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563 A meeting of the Board of Governors of the Federal Reserve S m was held in Washington on Tuesday, May 6, 1941, at 11:00 a.m. PRESENT: Mr. Eccles, Chairman Mr. McKee Mr. Draper Mr. Mr. Mr. Mr. Morrill, Secretary Bethea, Assistant Secretary Carpenter, Assistant Secretary Clayton, Assistant to the Chairman The action stated with respect to each of the matters hereinafter referred to was taken by the Board: Memorandum from Mr. Goldenweiser, Director of the Division of Research and Statistics, submitting the resignation of Henry H. Edmiston 48 an associate economist in the Division, effective as of the close of 13118111e "on May 21, 1941, and recommending that the resignation be acceted as of that date. The resignation was accepted. Memorandum dated May 2, 1941, from Mr. Morrill, submitting a letter tat* dated May 1 from Mr. Davis, President of the Federal Reserve Of St. Louis, referring to the action taken by the Board on April 16, 1941 in granting his secretary, Miss Carol S. Piper, four months leave of absence without pay, and requesting for reasons set out in the letter that the Board pay Miss Piper's salary for the next two or three 4311t*ts order that she may retain her Civil Service and retirement atatlip with the understanding that the Board would be reimbursed by the pe_, eral Reserve Bank of St. Louis. The memorandum suggested that the leave of absence without pay granted to Miss Piper be terminated When the -esignation of Mr. Davis as a member of the National Defense 564 5/6/4i Aci.71-8017 Commission becomes effective and that she be restored to the Board's pay roll for a period not to exceed three months with salary at the rate of P3 600 per annum, the salary she was receiving when her leave of absence without pay was granted, with the understanding that theoard will be reimbursed by the Federal Reserve Bank of St. Louis for the amount of salary paid by the Board. Approved unanimously. Mr. Szymczak recommended that the Board authorize the payment a bill in the amount of )96.70 rendered by The Greenbrier Hotel, •kite Sulphur Springs, Vest Virginia, covering rooms and services fur- rlishecl by the hotel in connection with the Conference of Chairmen of the l'ederal Reserve Banks at White Sulphur Springs on April 26-27, 1941 'and (2) a bill in the amount cyr P150.25 submitted by Hart & Dice , 3 ohorthand Reporters, covering the cost of preparing a stenographic record of the Chairmen's Conference and traveling expenses of the re13C3rter from Washington to 1%hite Sulphur Springs and return. Approved unanimously. Letter to Dr. Paul P. Cret, Philadelphia, Pennsylvania, reading aS follows: "In Your letter of April 24, 1941 you stated your belief 8 that the completion of the contract drawings and cifications for the new Addition would entail approxi' elY three months. mee4, "This matter was discussed with Mr. Livingston at the Prsin mY office on May 1 1941, at which there were n addition to Mr. Livingston and Lir. Moody, , Messrs. ee and Szymczak as well as Mr. Spurney and myself. At that Mr. McKee raised the question why it would take X 565 5/6/41 -3-- "the Architect three months to complete this work and Mr. Llvingston pointed out certain considerations from the standpoint of the Architect, as a result of which he stated that the estimate of three months was purposely made reasonable and that he hoped to do better, perhaps cutting the time by two weeks, with the understanding that you would take all Pcsslble steps to deliver the documents sooner. "In the light of this discussion, the Board, in accordance with the last sentence of paragraph (a) of my letter of October 301 19401 stipulates as reasonable the period of three months from April 24, 1941, the date upon which you received . rlo tification of the Board's formal approval of the prelim-nary drawings, as the time within which you are required to complete the contract drawings and specifications, with the Und erstanding, however, in accordance with Mr. Livingston's assurances, that all possible steps will be taken by you to complete the contract drawings and specifications within a substantially shorter period." Approved unanimously. Thereupon the meeting adjourned. Secretary. Chairman.
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