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757 A meeting of the Board of Governors of the Federal Reserve System was held in Washington on Wednesday, May 9, 1945, at 10:30 a..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 The action stated with respect to each of the matters herein— after referred to was taken by the Board: The minutes of the meeting of the Board of Governors of the ecleral Reserve System held on May 8, 1945, were approved unanimously. Memoranda dated May 3 and 4, 1945, from Mr. Paulger, Director Of the Division of Examinations, recommending that the following in— in basic annual salaries of employees in that Division be ap— Proved, effective May 16, 1945= Name 11, R*Wilices -Lerin it. x Goodman Designation Federal Reserve Examiner Federal Reserve Examiner Salary Increase To From t6,600 5,800 .1.7,000 6,400 Approved unanimously. Letter to Mr. Gilbert, President of the Federal Reserve Bank r 1°411as, reading as follows: ."The Board of Governors approves the employment of L H. Irons as Director of Research of the Federal 758 W45 -2- "Reserve Bank of Dallas, at a salary of $7,500 per annum, under the arrangements set forth in your letter of April 18, 1945. It is understood that Mr. Irons is expected to assume his duties as Director of Research about July 1, and it will be appreciated if, for our records, You will advise us as to the date he assumes his new duties at the Bank." Approved unanimously. Letter to Mr. Day, President of the Federal Reserve Bank of Sala Francisco, reading as follows: "Receipt is acknowledged of your letter of May 3, 1945, enclosing certifications to the Commissioner of Internal Revenue in support of increases in the salaries Of Mr. F. H. Holman and Mr. W. L. Partner. "The salaries of Messrs. Holman and Partner were approved at the increased rates effective May 1, 1945 subject to the receipt of appropriate certificates in TaPPort of the increases and payment of the salaries at the Increased rates is in order." Approved unanimously, together with a letter to the Commissioner of Internal Revenue, Salary Stabilization Unit, transmitting certificates of the Federal Reserve Bank of San Francisco with respect to salary increases at the Bank and the Los Angeles and Salt Lake City Branches. Letter to Mr. Young, President of the Federal Reserve Bank of '.g°, reading as follows: "The Board of Governors of the Federal Reserve System has considered the recommendation of the Executive • or fil CoM ttee of your Bank, contained in Mr. Diercks' letter ti APril 21, 1945, and pursuant to the provisions of Sec( 1, 1n 19 of the Federal Reserve Act, grants permission to lia th quette National Bank, Chicago, Illinois, to maintain same reserves against deposits as are required to be cle ntained by reserve city banks, effective as of the e it opens for business. ma.7 759 5/9/45 -3- "Please advise the member bank of the Board's action in this matter, ceiling its attention to the fact that such permission is subject to revocation at any time by the Board of Governors of the Federal Reserve System.fl Approved unanimously. Telegram to Mr. Peyton, President of the Federal Reserve Bank qt[inneapolis, reading as follows: "Relet tOrs, Board expenditure addition to May 21 if authorized by your Board of Direc— of Governors will interpose no objection to of not to exceed $55,000 for construction of present Helena Branch building." Approved unanimously. Thereupon the meeting adjourned. 60e.4.- Secretary.
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