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368 A meeting of the Board of Governors of the Federal Reserve SYstea was held in Washington on Monday, March 6, 1944, at 10:30 a.mPRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman Mr. Thurston, Special Assistant to the Chairman Mr. Smead, Director of the Division of Bank Operations Mr. Paulger, Director of the Division of Examinations Mr. Dreibelbis, General Attorney Mr. Vest, Assistant General Attorney Mr. Wyatt, General Counsel At MiS. Ransom's suggestion, there was a discussion of developwith the consideration by Congress of the Brown: 44 13411k bill Which would amend the law to provide expressly that the ''')c)rAtion of exchange and collection charges would not be deemed a P nilent of interest on demand deposits. There was also a discussion (>t Whet, telt, and the::Y, action the Board might take in connection with the matwas agreement that it should continue to oppose the pasOf the bill and that after Chairman Eccles had discussed the matter 14N ' 4elaY /114 with Senator Wagner, Chairman of the Senate Banking and Cur- tee, the Board should consider the matter again. plar, '-ng the discussion Mr. Dreibelbis read a draft of letter h it 'as stated Congress man Crawford would like to send over his 3/6/44 signature to member and nonmember banks throughout the United States. Itwas agreed that the Board's facilities for reproducing and mailing the letter to all banks might be utilized, but it was suggested that it rai ght be desirable for at least two members of the Committee to 8ign the letter. It was understood that Messrs. Ransom and Dreibelbis would look into that possibility. At this point Messrs. Thurston, Smead, Paulger, Dreibelbis, \Teat, aId Wyatt withdrew from the meeting, and the action stated with resPect to each of the matters hereinafter referred to was then taken bYthe Board: The minutes of the meeting of the Board of Governors of the eder., Reserve System held on March 4, 1944, were approved unanimously. Letter to the Presidents of an the Federal Reserve Banks, ga8 f011OWS: al "For your information there is enclosed a copy of pebetter from the United States Maritime Commission, dated ArijilarY 14, 1944, in reply to a request from the Acting ro trator of the Board's War Loans Committee for in011 with regard to the policy of the Maritime Com114714 e, 4tion VT 144n ansin passing upon applications for guarantees of mar4 "You will note that the last two sentences of the ea he Commission's letter state that 'This does not atin. that the Maritime Commission will not give considerwhe°11 11 to VT loan applications and make such commitments tol) e)cPedient. Each VT loan application will continue twat! reated individually with adequate financing made firian t4-able in each case when it is determined that such rm.; cing is necessary, convenient, or appropriate to war P ward However, all applications for VT loans for— ed to the Maritime Commission, both before and after the i 'eot!ceipt of its letter of February 14, have been det. ta: 370 3/6/44 "In declining the last application the Commission stated: 'It is noted from the application that the contractor does not require any financing for production purposes and crIc'es not contemplate any borrowings under the proposed loan current working capital purposes. The application is herebY rejected because the company would not seem to qualify or a VT loan.' te "In a previous application the borrower had a guarant_ed loan for production purposes of i h l,500,000. It desired 0° increase this loan to :,t4,500,000 in order to take care pi.its termination requirements. In declining this apleation the Commission stated that 'the presently outStanding Regulation V loan will be adequate to meet .... ".. Corporation's financing requirements. TI' Approved unanimously. Chairman.
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