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700 A meeting of the Board of Governors of the Federal Reserve 8Mem was held in Washington on Friday, May 10, 1946, at 10:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. Draper Mr. Evans Mr. Carpenter, Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman As stated in the minutes of the meeting on May 8, 1946, Mr. Vardaman was absent on official business. The action stated with respect to each of the matters hereer referred to was taken by the Board: eerire teales Telegrams to Mr. Whittemore, President of the Federal Renk of Boston, Messrs. Treiber, Dillard and Stewart, Secre- Of the Federal Reserve Banks of New York, Chicago and St. 1440.8 'respectively, Mr. Powell, First Vice President of the Fed- era" Rese I've Bank of Minneapolis, and Mr. Mangels, Vice President %%the Federal Reserve Bank of San Francisco, stating that the t'cl approves the establishment without change by the Federal Reeerve laank of San Francisco on May 7, by the Federal Reserve Banks (414" York, Chicago, St. Louis and Minneapolis on May 9, 1946, and btthe Federal Reserve Bank of Boston today, of the rates of disit a"nd Purchase in their existing schedules. Approved unanimously. Memorandu m dated May 8, 1946, from Mr. Bethea, Director the t. lvision of Administrative Services, recommending that Mr. 1/41311 Faust be appointed as a guard in that Division on a 701 5/10/46 -2tilP°rar, 47 basis for an indefinite period, at a salary of $1,770 13" anillual effective as of the date upon which he enters upon the Performance of his duties, after having passed the usual physical elcamination. The memorandum also stated that it was contemplated that lir ' 1'4' Faust would become a member of the Federal Reserve retireertt sYstem, and that if anything derogatory Should develop in the -a-ion of his references, his services could be discontinued. Approved unanimously. Letter to Mr. Rainey, Director of Personnel of the Federal Reaer.. ve Dank of Atlanta, reading as follows: that "In your letter of May 1, 1946, you advise the Board the Executive Conmittee of the Federal Reserve Bank l Atlanta has approved a payment of approximately $1,250 to the Retirement System on behalf of Mr. Roy E. Milling, employee of the Bank, in order that his service credit ti4 'extend from the date of his original employment rather i ell from the date of reemployment following military serv4- ee in World War I. eras.. 7ou state that the circumstances in Mr. Milling's uct- t-re identical with those in the case of Mr. W. S. po "ins Sr., and ask as to whether the Board will inter8et aaY objection to your proposed procedure. In Mr. McLarin's case the Board took the position th axs, at the question was essentially one of fact as to the ci:., 1111t of prior service rather than a question of a spei.J4- benefit. The Board's position has not changed and ra will interpose no objection to the correction of the sa°°I'ds so as to reflect the full amount of creditable edwhich the Retirement Committee feels Mr. Milling isrv alZ i t o upon the basis of the facts." Approved unanimously. 702 -3Thereupon the meeting adjourned. Secretary.
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