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1751 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Friday, November 2, 1945, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman McKee Draper Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, 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 Pederal Reserve System held on November 1, 1945, were approved unani— raoue4 . Telegrams to Messrs. Treiber, McCreedy, and Clouse, Secre— tarie 8 of the Federal Reserve Banks of New York, Philadelphia, and Cleve]. and, respectively, Mr. Hodge, Assistant Secretary of the Fed— eral "erve Bank of Chicago, and Hr. Earhart, Vice President of the Feder al Reserve Bank of San Francisco, stating that the Board approves the es ?ran tabliehment without change by the Federal Reserve Bank of San CO cm October 30, and by the Federal Reserve Banks of New York, delPhia, Cleveland, Chicago, and San Francisco on November 1, 6 1(?I''of the rates of discount and purchase in their existing sched1148. Approved unanimously. 1752 14W/45 —2— Memorandum dated October 29, 1945, from Mr. Thomas, Director of the Division of Research and Statistics, stating that the State tePartment had requested the services of Paul Hermberg, an Economist in the Division of Research and Statistics, to serve as a member of the staff of the American Representative on the Allied Commission f0r R eparation from Germany to assist the Representative in forth— reparation negotiations which will take place in Paris, and Ilee°4111encling that the Board approve the request and grant the State tellartment the services of Mr. Hermberg on a nonreimbursable basis tor not more than two months. The memorandum stated that the State tePartment was prepared to pay Mr. Hermberg's expenses and per diem chirine his absence from Washington, but that it was proposed that the Board continue to pay his salary at the present rate. Approved unanimously. Memorandum dated October 31, 1945, from Mr. Smead, Director °t the T14 --Lvision of Bank Operations, recommending, for the reasons etated in the memorandum, that upon their return to the Board from rttilitary leave John R. Farrell, John C. Franzoni, and Andrew W. Lee be reinatat the Board f:: ub s ject to compliance with the procedure adopted by that each be uniform treatment of employees in mnitary service, thetivision given the title Technical Assistant and assigned to of Bank Operations, and that salaries at the following Illte8 Per an be approved: Mr. Farrell, $4,960; Mr. Franzoni, 1753 11,4/45 —3- 4)410; and Mr. Lee, $4,960. Approved unanimously. Memorandum dated October 31, 1945, from Mr. Carpenter recom, tending that the basic annual salary of the following employees in the Secretary's Office be increased, as indicated, effective as of the b eginning of the pay roll period following approval by the Board: name Title Beatrice S. Hunter Razel L. simpson File Clerk File Clerk Salary Increase From To $2,430 2,166 $2,540 2,298 Approved unanimously, effective No— vember 4, 1945. M emorandum dated November 1, 1945, from Mr. Thomas, Director Or the . Division of Research and Statistics, submitting the resigna— %II, of Pauline Marcou, a clerk in that Division, and recommend4141:8 1e that wie resignation be accepted as of the close of business 4°Iletb er 73 1945, and that a lump sum payment be made for the annual 1.44. eeInaigto her credit at that time. The resignation was accepted as recommended. Memorandum dated November 1, 1945, from Mr. Bethea, Director °t the b. Ivision of Administrative Services, submitting the resigna4011 ot 13 G. Goods, a guard in that Division, and recommending that there .' elgnation be accepted effective as of the close of business 1754 11/V45 —4— November 7, 1945, and that a lump sum payment be made for any accrued annual leave remaining to his credit at that time. The resignation was accepted as recommended. Letter to Mr. Rounds, First Vice President of the Federal Re— Serve Bank of New York, reading as follows: "The Board of Governors approves the change in the Personnel classification plan of the Federal Reserve Bank Of New York involving the establishment of the position Of Senior Clerk in the Personnel Department, as submitted with your letter of October 19, 1945." Approved unanimously. Letter to Mr. Clouse, Assistant Vice President and Secretary of the Federal Reserve Bank of Cleveland, reading as follows: "This refers to your letter of October 3, 1945, re— garding Amendment No. 18 to Regulation W. A reply has been delayed, since, as you know, a proposed additional alliendment is under consideration. "However, with respect to your first question, it ruld seem that where a loan was made six months ago to LPerson for the purpose of financing home repairs and ovements, the loan may now be treated as exempt, in :2f 1 1 on Amendment No. 18, and may consequently be revised -41y basis on which the parties may agree, without re— gard to the provisions of Regulation m Z Approved unanimously. kiat Memorandum dated November 1, 1945, from Mr. Robinson, an Econo— Lne Division of Research and Statistics, requesting authority to t Illenish the Department of Justice and the War Shipping Administra— tion, to ' 1 the purpose stated in the memorandum, copies of the Board's 1_755 WW45 _5_ letter to the Federal Reserve Banks containing instructions covering the Preparation of forms in connection with the collection from member banks of customer loan rates. Approved unanimously. Thereupon the meeting adjourned.
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