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A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Saturday, June 20, 1942, at 11:00 aqa. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper 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 hereinatter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder al Reserve System held on June 19, 1942, were approved unanimously. Memorandum dated June 17, 1942, from Mr. Nelson, Assistant 8ecr e'darldr, recommending that Misses Evelyn L. Simpson and Margaret II "mu-eY be appointed as junior file clerks in the Secretary's Of- rice °n a temporary basis for an indefinite period, with salaries at the r ate of $1,260 per annum, effective as of the dates upon which thell erlter upon the performance of their duties after having passed 4atiefn -etorily the usual physical examination, with the understanding that, lf their work is satisfactory during the six months' probationary Perud and the special work for which they are employed lasts beyond that Period, further recommendations will be submitted that their ea be increased to P1,440 per annum. Approved unanimously. I 2t 6/20/42 -2Memorandum dated June 18, 1942, from Mr. Nelson, Assistant Secretary, recommending that Tars. Louise B. Douglas be appointed as atenographer in the Secretary's Office, with salary at the rate of ti 62 Per annum, effective as of the date upon which she enters upon the Performance of her duties after having passed satisfactorily the 118118 ' 1 PllYsical examination. Approved unanimously. Memorandum dated June 18, 1942, from Mr. Nelson, Assistant recommending that Edward W. Cook be appointed as a laborer Ill the Secretary's Office on a temporary basis for an indefinite pe11c4, with the salary at the rate of $1,080 per annum, effective as of date Upon which he enters upon the performance of his duties after " 1. 11g passed satisfactorily the usual physical examination. Approved unanimously. Memorandum dated June 18, 1942, from Mr. Nelson, Assistant 8eel'et arY, recommending (1) that James W. Sanderson be promoted from the P"ition of guard to that of senior guard in the Secretary's Oftice On a temporary basis for an indefinite period and that his salary be -el'eased from $1,500 to $1,560 per annum, effective July 1, 1942, kid co . ntlnuing only during the period he sPrves as senior guard, and (z) that the salary of William Hyde, a guard in the Secretary's Office, a.rIci l'eased from S'1,380 to 11,500 per annum, effective July 1, 1942, Continuing only during the period he serves as guard. Approved unanimously. 262 6/20/42 -3Memorandum dated June 18, 1942, from Mr. Wyatt, General Coun- 41, recommending that the salaries of Mrs. Lucy I. McColloch, SecretlrY t0 Mr. Vest, and Miss Mabel Goepfert, Secretary to Mr. Wingfield, each be increased from 12,200 to t21400 per annum, effective July 1, 1942. Approved unanimously. Memorandum dated June 18, 1942, from Mr. Goldenweiser, Direct °r of the Division of Research and Statistics, recommending, with thee oneurrence of Mr. Draper, that Miss Mildred Crews, a stenographer mr. Draper's office, be transferred to the Division of Research and St t. lstics as a clerk-stenographer, with no change in her present salat the rate of $1,860 per annum, effective as of June 22, 1942. Approved unanimously. Telegram to Mr. Gilmore, Assistant Cashier of the Federal Re've Bank of St. Louis, reading as follows: "Your wire June 15. Section 8(i) of Regulation W does not exempt loan by Commodity Credit Corporation if Purpose of loan is purchase of listed article." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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