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653 tern was A meeting of the Board of Governors of the Federal Reserve Sysheldin Was bin PRESENT: on on Saturday, May 1, 1943, at 11:00 a.m. Mr. Szymczak Mr. Draper Mr. Evans Mr. Mr. Mr. Mr. etter Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereineferred to Was taken by the Board: Itemorandum dated April 29, 1943, from Mr. Morrill, recommending that Roward W. Stull, Sr., he appointed as a guard in the Secretary's °trice on a teMporary at the rate basis for an indefinite period, with basic salary of 41,500 per annum, effective as of the date upon which he t1 ter8 'Pori the the Performance of his duties after having passed satisfactorily 481/1 PhYsical examination. Approved unanimously. 11;4_ 1441°randum of this date from Ur. Morrill, recommending that Miss riet, A Fi tzGerald be appointed as a cafeteria helper in the Secret rI U trice °n a temporary basis for a period of not to exceed 60 days, wh h at the rate of 4,1,080 per annum, effective May 1, 1943. Approved unanimously. Of Iletacirendum dated April 29, 1 943, from Mr. Goldenweiser, Directhe Division of Research and Statistics, submitting the resignation Ilrclie S. Valentine as a clerk-stenographer in that Division, to 654 5/1/43 -2be e ffective as of the close of business on May 4, 1943, and rec°rDniencling that the resignation be accepted as of that date. The resignation was accepted. Letter to Mr. Evans, Vice President of the Federal Reserve Bank ot "-Las, reading as follows: of A "In accordance with the request contained in your letter W gr3+_ 27, 1943, the Board approves the appointment of Sam oi iy,tr4 as an assistant examiner for the Federal Reserve Bank 12 -7L4n.as' If the appointment is not made effective on May 2 -'743 , as planned, please advise us." Approved unanimously. Teiegram to the Presidents of all the Federal Reserve Banks, reacp __ "Lng as follows: oBoar, of Governors and Armed Services have under considerb0r; 4 Proposal that if a financing institution charges a guii; °wer a commitment fee in connection with a loan that is .194-2a4l'eed Pursuant to Executive Order 9112 of March 26, celi' l he amount of such fee shall not exceed 1/4 of 1 per that Per annum on the undisbursed portion of the loan, also rtiano t ermination fee, service fee, or other fee of a e.xpenar c haracter, except charges covering out-of-pocket rowe; s” of a financing institution, may be charged a bortIlr4 : tn connection with such a guaranteed loan. Please comm 811 Board by wire not later than Monday evening any Unle : nta You wish to make with respect to above proposal. kept-s and until further advised, this proposal should be strictly confidential." e'PY Approved unanimously. Lett eg to the Presidents of all the Federal Reserve Banks, with to the liaison officers, reading as follows: elosiZ.eferring to the Board's letter of April 28, 1943 en4Iati 1-;' a copy of Executive Order No. 9336, for your =forfrok1;7,and guidance there is enclosed a copy of a memorandum te "e lhar Department dated April 29, 1943, signed by Lieu' Colonel Paul Cleveland, in regard to the War Department 655 5/1/43 —3— 11- or°cedure to be followed in connection with guarantees of to finance the procurement of articles for the Lend Lease Administration. arit e shall forward you, upon receipt, a copy of the s instructions in connection tzr;Ttittees to finance War Shippingwih.aefor AdminisT, ation contraag Approved unanimously, together with a letter to Mr. Graham Heiner of the Office of Lend Lease Administration transmitting a copy of the above letter. Thereupon the meeting adjourned.
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