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99 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, January 22, 1948. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal Reserve System on January 21, 1948, were approved unani- 1110Usly. Telegram to Mr. Carstarphen, Secretary of the Federal Reserve m .uank of St. Louis, reading as follows: "Retel January 21 Board approves effective January 23, 1948, minimum buying rates for bankers' acceptances as follows: Maturities up to 90 days 1-1/4 Per cent, maturities of 91 to 120 days 1-3/8 per cent, lInd maturities of 121 to 180 days 1-1/2 per cent; and rate of 1-1/4 to 1-3/4 per cent under Section 13b on advances to financing institutions on portion on which financing institution assumes the risk. Otherwise B°ard of Governors of Federal Reserve System approves establishment by your Bank, without change, of rates °f discount and purchase in Bank's existing schedule, advice of which was contained in your telegram dated January 21." Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve tatit _ ur Kansas City, reading as follows: 1.00 1/22/48 2- "The Board approves the payment of salaries to the following officers for the period from January 16, 1948 through May 31, 1948 at the rates indicated) which are the rates fixed by the Board of Directors, as rePorted in your letter of January 16 1948: Annual Salary Title Name D. W. Woolley $13,000 Vice President M. W. E. Park 8,400 Assistant Vice President C. E. Sandy 8,600 Cashier E. D. Vanderhoof 6,000 Assistant Cashier C. L. Bollinger 6,500 Auditor L. F. Mills 6 11-20" Chief Examiner Approved unanimously. %roved:
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