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1469 A meeting of the Board of Governors of the Federal Reserve 878tam was held in Washington on Wednesday, July 22, 1942, at 10:45 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Mr. Mr. MT. Mr. Merrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the l'ederal Reserve System held on July 21, 1942, were approved unanimously. Memorandum dated July 21, 1942, from Mr. Leonard, Director of tilpi 'NJ ulvision of Personnel Administration, stating (1) that, in accordce. With the action taken at the meeting of the Board on July 10, 1942, e°1°Y Of a letter addressed to Dr. Barr, the Board's examining physilEtIl) by Dr. Swineford, of the medical staff of the University of Virdalia, had been received by the Board, which stated that no evidence or tubA rculosis was found in the examination, x-ray, and treatment of baviA M. Wright, and (2) that Dr. Barr had stated in a letter dated N;y . 20 1942, that Mr. Wright could be employed by the Board without end e.1140. ..m t'-1*.J-ng other employees by reason of exposure to tuberculosis. In the8e' circumstances, the memorandum recommended that, as proposed in "'°-Ldenweiser's memorandum of July 7, 1942, Mr. Wright be appointed Et.s o4 associate economist in the Division of Research and Statistics r()T, Period of one year, with salary at the rate of “,600 per annum, 1470 7/22/42 -2- effective as of the date upon which he enters upon the performance of 1148 duties, with the understanding that the situation will be reviewed "the tQ the end of the one-year period and that, under the recent amendment rules and regulations of the Retirement System of the Federal 'leserve Banks, Mr. Wright will execute a waiver of death and disability b enefits for a period of ten years. Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "Referring to your letter of July 9, 1942, the Board of Governors approves the payment of salaries to the follcwing officers at your Bank and the Detroit Branch, effective August 1, 1942, for the period ending March 31, 1943, at the following rates as fixed by your Board of Directors: Name /IP OFFICE: Walter A. Hopkins Mark A. Lies Prank A. Lindsten L. G. Meyer A. L. Olson DETROIT BRANCH: A, X. Wiegandt W. T. Cameron R. W. Bloomfield Annual 6aiary Title Assistant Cashier It Assistant Vice President Assistant Cashier " II $6,750 7,000 7,000 7,200 9,000 4,400 4,200 4,200" Approved unanimously. Letter to Colonel John C. Mechem, Chief of the Miscellaneous Pi_seal Division of the War Department, reading as follows: ta,1„ "Some time ago the Board requested the Federal Reserve to advise of any action taken in the States of their ' l espective districts, either through interpretations by the 1471 7/22/42 -3- “State banking authorities or through legislation, with respect to the application of State laws limiting loans to one person to loans guaranteed under Executive Order No. 9112. Pursuant to this request, information has now been received With respect to all except six States, and there is enclosed herewith for your convenience a compilation of the information received with respect to the situation in each State. "It will be noted from the recapitulation at the end of the compilation that there are 33 States in which the limitations on loans to one person are not considered to be applicable to loans to the extent that they are guaranteed under the Executive Order. However, attention is invited to the fact that the information received in some cases Consists or formal rulings and in others to mere expressions of offhand opinion. Accordingly, the recapitulation sh°uld not be considered as an exact summary of the situation in every State, but reference should be made to the excerpt covering such State in the body of the compilation.” Approved unanimously, together with similar letters to Mr. Sidney A. Mitchell, Chief of Finance Section, Office of Procurement and biaterial of the Navy Department; Mr. B. B. Griffith, Assistant to Director of Finance of the United States Maritime Commission; and Yr. Yark Brown of the War Production Board. Telegram to Mr. Stroud, First Vice President of the Federal Reei-vvre Bank of Dallas, reading as follows: "R I eplying your wire July 18. Second paragraph of section ''<(111) of Regulation V applies to a 'charge account' 1Nhich, Under section 2(g), includes all indebtedness arising from erge sales to a given customer. Therefore not permissible cl apply section 12(m) to charges for merchandise while ap131Y1ng section 5(c) to charges for gas or electricity to 8aMe customers." V Approved unanimously. Thereupon the meeting adjourned. AE1,71(e4:0,4tPla; /70 Chairman. Secr tary.
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