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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, June PRESENT: 7, 1951. Mr. Vardaman, Chairman pro tem. Mr. Norton Mr. Powell Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Memorandum dated June 6, 1951, from Mr. Carpenter, Secretary Of the Board, recommending that the temporary appointment of Miss Margaret J. Dougherty, Clerk in the Office of the Secretary, be extended °I1 a permanent basis, with an increase in her present basic salary from 42,875 to $2,955 per annum, effective June 10, 1951. Approved unanimously. Memorandum dated June 5, 19511 from Mr. Kelleher, Assistant birecto r of the Division of Administrative Services, recommending that the t emporary appointment of George H. Russell, Jr., Operator (Mimeo"h)in that Division, be extended on a temporary indefinite basis, effect. ve June 11, 1951, with no change in his present basic salary at the rate of $2,120. Approved unanimously. Memorandum dated June 6, 1951, from Mr. Horbett, Assistant bireot the of the Division of Bank Cperations2 recommending an increase b. -844 salary of F. A. Walker, Supervisor, Settlement and Cur- fiction, in that Division, from $4,950 to $5,100 per annum, efteetiv -e June 10, 1951. 6/7/51 -2Approved unanimously. Memorandum dated June 71 19510 from Mr, Young, Director of the Division of Research and Statistics, recommending an increase in the basic salary of Gerald F. Millea, Administrative Assistant in that Division, from $41600 to $4,850 per annum, effective June 10, 1951, Approved unanimously. Letter to Mr. McConnell, Vice President of the Federal Reserve alik of Minneapolis, reading as follows: "In accordance with the request contained in your lf.rtter of May 311 19511 the Board approves the designa1°11 of Robert J. Lemm as a special assistant examiner Ior the Federal Reserve Bank of Minneapolis." Approved unanimously. Of c c Letter to Mr. Lunding, Chairman of the Federal Reserve Bank ago, reading as follows: 10 "At the completion of the examination of the Federal Jserve Bank of Chicago, made as of February 231 1951, by 1,!,.4 Boardts examiners, a copy of the report of examination l1'e left for your information and that of the directors. c°PY was also left for President Young. be_ The Board will appreciate advice that the report has un considered by the Board of Directors. Any comments Jou ... to trY care to offer regarding discussions with respect as e examination, or as to action taken or to be taken result of the examination, will also be appreciated." a ..°*ve Approved unanimously. Tel_ , - Algram to Mr. Barrett, Assistant Cashier of the Federal Re- --A or San Francisco, reading as follows: I 29ci 6/7/51 -3- "Reurtel June 5, guarantee fees should be computed as accruing from date of execution of guarantee agreement and not from date of interim advance made by financing institution in contemplation of execution of guarantee, except that if interim advance is made shortly before execution of guarantee and guarantee agreement is dated back to be effective as of the date of such advance, then guarantee fees would accrue from date of such advance. See Board's letter November 27, 1942 (S-593). Have informally discussed matter with Defense Department and they agree with position here stated and make further Point that where prior advances are covered under guarantee agreement guarantee fee should be computed from date of guarantee rather than date of first disbursement after execution of guarantee." Approved unanimously. Memorandum dated June 6, 1951, from Mr. Hooff, Assistant Counsel, l'e(*mmending that there be published in the law department of the June 43114 of the Federal Reserve Bulletin statements in the form attached to the memorandum with respect to the following subjects: Int erlocking Relationships Open-End Investment Companies (S-1329) onsumer Credit Automobile Appraisal Guides (1-145) Pre-effective Date "Balloon" Notes or Payments (W-148) , Credits Over $2,500 or $5,000 (W-147) aeal Estate Credit Privately Owned Public (arehouse Not a Public Utility (X-50) Church Unit Extending Credits (X-51) APPraisal Value of Lot and Residence (X-52) Short-Term Construction Credits (X-53) Approved unanimously. Assi ant Secretary.
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