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792 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Tuesday, May 15, 1945, at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Szymczak McKee Draper Evans Mr. Morrill, Secretary Mr. Carpenter, Assistant Secretary Mr. Thurston, Assistant to the Chairman The action stated with respect to each of the matters herein— rter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pecleral Reserve System held on May 14, 1945, were approved unanimously. The minutes of the meeting of the Board of Governors of the Fede ral Reserve System with the Federal Advisory Council held on May 14, l9, were approved unanimously. Letter to Mr. Gidney, President of the Federal Reserve Bank or m --Leveland, reading as follows: to "The Board of Governors approves payment of salaries as President at the rate of $25,000 per annum, and Reuben B. Hays as First Vice President at the rate e a8,000 per annum, for the period May 1, 1945 to the 3cPiration of the terms of office February 28, 1946. "The Board of Governors also approves payment of sal— to the other officers of the Bank at the following for the May 1, 1945 through April 30, 1946: $15,000 Vice President P. Taylor 10,000 President Vice "44-red H. Laning Vice President and 10,000 Cashier klbur D. Fulton Assistant Vice Pres— 7,500 ident E. J. Smith Assistant Vice Pres— 7,500 ident 793 5/15/45 -2- “Roger R. ClouseSecretary $ 8,250 Frank V. Grayson Auditor 9,500 Vm. Martin Morrison Assistant Vice President 7,000 Chas. J. Bolthouse Assistant Cashier 7,000 Walter L. Pindeisen Assistant Cashier 7,000 Frederick J. Blake Assistant Cashier 6,000 George H. Emde Assistant Cashier 5,500 Cincinnati Branch B. J. Lazar Vice President 12,000 Henry N. Ott 7,700 Cashier R. G. Assistant Cashier 6,300 SalmonJohnsonBrown Assistant Cashier 5,700 Phil J. Geers Assistant Cashier 5,500 Pittsbur h Branch ITI;;;Tri---12,000 Vice President Arthur G. Foster 9,500 Cashier Clyde Harrell Assistant Vice Pres. .1. , ident 7,200 , , T,orin A. Schmidt Assistant Cashier 5,800 ' 10,Y J. Assistant Cashier Wm. H. Steinbrink Nolte 5 5, 1g Assistant Cashier _,, "The Board of Governors also approves the payment I a retainer fee to the firm of Squire, Sanders, and Dempsey at the rate of 5,000 per annum for the period Y 1/ 1945 through April 30, 1946. "It is son,4, believed that the increases for Messrs. Johnc„. 1 4- Cincinnati and Foster at Pittsburgh require certifion under the salary stabilization regulations and, accel"gly, their salaries are approved subject to the reof appropriate certificates in support of the in-- ases.” Approved unanimously. Letter to Mr. F. J. Bailey, Assistant Director, Legislative Rererene e, Bureau of the Budget, reading as follows: oriel s refers to your communication of Div 7, 1945, Man, ing a proposed letter from Mr. Leo T. Crowley, ChairFederal Deposit Insurance Corporation, regarding Act,: 32. bill 'To amend title IV of the National Housing ' -11 for other purposes.' The Board of Governors is 794 5/15/45 —3— H opposed to the passage of this bill, and therefore, has no objection to the proposed letter of Mr. Crowley. "Pursuant to your request, the copy of Mr. Crowley's Proposed letter which was enclosed with your communication is returned to you herewith." Approved unanimously. Thereupon the meeting adjourned. Chairman.
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