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808 A meeting of the Board of Governors of the Federal Reserve 8Ystem was held in Viashington on Friday, May 31, 1946, at 10:30 a.m. PRESENT: Mr. Eccles, Chairman Mr. Draper Mr. Evans Ir. 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. ardaraan was absent on official business. The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Telegrams to Messrs. Blair and Stewart, Secretaries of the lecieral Reserve Banks of Cleveland and St. Louis, respectively, and S. Dillard and Mangels, Vice Presidents of the Federal Reserve arlk„ Chicago and San Francisco, respectively, stating that the Board aPProves the establishment without change by the Federal Reserve Bank , °I San Francisco on May 28, by the Federal Reserve Bank of St. toie °I1 May 29, by the Federal Reserve Bank of Cleveland on May 300 arld the Federal Reserve Bank of Chicago, today, of the rates of and purchase in their existing schedules. Approved unanimously. Memorandum dated May 29, 1946, from Mr. Thomas, Director of he Di . vision of Research and Statistics, submitting the resignation Of ur. Leroy M. Piser, Chief of the Government Securities Section of the vlsion of Research and Statistics and recommending that it be (c ePt effective at the close of business May 31, 1946. Approved unanimously, effective May 31, 1946. 809 5131/46 -2Memorandum dated May 29, 1946, from MT. Thomas, Director of the r,4 ' 471-eion of Research and Statistics, submitting the resignation of 4iss --ry Hedda Bohlin, a Research Assistant in that Division, and recom- raerwin g that the resignation be accepted, effective at the close of 88 for an June 28, 1946, and that proper lump sum payment be made to her Y annual leave remaining to her credit at that time. Approved unanimously, effective June 28, 1946. Memorandum dated May 29, 1946, from Mr. Leonard, Director of the on of Personnel Administration, recommending that the salary of be ate Gray Dodge, a stenographer in the office of Governor Draper, creased from $2,166 to $2,298 per annum, effective at the beginning q the first pay roll period following approval by the Board. Approved unanimously, effective June 2, 1946. Itemorandum dated May 31, 19460 from Mr. Thomas, Director of the On of Research and Statistics, recommending that Mrs. Marylou Ara'4 st enographer in the Division of Administrative Services, be tre.nat erred to the Division of Research and Statistics, as Secretary tokr. KnaPP, and that her salary be increased to $2,540 per annum, e June 2, 1946. Approved unanimously. 810 5/31/46 -3-. Memorandum dated May 27, 1946, from Mr. Carpenter, recommending that the basic annual salary of each of the following employees in the Office of the Secretary be increased to the amount set opposite her name, effective at the beginning of the pay roll period following aPProvai by the Board: Name Title Cook, Helen E. File Clerk McGarvey, Margaret M. File Clerk Berry, Marjorie V. File Clerk Hatch, Cora L. File Clerk Yates, Aline L. Index Clerk Simpson, Hazel L. File Clerk Hunter, Beatrice Supervisor Xrieger, D. Jeanne General Assistant Pr2posed Increase TO From $1,980 1,860 2,040 2,100 2,232 2,298 2,540 3,420 $2,100 1,968 2,166 2,232 2,364 2,430 2,760 3,530 The memorandum also recommended that the appointment of Mrs. &line Yates, Index Clerk, be made permanent. Approved unanimously, effective June 2, 1946. Memorandum dated May 24, 1946, from Mr. Thomas, Director of the bivis, 13211 of Research and Statistics, recammending that Mr. Duncan M. 11°1thall --eri be appointed as an Economist in that Division on a temporary ' ulte basis with a salary at the rate of $5,600 per annum, effective as of the date upon which he enters upon the performance of his (111qes after having passed the usual pllysical examination. The memoceder Stated that Mr. Holthausen would become a member of the el Reserve retirement system unless he still has funds in the s slTice Retirement System from his previous employment in the °I'ertIrttent, Approved unanimously. 811 5/31/46 -4Letter to Mr. Leland, Federal Reserve Agent at the Federal Reserve Bank of Chicago, reading as follows: "In accordance with the request contained in Mr. Meyletter of May 27, 1946, the Board of Governors ap oves the payment of salary to Mr. August J. Pettke as Federal Reserve Agent's Representative, Detroit Branch, at the rate of $4,450 per annum, effective June 1, 1946." er's r Approved unanimously. Letter to Honorable Maple T. Han, Chairman of the Federal Npos4, Insurance Corporation, reading as follows: , "In accordance with the request contained in your etter of MaY 24, 1946, the Board of Governors of the : deral Reserve System hereby grants written consent, purignt to the provisions of subsection (k)(2) of Section F 7', of the Federal Reserve Act, for examiners for the nerral Deposit Insurance Corporation to make an examime i 'ion of the 'Frankenmuth State Bank', Frankenmuth, aZiligan, in connection with its application for continuFeae °f insurance after withdrawal from membership in the eral Reserve System. "There are no unfulfilled conditions nor incomplete 1/4c"rective programs with respect to the member bank in 4.. °nneotion with which the Board would suggest incorpora,aon b84 (.11V4 conditions for continuing its status as an Insured Approved unanimously. Thereupon the meeting adjourned,. Secretary.
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