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1594 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, November 19, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal 101ileserve System on November 18, 1947, were approved unanimously. Minutes of the meeting of the Board of Governors of the Fed- eral Reserve 1947 were illem .._ System with the Federal Advisory Council on November 18, approved unanimously. M emorandum dated November 19, 1947, from Mr. Carpenter recom- g the continuation in active service through June 30, 1948, of Mrs. m al'Y H. Watson, a clerk in the Files Section of the Secretary's Office 'who attained the retirement age of 65 on June 8, 1947. Approved unanimously. Memorandum dated November 13, 1947, from Mr. Thomas, Director (If the rd.:vision of Research and Statistics, recommending the appoint4 °f Mies Laura M. Gilman as an economist in that Division, on a etillrarY indefinite basis, with basic salary at the rate of $4,149.60 Per annum, e ffective as of the date upon which she enters upon the 1.596 11/19/47 -2- Perf°rmance of her duties after having passed the usual physical examinationthe The memorandum also stated that is Gilman was a member of Civil Service retirement system and would remain in that system. Approved unanimously. Memorandum dated November 19, 1947) from Mr. Bethea, Director (It the Division of Administrative Services, recommending that the l'esignati°n of Miss Rebecca M. Swygert, Assistant Supervisor of the C"erta in that Division, be accepted to be effective, in accordance with her request, at the close of business November 28, 1947, with the 141ciers8tanding that a lump sum payment would be made for annual leave rezain4 -Lng to her credit as of that date. Approved unanimously. Letter to Mr. Gilbert, President of the Federal Reserve Bank or Da llae, reading as follows: 1,, "For reasons outlined in your letter of November 8, ' 147, the Board approves, effective October 1, 1947, the 11 ,1,!!ent of salary in excess of their respective grade maxito the amounts shown oppoulte their following employees in the names: Name Annual Salary. Elizabeth Cummins $2,139.50 G. F. Peck 2,665.61 C. P. Johnson 2,421.21 0. C. Bevill 2,808.30 Emily Coomer 2,719.20 Marion Dye 2,719.20 H. B. Renner 3,036.00 Neville Rytikow 2,665.61 Gladys Stell 2,585.15 Mildred Dupree 2,580.60 Mary Katherine Starr 2,125.20 1 15961 11/19/47 -3- "The names of seventeen other employees have been removed from the list of employees receiving salaries in excess of the maximums of their respective grades as rePorted in your letter. "It is noted that you have established intermediate rates between the minimum and maximum salaries for the respective grades and that a manual of procedure for administration of the plan will be forwarded in the near future." Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks reading as follows* "Yesterday Treasury sent wire to all Presidents requesting that they make quick telephone survey of general character of increases in bank loans. Four of the Banks c 7e inquired whether the Board had any comment to make this inquiry and they are being informed that the Board was not advised of the inquiry and did not know about r it until after the wire was sent and that, while the 7quest duplicates to some extent information being obtained by the Banks in response to the Board's wire of 0!ember 12, 1947, it is suggested that the Bank give such 11"rmation as it is able to assemble in the time allotted." Approved unanimously. Letter to Mr. Raymond W. Duning, Secretary, Robert Morris Assc)eiat s e-, 1417 Sensom Street, Philadelphia 2, Pennsylvania, reading tis t°11ows. "For several years the Federal Reserve System has had a coo ,,Perative arrangement with the Robert Morris Associates in "le tabulation of financial statement data drawn from suetoredit files of members of the Associates. Through er7,4 an arrangement, made possible by the generosity and titro°rt of the Associates, there was made available greatly neeLLed data on business financial changes during the war ect ' 14 transition periods, especially for medium and small sub:!!" in manufacturing and trade. These data contributed r,'"4tially to the development of research in business ti-4 a.nce. 15t-17 11/19/47 —4— "In recent years, however, important over-all finan?lal series have become available from official sources, .3,:ncluding the recent initiation of a new reporting series _u_Y the Securities and Exchange Commission and Federal Trade Commission covering estimated income and balance !heet data of businesses. Under these circumstances the System does not feel justified in continuing to cooperate the a formal basis. program of the Robert Morris Associates on "In discontinuing this arrangement with the Robert Morris Associates, the Board wishes to express its appreciati°n of the contribution of material made through this e°0Perative arrangement during the war and transition , ) 1,!ri°ds. It also wishes to express its interest in the za::°gram of research in credit analysis which the Associ' es is concluding for the benefit of its members and hopes that continued. To that end 1.4oe Federalthis program will be Reserve System will be glad to make available technical or professional assistance as needed, in an ad01,:sory capacity, to facilitate the continued tabulation financial statement data by the Associates." Approved unanimous - Secretary. Aph,, 4.'cmed:
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