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1483 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Friday, Octo ber 8, 1943, at 11:00 a.m. PRESENT: Mr. Ransom, Vice Chairman Mr. Draper Mr. 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 matt ers hereinafter referred to was take n by the Board: Telegrams to Messrs. Treiber and McCreedy, Secretaries of the Federal Reserve Banks of New York and Philadelphia, respectively, Mr. Laning, Vice President of the Fede ral Reserve Bank of Cleveland, Mr. Leach, President of the Fede ral Reserve Bank of Richmond, Mr. Dillard, Vice President of the Federal Reserve Bank of Chicago, Mr. Stewart, Secretary of the Federal Rese rve Bank of St. Louis, Yr. Powell, First Vice President of the Federal Reserve Bank of Minneapolis, Mr. Caldwell, Chairman of the Federal Rese rve Bank of Kansas City, Mr. Gilbert, President of the Federal Reserve Bank of Dallas, and Mr. Hale, Secretary of the Fede ral Reserve Bank of San Francisco, stating that the Board approves the establishment without change by the Federal Reserve Bank of San Fran cisco on October 5, by the Federal Reserve Banks of New York, Philadelphia , Cleveland, Richmond, Chicago, Minneapolis, Kansas City, Dallas, and San Francisco on October 7, 1943, and by the 1484 10/8/43 -2- Federal Reserve Bank of St. Lou is today, of the rates of discount and purchase in their existing schedu les. Approved unanimously. Memorandum dated October 6, 1943, from Mr. Golden weiser, Director of the Divisi on of Research and Statistics, submitting the res ignation of Miss Louise Spe arman as a clerk in that Division, to become effective as of the clo se of business on October 7, 1943, and recommending that the resign ation be accepted as of that date. The resignation was accepted. Letter to the Presidents of all the Federal Reserve Banks, reading as follows: "There is enclosed, for your inform ation, a copy of a memorandum receiv ed from Colonel Paul Cleveland, under date of September 22, 1943, in which he sets forth the policy to be follow ed with respect to the setting up of a side credit to finance mar production when a VT credit fully ample to financ e the borrower's war production has been provid ed." Approved unanimously. Thereupon the meeting adjourned. Secretary. Vice Chairman.
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