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707 Minutes of actions taken by the Board of Governors of the Feder al Reserve System on Monday, June 5, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal R. System on June 2 1950, were approved unanimously. Sysem Lett-zx to Mr. Secretary of the Federal Reserve 13Etri of St. Louis, reading as follows: "Reference is made to your letter of May 18,. 1950, advising that your board of directors has ,,,pvoved, subject to the approval of the Board of ''cvernors, an increase in the minimums and maxi,mums of grads 1, 2, and 3 of the salary structure j l'or the Federal Reserve Bank of St. Louis, including the -ranches. "The Board of Governors approves, effective Juze 1, 1950, the following minimum and maximum sal4ries for the respective grades at the Head Office and Branches: Maximum Grade Minimum Salary Salary_ t52040 1 0.560 2 2160 1620 2280 3 1680 2460 1800 4 2700 5 1980 6 3000 2220 3300 7 2460 8 3700 2760 4 310 °0 9 3060 10 4600 3360 11 5000 3700 12 5500 4100 6/5/50 naxiTum Tlinimum Salary Salaa. 136200 14 7200 °0°0 . 15 3200 6100 16 7200 9700 "The Board approves the pays ent of salaries to thp employees, other than officers, within the liLits srcified for the grades in which the positions of ,"- respective employees are classified. It is Essuned at all employees whose salaries are below the minilurl of their grades as a result of the structure increase will be brought within the appropriate range as s60a as practicable and not later than July 31, 1950." "Grade Approved unanimously. Letter to Mr. Gilbert, President of the Federal Reserve Bank °I Da11, , readin,:; as follows: "In accordance with your letter of May 25, 1950, the Board of Governors approves the payment of salary to you as President at the rate of 25,000 ,1,3er annum and to Mr. W. D. Gentry as First Vice -rresident at the rate of c,13,000 per annum for the i -period 100. June 1, 1950, through February 28, 1951, the date your terms of office will expire, provided these rates are formally fixed by your Board of Directors. "The Board or Governors also ai)proves the payzent of salary to the following officers at the rates indicated for the period June 1, 1950, through May 31, 951y Provided these rates are formally fixed by your : )1,1)1 .1;7; - t 2 7s. These rates, according to your illrtdero 1950, have been fixed by the Ex!cutive Committee but have not been approved by the doard of Directors. Name Annual Salary Title R. B. Coleman a4,000 Vice President E. B. 12,000 Vice President Austin L. G. Pondrom Vice President 12,000 & Cashier H. R. DeMoss 12,000 Vice President .',. H. Irons 12,000 Vice President ac C. Smyth 9,600 Vice President rrY A. Shuford9,500 Counsel 1 )7 6/5/50 -3- Annual Salary Title Assistant Vice President and Secretary of the 9,600 Board J. L. Cook 8,000 Assistant Cashier Howard Carrithers 7,500 Assistant Cashier a 7,200 Assistant Cashier Wller T. W. W Plant 6,600 Assistant Cashier H. W. 6,600 Cashier Assistant Kilman BRANCH HOUSTON W. H. Holloway 11,000 Vice President H. K. Davis 6,800 Cashier 8 'J. Troy 6,000 Assistant Cashier SAN ANTONIO BRANCH W. E. Eagle 10,000 Vice President Alfred E. Mundt 6,000 Cashier P. C. Magee 5,500 Cashier Assistant BRANCH PASO EL C. M. Rowland 8,500 Vice President T. C. 5,200 Cashier Assistant Arnold "In letters dated May 2, 1950, and May 29, 1950, the Board of Governors approved the payment of salary to Alvin E. Russell as Cashier, El Paso Branch, and E. H. Berg as Acting General Auditor, Head Office, respectively, until May 31, 1951." Moraan H. Rice Approved unanimously. Telegram to Cecil Puckett, University of Denver, Denver, Colorado, reading as follows: "Board of Governors of the Federal Reserve SYstem has appointed you director of Denver Branch of the Federal Reserve Bank of Kansas City for unexpired portion of term ending December 31, 1951, and will be pleased to have your acceptance by collect telegram. It is understood that you are not a director of a bank and do not hold public or Political office. Should your situation in these respects change during the tenure of your appointment, it will he appreciated if you will advise the Chairman of the Board of Directors of the Federal Reserve Bank of Kansas City." Approved unanimously. 9 710 6/ —4— Memorandum dated June 2, 1950, from Mr. Hooff, Assistant cou4sel, recommending that there be published in the law department of the June issue of the Federal Reserve Bulletin a statement in the form attached to the memorandum with respect to the following: Mortgage Insurance for Low-Cost Homes Amendment to Section 24 of the Federal Reserve Act Approved unanimously. Letter to The Honorable, The Comptroller of the Currency, Trea sury Department, 1,:ashington 25, D. C., reading as follows: "It is respectfully requested that you place an order with the Bureau of Engraving and Printing sup13,1ezent1ng the order of June 20, 1949, for printing m?deral Reserve notes of the Federal Reserve Bank of bl ei rlroZpolis in the amounts and denominations stated Denomination U.0 20 Number of sheets 18,000 13,000 Amount 2,16.0,000 4,320,000" Approved unanimously. Memorandum dated May 24, 1950, from'Ar. Nelson, Director t he Divi2ion of Personnel Administration, reco-mending that the Board P1') 2r°ve a subsistence allowance of .1'.14.00 per diem for Mr. eg°rY O'Keefe while he is in Uashington working on the Transamerica ce.se, but that no special allowance be granted Examiner James C. kith, who will receive the regular subsistence allowance of 4=;9.00 daY during his aiiit in '''.‘Ta-hington in connection with the cezes
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