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P,a 609 I Rev, , 1-uts9 Minutes for To: May 8, 1961 Members of the Board From: Office of the Secretary Attached is a copy of the minutes of the Board of Governors of the Federal Reserve System on the above date. It is not proposed to include a statement with respect to any of the entries in this set of minutes in the record of policy actions required to be maintained pursuant to section 10 of the Federal Reserve Act. Should you have any question with regard to the minutes, it will be appreciated if you will advise the Secretary's Office. Otherwise, please initial below. If you were present at the meeting, your initials will indicate approval of the minutes. If you were not present, your initials will indicate only that you have seen the minutes. Chin. Martin Gov. Szymczak Gov. Mills Gov. Robertson Gov. Balderston Gov. Shepardson Gov. King Minutes of the Board of Governors of the Federal Reserve System on Monday, May 8, PRESENT: 1961. Mr. Mr. Mr. Mr. The Board met in the Board Room at 9:00 a.m. Balderston, Vice Chairman Mills Robertson Shepardson Mr. Mr. Mr. Mr. Mr. Mr. Sherman, Secretary Kenyon, Assistant Secretary Thomas, Adviser to the Board Shay, Legislative Counsel Fhuver, Assistant to the Board Landry, Assistant to the Secretary Messrs. Noyes, Garfield, Holland, Brill, Williams, Gehman, Solomon, Wood, Wernick, Manookian, and Peret, and Misses Dingle and Stockwell of the Division of Research and Statistics Messrs. Hersey, Sammons, Irvine, Elrod, Gemmill, Maroni, Mills, and Wallace of the Division of International Finance Economic review. The Divisions of Research and Statistics and International Finance presented a review of economic and financial velopments in this country and in selected overseas areas. ‘ During the Dl'esentation of the Division of International Finance, Mr. Hersey commented On his recent European trip, which included attendance at a special meeting "economists of central banks in Basle, Switzerland, March 11-13, 1961, in connection with the regular monthly meeting of the Bank for International Settlements, and subsequent visits to several of the European central banks. The meeting then adjourned. 5/8/61 -2Secretary's Note: Pursuant to the recommendations contained in memoranda from appropriate individuals concerned, Governor Shepardson today approved on behalf of the Board the following actions relating to the Board's staff: hEPointment Evert F. Nowak as Analyst in the Division of Bank Operations, with basic annual salary at the rate of $41345, effective the date of entrance uPon duty. . .1 .14/s,tatement following military leave Rufus S. Hill, Jr., as Legal Assistant in the Legal Division, with basic annual salary at the rate of $6,4351 effective the date of entrance uPon duty (on or about May 25, 1961) and subject to his passing the usual PhYsical examination. g.11611.17 increases, effective Ittpe and title May 14, 1961 Division Basic annual salary To From Research and Statistics ),.8ie Q. Davis, Statistical Assistant !dvard R. Fry, Economist 2arris Loewy, Economist zsther P. Locke, Secretary $ 11.,824.0 8,080 14,055 5/325 $ 5,005 8,340 14,380 5,490 4,o4o 4,250 4,145 4)355 6,015 6,180 7,095 7 560 International Finance Villa L. Brink, Clerk aalla S. Nilson, Clerk Examinations CarlA. Zimmerman, Assistant Federal Reserve EXaminer 41", 17in W. Robinson, Federal Reserve Examiner Mange in title from Assistant Federal Reserve Xaminer) -3- 5/8/61 Ftry increases effective Name and title 145 1961 (continued) Division Ftom annual salary To Administrative Services Albert C. Bain, Senior Operator, Tabulating Equipment Nina L. Marcey, Cafeteria Helper $5 490 $5,655 3,500 3,605 A29.Mptance of resignation William J. Smith, Jr., Economist, Division of Research and Statistics, effective at the close of business May 210 1961.
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