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-1036 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, July 31, PRESENT: 1970. Mr. McCabe, Chairman Mr. Evans Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Memorandum dated July 20, 1950, from Mr. Young, Director of the Division of Research and Statistics, recommending increases in the basic annual salaries of the following employees in that Division, effective August 6, 1950: Name Albert R. Koch C. Richard Youngdahl Charles H. Schmidt Salary Increase TitleFrom To R,Too $10,000 Chief, Banking Section 8,8o0 10,000 Chief, Government Finance Section 7,600 6,400 Acting Chief, Business Finance and Capital Markets Section Approved, Mr. Vardaman not voting. Memorandum dated July 28, 1950, from Mr. Carpenter, Secretary Of the Board, recommending the appointment of Mrs. Jean F. Stockwell aS a file clerk in the Office of the Secretary on a temporary basis for a period of six months, with basic salary at the rate of $2,730 per annum, effective as of the date upon which she enters upon the Performance of her duties after having passed the usual physical examination. Approved unanimously. Telegram to Mr. Rounds, First Vice President of the Federal Reserve Bank of New York, reading as follows: 1037 7/31/50 -2- "Re your letter July.28 concerning proposed election of Mr. Ira Guilden as a trustee of Title Guarantee and Trust Company (a nonmember trust company) while continuing to serve as chairman and director of Trade Bank and Trust Company (a member bank) in view of provisions of section 8 of the Clayton Act and Board's Regulation L. On the basis of the facts stated in your letter, Board concurs in the views expressed in the last paragraph of your letter that such service would be permitted." Approved unanimously. As ist t Secretary.
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