The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
817 A meeting of the Board of Governors of the Federal Reserve 8Y-stem was held in Washington on Monday, May 31, 1943, at 11::10 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the " 4-1- Reserve System held on May 29, 1943, were approved unanimously. M emorandum dated May 26, 1943, from Mr. Goldenweiser, Director c't the D. , lvlsion of Research and Statistics, recommending that Mrs. Eleano r 3. Frase, a junior economist in that Division who had been on leave of absence because of confinement since November 16, 1942, be PlaceA " on the pay roll as a regular full—time employee, with no change it her salarY at the rate of $2,900 per annum, effective June 1, 1943. Approved unanimously. Memorandum dated May 28, 1943, from Mr. Morrill, recommending that *8. Madelyn A. Meader be appointed as an elevator operator in the Seer i. evarYis Office on a temporary basis for an indefinite period, with 8a1a17 at the rate of 41,200 per annum, effective as of the date .11.1.ch she enters upon the performance of her duties after having 1)4s8ed sati sfactorily the usual physical examination. Approved unanimously. 818 5/31/43 Memorandum dated May 24, 1943, from Mr. Morrill, recommending that the following increases in basic salaries of employees in the Secretell/Is Office be approved, effective June 1, 1943: Name Designation Secretarial and Administrative Goodloe, Ida Supervisor, Stenographic Section Glover, Gladys Secretary to Mr. Carpenter Yates, Aline L. Index Clerk Hurst, Donald Clerk Buiddin 0 eration and Maintenance Steger, Karl J. Guard Love, Stanley Laborer M. -ervice Functions Supervisor, Procurement E. Section, and Supervisor, Duplicating and Mails Ball, L. L. Assistant Supervisor, Telegraph Office Bell, Robert H. Operator (Duplicating Devices) Ortimp, Allison Operator (Duplicating M. Devices) Was hington, L. Junior Mail Clerk Salary Increase From To $2,000 1,680 1,440 1,320 $2,200 1,860 1,620 1,440 1,560 1,200 1,620 1,320 2,900 3,400 2,160 2,300 1,800 1,920 1,800 1,320 1,920 1,440 Approved unanimously. Memorandum dated May 26, 1943, from Mr. Goldenweiser, Director °I* the D ivision of Research and Statistics, recommending, for the reaeorls stated in the memorandum, (1) that Mrs. Anna G. Beers, a clerklt,elitographer in that Division, be permitted to take the balance of her 4cellated and accrued annual leave during the period June 7 to 12:45 °4 June 19 and that, in addition, she be granted leave without pay l'()111 1115 p.m. on June 19 through August 8, 1943, and (2) that the Board e°11tinue its contributions to the retirement system on Mrs. Beers' behalf 819 5/31A3 'luring her leave without pay provided she continues her own contribu- tions for the same period. Approved unanimously. Letter to Mr. Peyton, President of the Federal Reserve Bank of Mirinea P°4-1s, reading as follows: "This is in reply to your letter of May 19, 1943, ad- neing that the Directors had elected Mr. Sigurd Ueland as :2.ce President and Counsel of the Federal Reserve Bank of min neapolis, effective July 1, 1943. "In accordance with the request contained in your letter, the Board of Governors approves the payment of salary f ) Mr. Sigurd Ueland as Vice President and Counsel, at the rate cf$12 000 per annum, for the year beginning July 1, 1943, as filed by your Board of Directors." Approved unanimously. Letter to the board of directors of the "Continental State Bank", Alto, T exas, stating that, subject to conditions of membership numbered tO 3 contained in the Board's Regulation H, the Board approves the batik s aPPlication for membership in the Federal Reserve System and for the aPPr°Priate amount of stock in the Federal Reserve Bank of Dallas. Approved unanimously, together with a letter to Mr. Gilbert, President of the Federal Reserve Bank of Dallas, reading as follows: aPPrcve'The Board of Governors of the Federal Reserve System s the application of the 'Continental State Bank', Alto Texas, for membership in the Federal Reserve System, whiJect to the conditions prescribed in the enclosed letter torch You are requested to forward to the Board of Direcalse °f the institution. Two copies of such letter are Of ° 1,11,?n°10sed, one of which is for your files and the other Deoa;:: 1 4 ch You are requested to forward to the Commissioner, matiZnt of Banking for the State of Texas for his infor• assumed that you will follow the matter of the barlict"It 13 anoe ? reducing to within statutory limits the excess balin a nonmember bank." 820 5131/43 —4— Telegram to the Presidents of all the Federal Reserve Banks, reading as follows: "Because some of the automobile appraisal guides have pub-Lashed their retail values for the 1942 models, and others have not yet done so but are expected to do so in the near future, the Board of Governors of the Federal Reserve Syst_eja has ruled that until July 1, 1943 any Registrant may for purposes of RegulationlY disregard the published apPralsal guide values -- so far as 1942 models are concerned -and calculate the required down payment for the sale of 1942 automobiles as one-third of the cash price in all cases. On d after July 1, 1943 the Registrant must refer to a guide lhat.publishes such values. It is believed that this problem ls not sufficiently important to warrant publication or strIbution of this ruling to Registrants at this time, 1Partly because there are so few transactions in 1942 autos!ulles, but some announcement by the Board will be necesY at the end of June if there are any guides which have not by that time made arrangements to publish the 1942 values.n r Approved unanimously. Telegram to Mr. Dillard, Vice President of the Federal Reserve 13allknf Chicago reading as follows: Re "This is in reply to a telephone inquiry concerning gulation W from Mr. Hodge to Mr. Brown on May 26. The csilrition is whether or not a loan of less than $1,500 is th Ject to the regulation in its entirety if a portion of ane Proceeds is to be used to pay off the remaining bal11,ce cf a loan that was originally in excess of $1,500. answer is that only that part of the loan which proho7s new money to the borrower is subject. In such cases, 'it would ordinarily be better practice for the lerIreinr cir7'"g institution to keep the two credits separate. The theeumstances are somewhat similar to those described in fourth paragraph of 3-490." Approved unanimously. Te1egga Of 8t. to Mr. Attebery, Vice President of the Federal Reserve Louis, reading as follows: 821 5131/43 -5- "Board approves changes in Interdistrict Time Schedule requested in your May 25 letter. Letter of advice being sent to all Presidents." Approved unanimously, together with the following letter to the Presidents of all the Federal Reserve Banks: "Upon request of the Federal Reserve Bank of St. Louis, the Board of Governors of the Federal Reserve System has approved the following changes in the Interdistrict Time Schedule for cash items : From To St. Louis to Cleveland 1 day 2 days St. Louis to Charlotte 2 days 3 days St. Louis to Jacksonville 2 days 3 days St. Louis to Nashville 2 days 1 day St. Louis to New Orleans 3 days 2 days St. Louis to Denver 3 days 2 days St. Louis to Omaha 2 days 1 day St. Louis to El Paso 3 days 2 days St. Louis to San Antonio 3 days 2 days Little Rock to Jacksonville 3 days 2 days Little Rock to New Orleans 3 days 2 days Little Rock to Omaha 3 days 2 days Little Rock to Dallas 2 days 1 day Louisville to Cleveland 2 days 1 day Louisville to Pittsburgh 2 days 1 day Louisville to New Orleans 3 days 2 days Louisville to Denver 3 days 2 days Louisville to Omaha 3 days 2 days Louisville to Houston 3 days 2 days Louisville to San Antonio 3 days 2 days Memphis to New York 3 days 2 days Memphis to New Orleans 3 days 2 days Memphis to Omaha 3 days" 2 days Letter to Mr. Sproul, President of the Federal Reserve Bank of New, • reading as follows: is a copy of a letter dated May 24, 1943 from the Under Secretary of the Treasury with a memorandum attabunder with reference to the method of determining taxable 130 ? on Treasury bills 'Purchased or sold by a foreign corli aul°n which is subject to taxation under the Internal evenue Code. 822 5/31/43 -6- wYou will recall that this matter was submitted to the Treasury for a ruling pursuant to your letter to the Board dated December 24, 1942." Approved unanimously. Thereupon the meeting adjourned. Assistant Secretary. Appi, Chairman.
@FedFRASER