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1593 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on 'Wednesday, October 18, 1944, at 10:30 asrae PRESENT: Mr. Mr. Mr. Mr. Mr. Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. 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 Federal Reserve System held on October 17, 1944, were approved unani- 111°11sly. Memorandum dated October 16, 1944, from Mr. Morrill recommendthat Miss Dorothy L. Reamey be appointed as a page in the Secretary's °face on a temporary basis for an indefinite period, with basic salary at the rate of S1,260 per annum, effective as of the date upon which she enters upon the performance of her duties after having passed satis- factory the usual physical examination, with the understanding that It anYthing derogatory develops in the investigationof her references her services may be terminated immediately. Approved unanimously. Memorandum dated October 16, 1944, from Mr. Goldenweiser, Diof the Division of Research and Statistics, recommending that 1594 10/18/44 -2- S. Prances Leone Johnson be appointed as a clerk-typist in that Division on a temporary basis for an indefinite period, with basic Salary at the rate of $1,440 per annum, effective as of the date upon hich she enters upon the performance of her duties after having Passed sa tisfactorily the usual physical examination and subject to a satisfactory check of her references. The memorandum stated that since Mrs. Johnson had funds in the Civil Service retirement system She would again become an active member in that system. Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of Richracnd, reading as follows: "The Board of Governors approves the payment of salarY to Mr. Adolph C. Illienert, Assistant Cashier, Baltimore Branch, for the period November 1, 1944 to May 31, 1945, inclusive, at the rate of $4,200 per annum, which is the rate fixed by your Board of Directors as reported in your letter of October 13, 1944." Approved unanimously. Letter to Mr. McLarin, President of the Federal Reserve Bank of Atlanta, reading as follows: II in is made to your letter of October regardReference to the making of special payments to Mr. J. Herbert Ayers, a former employee, who resigned because of illness n°rtlY before the establishment of the Retirement System On March 1, 1934. to'The Board will interpose no objection to the payment Ur- Ayers, as proposed by the Executive Committee of rut' Directors, of a lump sum of 81,000 and a monthly ale continuing from the present of approximately the 1595 10/18/44 "amount he would be receiving had the Retirement System been in existence at the time he had to leave the employ of the Bank on account of ill health. "It should be understood, however, that the action of the Board is based on the unusual circumstances of this particular case and is not to be considered as a precedent for any other cases." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks reading as follows: "For your information and guidance there is enclosed a copy of a memorandum received from the Navy Department, dated October 16, 1944, signed by Commander Donald P. Welles, Chief of Finance Division, with further reference to the instructions contained in the Board's letter 8-626, dated March 27, 1943.11 Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks read- ing as follows: "In a Study Program being offered to discussion groups 1?Y the Marketing Reports Division of the 'War Food Adminis1,ration, one of the subjects suggested is Consumer Credit. It has been decided to include among the source materials available for these groups some information on Regulation rt;, t and this purpose seemed best served by a group of stateents consisting of the following: 1. Press Statement, August 23, 1941, on adoption of regulation. 2. Statement of Chairman Eccles, August 25, 1941. 3. 'Why Instalment Credit is Regulated', December 1941. 4. Press Statement, May 6, 1942, on adoption of Amendment No. 4. 5. Address of Chairman Eccles, June 24, 1942. 159$ 10/18/44 -4-- "The literature furnished to study groups by 1XFA will indicate that requests for these statements should be addressed to the Federal Reserve Banks. This arrange— ment was decided on in order to carry out the principle of decentralized administration. In the literature, the statements will be designated: 'Explanatory Statements on Regulation IV, Consumer Credit'. "We are sending you 25 sets of the statements. It is not possible to esbimate how large the demand will be, although it does not seem likely that it will be very ?Teat. If you have need for additional sets, we shall be glad to send them to you." Approved unanimously. Thereupon the meeting adjourned. f\\.42122nft_.1. V ce Chairman.
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