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1319 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, November 4, 1947. The Board met 114 executive session in the Special Library at 10:30 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Clayton Mr. Carpenter, Secretary There was presented a memorandum dated November 3, 1947, ri '°111 Mr- Carpenter recommending that the salary of Mr. N. Merritt Sherman, Assistant Secretary, be increased $598.50, from the rate to $9,077.25 per annum, effective at the beginning of °f 4 the first pay roll period following approval by the Board. Approved unanimously, effective November 16, 1947. Mr. Evans stated that Mr. Smead, Director of the Division f Bank Operations, had recommended that Mr. L. S. Myrick, Assistant to tL. -LEa Director, be appointed Assistant Director of the Division, ef- fective immediately, and that his salary be increased from $9,376.50 to 410,000 per annum, effective at the beginning of the first pay roll Period after approval by the Board. Following a discussion of the reasons for the recommendation, the appointment was approved unanimously to become effective immediately and the increased salary was approved, effective November 16, 1947. 1520 11/4/47 -2Reference was made to a memorandum dated October 17, 1947, frOal Mr. Thomas, Director of the Division of Research and Statistics, recommending that the salary of Mr. J. Burke Knapp, Assistant Direct°1 'of that Division, be increased from Z10,000 to $12,000 per annum, effective at the beginning of the first pay roll period following apPt°val by the Board. The memorandum stated that as alternate to the Chairman as a member of the National Advisory Council, Mr. Knapp had helped to establish for himself and for the Board a reputation for auth oritative work in his field. There was a discussion of the justification for the size of the increase recommended, and Chairman Eccles stated that Mr. Knapp's services in connection with the work of the National Advisory Council had been of a very high quality, that he was the outstanding staff rnember working with the National Advisory Council, and that if a substall titl adjustment were not made in his salary he probably would go els ewhere. At the conclusion of the discussion the increased salary was approved unanimously, effective November 16, 1947. Chairman Eccles suggested that consideration be given to a charlgs in the Federal Reserve Retirement System which would permit 44 e:qloYing Bank, during a period of high employment such as at Plieserlt, to retain the services of an employee until he reached the 521 11/4/47 -3_ age of 70 in any case where his health was good and his abilities were not impaired. Under such an arrangement, he said, provision would be zade for the employee's retirement at age 65 and payment to him of his Ilegular retirement allowance. However, instead of leaving the active " 8 11-ice of the Bank, he would continue to work and the compensation Paid by the Bank would be the amount of his salary less the amount of the retirement allowance. The suggestion was discussed and it was agreed that it should be placed on the agenda for discussion at the next meeting of the Presidents' Conference. Minutes of actions taken by the Board of Governors of the Fed— era" Reserve System on November 3, 1947, were approved unanimously. Secretary. A PProved: Chairman.
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