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597
A meeting of the Board of Governors of the Federal Reserve
8111 was held in Washington on Tuesday, March 31, 1942, at 11:30
a.D."
PRESENT: Er.
Mr.
Mr.
Mr.
Eccles, Chairman
Ransom, Vice Chairman
Szymczak
Draper
Mr.
Yr.
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 hereinatt r,
referred to was taken by the Board:
The minutes of the meeting of the Board of Governors of the
Peder.,,
1°'-` Reserve System held on March 30, 1942, were approved unani-
Memorandum dated March 27, 1942, from Mr. Nelson, Assistant
Secret r
,
recommending that Miss Betty J. Bartelt be appointed as a
st.erio
graPher in the Secretary's Office, with salary at the rate of
k1,4
40
Per annum, effective as of the date upon which she enters upon
the
Perf°rrnance of her duties after having passed satisfactorily the
PhYeical examination.
Approved unanimously.
Memorandum dated March 28, 1942, from Mr. Nelson, Assistant
ecret
recommending that Paul C. Whitley be appointed as an ele-
\rator,
°Perator
in the Secretary's Office on a temporary basis for an
izidteri
nite period, with salary at the rate of $1,200 per annum,
598
3/31/42
-2-
effective
as of the date upon which he enters upon the performance of
--les after having passed satisfactorily the usual physical exam,
nation.
Approved unanimously.
Telegram to Mr. Young, President of the Federal Reserve Bank
Or
_
gc, reading as follows:
"Relet March 20. Board approves employment law firm
//j-,MaYer Meyer Austrian & Platt and attorney Robert N.
i.
c)-4t of Chicago as special counsel in tax matter on terms
—ated in your letter."
Approved unanimously.
Letter to the Comptroller of the Currency, reading as follows:
,
"It is respectfully requested that you place an orWith the Bureau of Engraving and Printing, supplementrg the order
of June 14, 1941, for the printing of FedReserve notes of the 1934 Series in the amounts and
7nom
inations stated for the Federal Reserve Bank of At-4.anta:
Denomination
500
1000
Number of
sheets
600
600
Amount
$3,600,000
7,200,000"
Approved unanimously.
Letter
13(
to Honorable Leo T. Crowley, Chairman of the Federal De-
t 1,
-811r9nce Corporation, reading as follows:
witl, "This is in reply to your letter of March 28, 1942,
pe " reference to the general banking situation at Easton,
viTisYlvania. It is understood from your letter and preis 118 conversations with your staff that your Corporation
ci ntemplating a rehabilitation program which will inThe Easton Trust Company and certain other banks in
that
city.
599
3/31/42
-3-
"In
request, the Board of Governors of accordance with your
the Federal Reserve System hereby grants written
c?nsent, pursuant to the provisions of subsection (k)(2)
of
section 12B of the Federal Reserve Act, for examiners
l_or the Federal Deposit Insurance Corporation to make such
71(amination of The Easton Trust Company as is required in
Fonl:lection with the formulation of the contemplated rehabilitation
program."
Approved unanimously.
Letter to Mr. Walter Lichtenstein, Secretary of the Federal Ad1143rY e°uncil, Chicago, Illinois, reading as follows:
"This refers to your letter of March 24, 1942, inquir7
t g Whether you are entitled to exemption from the Federal
:
r nsportation tax in connection with your attendance at
etings of the Federal Advisory Council in 1%ashington.
'There are enclosed copies of the Board's circular
ters S-411, dated December 22, 1941, and 3-442, dated
Fe4ruarY 27, 1942, relating to the exemption from the
transportation tax of directors of Federal Reserve
and members of the Federal Advisory Council where
tai's
th
aile
d transportation in question is on official business
se is reimbursed by a Federal Reserve Bank. Federal Refof:vs Form 158, a copy of which is enclosed, is suitable
use by the above-named representatives.
sh "Fran a legal standpoint it seems clear that you
y.o°uld also be exempt from the transportation tax since
ur
Official traveling expenses are reimbursed by Federal
sis_rve Banks. However, it does not appear that the atached form of exemption certificate is suitable for your
pee
d since your travel is not reimbursed by a particular
wh !ral Reserve Bank. I am rather at a loss to know just
t° suggest in the matter. I am wondering whether
wi,ruld be possible for you to work out some arrangement
the Federal Reserve Bank of Chicago whereby that bank
ea:11d reimburse you for your traveling expenses in which
Se You
could use the exemption certificate. Otherwise,
04, 41aght be necessary to take the matter up with the Bureau
;
e Internal Revenue with a view to agreeing upon a form of
eMPtion certificate suitable for your use."
k
Approved unanimously.
6{
3/31/42
-4Telegram to the Presidents of all Federal Reserve Banks, reada8 follows:
G, "Reg. W-131. The classification 'still cameras' in
e :1P 0-15 of the Supplement does not include photographic
quIpment used for photograving or lithographing purposes."
Approved unanimously.
Thereupon the meeting adjourned.
@FedFRASER