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6'10 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, May 18, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve System on May 17, 1950, were approved unanimously. Letter to Mr. Bilby, Vice President of the Federal Reserve Bank of New York, reading as follows: "Reference is made to your letter of May 16, 1950, requesting the Board to approve the payment Of salary to seventeen employees at rates which exceed the maximum of the salary grade in which their jobs are classified. "The Board approves the payment of salary to the following employees at the rates indicated, Which rates are in excess of the maximum of the salary grade in which their positions are currently classified, for a period not to exceed six months beginning May 16, 1950. Salary Name E. John Connors, 4,421 4,168 Proehl, Henry F. 4,168 Smith, Charles T. Thumser, Martin M. 4,065 4,168 Van Wie, Norwood R. 42,0166: Patac, Charles L. Corduan, Wesley 3,872 Diehl, Philip Malone, Dennis F. 3,269 Keenan, Mary E. Kelly, William J. 33:82:4189 3,263 Campbell, Eugene F. 3,008 Dempsey, Kathrine 3,263 McCole, Joseph P. C)31 5/18/50 -2- Salary "Name $2,980 Nolan, Margaret G. De Luca, Joseph E. 3,846 "The Board also approves the payment of salary, effective June 1, 1950, to Mr. John Gilleaudeau at the rate of 4,555, which is in excess of the maximum of the grade in which his position is classified." Approved unanimously. Letter to Mr. W. S. McLarin, Jr., President of the Federal Reserve Bank of Atlanta, reading as follows: "Reference is made to your letter of May 15, 1950, requesting the Board to approve a payment to the Retirement System on behalf of an employee of the New Orleans Branch, Miss Ruby Adams, in order that she may receive retirement credit for twentythree and one-half years of service. "The Board approves the payment to the Retirement System under Section 9 of the Rules and Regulations by the Federal Reserve Bank of Atlanta of approximately 9,851 on behalf of Miss Ruby Adams provided she makes a contribution of (;2,214.20." Approved unanimously. Letter to Mr. Leedy, President of the Federal Reserve Bank Of Kansas City, reading as follows: "Reference is made to your letter of May 10, 1950, requesting approval of supplemental payments to the Retirement System on behalf of two employees of the Kansas City Bank who are to retire for disability. "The proposed supplemental contribution in each of these cases exceeds one year's salary, which you indicate will be necessary to provide a retirement allowance of $80.00 per month. While the Board does not wish to establish any precedent with respect to the amount of contribution or minimum allowance in such cases, in view of the circumstances outlined by you it approves the payment of a supplemental con- f;32 -3"tribution to the Retirement System on behalf of Marie A. Ruland and Clifford A. Perry not to exceed e3,000.00 in each instance." Approved unanimously. Letter to Mr. Earhart, President of the Federal Reserve Bank of -an Francisco, reading as follows: "Reference is made to your letter of May 9, 1950, advising that the directors have voted to aPpoint Mr. J. M. Leisner Vice President and Manager of the Seattle Branch at a salary of , '''13,000 per annum and to increase the salary of Mr. B. A. Russell, Assistant Manager of the Seattle Branch, to e9,000 per annum, subject to the approval of the Board of Governors. "The Board of Governors approves the payment of salary to Mr. J. M. Leisner as Vice President and Manager of the Seattle Branch at the rate of $13,000 per annum and to Mr. B. A. Russell as Assistant Manager of the Seattle Branch at the rate of $9,000 Per annum for the period June 1, 1950, through April 30, 1951." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, readas follows: "Because of the limited production of one dollar Silver certificates we have been forced recently to reduce normal shipments to the Federal Reserve Banks and branches. As a consequence, the stocks of dollar bills at the Federal Reserve Banks have been reduced generally to an unusually low level. "We have been in close touch with the Treasury Department concerning the shortage of dollar bills and have been advised that, as a result of steps recently taken, we may expect to be able to step up somewhat the amount of shipments. This should take care of current requirements and permit some rebuilding, although at a gradual rate, of depleted stocks. "In connection with our discussions with Treasury 633 5/18/50 -4- "representatives regarding the low stocks of dollar bills, our attention was called to Mr. Bartelt's letter of October 17, 1947, to the Presidents of the Federal Reserve Banks. We were advised that the request contained therein for cooperation in conserving every piece of currency that is fit for further use still stands." Approved unanimously. Secretary. APProved:
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