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899 A meeting of the Board of Governors of the Federal Reserve 878teza was held in Washington on Thursday, June 17, 1943, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee 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 herein"ter referred to was taken by the Board: Letter to Mr. Leach, President of the Federal Reserve Bank of chin. end) reeding as follows: "This is in reply to your letter of June 14, advising Your board of directors had elected Mr. Edward A. Wayne, ee President of the Federal Reserve Bank of Richmond, efjeetive August 1, 1943, at a salary of $9,000 per annum, subet to the approval of the Board of Governors and that it is "etned to place Mr. Wayne in charge of the Examination DePextLlent. thatla to , "The Board of Governors approves the payment of salary Au** Wayne at the rate of $9,000 per annum for the period a,Tlet 1, 1943 to May 31, 1944, inclusive. The Board also <oyes the appointment of Mr. Wayne as an Examiner for the ) , 0 era' Reserve Bank of Richmond and his assignment as Vice -'esident in charge of the Examination Department." Approved unanimously. Letter " to Mr. McLarin, President of the Federal Reserve Bank reading as follows: Q.0,v "Referring to your letter of June 12, the Board of : .1 1°ra approves -payment of salaries to the officers of thAe 3-11;; .cederal Reserve Bank of Atlanta for the period from tix:,1, 1943 to May 31, 1944, at the following rates as by the Board of Directors. In the case of nn officer is now in military service and returns to duty with the 11/ during the coming year, the approval covers payment of 14: 900 6117/43 ft salarY for the period beginning with his return to duty with the ,ank n and ending with May 31, 1944 "Name Annual Salary Title lil Larin, W. S., e4 20,000 President Ir. ‘te 13rnn) Malcolm H. 12,000 President Vice First Clarks L. N. 12,000 President Vice C onniff, 11, F. 7,500 President Vice' 11°14man, V. K. 7,500 President Asst. Vice C. R. 5,800 Asst. Vice President alcCravey, 5,500 X. Tz., Tr. Asst. Vice President eMporarily serving as Acting Cashier at he New Orleans Branch.) c 6,000 Assistant Vice President D Uessler, S. P. enmark, X. E. 5,500 (a) General Auditor 5,000 Pike) Auditor General Winslow Acting E. T urman, X. P. 5,500 Counsel Birmingham Branch Beavers, P. L. T. 6,500 Managing Director pr(1Uhart, H. 3. 4,200 Cashier Starr, Leo W. 3,600 (a) Assistant Cashier Jacksonville Branch Var deman, G. S. Tr. 6,500 Managing Director La nford, T. A. 5,000 Cashier Nashville Branch Port, Xoel B., 6,500 Managing Director Ir. Rar rison, E. R. 5,000 Cashier New Orleans Branch Paris, E. 9,000 Managing Director P 84w) M. L.5,000 Cashier 4 special assignment as Acting Assistant vice President at the head Office.) ,,,.,aterlins, F. C. 4,000 Assistant Cashier 4Jewell, w. 4,500 Assistant Cashier H. Savannah Agency 13°v/den) T li. too 4)300 (a) Manager hey, 3,600 Earle M. Acting Manager (a) Now in military service." T 2 Approved unanimously. Letters to "The Farmers Bank of Springville, Erie County, N. Y.", 14) 1.11173.11es New York, the "Farmers sank of Parkesburg", Parkesburg, "The Lindsey Banking Company", Lindsey, Ohio, and the t'Colltinental State Bank") Alto, Texes, reading as follows: 901 6 17/43 -3- "The Board is clad to learn that you have completed all for the admission of your bank to the Federal R reserve System and takes pleasure in transmitting herewith a °Mal certificate of your membership. "It will be appreciated if you will acknowledge receipt of this certificate." Approved unanimously. Letter to iir. Hays, Vice President and Secretary of the Federal Reeerire B Of Cleveland, reading as follows: 7This refers to your letter of April 24 and enclosures • la benkting to the question of what records are to be kept by be i s and other financial institutions in order to show the w, ' e s for exemption of single-payment loans under Regulation Particularly section 8. tt , "This is a question which has been considered here from e to time in connection with various matters, but no attj aillIPt has been made to Prescribe any definite procedure. A otellil'ioant consideration relates to the internal consistency or the Reeulation. Section 8(c) provides that a statement he facts (if accepted in good faith by the Registrant) .4-4. be deemed to be correct for the purposes of this Reg1 • . nt, Whereas any statement which the Registrant may have ' oth 48 files to support a claim for exemption under some Theer Provision of the Regulation 'would merely be evidentiary. torrefore, if the Board should prescribe a form and procedure pro 31seserving stateiaents to supoort exemptions under other 181°ns, it might seem inconsistent not to give them the efti : \k;le conclusive effect as statements accepted under section 1)4 "The suggested form of letter from your Bank to the liEtp„.8 in Your district, which you enclose, appears to us to " substantial merit, but in view of the reaction of the el eterY of the Ohio Bankers Association and the rather e 13read feeling of opposition to added requirements in a1• 1: Peot;lelds, however much these might actually benefit the be ;76 involved, we are inclined to suggest that the matter tPoned. A better opportunity may arise for doing some-e of this kind. We appreciate that the examiners are handicapped and that: for 6he banks are ol,t to some trouble in showing the basis e but it may be better, especially at this time, 902 6/17/43 -4"for the problem to be handled in an informal way at each exszination. This would enable each bank to adopt methods that ,1J)111d be most satisfactory to it and would not even suggest at a particular or uniform method is desired. ."1/Te have studied your suggestion with interest, as well • ! Is with care, and want you to feel altogether free to bring !he matter to the Board's attention again if and when it may "s41 to you that further consideration is desirable." Approved unanimously. Memorandum of this date from Mr. Chase, Attorney, reading as t'llows, sizil"A case has arisen in the St. Louis district which is , a in all essentials to the Clark Brothers case which ( ; , -- ose in the Atlanta district some months ago, where a group stores was closed for a week under an order by the Board 4or violating Regulation W. "The Federal Reserve Bank of St. Louis has prepared an on the agreement used in the Clark Brothers ease) ;Zes) which the manager of the Mitchell Clothing Company Which ' c ree is now willing to sign. The form of agreement is enClosed with Mr. Lewis' letter to Mr. Dreibelbis attached orl f aet°- The agreement would consent to the issuance of an bY the Board closing the stores from the close of busitey7,8fulY 3 to the opening of business Tuly 12. It is conti:43J-ated that the Board will then issue an order in substaneae*4Y the same form as that issued in the Clark Brothers 018e and also a Dress statement similar to that used in the Brothers case. car une foregoing meets with the Board's approval, Mr. wipsrphen at St. Louis will be advised by telephone. Be 11(34 'also be advised of two minor changes which we feel tb _ uld be made in the form of agreement (shown in pencil on attached). The Federal Reserve Bank of 6t. Louis is very zotlr°us of being advised today, if possible, since they do Wish to risk having Mr. Mitchell change his mind about the agreement." C The suggested procedure was approved unanimously, and MT. Chase so advised Yr. Carstarphen this afternoon by telephone. etter prepared for the signature of Mr. Ransom to the Sec- State, reading as follows: 903 6/17/43 -5"In the temporary absence of Chairmen Eccles, I wish acknowledge your letter of Tunt,-, 15 in regard to securinc, the cooperation of this Board and staff in the preparation ?f studies on the financial situation, prospects and Drob-Lems of various countries of Europe, the British Commonwealth tions, and of Asia. As a member of the Committee on Post" Foreign Economic Policy, Mr. Eccles is, as you know, very nalch interested in the work of the Conmittee and desirous of affording the State Department all the aid at our command. "As you state, Governor Szymczak and members of our : tart have been in conference with members of your staff in his connection, and we have already undertaken to obtain the Services of especially qualified experts to assist and SUD,Y.LeRent our own staff in the preparation of material. "On behalf of all members of the Board, I wish to assure !_°11 of our desire to assist and cooperate in every possible rlaY in this undertaking." to r Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. "%roved,: Vice hairman.
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