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478 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Saturday, March 25, 1944, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper 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 hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederal Reserve System held on March 24, 1944/ were approved unani- Memorandum dated March 24, 1944, from Mr. Morrill, recommendthat Lee Ratliff be appointed as a laborer in the Secretary's Of- on a temporary basis for an indefinite period, with basic salary 4t he the rate of P1,200 per annum, effective as of the date upon which enters upon the Performance of his duties after having passed satis- 4ct°rUy the usual physical examination, with the understanding that if anYthing derogatory develops in the investigation of his reference hi8 services may be terminated immdiately. Approved unanimously. Telegram to Mr. Peyton, President of the Federal Reserve Bank U4_ of-Ln - neaPolis, stating that, subject to conditions of membership 479 3/25/44 -2- numbered 1 to 3 contained in the Board's Regulation H, the Board apPl'olres the application of the "Iron Exchange Bank", Hurley, Uisconsin, for membership in the Federal Reserve System and for the appropriate aniount of stock in the Federal Reserve Bank of Minneapolis. The tele- g't 1A requested that the Federal Reserve Bank advise the applicant bank °f the Board's approval of the application and conditions of members4113 prescribed, together with necessary instructions as to the Procedure for accomplishing membership, and stated that a letter containing detailed advice regarding such approval would be forwarded to the applicant bank through the Reserve Bank. Approved unanimously. Telegram to the Presidents of all the Federal Reserve Banks, reE04_ as follows: "In re our telegram of March 23rd relating to Amendment No. 11 to Regulation W. "If you plan to reprint Regulation before receiving Our photo-offset printing negative, please make following Changes: "On cover page and page 5 of Regulation, change 'as revised effective May 6, 1942' to 'as amended effective April 3, 1944'. "In foreword to Regulation, add following new first Paragraph: 'This reprint of the Regulation incorporates all amendments to and including Amendment No. 11, effective 1Tril 3, 1944'; change 'has been' to 'was' in second line Present first paragraph; and in quotation from Presioent's special message, change 'payment' to 'paying off'. "Omit all footnotes in section 13 and delete section 15. Note that section 7(d) still carries footnote 6.n Approved unanimously. Thereupon the meeting adjourned.
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