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2OiO Minutes of actions taken by the Board of Governors of the , rteserve System on Wednesday, December 8, 1948. PaESEnT: . McCabe, Chairman Mr. Mr. Eccles Mr. Szymczak Mr. Draper Mr, Evans Mr. Vardaman Mr. Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the FedRese rve System on December 7, 1948, were approved unanimously. Meill°reacium dated November 19, 1948 from Messrs. Thomas Sollth ard, the t Director and Associate Director, respectively, of iotisto_ of Research and Statistics, recommending that Alextr 4 1.11t)141 --rem, formerly Chief of the Foreign Areas Section ' 1°T1 and currently with Harvard University, be brought 4° the ard for a few days in order to assist with the oratto e new employee reporting shortly at the Board to the, ' rIncipal field of work formerly handled by Mr. GerThe memorandum also recommended that Mr. Gerschenkron A41 1 1111. eed 4tt 4.0r his travel expenses from Cambridge, MassachuNte or t30"hington, D. C., and return, that he be paid at the Per day for the number of days worked for the Board 2081 12/848 —2— (.111,1e " e ceed seven), plus a per diem in lieu of subsistence of 8 "sent fram Cambridge, and that the Miscellaneous classificati 4i4 the 1948 non -personal budget of the Division of Research sta tl8tieS be increased by the total amount of the claim subqtted uy Mr. Gerschenkron in connection with this work. Approved unanimously. 116111°randum dated December 2, 1948, from Mr. Draper recommendthat, e ffective as of the date of his retirement on January 1, 1949)J. R. Van Fossen, presently Assistant Director of the Divitrig qozi of Bank be CI, or, a Operations, part—time basis, retained as a consultant in that diviat a fee of $1,200 per annum payable bim'reekly basis for one year, it being understood that at the '411 of' that year the Board would again review the matter. Approved unanimously, with the understanding that during the time of Mr. Van Fossen's service as a consultant he would not receive credit under the Retirement System for such service, and that no deductions would be made for contributions to the Retirement System. 4eillOrariclizil dated December 7, 1948 from Mr. Bethea, Director Dptsoh 1)1374.1°11 of Administrative Services, recommending that the : t1,ltallttrilexit Of Mrs. Catherine Gallagher, a cafeteria helper in that 44 °11 'be extended on a permanent basis, without change in her ellt 1)A salary of $2,020 per annum, effective December 14, 1948. Approved unanimously. 20W 12/8/ —3_ In ht a connection with the Board's proceeding under the Clayton galnst Transamerica Corporation, the following order was subtor the approval of the Board: "'UNITED STATES OF AMERICA BEFORE THE BOARD oF GOVERNORS OF THE FEDEttki, RESERVE SYSTEM TPAI, MATTER nr wr itttIC CORPORATION "ORDER befr, "It is hereby ordered that the date for oral argument 4Q : 4'e the Board on certain motions, heretofore fixed for " 41claY morning, December 11, 1948, at 9:30 a.m., be Ined to Monday morning, December 13, 1948, at 10:00 a.m., 1202 of the Board's offices in Washington, D. C. rY the Board." Approved unanimously.