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299 Minutes of actions taken by the Board of Governors of the l'edera1 Reserve System on Wednesday, March 3, 1948. PRESENT: Mt. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman pro tem. Szymczak Draper Evans Vardaman 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 Peaertti Reserve System on March 2, 1948, were approved unanimously. Memorandum dated March 2, 1948, from Mr. Thomas, Director the Division of Research and Statistics, recommending that the 481g1lati0n of Miss Anne W. Johnson, a clerk in that Division, be eLeelpted to be effective, in accordance with her request, at the elQ8e (If business March a 5) 1948, with the understanding that 114413 81141 Payment would be made for annual leave remaining to her Nit aS of that date. Approved unanimously. Letter to Mr. McLarin, President of the Federal Reserve 1114at t Atlanta, reading as follows: "In accordance with the recommendation in your letter of February 4, 1948, the Board has changed the c lassification of member banks in your district the purpose of electing Class A and Class B diZ, so that Group 1 will consist of banks with -Pita' and surplus of $1,500,000 and over, Group 2 ; 300 3/3/48 -2- banks with capital and surplus of $300,000 to 11,499,999, and Group 3 of banks with capital and surPlus of less than $300,000." Approved unanimously. Letter to Mr. Brainard, Federal Reserve Agent of the Federal ' ve Bank of Cleveland, reading as follows: "In accordance with the request contained in Y°Ur letter of February 26, 1948, the Board of Goveraors approves the appointment of Mr. James K. Arm”rc'ng as Alternate Assistant Federal Reserve Agent e'L his present salary of $4,270. This approval is given with the understanding that 'Dlr. Armstrong will be placed upon the Federal ?serve Agent's pay roll and will be solely responsi' 11-Ls to him or, during a vacancy in the office of the ent, to the Assistant Federal Reserve Agent, and to Board of Governors, for the proper performance of duties. When not engaged in the performance of A.18 duties as Alternate Assistant Federal Reserve A t he may, with the approval of the Federal Reserve egent or, during a vacancy in the office of the FedAral Reserve Agent, of the Assistant Federal Reserve ! B ellt, and the President, perform such work for the ' AITk as will not be inconsistent with his duties as ' Lernate Assistant Federal Reserve Agent. usual oath of off.; "Mr. Armstrong should execute the 4-cs which should be forwarded to the Board of Govrnors together with advice as to the effective date his appointment." j j Approved unanimously. Letter to Mr. Hitt, First Vice President of the Federal ReOf St. Louis, reading as follows: number, cia "Reference is made to the reports on the th esification, and salaries of employees requested in e Board's letter of December 11, 1947, and submitted *With Your letter of January 13, 1948. 301 3I3/ 8 -3- "A review of the reports indicates that the salaries °f all employees conform to the schedule approved for your nk and Branches under the Plan of Job Classification and 41arY Administration, with certain exceptions previously aloProved by the Board and the salaries of those employees i ndicated below. "In view of the circumstances described in your letter, the Board of Governors approves the payment of salaries to Elmer H. Witte, Edward Bujewski, Dorothy Levin, nd Laura B. Deckert, at rates below the minimums of their respective grades for a period not exceeding nine months r ' ran January 1, 1948. "The Board of Governors also approves, for the month Of January 1948, the payment of salaries to Anna E. Diviky ndMontez B. Card, currency sorters at the Head Office ;11(1 the Memphis Branch, respectively, at rates below the Inimum of their grade." Approved unanimously. Letter to Mr. Koppang, First Vice President of the Federal lieeery.e Bank of Kansas City, reading as follows: "Reference is made to your letter of February 28, 198 s ) advising of advance in rates for hospital and blirgical benefits and the desire to make available inal medical care to employees at the Denver Branch. "The Board approves the payment by your Bank of 1'3:o-thirds of the cost of the hospital and surgical 11;11efits under the Blue Cross program at the Denver ' e nch, as proposed in your letter of February 28, 1948.t, Approved unanimously. Letter prepared for Chairman Eccles' signature.to Mr. Elmer teats) Assistant Director, Legislative Reference, Bureau of the 1114get '01d State Building, reading as follows: or "This will acknowledge receipt of your letters February 16 and February 20, 1948, transmitting 302 3/3/48 It of legislation to amend the National Housing Act, Prepared by the Housing and Home Finance Agency. Members Of the Board's staff discussed this matter with members .0 the staff of the Budget Bureau and, in accordance with ! °le Board's instructions, expressed opposition to certain aspects of the proposed legislation because of its inlationary effects. However, the President's special ssage to implement the program has now been sent to "gress and, since the program has already been recom!elided, further expression of the Board's views at this time would serve no purpose." r Approved unanimously. Chairman pro tem.
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