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Minutes of actions taken by the Board of Governors of the rederal Reserve System on Monday, February 7, 1949. PRESENT: Mr. Mr, Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Evans 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 l'ecieral Reserve System on February 4, 1949, were approved unanipiously. Memorandum dated February 4, 1949, from Mr. Thomas, Director ur the Division of Research and Statistics, recommending an Incre --e in the basic annual salary of Miss Betty Haller, a clerkstellc'graPher in that Division, from $2,284 to $2,350, effective 20, 1949. Approved unanimously Letter to Mr. Stetzelberger, Vice President of the Federal leserve Bank of Cleveland, reading as follows: "This will acknowledge your letter of January 13, j:+9) enclosing information regarding the personnel the Federal Reserve Bank of Cleveland as requested 4aa the Board's letter of November 9, 1948. f 1 An examination of Schedule A indicates that the 2.41°Iring employees are receiving basic salaries which .re below the minimums of their respective grades. The aPproves the payment of below-minimum salaries to ese employees for a period not to exceed three months 4.0m February 1, 1949. 217 ah 49 -2Name Robert Krejsa Jack Bevan Harry Schiering James L. Lulton Betty Cunningham Rosalie Jackson Mary Lee Smith Title Head Office Tab. Mach. Oper. Twilight Assistant Examiner B Assistant Examiner B Consumer Credit Inv. Cincinnati Branch Jr. Currency Sorter Jr. Currency Sorter Redemption Advice Typ. Department Check Collection Bank Examination Bank Examination Consumer Credit Cash Cash Fiscal Agency" Approved unanimously. Telegram to Mr. Peterson, Vice President of the Federal Reserve 10 .usink of St. Louis, reading as follows: "Reference your letter January 28, 1949. Board approves appointment of Wilbur H. Isbell, at present an assistant examiner, as an examiner and Charles D. Zettler 's an assistant examiner for Federal Reserve Bank of St. Louis. Please advise effective dates and furnish inforMation as to any change in Isbell's salary rate." Approved unanimously. Letter to Mr. Diercks, Vice President of the Federal Reserve tell6 Of Chicago, reading as follows: "In accordance with the request contained in your , -Letter of JanvAry 31, 1949, the Board of Governors ex"ends to March 8, 1949, the time within which the Tipton tate Bank, Tipton, Iowa, mAy accomplish termination of its membership under the waiver of six months notice granted on October 8, 1948." Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks, readas follows: 218 2/7/49 _3.. "Reference Board's February 2 wire, eleven Federal Reserve Banks approve and one has no objection to the sUggested change in weekly reserve computation period Of central reserve and reserve city banks to end on Wednesday, instead of Thursday as at present. Effective dates suggested by Federal Reserve Banks for Change vary from February 9 to March 9. Desirable that change be put into effect simultaneously in all districts. Please advise if, in accordance with Section 3(a) of Regulation DI your Bank would fix as the effective date of change, the reserve computation Period beginning February 24 and ending March 2." Approved unanimously. : APPrOVed Chairman pro tem.
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