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785 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Wednesday, May 26, 1943, at 11:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Mr. 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 hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pederal Reserve System held on May 25, 1943, were approved unanimously. Memorandum dated Llay 22, 1943, from Mr. Goldenreiser, Director °f the Division of Research and Statistics, recommending that Miss Helen 'ft'llanning be appointed as an economic assistant in that Division, with b"le salarY at the rate of ,2,000 per annum, effective as of the date UP°14which she enters upon the performance of her duties after having 1:18.8aeci sat isfactorily the usual physical examination. Approved unanimously. Memorandum of this date from 1.tr. Morrill, recommending that Mrs. Latir a D°rn be appointed as a cafeteria helper in the Secretary's Office teillPorary basis for a period of not to exceed 60 days, with salary at the rate of G1,080 per annum, effective May 26, 1943. °II 4 Approved unanimously. "the Memorandum dated May 22, 1943, from Mr. Goldenweiser, Director tivi4 --"'n of Research and Statistics, submitting the resignation 786 5/26/43 t 0 Vera R. Glaser as a clerk-stenographer in that Division, to be- come effective as of the close of business on June 1, 1943, and recomMending that the resignation be accepted as of that date. The resignation was accepted. Memorandum dated May 25, 1943, from Mr. Goldenweiser, Director °f the Division of Research and Statistics, submitting the resignation Of Mrs. Mary Ann Orndoff as a clerk in that Division, to become effecti ve as V the close of business on May 25, 1943, and recommending that the resignation be accepted as of that date. The resignation was accepted, with the understanding that appropriate deduction would be made from her salary for one day and 34 minutes of unearned annual leave and three days and one hour of unearned sick leave. Letter to Mr. Day, President of the Federal Reserve Bank of San Pra , "else0: reading as follows: Your reply of May 10 to the Board's letter of May 7, 41,, 11 refer to the Board's letter as advising 'that the Board saelt no action could be taken respecting the adjustments of of 'ries of officers of this bank, as proposed in our letter 3, until the situation was clarified.' This is not correct and we wish to clarify the record. " I The reference related to an advice contained in n the thes letter of April 19. urld 'Subsequently the Board was advised by Counsel that, coulds the provisions of the Executive Order of April 8, it eral- aPProve increases -within the salary pattern of a Fedries n!serve Bank but could not approve increases in salatifi,vTich Prior to April 8, 1943 would have required cerLab;%ion to the Joint Committee established by the War fleet; ' °arct a,-,u the Commissioner of Internal Revenue in conbili:°n with the administration of the wage and salary station regulations. Crea8eAccordingly, in the Board's letter of May 7, the inH. p, s requested in the salaries of Messrs. Reward Armstrong, A rmstrong and J. A. Randall were approvea." l Approved unanimously. 787 5/26/43 -3Letters to "The Home Bank and Trust Company of Darien", Darien, Collriecticut, and "The Liberty State Savings Bank", Liberty Center, Ohio, reading as follows: , "The Board is glad to learn that you htve completed all arrangements for the admission of your bank to the Fede8.1 Reserve System and takes pleasure in transmitting herewith a formal certificate of your membership. _ . "It will be appreciated if you will acknowledge reeelpt of this certificate." Approved unanimously. a. Copy Letter to the Presidents of all the Federal Reserve Banks, with of the enclosure to all Liaison Officers, reading as follows: co , "For your information and guidance there is enclosed a sm'Y °f a memorandum, dated May 18, 1943, addressed to Mr. p„nd bY Colonel W. C. Rutter, Chief, Funds Control Section, llocation and Control Branch, Army Service Forces, revitctillng deductions for overdeposits of fees in connection 1°ans guaranteed on behalf of the War Department." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, readas xollows: uari :Pursuant 1 to a request of the Armed Services and the tai:tlms Commission, it will be appreciated if you will obmZen" a monthly progress report and a quarterly income statean balance sheet on loans guaranteed pursuant to ExOrder 9112 and Regulation V in those cases where therbent reports are necessary in order to show adequately inf Progress of the loan. The progress report should cover tiolcn8tion called for by the attached form and such additani-:information, any, as in any particular case your !els it should have in the administration of the loan. re , 0 rhe Services request that the monthly and quarterly rts be forwarded to them only in those cases where the or Zfl'al Reserve Bank is of the nninion that the condition ;,tower is such as to requir-! the particular attenguarantor. As the administration of guaranteed s 18 Primarily a function of the Reserve Banks, the 788 5/26/43 —4— "Services feel that there is no reason to send them the monthly and quarterly reports where there are no particular problems confronting the borrower." Approved unanimously, together with letters to each of the services transmit— ting copies of the above letter and its enclosure. Letter to the Presidents of all the Federal Reserve Banks, ' l eacting as follows: "For your information and guidance there is enclosed a memorandum from the Navy Department, dated May 21, 1943/ addressed to Mr. Smead, signed by William A. Coolidge, A5— !istant Chief of Finance Section, regarding Liaison Offi— ls furnishing information concerning the necessity and A litY of applicants for Navy guarantees to perform under kirmy contracts." r Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, l'eacling as follows: "You will find enclosed a memorandum from the Navy De— Partment dated May 26, 1943, addressed to Mr. Smead, signed byr the alliam A. Coolidge Chief of Finance Section, regarding lo awarding of new contracts to borrowers having existing "8 guaranteed by the Navy Department." Approved unanimously. tank of Telegram to Mr. Ford, Vice President of the Federal Reserve Dallas, reading as follows: "Board aPProves changes in Interdistrict Time Schedule sent r.e— Tlested 4 , -01 your May 25 wire. Letter of advice being '3 all Presidents." Approved unanimously, together with the following letter to the Presidents of all the Federal Reserve Banks: Board request of the Federal Reserve Bank of Dallas, the of Governors of the Federal Reserve System has approved 789 5/26/43 - "the following chan ges in the Interdistrict Time Schedule for cash items: Dallas to Charlotte Dallas to Jacksonville Dallas to New Orleans Dallas to Detroit Dallas to Memphis Dallas to Minneapolis Dallas to Kansas City Dallas to Omaha El Paso to New Orleans El Paso to Omaha Houston to Jacksonville Houston to New Orleans Houston to Denver Houston to Omaha San Antonio to Birmingham San Antonio to Nashville San Antonio to New Orleans San Antonio to Chicago San Antonio to Louisville San Antonio to Denver San Antonio to Omaha From To 2 days 2 days 1 day 2 days 1 day 2 days 1 day 2 days 2 days 2 days 2 days 1 day 2 days 2 days 2 days 2 days 2 days 2 days' 2 days 2 days 2 days 3 days 3 days 3 days 3 days 2 days 3 days 2 days 3 days 3 days 3 days 3 days 2 days 3 days 3 days 3 days 3 days 3 days 3 days 3 days 3 days 3 days it Letter to the Comptroller of the Currency, reading as follows: respectfully recitzsted that you place an order With "It th the is Bureau of Engraving and Printing, supplementing order of June 17, 1942, for printing of $8,880,000 of reseral Reserve notes of the 1934 Series for the Federal erve Bank of Richmond in the $20 denomination." Approved unanimously. kr* 0.. Letter to Mr. Hardy, Assistant Cashier of the Federal Rese rve San Francisc o, reading as follows: Lial, "In response to the request contained in your letter of re%19, 1943, the Board has designated Mr. John DeLaMater to nezesent your Bank in witnessing the mutilation of four sigbea'e Plates used in an automatic check-signing machine and ' pa„4. -ng the facsimile signatures of Messrs. Ambrose, Davis, ''alers and Shaw . will be furnished you when the mutilation of these e Plates hr:s been witnessed." 790 5/26/43 —6— Approved unanimously, together with a letter to Honorable William A. Julian, Treas— urer of the United States, informing him of the designation of Mr. DeLaMater to repre— sent the Reserve Bank and requesting advice as to when the mutilation would take place. Memorandum of this date from Lar. Dreibelbis, General Attorney, l'ee°111111ending that there be published in the June issue of the Federal Reserve Bulletin statements in the form attached to the memorandum ,Aith Nq:lect to the following subjects: United States Obligations as Collateral for Federal Reserve Notes Stabilization Fund Legislation Forei:Tn Funds Control Treasury Department Releases The memorandum stated that the Act extending the period during which di— 't ob1 4-tImns 1 of the United States might be used as collateral sec.irity for, p ederal Reserve notes had not yet been signed by the President, that ther efore the date of ap.)roval could not be supplied at this time, but that it would be inserted before the publication of the June Bulletin. Approved unanimously. Thereupon the meeting adjourned. Secretary. 4) 1 1^01 , Chairman.
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