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320 A meeting of the Board of Governors of the Federal Reserve stem was held in Washington on Monday, March 1, 1943, at 9:30 a.m. PRESENT: Yr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Evans 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 herein43.1/, r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Nier 41 Reserve System held on February 27, 1943, were approved unani44181Y. Liemorandum dated February 26, 1943, from Mr. Morrill, recomtIg that Mrs. Rae M. Brooks be appointed as an elevator operator th e secretary,s Office on a temporary basis for an indefinite period, th basic salary at the rate of $1,200 per annum, effective as of the cle.to t which she enters upon the performance of her duties after havIllePasp A satisfactorily the usual physical examination. Approved unanimously. hhel moranda dated today from Mr. Morrill, recommending that Mrs. inson and Mrs. Annie Mae Hutchison be appointed as kitchen 'k Rob• helPers . ln the Secretary's Office on a temporary basis for a period of 321. V1/43 —2— ncYtto exceed 60 days, each with salary at the rate of 1,080 per annum, effective March 1, 1 943. Approved unanimously. Memorandum dated February 27, 1943, from Mr. Parry, Chief of the Dirlelon of Security Of George tended Loans, recommending that the temporary appointment VI. Blattner, as a Special Assistant in that Division, be ex— for an additional period of not to exceed one year beginning 144rch 240 1 -') 943, with no change in his present salary at the rate of Per arinurne 5,O00 Approved unanimously. Memorandum dated today from Mr. Dreibelbis, General Attorney, rec— (4ritiend, 'ne that Mrs. Clara A. Hutchinson, a stenographer in the Legal Di— who had been on leave of absence because of confinement since March 1942 / be placed on the nay roll as a regular full—time employee, with 40 m, ge in her salary at the rate of $2,100 per annum, effective March 1 1 194 3. Approved unanimously. Memorandum dated February 27, 1943, from Mr. Morrill, recommend— the following increases in salaries of employees in the Secre41rY.t - urfice be approved, effective March 1, 1943: arne pl arial and Administrative ii,„Qabeth L. Carmichael .-11111-e .Kramer voice FUnctions .14rrie Sanford -$ Frank Bell Desifnation Salary Increase To From Printing Clerk Clerk—stenographer $1,800 1,740 t1,980 1,860 Telephone Operator Chauffeur 1,440 1,380 1,560 1,500 322 3/1/43 Name (Contld.) 8411Clin 11 . Designation Operation and ilaintenance Gardener Murphy Marble Mason B. Shipp 4°Yea Salary Increase To From fr,1,560 2,040 $1,6810 2,160 Approved unanimously. Memorandum dated February 26, 1943, from. Mr. Smead, Chief of the °11 of Bank Operations, recommending that the leave of absence with— (Illt J granted to Mrs. Margaret K. Ball, a clerk in that Division, be eXte„ for the period March 16 through March 31, 1943, on the same "approved by the hoard on September 3, 1942, under which the 180arrl ' continued its contributions to the retirement system on Irs. Ball's behair Provided she continued her own contributions during the period. Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, read— trio ,., as folIaws: Re "The draft of the revision of the guarantee agreement under ,a.tion V has been carefully considered and worked over in theu-1 N !-Light of the suggestions received from the Federal Reserve 7,44 and comments from others interested, and has been dissaed at numerous conferences between representatives of the Thts and Navy Departments, the Iqritime Commission, and the Board. viere is enclosed herewith for your information a copy of a re— "'sed draft of the agreement. (11, 4,,hif you should care to submit any comments regarding this in addition to those nreviously furnished, we will appre4i'e it if you will write or wire them in time to reach us not er than March 8, 1943." 4 Approved unanimously, together with the following letter to Mr. Tilliam B. Cudlip of Bulkley, Dickinson, Wright & Davis, Detroit, Michigan; Mr. Henry C. Alexander, Vice Presi— dent of J. P. Morgan & Co., Incorporated, New York City; Mr. Eugene H. Southall of Milbank, 323 3/1/43 -4Tweed & Hope, New York City; and Mr. John W. Kearns of The First National Bank of Chicago, Chicago, Illinois: "The draft of the standard form of guarantee agreement .:, 1 8 been further considered and revised in the light of the qlscussions which you attended on February 17 and 18) 1 943, !-.11c1 there are enclosed for your information two copies of utie r— evised form. 8 "If, after reviewing the enclosed draft, you care to t any suggestions concerning it, we will be glad to h I,'" You do so at the offices of the Board in Washington on 7arch 82 1943, at 10 A.M., or, if you prefer, submit them , n writing. In the latter event, your comments should reach 48 not later than March 8. "We will appreciate it if you will advise us as promptas possible whether you will be here at the time indicateds o Thereupon the meeting adjourned. Chairman.