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2029 A meeting of the Board of Governors of the Federal Reserve System Ivas a m held in Washington on Friday, October 16, 1942, at 11:00 -. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairmen 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 hereinafter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Feder Reserve System held on October 15, 1942, were approved unanimously. Telegrams to Messrs. McCreedy and Dillard, Secretaries of the Ne, "al Reserve Banks of Philadelphia and Chicago, respectively, and Mr. Gtib erty President of the Federal Reserve Bank of Dallas, stating that the, 50ard of Governors approves for those Banks, effective October 17, ' 1942 the rates established by the respective boards of directors of 1/2 Per Cent on advances to member banks, under paragraphs 8 and 13 of sect; 13 of the Federal Reserve Act, secured by direct or fully guaranteed °bligations of the United States which have one year or less to run to 4-11 date or to maturity if no call date, and of 2 per cent on ad'es to individuals, partnerships, or corporations other than banks 114cier, the last paragraph of section 13. The telegrams to Messrs. Ikere edY and Gilbert further stated that the Board approves for the • 8c1s1Phia and Dallas Banks, also effective October 17, a rate of 2030 10/16/42 1-112 Per cent on advances to member banks under section 10(b) of the 44151 Reserve Act. The establishment without change of the other rates of discount and purchase in the respective Banks' existing ached448 was also approved. Approved unanimously. Memorandum dated October 14, 1942, from Mr. Leonard, Director (It th e .lvision of Personnel Administration, recommending, at the reof Mr. Szymczak, that the salary of Mrs. Wanda G. MCLenighan, ki.s ecretary, be increased from $2,700 to $3,000 per annum, effective Ncliember 1, 1942. Approved unanimously. Letter to Mr. Olson, Assistant Vice President and Assistant 8ecr arY of the Federal Reserve Bank of Chicago, reading as follows: "In a letter dated August 11, 1942, addressed to Mr. ravens, Mr. A. von Wening, of the A. 0. Smith Corporation, 7;11waukee, Wisconsin, requested that certain questions as to he interpretation of the standard form of guarantee agree'lent be referred by the Board to the War Department. "Two of the questions raised by Mr. von Wening related t° the meaning of the words tor credit fort and the words l'fith respect to any cancelled contract' as used in section ° of the standard form of guarantee agreement. The views of he Board of Governors with respect to these questions were set forth in our letter to you of May 29, 1942, and were quoted in your letter to the firm of Mayer, Meyer, Austrian Platt, dated June 1, 1942. In his letter of August 11, von Wening also raised a question with respect to the P°ssibility of reducing the time limit of 60 days which is l'equired to elapse between applications by a borrower for adjustments under section 6 of the guarantee agreement. 41r. von Wening/s letter of August 11, 1942, was retie l'red to the War Department on August 17, 1942; and there enclosed a copy of a memorandum with respect to this muter which has been received by the Board from the War De) li4 rtment, dated October 7, 1942, signed by Major John S. aehmen, on behalf of Lieutenant Colonel Paul Cleveland, 2031 3-"Chief of the Loan Section. It will be appreciated if You will transmit to Mr. von Wening the advice contained in. the War Department's memorandum." Approved unanimously. Thereupon the meeting adjourned. f
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