The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
381 Minutes of actions taken by the Board of Governors of the Reaeral Reserve System on Thursday, March 18, 1948. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Chairman pro tem. Draper Evans Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Peder al Reserve System on March 17, 1948, were approved unanimously. Memorandum dated March 10, 1948, from the Personnel Committee Mitting a Statement of Personnel Policy and recommending that the FIt'"ement be approved. Approved unanimously. Memorandum dated March 17, 1948, from Mr. Thomas, Director or he Division of Research and Statistics, recommending an increase he basic salary of Ernest C. Olson, an economist in that Division, trot .J.1. 4,525.80 to $4,776.60 per annum, effective March 21, 1948. Approved unanimously. Memorandum dated March 15, 1948, from Mr. Thomas, Director ot 'kle Division of Research and Statistics, recommending increases Illthe basic annual salaries of the following employees in that Di°') effective March 21, 1948: $82 -2- Name Salary Increase From To Designation Alfred Sherrard M. Elva Morse lielen B. Arnold DercitilY V. Wright $7,102.20 $7,341.60 2,469.24 2,394.03 2,243.52 2,168.28 2,318.76 2,243.52 Economist Clerk Clerk Clerk-Typist Approved unanimously. Memorandum dated March 15, 1948, from Mr. Leonard, Director °r the Division of Examinations, recommending that Fred A. Dons, an -Lb-cant Federal Reserve Examiner in that Division, be promoted to the Position of Federal Reserve Examiner, that his salary be inl'ellsed from $4,400.4o to $4,902.00 per annum, and that his offi- e141 headquarters be changed from Chicago, Illinois, to Washington, all effective May 2, 1948. The memorandum also recommended 14r. Dons be reimbursed for the expense of bringing his family t119 841 his furniture from Chicago to Washington. Approved unanimously. Memorandum dated March 12, 1948, from Mr. Bethea, Director or the Division of Administrative Services, recommending the ap- 4-tment of Mrs. Julianne I. Ayers as a cafeteria helper in that biv 41011 on a part-time (four-hour day) basis with basic salary at the rate of $1,010 per annum, effective as of the date upon MIii " she enters upon the performance of her duties after having 5d the usual physical examination. The memorandum also stated 383 3/18/ -3- that it was contemplated that Mrs. Ayers would become a member of the Federal Reserve retirement system. Approved unanimously. Memorandum dated March 16, 1948, from Mr. Bethea, Director "the Division of Administrative Services, stating that Harry C. nor, a cafeteria helper in that Division, had applied for retirement on account of disability under the Board's Retirement beginning April 1, 1948, and recommending that he be sepa1.8:ted. from service at the close of business March 31, 1948, that 1)r01*r payment be made for annual leave remaining to his credit Qt that date, and that a special payment be made to him in an 413141t equivalent to four weeks' pay as a separation allowance. Approved unanimously. Memorandum dated March 17, 1948, from Mr. Bethea, Director °r he Division of Administrative Services, recommending that the lesignation of Lee Ratliff, a laborer in that Division, be accepted tobe effective, in accordance with his request, at the close of ess March 19, 1948, with the understanding that a lump sum Yent would be made for annual leave remaining to hio credit that date. Approved unanimously. Letter to the Presidents of all Federal Reserve Banks read114€ e'S follows: 384 3/18/48 "In order to have adequate and up-to-date information for possible presentation to Congress at the hearings of the Joint Committee on the Economic Report, scheduled for the early part of April, further tests of effects on individual banks of alternative reserve proposals are desirable. The System Committee on Banking and Credit PolicY has been asked to cooperate in planning and analyzing these tests, in continuation of work which this Committee haS already done on the subject. "The reserve proposals to be tested are: a straight increase in reserve requirements, the special reserve proPosal, and the proposed uniform reserve requirement (by kind of deposit) for all member banks. For purposes of the tests, each Federal Reserve Bank will need to transcribe, compute, and transfer to punch cards certain selected call report items and ratios for about 15 per cent Of its members--a total of 1,000 for the entire System. Copies of instructions for the compilation work and of the work forms to be used will be mailed shortly to your Research Department. The cards will be sent to the Board's Division of Research and Statistics for tabulation on a national basis. "Any staff questions concerning this program and its execution may be directed to the Board's Division of Research and Statistics." Approved unanimously. Letter to Mr. Delos J. Needham, General Counsel, American tam. ers Association, 719-15th Street, N. W., Washington ' 5, D. C., tellding as follows: "We appreciate having had an opportunity to review the revised draft of your proposed bill to permit national banks to convert into or consolidate with State 'banks which was transmitted with your letter of March 1, 1948. "We have no suggestions to offer concerning the form of the proposed bill, except that it would appear More appropriate, and we would prefer, that the amendMent to section 9 of the Federal Reserve Act be placed at the end of that section rather than inserted following the first paragraph. 385 3/18/48 -5- "You will recall that in its letter of December 5, 1947, the Board advised you that, if the Comptroller of the Currency had no objection to the legislation, the Board was prepared to endorse legislation to permit national banks to convert into or consolidate with State banks, subject to the condition, however, that those interested in such legislation would agree to lend their Support to legislation to eliminate statutory requirements which result in unfair discrimination against national banks and State member banks with respect to the establishment of branches. The Board will continue to expect support for legislation to correct this inequitable situation regarding branches." Approved unanimously. Memorandum dated March 18, 1948, from Mr. Hooff, Assistant °°11124e1, recommending that there be published in the law departOf the April issue of the Federal Reserve Bulletin a state111 the form attached to the memorandum with respect to the Oj subject: Suit Regarding Condition of Membership Peoples Bank v Eccles, et al. Approved unanimously. 14r°1red:
@FedFRASER