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404 A meeting of the Board of Governors of the Federal Reserve - was held in Washington on Thursday, March 18, 1943, at 11:30 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. McKee Mr. Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The action stated with respect to each of the matters hereinreferred to was taken by the Board: Memorandum dated March 13, 1943, from Mr. Goldenweiser, Directo,. - of the Division of Research and Statistics, recommending that F. Weaver be appointed as a clerk in that Division on a tempo1111 b • "le for an indefinite period, with basic salary at the rate of 43620 Per annum, effective as of the date upon which she enters upon e Per? -ormance of her duties after having passed satisfactorily the PhYsical examination, with the understanding that if her work is 44tist act°/7 a recommendation will be submitted within a few months 'ha ther appointment be made permanent. Approved unanimously. Memorandum dated March 16, 1943, from Mr. Morrill, recommendwi th the concurrence of Mr. Paulger, Chief of the Division of Ex44natione that Benjamin D. Berry, a messenger in that Division, be tttitiere rred to the Secretary's Office as a junior mail clerk on a tern 14"4r3r b "is for an indefinite period, with no change in his present NQ 4rY at the rate of $1,500 per annum, effective April 1, 1943. Approved unanimously. 405 3/18/43 -2Letter to Mr. Brainard, Chairman of the Federal Reserve Of Cleveland, reading as follows: "In accordance with the request contained in your letter of March 9, 1943, it will be entirely agreeable with the Board to defer, from April to June of this year, the consideration of adjustments in the salaries of officers of the Federal Reserve Bank of Cleveland and th-t any adjustments when made become effective July 1 instead of May 1. "The Board's approval for the payment of salaries to the officers of your Bank at the present rates extends trough the period ending April 30, 1943. In view of the circumstances, the Board extends its approval for the pay111,nt of such salaries at the present rates through the period ending June 30, 1943." Approved unanimously. Telegram to the Presidents of all the Federal Reserve Banks, rettA4 as follows: "Revised standard form of guarantee agreement under ! legulation V is expected to be approved at an early date. vie are arranging to print here and send to all Federal Rerve Banks conies of the new form. Copies for each Reserve ank will be printed separately so as to include the name the bank, but will, of course, otherwise be identical. blease wire as soon as possible an approximation of the numder of copies of the revised agreement your bank will need tiring the next six months." r r Approved unanimously. the Letter to Mr. Logan, Vice President and General Counsel of Federal Reserve Bank of New York, reading as follows: your letter of Ma "This will acknowledge receipt of tZoil 12 in which you state that you have felt for some e that you should give more detailed supervision to the q lgal aspects of Regulation V -work than has been possible ajth Your regular staff and that you contemplate employing . additional experienced lawyer who will devote his time b" rimarily to such work. 406 3/18/43 -3-- "We have discussed this matter informally with representatives of both the War and Navy departments and they !'ealize that as time goes on it will be necessary for you t? utilize counsel to some substantial extent in connection wIth Regulation V loans. , "It is noted that you contemplate paying a salary at rate of not in excess of $6,000 a year to the lawyer to bee employed for this purpose." Approved unanimously. Letter to Mr. Stroud, First Vice President and General Counclf the Federal Reserve Bank of Dallas, reading as follows: t _ "Referring to our previous correspondence regarding renewals' under Regulation W, there are enclosed a copy a letter dated March 10, and enclosure, from Mr. Wallace. u will recall that our purpose in writing to the Federal bie,eerve Bank of Richmond was 'in order to avoid the possir'itY of a conflict of interpretations' and it is evident er°131 M. Wallace's letter that there has been none. Howthe correspondence should serve to clear up any miserstanding which might have arisen as a result of parait!aPh (2) of the letter of June 4, 1942 to Mr. L. D. French 'ft. Franklin & Blankenbecker." r e Approved unanimously. Thereupon the meeting adjourned. Secretary. Vice Chairman.
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