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2039 A meeting of the Board of Governors of the Federal Reserve Systftwas held in Washington on Monday, October 19, 1942, at 1:45 p.m. PRESENT: Mr. McKee Mr. Draper Mr. 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: Letter prepared for the signature of Mr. Szymczak to Mr. Caldwell, Chairman of the Federal Reserve Bank of Kansas City, reading as follows: "The proposed selecticn of Raymond W. Hall as Vice Presi.?nt and General Counsel of the Federal Reserve Bank of Kansas ! at a salary of $12,000 per year, as outlined in your letker of October 9 has been considered informally by the members 2f the Board of Governors. Should your Directors elect him as ;Itice President and General Counsel and propose a salary of t12,000, I am sure that it would meet with the approval of the Approved unanimously. Mr. Ransom, who was not in attendance at this meeting, had previously stated that he was not in favor of approving the appointment of Mr. Hall for the reason that in his opinion the employment of anyone as General Counsel who had been so long out of the active practice did not seem to be a wise policy. Telegram to Mr. McConnell, Assistant Vice President of the FedBank of Minneapolis, reading as follows: "Your wire October 17 re special condition (C) (of guar!ntee agreement). This condition was carefully considered by !,lar and Navy Departments and it is our understanding that they 'fltend that the Guarantor be liable for the indicated portion 1 the loss incurred on the loan without any express limitation °.' c)/1 the period for which such liability continues." Approved unanimously. 2040 1°119/42 Memorandum dated October 140 1942, from Mr. Morrill, recoramendthe reasons stated in the memorandum, that $1,500 be added to item of stationery and supplies in the 1942 non-personal budget of the Q eretary Office for building operation and maintenance functions. Approved unanimously. Thereupon the meeting adjourned. APProveci: Member.
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