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746 A meeting of the Board of Governors of the Federal Reserve SYstem was held in Washington on Saturday, May 5, 1945/ at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, 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 hereinatter referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the Pedsx„1 -4- Reserve System held on May 4, 1945, were approved unanimously. Memorandum dated April 30, 1945, from Mr. Thomas, Director of the• DINIsion of Research and Statistics, recommending that Mrs. ?lore nee G. Nixon be appointed as a research assistant in that Divi81Orl on a temporary basis for an indefinite period, with basic salary at the rate of $2,200 per annum, effective as of the date upon which 8he enters upon the performance of her duties after having passed sati8factoril_ -.4 the usual physical examination. The memorandum stated that Ml‘e• Nixon would become a member of the Board's retirement system. Approved unanimously. the Di .Memorandum dated April 26, 1945, from Mr. Thomas, Director of 1118ien of Research and Statistics, submitting a letter from the 44r Derr ''1•tment requesting that John Hans Adler, an economic specialist '747 5/5/45 14 the Division of Research and Statistics, be released by the Board 8° that he may participate in the United States Strategic Bombing Sur , veY to be conducted by the V;ar Department, and recommending, for the reasons stated in the memorandum, that Mr. Adler be allowed to resign if he is offered a definite appointment by the War Department. Approved unanimously. Memorandum dated May 5, 1945, from Mr. Thomas, Director of the Divisim of Research and Statistics, submitting the resignation c't Mrs* Vera llyers Sherrill as a library aid in that Division, to bee,'we effective as of the close of business on May 31, 1945, and (11141ending that the resignation be accepted as of that date with the„ `tuderstanditiz. that she will make appropriate reimbursement for her ov srdrawn sick leave. The resignation was accepted as recommended. Memorandum dated May 5, 1945, from Mr. Thomas, Director of the Division of Research and Statistics, submitting the resignation c)r lIrs% Mary S. Krauss a clerk-typist in that Division, to become elrfective as of May 6, 1945, and recommending that the resignation be 4ecePted as of that date. The resignation was accepted as recommended, with the understanding that Mrs. Krauss would receive proper Payment for the annual leave remaining to her credit on May 6, 1945. the Memo,— ,andum dated Lay 21 1945, from Mr. Smead, Director of °11 of Bank Operations, reading as follows: 748 5/5/45 -3- "It is recommended that if and when the amendment to Section 16 of the Federal Reserve Act reducing reserve requirements against Federal Reserve note and deposit liabilities becomes effective, the changes indicated below be made in the Board's weekly statement of condition of Federal Reserve Banks. The amendment passed the Senate on April 26, 1945. "Change the first four items in the consolidated statement of condition of the twelve Federal Reserve Banks combined, and in the detailed statement of assets of each Federal Reserve Bank from: Gold certificates Redemption fund - F. R. notes Other cash Total reserves to: Gold certificates Redemption fund for F. R. notes Total Fold certificate reserves Other cash "It is also recommended that the caption 'ratio of lt ,tal reserves to deposit and F. R. note liabilities cornbe changed to read 'ratio of gold certificate reerves to deposit and F. R. note liabilities combined'. It is proposed to insert in the Statement for the Pres s accompanying the first weekly statement in which the ab ove suggested changes appear the following corn(date) to 'Before the amendment of the Federal Reserve Act, the reserves of the Federal Reserve Banks against their deposit liabilities could consist of lawful money as well as gold certificates. Since that amendment their reserves must consist of gold certificates only. Appropriate changes have been made in.the statement of condition to conform to this amendment.'" Approved unanimously. 749 5/5/45 Thereupon the meeting adjourned. Secreta Chairman.
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