursuant . t40 procedure established by Administrator of National Housing Agency. We are informed that the Administrator has slgned an order providing for a new procedure. As soon as we can obtain copies of the new order, we shall transmit a copy to you and that will be followed by a bulk shipment of many copies as you received when the previous order was issued." Approved unanimously. Letter to Honorable D. W. Bell, Under Secretary of the Treasury, l'e Ming as follows: "Pursuant to the request contained in your letter of anuary 9, 1943, to Chairman Eccles, which was acknowledged on January 12, we have obtained from each Federal tteserve Bank and have sent to your office statements showings by States and counties, demand and time deposits of 189 2/4/43 "individuals, partnerships, and corporations, as reported by State member banks as of December 31, 1941, and December 31, 1942. "In this connection, we have received requests from several Federal Reserve Banks that corresponding figures covering national banks and nonmember banks in their respective Federal Reserve districts be furnished to them. It is understood that your office is making a compilation showing demand deposits and time deposits (each separately) of all banks in each county and that the data will be furnished the respective Federal Reserve Banks for the use Of the Victory Fund Committees. The Board will appreciate IA If at the same time you will furnish it with corresponding figures, by counties, covering all Federal Reserve districts." Approved unanimously. Since January 15, 1943, discussions had been in progress between*. Szymczak and representatives of the War Department in connection with an informal request by the Department that members of the tart of the Division of Research and Statistics undertake the prepElration of material on currency and banking systems, Government credit Elgencies, stock and commodity exchanges, and insurance companies for illelusion in a chapter on money and banking in the Military Government Randbook being prepared by the War Department. Inasmuch as the task trobiA --L°a involve some increase in the personnel of the Division of Re"arch and Statistics, the matter had been discussed informally by Mr. Szillezak with the members of the Board, with the exception of Mr. McKee 1111° was absent from the city, and they had concurred in the view that the m DBoard should agree to do the work desired by the War Department. By unanimous vote, it was understood that Mr. Szymczak would advise Major General Gullion of the War Department that the Board had considered the request of the Department and had agreed to undertake to do the job which had been the subject of the previous informal conversations. 188 2/4/43 -4Memorandum dated February 3, 1943, from Mr. Paulger, Chief of the Division of Examinations, submitting the travel expense voucher of 1Villis G. Brown, a Federal Reserve Examiner, covering the period Jan lay 3-16, 1943, inclusive, in the amount of $77.10, and recommending, tca' the reasons stated in the memorandum, that the voucher be approved 48 to per dien in lieu of subsistence during a period of illness from Jalluary 7-161 1943, inclusive, and transportation charges claimed to hiS home station. Approved unanimously. Thereupon the meeting adjourned.
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