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727 A meeting of the Board of Governors of the Federal Reserve 8Yatemwas held in Washington on Thursday, May 16, 1946, at 10:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. Draper 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 hereinter referred to was taken by the Board: Memorandum dated May 14, 1946, from Mr. Thomas, Director of the of Research and Statistics, recommending that Mrs. Winofred B. Itacz be reappointed as a Clerk in that Division, on a permanent basis, vlith sea arY at the rate of $1,980 per annum, effective as of the date 11P°4 Wh' h she lcenters upon the performance of her duties after having ilaased the usual physical examination. The memorandum also stated that • acz would again beco,ae a member of the Federal Reserve retirement %'etel1a. Approved unanimously. Cl Letter to Mr. Gidney, President of the Federal Reserve Bank of 'eland 3 reading as follows: to t:The Board of Governors approves the payment of salaries its'e officers of the Federal Reserve Bank of Cleveland and 1947 nches for the period May 1, 1946, through April 30, their.Aat the following rates which are the rates fixed by rectors as reported in your telegram of May 16: NaMe 44Y 14• Gitlin W --ey • H. Fletcher Title President First Vice President Annual Salary $25,000 18,000 728 5/16/46 —2— Name Title A. H. Laning W. F. Taylor W. D. Fulton M. Morrison R. R. Clouse H. E. J. Smith W. L. Findeisen P. C. C. F. Stetzelberger W. T. Ehninger Blair C. J. Bolthouse G. H. Emde J. B. Anderson J. R. Lowe J. M. Miller G. R. Ross L. Merle Hostetler Vice President & Cashier Vice President Vice President Vice President Assistant Vice President Assistant Vice President Assistant Vice President Assistant Vice President Auditor Secretary Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Assistant Cashier Manager, Research Department Annual Salary $11,000 10,000 9,000 8,000 9,000 8,000 7,500 6,700 7,000 6,750 7,500 6,500 5,950 5,600 5,600 5,600 6,500 Cincinnati Branch !?... J. Lazar N. Ott G. Johnson -$ Brown P. J. Geers Vice President Cashier Assistant Cashier Assistant Cashier Assistant Cashier 13,500 8,200 6,800 6,500 6,450 Pittsburgh Branch J. W. A. G. Kossin Foster Cj. Harrell , s A. Schmidt J. O. H. Steinbrink Nolte Vice President Cashier Assistant Vice President Assistant Cashier Assistant Cashier Assistant Cashier er 13,500 10,000 7,500 6,750 6,500 6,300 tee t04 Board of Governors also approves the payment of a retainthe firm of Squire, Sanders and Dempsey at the rate of 1947." Per annum for the period May 1, 1946, through April 30, Approved unanimously. 729 5/16/46 -3- Memorandum dated April 15, 1946, from Mr. Thomas, Director of theDiv4 ' - 31.(11 of Research and Statistics, submitting, in accordance with the action taken at the meeting of the Board on March 20, 1946, additic1.141 information with respect to the budget of $312,900 submitted 13Y the p., 'eral Reserve Bank of New York, covering the Bank's statistiealw alialYtioal function for the year 1946. The memorandum recom111e4ded , t the budget proposed by the New York Bank be approved as Approved unanimously. tank e elegram to Mr. Dawes, Vice President of the Federal Reserve 1 Chicago, reading as follows: your letter May 14 concerning inquiry of First Naof Chicago, our opinion is that loan is like 4 1'171i410.4:11t which we have uniformly held to be in violation i vidnegulation U. Possibility of eventual amendment to pro° for this type of case should not be ruled out although tone be i? presently under consideration and presumption would to agaInst the likelihood of such action in time for bank make this particular loan." Approved unanimously. Thereupon the meting adjo Secretary. Chairman.
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