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1_789 Minutes of actions taken by the Board of Governors of the Pederal Reserve System on Wednesday, October 20, 1948. PRESENT: Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the Pederal Reserve System on October 19, 1948, were approved unanimously. Memorandum dated October 15, 1948, from Mr. Young, Associate Director of the Division of Research and Statistics, recommending the appointment of Guy E. Noyes as an Assistant to the Director in that Dion with basic salary at the rate of $10,305 per annum, "rective as of the date upon which he enters upon the performance ()this duties after having passed the usual physical examination. The niertiorandum also stated that Mr. Noyes was a member of the Civil Service retirement system and would remain in that system. Approved unanimously. Young, Associate DirectorMemorandum dated October 14, 1948, from Mr. or the Division of Research and Statistics, recommending the 1113°111traent of sio, Mrs. Alice Lucille Tallent as a clerk-stenographer in thatrraten D. on a temporary indefinite basis, with basic salary at the Of $2,724 per annum, effective as of the date upon which she 1190 10 /20/48 -2- enters upon the performance of her duties after having passed the usual physical examination. The memorandum also stated that it Was contemp lated that Mrs. Tallent would become a member of the Pede ral Reserve retirement system. Approved unanimously. Memorandum dated October 19, 1948, from Mt. Thomas, Director of the Division of Research and Statistics, recommending that ths „. . gnation of Mrs. Margaret M. Kunze, a draftsman in that Di45 be accepted to be effective, in accordance with her request, at the close of business November 24, 1948, with the understanding that a lumP elm payment would be made for annual leave remaining to her cr edit as of that date. Approved unanimously. Memorandum dated October 14, 1948, from Mr. Bethea, Director of the Division of Administrative Services, recommending the /t131)011atzerit of Mrs. Dessie Adena Collison as a page in that DiWith basic salary at the rate of $2,086 per annum, effective 42 Of the date upon which she enters upon the performance of her dllties after having passed the usual physical examination. The iternorazd lso stated that it was contemplated that Mrs. Collison becoMe a member of retirement system. the Federal Reserve Approved unanimously. 10/20/48 -3- Letter to Mr. Young, President of the Federal Reserve Bank of Chicago, reading as follows: "Reference is made to Mr. Dillard's letters of August 19 and 28, 1948, advising of the action of Your board of directors with respect to the appointOf three economists as officers of the Bank. "As you know, the Board has given considerable cons ideration to this proposal and in subsequent conversations with you it was understood that it would be ao.greeable to fix the titles of these men as Senior Econ; lists rather than the more specialized designations ec°mmended in Mr. Dillard's letters. s 'Accordingly, the Board approves the payment of aries to the following individuals as officers of !Balic at the rates and titles indicated for the Period beginni ng September 1, 1948 through March 31, 1949 Name Title Walter E. Hoadley, Jr. Walter B. Garver George W. Mitchell Senior Economist Senior Economist Senior Economist Annual Salary $8,900 8,700 8,500" Approved unanimously. Lett er to Mr. Shepard, Federal Reserve Agent of the Federal ta Ilk of Minneapolis, reading as follows: lett "14 accordance with the request contained in your er °f October 4, 1948, the Board of Governors ap' r°ves the fiald st appointments of Messrs. Leland W. Powell serit,-,;?ve J. Surman as Federal Reserve Agent's Reprerat s at the Helena Branch, with salaries at the es ( m 1 $3,800 and $4,000 per annum, respectively. that:111is approval is given with the understanding the ,'essrs. Powell and Surman will be placed upon sol:,ederal Reserve Agent's pay roll and will be the 1 resPonsible to him or, during a vacancy in slet :e of the Federal Reserve Agent, to the Asederal Reserve Agent, and to the Board of 11°1's, for the proper performance of their duties. 1'792 10/20/48 -4"When not engaged in the performance of their duties as Federal Reserve Agent's Representatives they may, with the approval of the Federal Reserve Agent or, in his absence, of the Assistant Federal Reserve Agent, and the Vice President in charge of the Helena Branch, perform such work for the Branch as will not be inconsistent with their duties as Federal Reserve Agent's Repre sentatives. "Mr. Powell and Mr. Surman should execute the uslIal oaths of office which should be forwarded to the Board Of their together with advice of the effective date appointments." Approved unanimously. Letter to Mr. Clark, Manager, Consumer Instalment Credit liePart lllent, Federal Reserve Bank of St. Louis, reading as follows: or ochThis will acknowledge receipt of your letter tober 11, 1948 concerning Regulation W, in which : Y I1 11 ask for confirmation of your view that a person ti,!(1 not register as required under Section 2(h) of mr re gulation if every extension of consumer instal_!nt credit made by him is exempt from the provisions ' 1 the r egulation by Section 7. cum„,"Your understan ding is correct. Under such cir' 6ances the person need not register." Approved unanimously. Letter to Mr. Leedy, Chairman of the Board of Trustees of Retirement gallitor xansas System of the Federal Reserve Banks, Federal Reserve the City, reading as follows: Board At the joint meeting of the Presidents and the zeta° n°11 October 5, 1948, reference was made to a Bank, 4,„c11-1111 Prepared by Counsel for the Federal Reserve r-11 the 1-.1 Boston raising a question as to the effect of Made of the State of Massachusetts on a proposal by 1947, the Board to the Presidents on December 9, SYstemlls to the investment policy of the Retirement There is enclosed herewith a copy of an 1793 10/2o/48 -5. uPlnion of the Board's General Counsel with respect to the question raised." Approved unanimously, together with a letter to Mr. Brainard, Chairman of the Federal Reserve Bank of Cleveland, reading as follows: "In Governor Draper's letter to you of October 14, 1948 it was stated that the legal question raised at the joint meeting of the Board and the Presidents on October 5th as to the responsibility of the trustees raf the Retirement System for the investment of Retireem funds was being considered by the Board's : 17 , 1111eel and that you would be informed of further detl,'°Pments in that connection. For your information ereare enclosed herewith three copies of an opinion rendered by the Board's Counsel with respect to this yogal question. The extra copies are enclosed so that may, if you u wish, send them to the other members of Yollr co . mmittee" Telegram to Mr. Knoke, Vice President of the Federal Reserve tezit or New York, reading as follows: : , r°ur wire October 15. Board approves further thr de -m renewal by your Bank of the three Banque France 26 Id.'!alce gold loans of $30,000,000 maturing October twt, Y10,0 00,000 maturing November 3, and $10,000,000 as uring November 22, on the same terms and conditions itura plY to the maturing loans and with the understand1) Banque de France requests such renewal in caee and (2) if subsequent developments in the intern 4 1 Situation make resubmission to your Directhe desirable the matter will also be resubmitted to °arcl- of Governors. 13,..„ "It is understood that the usual participation will r")1 ered to the other Federal Reserve Banks." Approved unanimously. Or Mern --anuum dated October 15, 1948, from Mr. Bethea, Director the-, `41 of Administrative Services, recommending, for the 194 10/20/4 Ofl -6stated in the memorandum, additions in the amounts listed belOW . 111 the following items in the 1948 non-personal budget for that Division: Item Postage and Expressage Telephone and Telegraph Stationery and Supplies Miscellaneous Addition $3,500 6,500 2,500 2,000 Approved unanimously. , Memorandum dated October 19, 1948, from Mr. Leonard, AssDciate D irector of the Division of Bank Operations, recommending t til th tio e last sentence of Section 8 of the Board's travel regulabe amended to include travel of employees engaged in the review ..ur Regulation W procedures conducted by the Division of Bank °Aerations. Approved unanimously. pproyed:
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