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2`)‘) A meeting of the Board of Governors of the Federal Reserve Systern was held in Washington on Wednesday, November 25, 1942, 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 Eethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters herein'ter r eferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Reserve System held on November 24, 1942, were approved unanirtiouoz. Memorandum dated November 23, 1942, from Mr. Morrill, recom444ing that Stanley J. Bloch, foreman operator (duplicating devices) the Secretary's Office, be granted leave of absence without pay be..111111.11f> November 21, 1942, so that he might enter active duty with the tillited States Navy, and that he be granted the benefits provided in the liegY. adopted by the Board on November 14, 1940, and amended August 20, 41/ for all employees entering military service. Approved unanimously. Telegram prepared for the signature of Chairman Eccles to the clellts of all the Federal Reserve Banks, reading as follows: 11/25/42 "Board will approve expenditure which it is now underStood will not be reimbursable for paid advertising on No!ember 30 in newspapers of cities where regional offices of Yl?tory Fund Committees are located, copy and necessary deto be handled with you by Treasury over phone." Approved unanimously. Telegram to the Presidents of all the Federal Reserve Banks, tcling as follows: "The Board has received several inquiries with reference to the application of Regulation T to credit sales of tov8 and games. "The question concerning toys arises where the toy is a Copy on a smaller scale of an article which is listed in section 13(a). The Board has ruled that such a toy would a listed article only if it is a working model of pracL'ical use and differentiated from a regular article chiefly laY its smaller size, as in the case of a small phonograph eciPable of playing regular records. Doll furniture would not be subject to the regulation while small furniture for ual use by children would be. A small bicycle also would ;? subject to the regulation whereas a tricycle, not being 1elsted at all, would not be so subject. The question con! 4 rning games is whether chill(iren's games are included in 4-uera 3.3 of section 13(a) -- 'Sports', athletic, outing, and ' equipment'. The Board has ruled that a game designed g8"e8 Principally for adults would be so included even though deometimes purchased for children. On the other hand, games .,??1gned principally for children would not be included. On is basis, chess, playing cards, and such items as the reg'lex larger sizes of croquet sets would be subject to the re gulation." n Approved unanimously. Letter to Mr. West, Vice President of the Federal Reserve Bank 8411 Francisco, reading as follows: 191.0 "Receip t is acknowledged of your letter of November 14, enclosing a copy of a letter dated November 13, 1942 r°M Mr. Louis W. Jenkins, Jr., Secretary of the North Amerinvestment Corporation, requesting further consideration ! ( ) t the applicability of section 32 of the Banking Act of 1933 ° the North American Investment Corporation. i 00441 ekrwA.A., 11125/42 -3- "As pointed out in your letter, no additional facts are submitted by Mr. Jenkins to support his request for a reconsideration of the Board's rulinz contained in its letter of May 26, 1941, and confirmed in its letter of October 28, .942. You may advise the North American Investment Corpora'"ion that the Board adheres to its previous rulings in this matter. "It is noted that it is the intention of the North American Investment Corporation and the Commonwealth Investment Company to comnly with the Board's rulings in this matter, but that the corporations desire to postpone making the required changes in directorships until the annual meeting of shareholders to be held in February 1943. The Board does not object to this arrangement." Approved unanimously. Letter to Mr. Knoke, Vice President of the Federal Reserve Bank Or AT 'sw York, reading as follows: ."As requested i;as increased to a ore given to your securities for the ernments." in your letter of November 22nd, the Board total of !$500,000,000 the authority heretobank to purchase United States Government account of foreign central banks and gov- Approved unanimously. Memorandum dated November 19, 1942, from Mr. Goldenweiser, Directcyr of the Division of Research and Statistics, recommending that $500 be added to the personal services budget of that Division for 1942 in order to 1111°Iricie sufficient funds for the compensation of Alvin H. Hansen, Speial -eonomic Adviser, during the remainder of 1942. Approved unanimously. Thereupon the meeting adjourned. APPtoved: Chairman.
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