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1 A meeting of the Board of Governors of the Federal Reserve Sreteal was held in Washington on Wednesday, September 8, 19430 at 11:00 PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary Mr. Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinreferred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Petier Reserve System held on September 7, 1943, were approved unani- 144141Y. Memorand dated August 31, 1943, from Mr. Goldenweiser, Di- or the Division of Research and Statistics, recommending, in ilecord anee with the policy on confinement cases adopted by the Board 0111401, ealber 10, 1941, and amended July 27, 1943, that, because of apIlr°4chi rig confinement, Mrs. Winofred Racz, a clerk in that Division, be er 4flted leave of absence without pay for the period September 1, 19213, through January 31, 1944, with the understanding, in accordance the Board's policy, that her reemployment will not take place 411tokrat. leally but only after a review of the situation by the Board r ecammendation of the division head. The memorandum also 13i0 9/8/43 -2- l'eceftlended that the Board continue to make its contributions to the t'etirertlent system on Mrs. Racz' behalf during her absence and that she be nutted to pay her own contributions for the same period following her return to duty, with the understanding that they will be de(illeted from her first salary payment. Approved unanimously. Letter to the board of directors of "The Bank of Brodhead", trodh eact, Wisconsin, stating that, subject to conditions of membership rklber ed 1 to 3 contained in the Board's Regulation H, the Board apthe bank's application for membership in the Federal Reserve System 4ad for the appropriate amount of stock in the Federal Reserve Of Chicago. Approved unanimously, for transmission through the Federal Reserve Bank of Chicago. Letter to the Presidents of all the Federal Reserve Banks exeePt rn eveland, reading as follows: "For your information there is enclosed a copy of ;-Letter, dated August 20, received from the Federal ReBank of Cleveland regarding the procedure to be b:`-'-ovied in substituting the new April 6, 1943, form of iiarantee agreement for the old form, dated May 14, 1942. I se are also enclosed copies of the replies to this le : 4er received from the War Department, Navy Department, United States Maritime Commission." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, read- f°11ow8: 1301 9/8/43 -3- a "For your information and guidance there is enclosed ,copy of a memorandum, dated September 31 1943, signed Colonel Paul Cleveland, Chief, Advance Payment and Loan craalch, regarding statements of necessity to be issued in 1,„eillneotion with the guarantee of loans pursuant to the "ar Department's memorandum of August 28, 1943.11 Approved unanimously. Letter to Miss Edna B. Sherman, Secretary of the Credit Women's 1311W-A '48.et Club, Decatur, Illinois, reading as follows: "This will acknowledge your letter of September 31 19 1,43s enclosing a copy of a resolution adopted August 17, .;-L43, recommending an amendment of Regulation W to permit 4ty extension of credit which is to be paid not later ' e'nall the 10th of the second calendar month following such tension of credit to be treated as a charge sale for "e Purposes of the regulation. of ."This is a suggestion that has been made a number taxies and undoubtedly has merit from the viewpoint of ilzgistrants who handle their accounts in a certain way. hue.proposal is being carefully studied, along with others avIng a similar purpose. In connection with these studies, yo cflay be sure that the views of the Club will receive ons ideration." j Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, read1410 as r°11ows: ,.. "There is enclosed a supply of Form F. R. 296, the rterlY rate schedule of Federal Reserve Banks. The t', ° l N1 has been revised to provide lines for reporting rate on advances to member banks secured by governandt Obligations maturing or callable within one year, the buying rates on Treasury bills." r Approved unanimously. 1302 918/43 -4.- Thereupon the meeting adjourned. Assistant Secretary. Chairman.
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