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849 A meeting of the Board of Governors of the Federal Reserve aYsternINms held in Washington on Wednesday, June 5, 1940, at 11:30 PRESENT: Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak Davis 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 ' 41 Reserve System held on June 4, 1940, were approved unanimously. Memorandum dated May 31, 1940, from Mr. Goldenweiser, Director Of the n. 'Ivision of Research and Statistics, recommending that, for the '11 stated in the memorandum, Miss Louise H. Larson be appointed on a e t171113(3rarY basis for a period of not to exceed three months as a clerk itI the 'vision, with salary at the rate of ,1120 per month, effective Of the date upon which she enters upon the performance of her duties. Approved unanimously. Reference was made to the informal agreement reached previously 1/Y the me Illbers of the Board that, pending the appropriation by Congress ot 1,141 ds fo r the payment of the expenses of the Advisory Commission ° the 0011v, • "“ell of National Defense, the Board, upon the written reGovernor Davis or Mr. McReynolds, Secretary of the Commission, 860 6/5/4o 17°1114 Place on its payroll persons employed by the Commission, with the und erstanding that as soon as funds were made available to the 4ftassion by Congress the employees would be transferred to the pay - of the Commission and the Board would be reimbursed for any sal- 41'48 Paid, In accordance with this arrangement, Mr. Davis, with the aPPI ' °val of Mr. McReynolds, had submitted written requests for the er41310 Plient for a temporary period of not to exceed three months of the r°11°vIing persons, effective as of the opening of business on jUlle 10, 1940: Name ;Perkins Lininger Payroll Designation Monthly Salary Page Receptionist 90.00 100.00 The employment of Messrs. Perkins and Lininger under the arrangement outlined above was approved unanimously. Letter dated June 4, 1940, from Mr. McCabe, Chairman of the Ner;41 -'lleserve Bank of Philadelphia, in which he stated that, after seirer.s, '4"4 conferences with Dr. Balderston, who had been engaged to direct the etud, -v of official salaries at the Federal Reserve Banks being made by the Chairmen, and after consideration of suggestions received from kNrs. Young, tie Brainard, Neely, and Wood, Chairmen of the Federal Re- Bas, 44 1146 of New York, Cleveland, Atlanta, and Chicago, respectively, °1110.71, —Le covering the purposes of the study had been prepared and 44 'tu . McCabe would like to submit the outline to the Chairman of 851 6/5/4o —3— each Federal Reserve Bank with a request that he submit it to the board of directors of his bank for approval and for authorization of 4811 (3f not to exceed q1000 to cover the expense of the study. The clitline referred to, a copy of which was enclosed with the letter from 111% m cCabe, was discussed by him while he was in Washington today with nlealbe ' 1 3 of the Board and an addition was made to item 6 of the outline. The secretary was requested to advise Mr. McCabe that the outline was satisfactory to the Board. Letter to Mr. Dillard, Secretary of the Federal Reserve Bank of %ea— sus reading as follows: ;, "The Board of Governors has received your letter 1(3) May 25, advising it of the adoption by the Board of ;-Lrectors of the Federal Reserve Bank of Chicago of a ! t s°1ution requesting the Board of Governors to consider "0 amendments of its Regulation U. "The Board of Governors has requested its staff to Present()r to it a recommendation with respect to the second re„the two amendments, namely, that dealing with the transof undermargined loans from brokers to banks. It is oi'j-ng no action at this time with respect to the first the two amendments, inasmuch as this amendment may be discussed by the Federal Advisory Council at its next kseting.n Approved unanimously. or New Letter to Mr. Gidney, Vice President of the Federal Reserve Bank reading as follows: trip :Thank you for your letter of May 6, 1.90, enclos44Lor the Board's information and files copies of a of memoranda prepared by your Bank in connection th tie„ , , the applicability of exception numbered (5) of sec-4 0 of the Clayton Act. 852 6/5/0 -4- "The Board, of course, has no facts other than those submitted by you with respect to the cases referred to, but on the basis of such facts there appears to be no reason to differ from the conclusions reached by you respecting the cases submitted with your letter." The interlocking directorates referred to in the memoranda mentioned in the above letter involved the following individuals: H. K. Alexander G. A. Brockway Joseph J. Corcoran Herman J. Ludescher B. J. Dolan H. S. Osborn Lewis H. Pierson Jacob Wyckoff Approved unanimously. Thereupon the meeting adjourned. Secretary.
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