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885 A meeting of the Board of Governors of the Federal Reserve 8Ystem was held in Washington on Wednesday, May 30, 1945, at 10:30 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 atter The action stated with respect to each of the matters herein— referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Peder 41 Reserve System held on May 28, 1945, were approved unanimously. the Memorandum dated May 25, 1945, from Mr. Thomas, Director of visi°11 of Research and Statistics, recommending that the follow1.4 1.4 be al) creases in basic annual salaries of employees in that Division Pl'eved-, Na, 0 in g effective at the beginning of the first pay roll period aPproval by the Board: Viola A. e57. Hodson .arv. qarsr A Robinson hbe F. Weaver Real ,Ii rit1 Linkins 11-1ille Ilarcou Br ainlet Designation Salary Increase From To Clerk Clerk Clerk Clerk Clerk Clerk Clerk—Stenographer $2,500 2,300 1,860 1,800 1,740 1,680 2,000 Approved unanimously, effective June 1, 1945. $2,600 2,400 1,980 1,920 1,860 1,860 2,100 886 5130/45 Meaorandum dated May 25, 1945, from Mr. Bethea, Director of he Sion of Administrative Services, recommending that the follow- gincreasee in basic annual salaries of employees in that Division be approved, effective June 1, 1945: Name Designation Ida Goodloe l elerl. B. iever1,y Wolcott . Davey Cliclin Taylor A. Sherrod L j* Weeks, Sr. :ton E. Fowler .. -4-crlael uelia Morleypa.yne Supervisor, Stenographic Section Secretary to Mr. Bethea Clerk-Stenographer Supply Clerk Operator, Duplicating Devices Assistant Foreman of Laborers Laborer Laborer Cafeteria Helper Salary Increase To From $2,400 2,300 1,800 1,680 21500 2,400 1,920 1,800 1,620 1,740 1,740 1,320 1,440 1,200 1,800 1,380 1,500 1,260 Approved unanimously. 411k (IxTelegra m to Mr. Woolley, Vice President of the Federal Reserve ansas City, reading as follows: melt "Reference letter May 26. Board approves appointG,eorge D. Royer, Jr., as examiner for Federal Reeer : f, : 4 16ank of Kansas City with the understanding that hi51 dness to the State member bank will be liquid --ebtad acivi, °I' financed through sources other than banks. Please effective date of appointment and salary rate." Approved unanimously. Lett er to the Presidents of all the Federal Reserve Banks readtrlea follows: "For Your information there is enclosed a copy of 887 5/30/45 Ita -3- memorandum dated May 28, 1945, received from the Navy De partment, t signed by Commander Donald P. Welles, Chief of Division, regarding the interpretation of borrowing r foormulae rmulae in connection with certain outstanding V loan guarantee agreements." Approved unanimously. Letter to Mr. Bowman, Manager of the Credit Department at the Feder , Reserve Bank of New York, reading as follows: 19, "This is with reference to your letter of May 24, in ,orm Form F.R.which you inquired about a possible change in 01, 564-a, Statement of Borrower, which was preyprescribed for use by lenders under Regulation W. "It has been our thought that no change need be ;X in this form since it is designed to obtain inforor a4n without reference to the particular provisions of the regulation which may be applicable. Lenders will, be ?ourse, have to know whether Group C articles are to _ p°11ght If maturities of over 12 months are to be granted. F 411herinrIr' - keeping the list the same as in section 13(a) witbhe regulation makes it possible to change requirements “out disturbing the form." Approved unanimously. Letter tarik to Mr. Clerk, First Vice President of the Federal Reserve Of 844 F rancisco, reading as follows: You Thank You for your letter of May 21, 1945, in which rega'2-te that architects have been engaged to make studies ran,::sualg additional vault area and office space and rearIt rIrtent of elevators in the Los Angeles Branch butJding. arlet 8 noted that the total expense is not to exceed $12,000 dertj!at in the event construction of the additions is unit ' . t' l:en the cost of the preliminary work will be absorbed Board 8tandard architect fee for the entire project. The 014-11 interpose torthe lscussion of no objection to this expenditure. the topic you have submitted for the Pla .°111ing Presidents' Conference should be helpful in hr th.!, -e expansion of building facilities after the 4 Approved unanimously. 888 5/30/45 Thereupon the meeting adjourned. Chairman.
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