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1063 A meeting of the Board of Governors of the Federal Reserve Systern was held in Washington on Monday, July 22, 1946, at 10:30 a.m. PRESENT: Mr. Evans Mr. Vardaman Mr. Carpenter, Secretary Yr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein- after referred to was taken by the Board: Memorandum dated July 18, 1946, from Mr. Thomas, Director of the Division of Research and Statistics, submitting the resignation of Mr. Robert D. Carey, an Economist in that Division, who had been on leave without pay since December 3, 1945, because of illness, and recommending that the resignation be accepted, effective at the close cf business on June 29, 1946, and that a lump sum payment be made to for any annual leave remaining to his credit after liquidation of advanced sick leave. The resignation was accepted as recommended. Memorandum dated July 19, 1946, from Mr. Thomas, Director of the Division of Research and Statistics, submitting the resignation clf Miss Isabel Dolores Loyd, a Clerk-Stenographer in that Division, and recommending that the resignation be accepted effective, in accordance with her request, at the close of business on July 28, 1946, and that a lump sum payment be made to her for any annual leave remaining 1064 7/22/46 -2- to her credit at that time. The resignation was accepted as recommended. Memorandum dated July 19, 1946, from :r. Thomas, Director of the Division of Research and Statistics, submitting the resignation of S. Marie Schiff, a Clerk in that Division, and recommending that the same be accepted, effective, in accordance with her request, at the Close of business on July 26, 1946, and that proper lump sum payment be made for any annual leave remaining to her credit at that time. The resignation was accepted as recommended. Memorandum dated July 19, 1946, from Yr. Bethea, Director of the Division of Administrative Services, recommending that the basic annual salary of Mr. Richard J. Michel, a Guard in that Division, he increased from $2,020 to $2,093.04, effective July 28, 1946. Approved unanimously. Letter to Mr. Leach, President of the Federal Reserve Bank of Richmond, reading as follows: "The Board has given careful consideration to the request, contained in your letter of July 11, for approval of a special contribution to the Retirement System for the benefit of Mr. W. W. Dillard in connection with his impending retirement. The Board feels, however, that it would not be justified in treating this case as an exception and in authorizing a retirement allowance larger than that regularly provided under the Rules and Regulations of the Retirement System for retirement upon attainment of age 65. "In conversation Mr. Walden has raised the question informally as to whether Mr. Dillard could be continued in the employ of the Bank for the first six months of next Year in order to assist in the training of his successor, 1.065 7/22/46 -3- "which has been interrupted by the illness of Mr. Dillard. The Board is prepared to consider such a request if the need for the continuation of Mr. Dillard's services during that Period is established under the provisions of the Board's letter of February 4, 1946 (S-e95)." Approved unanimously. Letter to Mr. Leland, Chairman of the Federal Reserve Bank of ghicago, reading as follows: "Receipt is acknowledged of your letter of may 16, 1946, stating that you have read and will present to your Board of Directors the report of examination of the Federal Reserve Bank of Chicago as at the close of business April 13, 1946. "On page 16, the report refers to the failure to set . discount rates within the statutory interval in two instances. These were November 29, 1945 and February 26, 1946, apparently when there was not present a sufficient number of directors to constitute a quorum, although on each of these dates the Board was advised by wire that the rate had been established at a regular meeting of the Board of Directors. It is hoped that compliance with the examiner's suggestion Will prevent such oversights in the future. "Since the report was delivered to you, Yr. Young has written that consideration has been given to the suggestion for better protection of withheld tax records, also referred to on page 16. The Board understands the various difficulties encountered in locating suitable outside space and hopes that developments in the near future will be such that facilities will be available for completely satisfactory storage of these records. "The Board will appreciate advice that the report of examination of your bank has been considered by your Board of Directors and will welcome any comments you may care to offer regarding the foregoing matters or discussions with respect to other aspects of the examination or as to action taken or to be taken as a result thereof." Approved unanimously. Thereupon the meeting ad* Secretary. Approved: Member.
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