Full text of Minutes of the Board of Governors of the Federal Reserve System : Meeting Minutes, August 17, 1950, Volume 37, Part 3

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

1100

Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Thursday, August 17, 1950.
PRESENT:

Mr. Draper, Chairman pro tem.
Mr. Evans
Mr. Vardaman
Mr. Sherman, Assistant Secretary
Mr. Kenyon, Assistant Secretary

Memorandum dated August 14, 1950, from Mr. Young, Director
of the Division of Research and Statistics, recommending an increase
in the basic salary of Sidney Washington, a clerk in that Division,
from $3,010
to $3,130 per annum, effective August 20, 1950.
Approved unanimously.
Memoranda from the heads of the divisions indicated below
Ilecommending increases in the basic annual salaries of the following
eMPloyees in those divisions, effective August 20, 1950:
Date of
Memo
Name
INTE
RNATIONAL FINANCE
15 50
Gordon B. Grimwood

Title
Research
Assistant

oPERATIoNs
50
Paul F. Smith

Analyst
Underwood,Jr
.Analyst
Willis H.

Salary Increase
To
From

$3,475

$3,725

4,600
3,450

4,725
3,700

Approved unanimously.
Memorandum dated August 14, 1950, from Mr. Leonard, Director

r the Division of Bank Operations, recommending the transfer of Mrs
l'Ettricia B. Ivie, from the position of Clerk-Stenographer in that
D11/151011 to the position of Secretary to Mr. Myrick, Assistant
Dil'ector of the Division,
with an increase in basic annual salary




I 101

8/17/50

-2-

rrom $3,195 to $3,225, effective August 20, 1950.
Approved unanimously.
Memorandum dated August 15, 1950, from Mr. Bethea, Director
Of the Division of Administrative Services, recommending that Walter
L. Peregory, Offset Press Operator in that Division, be granted leave
c)f absence without pay beginning August 28, 1950, for the purpose of
reporting for active duty with the 'United States Raval Reserve, that

he be granted the benefits outlined in the Board's policy, adopted
August 1, 1950, for all employees called for military service, and
that he
be granted one month's unearned salary, together with a
111mP sum payment for accrued annual leave remaining to his credit
48 of that date.
Approved unanimously.
Letter to Mr. Johns, Vice President of the Federal Reserve
Batic Of
Kansas City, reading as follows:
"For the reasons outlined in your letter of August
11, 1950, the Board of Governors approves the payment
Of salary to Mary Speed, an employee of the head office,
at the rate of $2556 per annum for such time as fixed
by the directors but not beyond October 31, 1950.
"Since retirement allowances are effective only
on the first day of the month, any termination of
service prior to the last day of the month results
in a period during which neither salary nor retirement allowance is received. The Board's approval
for the payment of salary to Miss Speed extends
through the month of October in the event the Bank
Should feel that it is desirable to continue her in
active service until October 311 1950."




Approved unanimously.

Assist

retary.