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177 A meeting of the Board of Governors of the Federal Reserve 6‘Yeteill was held in Washington on Wednesday, February 6, 1946, at 11:00 a.1114 PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman McKee Draper Evans Mr. Carpenter, Secretary Mr. Connell, General Assistant, Office of the Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pedern, tteserve System held on February 5, 1946, were approved unani— nt1184. Memorandum dated February 1, 1946, from Mr. Paulger, Director o fthe• Division of Examinations, recommending that Miss Frances May b /118 be appointed as a stenographer in that Division on a temporary 4818 for an indefinite period, with basic salary at the rate of $2,100 Per arilltun, effective as of the date upon which she enters upon the per— t()nlarice of her duties after having passed the usual physical examina14°4 ' The memorandum stated that Miss Jenkins was a member of the 01.1441 .4-4- Service Retirement System and would continue in that System. Approved unanimously. Memorandum dated February 1, 1946, from Mr. Bethea, Director 178 2/6/46 -2of the n -ivision of Administrative Services, recommending that Mrs. 417 A. Weikel be appointed as a telephone operator in that Division °II a temporary basis for a period of not to exceed two months, with salsa7 at the rate of $1,704 per annum, effective as of the date Up"ich she enters upon the performance of her duties after having ( Passed the usual physical examination. The memorandum stated that it was not contemplated that Mrs. Weikel would become a member of the B °ardi s retirement system during her temporary appointment. Approved unanimously. Memorandum dated February 1, 1946, from Mr. Thomas, Director °r thn. e -lvision of Research and Statistics, recommending that Charles G. ' rescott, who has been on military leave, be reinstated as a library . aid in that Division, with salary at the rate of $2,100 per atrium 'effective as of the date upon which he enters upon the performan ee of his duties after having passed the usual physical exam- Approved unanimously. Memorandum dated February 5, 1946, from Mr. Bethea, Director "the -ivision of Administrative Services, submitting the resignation orIll'e* Vivienne 0. Goebel, a stenographer in that Division, and rec°41111ending that the resignation be accepted as of the close of business :: : 1 1111a'rY 15, 1946, and that a lump sum payment be made for any accrued -44141 1eave remaining to her credit at that time. 179 2/6/46 —3— The resignation was accepted as recommended. Memorandum dated February 4, 1946, from Mr. Bethea, Director (If the n &dvision of Administrative Services, submitting the resigna— ti°4 of Leroy H. Cooley, a guard in that Division who has been on Mi:iltarY leave, and recommending that the resignation be accepted effective as of the close of business February 4, 1946. The resignation was accepted as recommended. Memorandum dated February 5, 1946, from Mr. Bethea, Director c't the Division of Administrative Services, submitting the resignation "0. Leawood Corbin, an elevator operator in that Division, and recom- mencang that the resignation be accepted effective as of the close of bUsiness February 4, 1946, and that a lump sum payment be made for any 4"I ' lled annual leave remaining to his credit at that time. The resignation was accepted as recommended. ser,ve 8 Letter to Mr. E. W. Swanson, Vice President of the Federal Re— of Minneapolis, reading as follows: In accordance with the request contained in your letter of February 1, 1946, the Board approves the desig— i __.°n of Clement A. Van Nice as a special assistant ex— for the Federal Reserve Bank of Minneapolis." n Approved unanimously. Letter kr11; p to Mr. DeMoss, Vice President of the Federal Reserve °- Dallas, reading as follows: 180 2/6/46 —4— "In accordance with the request contained in your letter of January 29, 1946, the Board approves the appointment of Charles A. Gore as an assistant examiner for the Federal Reserve Bank of DOlas. Please advise us of the date upon which the appointment becomes eff ective." Approved unanimously. Letter to Mr. Young, President of the Federal Reserve Bank of chicago, reading as follows: "Reference is made to Mr. Diercks' letter of Janunr 25, 1946, submitting for the consideration of the Board of Governors, under the provisions of condition of membership numbered 8 to which the member bank is bject, the proposal of The Farmington State Bank, armIngton, Michigan, to acquire by purchase under land ?,ontract the premises now occupied by the bank and leased from the Farmington Holding Company at $590 monthly rental. "It is understood that the property will be purchased for a consideration of t100,000 with interest on the unpaid balance at 4 per cent, which is to be extin— alshed in 15 years through monthly payments of not less 11. 1 $740, and that the contract will provide that the (4e remetr of the seller in event of default will be : repossession of the property. Also, it is noted that 0? management does not intend to capitalize any part tv, the purchase price of the building but will charge ,„"e monthly payments under the contract directly to expense. p T a . "The Board will interpose no objection to the transas proposed." Approved unanimously. Memorandum dated February 4, 1946, from Mr. Thomas, Director of the D. lvision of Research and Statistics, submitting a voucher for 1.stmburs ement for travel and other expenses incurred by Philip T. klien ' Economist in that Division, on a trip to Chicago January 181 2/6/46 —526 to January 30 in connection with his work for the Board. The mem, ciratichilll recommended approval of the voucher and stated that special con.; "-ueration of the voucher by the Board was necessary because Mr. Allen ,kmd 1,to take a roomette due to the unavailability of less ex, Pensive n 1-ullman accommodations. Approved unanimously. Thereupon the meeting adjourned. Chairman.