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102 A meeting of the Board of Governors of the Federal Reserve SYstem was held in r;ashington on Thursday, January 21, 1943, at 10:30 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice hairman Szymczak McKee Draper Evans Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein81;e1r referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the eciert'l Reserve System held on January 20, 19432 were approved unanimoliely, Memorandum dated January 15, 1943, from Mr. Paulger, Chief of the Di vlslon of Examinations, recommending that, effective as of the ciat e upon which he enters upon the performance of his duties after havPassed satisfactorily the usual physical examination, Adolphus D. Wilburn be appointed on a temporary basis as an Assistant Federal Reserve E xaminer, with salary at the rate of 42,100 per annum, and with cial headquarters at Memphis, Tennessee. By unanimous vote, Mr. Adolphus D. Wilburn was appointed on a temporary basis as an examiner to examine Federal Reserve Banks, member banks of the Federal Reserve System, and corporations operating under the provisions of Sections 25 and 25(a) of 103 1/21/43 —2— the Federal Reserve Act, for all purposes of the Federal Reserve Act and of all other acts of Congress pertaining to examinations made by, for, or under the direction of the Board of Governors of the Federal Reserve System, and was designated as an Assistant Federal Reserve Examiner, with official headquarters at Memphis, Tennessee, and with salary at the rate of $2,100 per annum, all effective as of the date upon which he enters upon the performance of his duties after hav— ing passed satisfactorily the usual physical examination. Letter to Mr. Mulroney, Vice President of the Federal Reserve Bank 04 Chicago, reading as follows: "In accordance with the request contained in your let— of January 13, 1943, the Board approves the appointment °f James S. Buster as an assistant examiner for the Federal R”erve Bank of Chicago. Please advise us of the date upon whlch the appointment becomes effective." Approved unanimously. Letter to Mr. Hitt, First Vice President of the Federal Reserve Bartit Of St. Louis, reading as follows: "As you point out in your letter of January 11, the lloardls letter of December 3, 1942 (8-597), .with respect L0 the temporary reemploymen t of former employees who are er 65 years of age, made no reference to an age limit 10r such reemployment. "The primary test with respect to the reemployment °f z.,tlY individual, of course, is the ability to do the Particular work to which he will be assigned. In the Present situation, with the need for full utilization the available manpower, it does not seem appropriate fix any arbitrary limit as to age, and the Board feels that the question of whether an individual 70 years of 4a.ge or over should be reemployed temporarily is a matter be determined by the management of your Bank." Approved unanimously. 104 1/21/43 -3Letter to Mr. West, Vice President of the Federal Reserve allIk of San Francisco, reading as follows: "Referring to your letter of January 11, the Board ex— tends until February 16, 1943, the time within which the !Irst Trust (Sc Savings Bank, Pasadena, California, a subsid— iary of Transamerica Corporation, shall file affiliate re13°rts in connection with the bank's December 31, 1942, call report. It is understood that the Comptroller of the Cur— rency has extended until February 16, 1943, the time in wIllch national bank subsidiaries of Transamerica Corpora— tion shall file their affiliate reports." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, read;_. --Lug as follows: "The Board would like to have information as to the ex— tent to which the Reserve Banks have had occasion to make use of the exemption from Regulation W provided by section 8(h)(2) r.elating to the financing of repairs or replacements of property !ottamaged or lost as a result of a flood or other similar disas— ere We realize that we have been informed from time to time as to some of these disasters but we are not certain from our files that vie are fully advised. "Accordingly it would be appreciated if you would send to the Board a report on the disasters that have occasioned finding pursuant to the above—mentioned section. The re— t.-1!rt should, if possible, contain information on the follow— g subjects: 1. The nature of the disaster. 2. The sources of the requests for the exemption. 3. The nature of the investigations made. 4. The extent of consultation with representatives of the Disaster Loan Corporation and other in— terested agencies. 5. The description of the areas affected. 6. The period for which the exemption was made effective. 7. The methods taken to bring the exemption to the attention of affected persons. "Any comments that you would care to make on your expe— '-lences with this provision would be helpful." Approved unanimously. 105 1/21/43 -4Memorandum dated January 19, 1943, from Mr. Ransom submitting With his aPProval a memorandum dated January 18 from Mr. Parry, Chief °f the Division of Security Loans, and 1r. Thomas, Assistant Director f the Division of Research and Statistics, in which it was recommended, f°r the reasons stated in the memorandum, that the Board authorize the making of the annual retail credit survey formerly conducted by the n epartment of Commerce. Approved unanimously, together with the following letter to the Presidents of all the Federal Reserve Banks: "Vath the transfer of statistical work in the field of consumer credit from the Bureau of Foreign and Domestic Commerce to the Board of Governors, we assumed responsibility for the Retail Credit Survey formerly conducted annually by the Bureau. The enclosed memorandum from Mr. Parry and Mr. Thomas to the Board includes a brief statement of the conei4eration5 pro and con as to continuation of the survey. "After a careful balancing of all of the factors, and alSO after securing the opinion of the System Retail Trade Committee, the Board has decided to conduct the survey this Year, but to do so on a much restricted basis. Department st°res and furniture stores are to be omitted from the surs v!Y because we have adequate monthly figures from these ." )res, and the number of items has been reduced to a mm "There is enclosed a draft of a letter which may be Ised to address the prospective respondents. You will note that this letter contemplates supplying them with stamped return envelopes and duplicate copies of the schedules. A cc9Y of the revised report schedule is also enclosed. You will be furnished with a stock of these schedules in the next few days unless you should prefer to print your own or reproduce them in some other way. If you wish to print °11r own, please wire us immediately. "In the next few days you will receive a set of cards !elected from the mailing lists of prior years. These cards Present respondents that have filed one or more returns in Tf_1? last three years or those recently added to the list. onule number of respondents for the whole country, 6,200, is lY from one-third to one-half the number canvassed in prior J 106 1/21/43 -5-- "years. Please retain these cards as they are the sole record of respondency to the survey in past years as well as of the firms canvassed. Additions may be made to this list if you think it desirable to improve the sample for your district and are in a position to do so. "Instructions to the Reserve Banks for editing and tabulating these data will be supplied later." Letter to mr. James A. Treanor, Jr., Director of the Trading 44d Exchange Division of the Securities and Exchange Commission, Philadelphia, Pennsylvania, reading as follows: "Referring to your letter of January 18, we expect that the preliminary figures of investment holdings of member banks of December 31, 1942, will be available in about a week. "e will be glad to send you the desired data at that time for confidential use in connection with your study of the volume Of savings in the United States." Approved unanimously. Thereupon the meeting adjourned. 6 eretiX, App Chairman. becretar
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