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744 A meeting of the Board of Governors of the Federal Reserve arstem _ 1%6 held in Washington on Friday, May 21, 1943, at 10:45 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymcfzak McKee Draper Evans Mr. Er. 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 herein" ' leferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Federal raous4. Reserve System held on May 20, 1943, were approved unani- T elegrams to Messrs. Treiber, MoCreedy, and Bays, Secretaries "the Federal Reserve Banks of New York, Philadelphia, and Cleveland, renDeatiVely, Mr. Dillard, Vice President of the Federal Reserve Bank or Chicago, Mr. Stewart, Secretary of the Federal Reserve Bank of St. Ule . Caldwell, Chairman of the Federal Reserve Bank of Kansas and Messrs. Coleman and Hale, Vice Presidents of the Federal Reserve Banks of Dallas and San Francisco, respectively, stating that the tcard approves the establishment without change by the Federal lleaerve Banks Of St. Louis and San Francisco on May 18, and by the El'aer.4.1. Reserve Banks of New York, Philadelphia, Cleveland, Chicago, '745 5/21/43 -2- ICansas City, Dallas, and San Francisco on May 20, 1943, of the rates °I' discount and purchase in their existing schedules. Approved unanimously. Memorandum of this date from IJr. Morrill, recommending that U48/1. Craig be appointed as a cafeteria helper in the Secretary's "rice On a temporary basis for a period of not to exceed 60 days, with salary at the rate of a,080 per annum, effective May 21, 1943. Approved unanimously. Memorandum dated May 20, 1943, from Mr. Smead, Chief of the t117181°11 of Bank Operations, submitting the resignation of Miss Mary "11118111s as a clerk-typist in that Division, to become effective °II the close of business on May 21, 1943, and recommendiny, that tIle resignation be accepted as of that date. The resignation was accepted. Memorandum dated May 20, 1943, from' Mr. Leonard, Director of the Divi si°31 of Personnel Administration, recommending, for the rea8°1/8 stat d 8 -n the memorandum, that the resignation of Miss Mary Louise Papp a.s a clerk in the Division of Research and Statistics, which was acl to the Board with a memorandum dated May 19 from Mr. GoldenDirector Of that Division, be accepted as of the close of xun e -, 1943, notwithstanding the fact that she was em°Y the Federal Reserve Bank of New York on May 3, 1943. The resignation was accepted. or la Letter to °stola, r Mr. Paddock, President of the Federal Reserve Bank e'lling as follows: 746 5/21/4 3 _3_ "In acco, .dance with the request contained in your letter of May 17, 1943, the Board approves the appointe °f Philip B. Hamel as an assistant examiner for ote Federal Reserve Bank of Boston. Please advise us r the date ul)on which the appointment becomes effective s m r Approved unanimously. Telegraz to Mr. W. C. Arthur, Preside-rit of Talon, Inc., /leadville, P ennsylvania, reading as follows: has "Board of Governors of the Federal Reserve System ,aPPointed you director of Pittsburgh Branch of Fed4. Reserve Bank of Cleveland for the unexpired poru.1.0/1 of term ending December 31, 1944, and will be Pleased to have your acceptance by collect telegram." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, as follows: a "For your information there is enclosed a copy of : rim 4°1 ' 846AM, dated 15, 1943 signed by B. B. Grifmwi4).Assistant to Director of Finance, United States .411t1Illa Commission, addressed to the four Regional As' 07tal:Its to the Director of Finance. Attached to Mr. sl It,r1thts memorandum is a memorandum, dated May 12, b.;-+-) addressed to the Commission by Mr. R. E. Ando/7n, :ector of Finance,regarding standard conditions in etn!?ticil with Regulation V loans. It is our underto-' 111g that Mr. Anderson's memorandum has reference sidaPPlications forwarded to Washington for the contin!l'ati°7 : 1 of the Commission rather than to arplica-" 8 acted on locally by Federal Reserve Banks." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, l'"4111g as follows: a lett , - Is enclosed for yo7.ir information a copy of -r, dated May 18, 1943 addressed to all Federal 747 5/21/43 1F "Reserve Banks by Mr. R. E. Anderson, Director of Finance, TIJInited States Maritime Commission, advising that Mr. Ross 'Cramer has been designated as an Alternate for Regional %,onstruction Cost Auditor for the Pacific Region of the Co mmission." Approved unanimously. Letter prepared for the signature of Mr. Dreibelbis, General Attorn„ —4, to Honorable Tom C. Clark, Assistant Attorney General, DePartraent of Xustice, reading as follows: "This is in response to your letter of May 5, 1 9431 I:guesting access to registration statements of small an companies, filed under Regulation IV, in connection d7'41 a loan shark investigation now in orocess by your As I understand, you wish access to the regisb;-'4-on statements of all companies which engage in this regi;rdless of what their names might indicate e-Lr business to be, excepting, of course, banks and ,-rust c ompanies. It would be your purpose to obtain from ;uch re gistration statements, to the extent possible, the w1)1!3;ring information: Name and address of registrant; po, , - wrr registrant is an individual, partnership, or corshos'4i°n; the amount of personal instalment cash loans as or Wu anyin Section III-A.-3 of the statement; the location dress 013ranehes listed on the statement; the name and adany company owning 50 per cent or more of the reRi;:rautt s voting stock; information as to whether the bliW urallt is a successor to or connected with any other iless; and the name of the signer of the registration State Inent. luilehhI have discussed the matter along the lines of our you eQ11 conversation and have informed the Board that illeata:Isidbot h aware of and sympathetic with our enforceYour - 14anPower problems, in view of which it would be tain2urPose to treat confidentially any information obto obtain it by means of your own staff. I ed the Board that you intend to use the information ettliell8 la lead to obtain evidence from other sources 8°n tl ' hsthan as evidence itself and that if for any reaeithe situation in this respect changed, you would Drobi: subpoena tlie records or we would work out the was tip on some other mutually satisfactory basis. It s° .Aigsested, and I assured the Board that the 5/21 43 748 -5- "Department would not consider the Board's action as es tablishing any precedent and that your division 1:eu1d use the information only in connection with the -Loan shark investigation your office is making. "In these circumstances, if this is satisfactory t vno 4-11 and You will let me know, the Board will advise e Federal Reserve Banks accordingly." ApproveJ unanimously. Meinorandum dated May 17, 1943, front Mr. Smead, Chief of the Divii --cn of Bank Operations, recommending that the weekly member 1144 ec)nditi°n report (Form F. R. 416) be revised in accordance with the coPY a ttached to the memorandum, and submitting the following 1)1"oposed lette r to the Presidents of all the Federal Reserve Banks: c "There is enclosed a copy of the weekly report of enclition, Form F. R. 416, which has been revised to D;'IbaaPond with certain changes which were made last ii:nar in the form of member bank call report. The th:ll market paper', which was discontinued in ' ti l'ecember 1942 call report, is also being disconvi:uedin the revised weekly rel,ort. The other retiap.- 13 in the form are necessary only in order that ' the references to items and schedules may agree ihith current - --Psration.call re ort and the instructions for its be is suggested that, if practicable, reports silbAatted in accordance with the revised form be"64' ing with Wednesday, Tune 2, 1 943•" Approved unanimously. Thereupon the meeting adjourned. Secretary.
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