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1364 Minutes of actions taken by the Board of Governors of the 44sra1 Reserve System on Wednesday, Au,012 t PRESENT: 6, 1952. Mr. Vardaman, Chairman pro ten. Mr. Mills Mr. Robertson Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Memorandum dated July 21, 1952, from Mr. Young, Director, Divieion of Research and Statistics, recommending the appointment of Ardith D. Watts as Clerk in that Division, on a temporary basis for e.Derioa of six months Lifall with be-:sic salary at the rate of $3,030 per effective as of the date upon which she enters upon the per- Do ilee of her duties after having passed the usual physical examinE- - and subject to the completion of a satisfactory employment investi- Approved unnnimously. Memorandum dated July 25, 1952, from Mr. Young, Director, 1)44 ion -- of Research and Statistics, recommending the appointment of taieM. MOCrae as Clerk in that Division, on a temporary basis for 4'eriod °' six months, with basic salary at the rate of ,$2,950 per tortut ef feetive as of the date upon which she enters upon the per- 4Ce of her duties after having passed the usual physical examina- w saject to the comnletl.on of a satisfactory employment Approved unanimously. t- 8/6/52 -2Memorandum dated July 29, 1952, from Mr. Dethea, Director, 147161°11 of Administrative Services, recomblendint: the appointment of liala R. Niblett as Teletypist in that Divicon, on a Lemporary baEis fora period of one year, with basic salary at the rate of o''- sr per lialrmaa, effective as of the date upon 1Nhich she enters upon the Lerr°11tance of her duties after having passed the usual physical tiotiand subject to the completion of a satisfactory employment illvestigation. Approved unanimously. Memoranda recommending that the basic annual salaries of the ' wing employees be increased in the amounts indicated, effective 11, 1952: Salary Increase To From Name and Title Memorandum from Mr. Young, Director, Division of Research and L.tatistics 7/28/52 Clayton Gehman, Chief, Business Conditions *10,200 section Memorandum from Mr. PenT)it, Assistant Dirc,ctor, Division of International Finance 7/31/52 Evelyn Ruth West, Clerk-FtenoLrapher 2,750 Approved unaninously. Memorandum dated July 31, 1952, from Mr. Young, Director, bliqtro 1 11 of Research and StatIst'cs, recommene!:1rw tbet Mary R. Lynch, 1366 8/6/52 elerk-Typist in the Division of Bank Operations, be transferred to the 1)il'1sion of Research and Statistics as Clerk, with no change in her 1)resent basic salary of $3,25;) per annum, effective as of the date she e'sstlines her new duties. Of 101, The memorandum also stated that the Division Operations was agreeable to this transfer. Approved unanimously. Memorandum dated July 24, 1952, from Mr. Sloan, Director, tivision of Examinations, recommending: that Anne S. Temple, Administrative Clerk in the Division of Selective Credit Regulation be transferred to the Division of Examinations as Clerk, with no change in her present basic salary of $3,660 per annum, effective upon her release from her present assignment. (2) that Louise S. Anderson, Supervisor, Recording and Stenographic Section, Division of Examinations, be appointed a Special Assistant Federal Reserve Examiner, effective August 2:), 1952, for a period of approximately one year, and assigned to the field staff of examiners, with an increase in her present basic annual salary from $3,795 to $3,910 and with official headquarters in Washington, D. C. (1) The Ilfterandum stated that the transfer of Mrs. Temple was agreeable to the 7, uivision of Selective Credit Regulation. Unanimous approval was given to the recommendation in Mr. Sloan's memorandum concerning the transfer of Mrs. Temple; and by unanimous vote, Louise S. Anderson was appointed a Special Assistant Federal Reserve Examiner to examine Federal Reserve Banks, for all purposes of the Federal Reserve Act and of all other acts of Congress pertaining to examinations of such / 52 banks made by, for, or under the direction of the Board of Governors of the Federal Reserve System, effective August 25, 1952, for a period of approximately one year. Memorandum dated July 24, 1952, from Mr. Bethea, Director, iplvision of Administrative Services, stating that Madalena Bertolini, Cha Oman in that Division, had applied for retirement on account of (14abt1ity under the Board's Retirement Plan, effective as of July 1, 1952, Noted. Letter to Mr. Harvey, Vice President and Cashier, Federal Reserve talik of Boston, reading as follows: "AB requested in your letter of July 10, 1952, the Board of Governors approves the payment of salary to the following named employees of the Federal Reserve Bank of Boston for a period of six months beginning immediately: Name Annual Salary Grace I. Barkley $2,272 John 0. Barrows 3,270 3,060 Ralph M. Simonds George H. Smith 3,060 Nancy G. Quattrochi 2,730 "The Board feels that generally an employee's pay should be commensurate with the duties and responsibilities vhich he is currently performing. It recognizes, of course, that in individual instances special circumstances, such as 1°ng service, may warrant the continuance of an above-maxi11211m salary. The Board has approved the payment of salary to the employees mentioned in your letter for a period of 1-3c months in the hope that during that time it will be Possible to place them in jobs which will justify the Payzent of the proposed salaries. In those cases where this can not be accomplished and you desire, because of the ePeoial circumstances involved, to continue to pay an -1368 W/52 -5- above-maximum salary the case may be re-submitted for the Board's consideration." Approved unanimously. Letter to Mr. Wiltse, Vice President, Federal Reserve Bank of New York, reading as follows: "In accordance with the request contained in your letter of July 29, 1952, the Board approves the appointment of Walter A. Stoecker as an examiner for the Federal Reserve Bank of New York. "Please advise us of the date upon which the appointment of Mr. Stoecker is made effective. "The Board also approves the designation of the follcwing as special assistant examiners for the Federal Reserve Bank of New York: Robert E. Spaulding Martin French Russell E. Wallace Leonard L. Lamprey, Jr. Kenneth E. Willig" Benedict Rafanello Approved unanimously. Letter to Mr. Stetzelberger, Vice President, Federal Reserve Bank Or Clev eland, reading as follows: "In accordance with the request contained in your letter of July 15, 1952, the Board approves the appoint0f Carl E. Roll, at present an assistant examiner, as an examiner for the Federal Reserve Bank of Cleveland. "Please advise us of the date upon which the appointMent becomes effective." Approved unanimously. Letter to Mr. l'rmistead, Vice President, Federal Reserve Benk of reading as follows: te"In accordance with the request contained in your let r of July 25, 1952, the Board approves the designation 41"1 1 1 1_4. 815152 -6- "of Russell B. Martin as a special assistant examlner for the Federal Reserve Bank of Richmond. "Appropriate notations have been made in our records of the names to be deleted from the list of special assistant examlners." Approved unanimously. Letter to Mr. Stephenson, Chief Examiner, Federal Reserve Bank of Atlanta reading as follows: "In accordance with the request contained in your letter of July 25, 1952, the Board approves the designation of W. H. Thomas as a special assistant examiner for the Federal Reserve Bank of Atlanta." Approved unanimously. Letter to Mr. Peterson, Vice President, Federal Reserve Bank of St Louis, reading as follows: "In accordance with the request contained in your letter of July 16, 1952, the Board approves the appoint'tent of Arvie Melvin Carr as an assistant examiner for the Federal Reserve 3-tnk of St. Louis. _Please advise us of the date upon which the appointment becomes effective." Approved unanimously. 1 1!!1°111P / AL. /_44.44... secrel* f
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