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254 Minutes of actions taken by the Board of Governors of the edet 6-1- Reserve System on Diesday, February 28, 1950. PREsENT: Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Reserve System on February 27, 1"))0, were approved unanimously. xlemorandum dated February 20, 1950, from Mr. Young, Director c14 th.e vision of Research and Statistics, recommending changes 14 the 14 - A'4.7ision of Research and Statistics, with the pay increases beco ro-ne effective March ), 1950, as follow,: 1, 4 2 ,PPoittment of Frank R. Garfield as Adviser on Economic Aesep,„ iller: c.4) a newly established official position, and an -ase in his basic annual salary from $10,500 to $11,000. of Arthur W. Marget as Adviser on International clIce, a newly established official position, with no .Dosit. .et in his present salary, and discontinuance of the . •oc ' 4°/1, Specialist in International Finance, previously ellPied by Mr. Marget. tr 4tment of Guy E. Noyes as Assistant Director and an Etta, n'se in his basic annual salary from $10,500 to $11,000, pre_'scontinuance of the position, Assistant to the Director, viouo ---Y occupied by Mr. Noyes. 44 in Aotta ease in the basic annual salary of Clayton Gehman,_ tot8€0Chief of the Business Conditions Section, from $8,400 ' u effective March ), 1950. Tha eem zemorandum also stated that the Real Estate Unit, headed V WCod, was being transferred from the Business Conditions 2/28/50 -2- 8ectiem tbat , 4 0 the Consumer Credit and Finances Section of the Division, /4te wlere was being established a Special Studies Section in the Secj illIttional Group to supersede the International Economic Policy the en and that Arthur B. Hersey was being assigned as Chief of trrtecial Studies Section with no change in his salary, that the ti.stional Financial Operations Section was being redesignated tttial:e 'Ilalancial Operations and Policy Section", and that John Ve8,being assigned as Acting Chief of the Far Eastern Section no cnange in his salary. Approved unanimously. 0ovrise, Melaoranum dated February 23, 19)0, from Mr. Vest, General re X, cornmendinc, an increase in the basic salary of Alfred Cil*"7, assistant counsel, from *9,000 to $9,400 per annum, .11ective march Approved unanimously. Of Mettlorandum dated February 24, 1950, from Mr. Young, Director the TN: 4J-Lv.ision of Research and Statistics, recommending that the gAatio t f Miss Joan Toutant Beauregard, a clerk in that be accepted to be effective, in accordance with her request, ' close of business March 24, 1950. Approved unanimously. Secretor,. Chairman.
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