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340 A meeting of the Board of Governors of the Federal Reserve Sys- tetw held in Washington on Thursday, March 4, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The qter action stated with respect to each of the matters herein- referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Fed- NI 4 "el. '" System held on March 2, 1943, were aoproved unanimously. The minutes of the meeting of the Board of Governors of the Fed4 hm "ellre System with the Presidents of the Federal Reserve Banks ".rch 2, 1943, were approved unanimously. 9, 1943, from Mr. Goldenweiser, Direcq the r, - 'A-vision of Research and Statistics, recommending that Herbert kOeit be a, tor PPolnted as a junior economist in that Division on a temporary orandum dated February trq, a Period of not to exceed one year, with basic salary at the l'kte ot (41 the ' 400 per annum, effective as of the date upon which he enters Performance of his duties after having passed satisfactorily 4641 PhY8ical examination. Approved unanimously. lienicTandum dated March 3, 1943, from Mr. Morrill, recommending rett 8. Moore be appointed as a kitchen helper in the Secretary's 444;4 a temPorary basis for a period of not to exceed 60 days, with at the rate of $1,080 per annum, effective March 4, 1943. Approved unanimously. 341 3/4/43 —2— illemorandum of this date from Mr. Morrill, recommending that CYril D "dward Ares be appointed as a kitchen helper in the Secretary's Ottic_ on a temporary basis for a period of not to exceed 60 days, /lith at the rate of 61,080 per annum, effective March 4, 1943. Approved unanimously. lienlorandum dated March 1, 1943, fram Mr. Morrill, recommending that Willi-341 A. Kline, printing clerk in the Secretary's Office, be g4qe4 leave of absence without pay beginning March 2, 1943, so that 41ft enter active duty with the United States Army Air Corps Re— that he be granted the benefits provided in the policy 41°Pteci by the Board on November 14, 1940, and amended August 20, 1941, l'4811 emPloyees entering military service, except the payment of one 41°Iithis Ilnearned salary. Approved unanimously. liemorandum dated March 2, 1943, from Mr. Morrill, submitting the 481ellation of Mrs. Annie Hutchison as a kitchen helper in the Sec4t41":is Office, to become effective as of the close of business on 14: N1(la. 1, hat, te1943, and recommending that the resignation be accepted as of The resignation was accepted. Letter to Mr. Caldwell, Chairman of the Federal Reserve Bank of eit,Y, reading as follows: the "Your letter of January 16, 1943, advising the Board of hee actiono taken by the Board of Directors of the Federal ack:! 31 Bank of Kansas City in connection with the resolutions by the Conference of Chairmen on October 5, 1942, has be ' l ead with considerable interest. 342 3/4/43 "In the last paragraph of your letter it is stated B" 4 You would appreciate receiving advice as to what the anks in the other Districts are doing in regard to the execution of the program adopted by the Chairmen's con— ! t rerIce. Accordingly, the attached summary of replies to "e Board's letter of November 18, 1942, has been pre— Pared and, with the thought that the other Chairmen would ca150 „ be interested in the present status of the program, 'Ples are being forwarded to them. "The Board appreciates your interest in this matter.” Approved unanimously, together with a letter to the Chairmen of all the Fed— eral Reserve Banks except iansas City transmitting copies of the summary of re— plies referred to in the letter to Mr. Caldwell. lieFlerve Letter to Mr. Zurlinden, First Vice President of the Federal Bank of Cleveland, reading as follows: nhis will thank you for your letter of February 19, 1943, 4 4 which you enclosed a copy of a memorandum from Mr. L. R. : ,),Ilanager, Consumer Credit Department of your Cincinnati ma: #7441$ concerning the comments with respect to Regulation Fred Cooper, Manager of the Credit Bureau of 'v -°n, Kentucky. be "The points which Mr. Cooper has made have recently viblurged upon us from a number of small—loan quarters and in any event have been taken into account in our We are not altogether certain, however, just how como vleight should be attached to them. That the small loan goe nies are receiving less interest from consumer loans ere without saying. Whether or not this decline is of such Pr°Portions as to make their Profits negligible, or !tblY to change them into losses is another question. Seat irlain e,ring reports on some of the larger companies seem to the Za6e that in 1942 they did fairly well and were far from ter uorderline of failure. We have no actual figures as yet have8lly of the smaller companies, and possibly many of these terr.2(A. been doing so well -- but we have heard that in some 1rries some of them have been doing better. his any event, you may assure Mr. Sabo that we appreciate keilli erest in the matter and are glad to have a copy of his randumol Iv Approved unanimously. 343 3/4/43 Thereupon the meeting adjourned.
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