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921 A meeting of the Board of Governors of the Federal Reserve 8Yetem was held in Washington on Wednesday, Tune 23, 1943, at 11:30 a.m. PRESEi4T: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Morrill, Secretary Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein(Iterr"ferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Ne— Reserve System held on Tune 22, 1943, were approved unanimously. MeMorandum dated June 21, 1943, from Mr. Paulger, Chief of the °4 of Examinations, recommending that Miss Nancy Lee Chelberg be 44°14tea -- as a stenographer in that Division on a temporary basis for period, with basic salary at the rate of $1,440 per annum, qtr., -etiv, - as of the date upon which she enters upon the performance of 1tje t104. after having passed satisfactorily the usual physical examina- Approved unanimously. bbti Uemorandum dated Tune 18, 1943, from Mr. Paulger, Chief of the 141% 1°4 Of Examinations, recommending, for the reasons stated in the : 14 41141443 that the Board grant Willis G. Brown, Federal Reserve Exam- '24 claYs and 6 hours of sick leave in addition to that accumulated 922 6/23/43 -2111 lailn) to cover a period of illness from Xanuary 7 to May 27, 1943, iliclusive, with the understanding that such leave will not be charged 111)4118t anY annual or sick leave which he may accumulate in the future. Approved unanimously. Letter to Mr. Lassiter, Chairman of the Federal Reserve Bank of reading as follows: "In accordance with the request contained in Mr. Leach's 21, 1943, the Board of Governors approves the letter of Tune 414711 t n. 'ent of a salary to Mr. T. Wesley Bagby, Federal Reserve : ent'a Representative, Charlotte Branch, at the rate of '2,040 ver annum, effective Xuly 1, 1943." Approved unanimously. Letter to the board of directors of "The State Savings Bank of 1411e°/11 Park, Michigan", Lincoln Park, :Michigan, stating that, subject te°41iti°118 of membership numbered 1 to 3 contained in the Board's Reg0 k4tiet li3 the Board approves the bank's application for merubership in : e411 Reserve System and for the appropriate amount of stock in the -etiNi eserve Bank of Chicago. Approved unanimously, together with a letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: 14,0 "The Board of Governors of the Federal Reserve System apperlres the application of 'The State Savings Bank of Lincoln 'Michigan', Lincoln Park, Michigan, for membership in the ?edk theerel Reserve System, subject to the conditions prescribed in lao enclosed letter which you are requested to forward to the te;c1 (3f Directors of the institution. Two copies of such letoth a're also enclosed, one of which is for your files and the N. e tl" of which you are requested to forward to the Commissioner, to e Bankinc Department for the State of Michigan for his ination. 923 6/23/43 "Since the amount of estimated losses shown in the report Of examination for membershiu is relatively small, the usual ?cndition of membership requiring elimination of losses nas not been prescribed. It has been noted, however, that the bank has „Feed to make proper provision for losses and it is assumed that ""18 will be done." Letter to the Presidents of all the Federal Reserve Banks, reading 418 follows: "YOU will find enclosed a memorandum from the Navy Departraent) dated Tune 21, 1943 signed by William A. Coolidge, Chief Finance Section, regarding payments received on Regulation V ' 8 18 which have been Purchased on behalf of the Navy Department." Approved unanimously. 4411,e Letter to Mr. Hays, Vice President and Secretary of the Federal B of Cleveland, reading as follows: . 0 "This refers to your letter of May 13, 1943 enclosing copies °lam ettar from Mr. Francis H. Beam, Vice President of The Natia ---L City Bank of Cleveland, requesting an interpretation of eet:,13rovisions of the standard form of guarantee agreement ree' inC adjustments based on the cancellation of war production 04traets. kit,"CoPies of your letter and of Mr. Beam's letter were transis' eed to the War and Navy Departments on May 19, 1943; and there De ,nelosed a copy of a letter in reply received from the Navy Aellrtment dated May 22, 1943, signed by Mr. William A. Coolidge, pe8 ' stant Chief of Finance Section. We understand that the War orPartment still has the matter under consideration and we will, keZ)tirse) advise you promptly upon receipt of the War Depart8 COmments in this connection. tiere "Under both the old and the new standard forms of guarantee diletrent, a 'cancelled conract' may incluue either a war protio4 011 contract in its entirety or a part of such a war productio4 c°ntract; and, accordingly, we agree with you that the quesraised by Mr. Beam must depend entirely upon the form and eract tiew Of the notice of termination or cancellation in each parcase.” Approved unanimously. 924 6/Z3/43 -4Letter to Mr. Dillard, Vice President of the Federal Reserve Bank reading as follows: "This refers to your letter of June 1, 1943, which, pur! Uant to an understanding with the Federal Reserve Banks of New Ictrk and Kansas City, requests the Board's advice as to the , c)Per classification of window shades and Venetian blinds under section 13(a) of Regulation W. With your letter you enelosed certain Reserve Bank correspondence indicating some lack Of harmony in the views of the Banks on this subject. :"Venetian blinds and shades are purchased for use in a p,,rticular building and as a general rule cannot be used elseWhere without alteration. In effect, they become a part of the ilding In this respect they are like screens, awnings, and 0;Storm windows which the Board has ruled are included in Group C section 13(a) (See 5-437). There may be instances in which theb blinds or shades are not made to fit a particular building, this fact is not considered to be controlling, and conse,!ntlY all blinds and shades purchased for residential struci,sre are included in Group C just as all screens, awnings, and °rm Windows so purchased are included. "Pi. letter expressing the foregoing views of the Board is being mailed to all of the Reserve Banks." Approved unanimously. Telegram to the Chairmen of all the Federal Reserve Banks, read- i4t as follows: "130a— ai„,ru of Governors approves payment of regular semi-annual v-tdend by your Bank on Tune 30, 1943." Approved unanimously. Thereupon the meeting adjourned. Secretary. 441,01re Chairman.
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