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Minutes of actions taken by the Board of Governors of the I'ederal Reserve System on Wednesday, July ), 1950. PRESENT: Mr. McCabe, Chairman Mr. Szymczak Mr. Draper Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Letter to Mr. Leach, President of the Federal Reserve Bank Op Richmond, reading as follows: "Reference is made to your letter of June 19, 1950, advising that the Federal Reserve Bank of Richmond has agreed to lend the services of Mr. J. Dewey Duane of the Research Department to Mr. Gordon Gray, Special Assistant to the President, for a Period not to exceed five weeks beginning July 6, 1930. It is noted from your letter that under this agreement Mr. Daane is to remain on the pay /sell of the Federal Reserve Bank of Richmond and that Mr. Gray is to take care of Mr. Daane's traveland subsistence expenses while he is in Mr. Gray's service. "This matter has been brought to the attention 0f the members of the Board, and no objection is interposed to Mr. Daane's assignment." Approved unanimously. Letter to Mr. Peyton, President of the Federal Reserve Bank neapolis, reading as follows: , "Reference is made to your letter of June 27, 9 ) 01 advising that at the meeting of the Board of ulrectors held on June 23, 190, Mr. Harold —. I3erglund was elected tssjstant Cashier and assigned to the Helena Branch. "It is noted from your letter that Mr. Berglund's Salary had been set at $7,000 per annum and that no !hange is contemplated at this time. Accordingly, the 0ard of Governors approves the payment of salary to Berglund as Assistant Cashier assigned to the Cs-c 9 ,I L. 7/5/50 -2- "Helena Branch at the rate of $7,000 per annum for the period June 23, 1950, through May 31, 1951." Approved unanimously. Memorandum dated July 3, 1950, from Mr. Szymczak, stating that the Federal Reserve Bank of New York has agreed to make "dlable the services of Charles A. Coombs, an economist in its ei Research Division, in connection with a special State 13ePartment mission to Iran for approximately two and one-half raollth -s beginning in July, and.recommending that the Board approve the New York Bank's assignment of Mr. Coombs to this mission. Approved unanimously, with the understanding that the Federal Reserve Bank of New York would be advised informally. Memorandum dated June 23, 1950, from Mr. Young, Director Or the Division of Research and Statistics, recommending that the " Ql approve payment of the $1,000 maximum authorized for special ecl3ellses such as clothing, equipment, luggage, etc. to John Exter. It/148 also recommended that the Board approve the payment of living 414 l'ePresentational allowance from June 15 to June 30, 1950, the effective date of Mr. Exter's resignation. Approved unanimously. Secretary.
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