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1432 A meeting of the Board of Governors of the Federal Reserve Sys— tern was held in tashington on tednesday, October 9, 1946, at 11:45 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Ransom, Vice Chairman Draper Evans Vardaman Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser 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 Pecieral Reserve System held on October 8, 1946, were approved unanimously. Memorandum dated October 4) 1946, from Mr. Nelson, Director of the Division of Personnel Administration, submitting the resignation of .M. Kennedy, Special Assistant to the Chairman, and recommending that the resignation be accepted to become effective, in accordance with his ' l eLluest, as of the date of the expiration of his accrued annual lealree The memorandum also stated that Mr. Kennedy expects that his la8t day at the Board will be October 18, 1946. Approved unanimously. Liemorandum dated October 3, 1946, from Mr. Nelson, Director °t the n", . --"-Lslon of Personnel Administration, recommending that the basic salarY of Miss Virginia Lambert, a stenographer in the Office ot Gov erhor Vardaman, be increased from $2,394.00 to $2,544.48 per ) ef fective October 20, 1946. Approved unanimously. 1433 10/9/46 -2Memorandum dated October 4, 1946, from Mr. Leonard, Director r the Division of Examinations, recommending that the basic salary f Es Ralph Massey, an Assistant Federal Reserve Examiner in that sion, be increased from $4,651.2O to 84,902.00 per annum, effective October 20, 1946. Approved unanimously. Letter to Mr. E. Villiam Ohman, President of the Stock Brokers' SSocates of Chicago, Clement Curtis & Co., 134 South LaSalle Street, Chicago, Illinois, reading as follows: low, "This is in reply to your telegram of September 24, suggesting the possibility of reducing margin requirements. "It has not seemed to us that a reduction at the Present time would help the situation very much. There is enough buying po.er in the liquid assets held by investor& to provide the market with funds if those investors considered that conditions favored investment. The ability to borrow would make it possible for certain People who do not hold much in the way of liquid assets to obtain some additional buying power by trading on .e.rgin, but our studies of this type of activity suggest that the trading tends to fo1lov the market and aggravate the movement rather than to resist the trend and bring about stability. "A matter of th's kind must be carefully weighed bY the Board in the light of all the factors bearing on the current situation and you may be sure that the consiclerations you mention vdll be given attention. e have been glad to have your comments and appreciate the sPirit in which you write." Approved unanimously. 1434 10/9/46 -3Letter to Mr. Meyer, Assistant Vice President of the Federal Reserve Bank of Chicago, reading as follows: "The Board of Governors approves the changes in the personnel classification plan of the Federal Reserve Bank of Chicago, consisting of increases in maximum an— 1.1., 1a1 salaries for the positions of Elevator Starter and Elevator Operator, as submitted with your letter of October 1, 1946." Approved unanimously. Thereupon the meeting adjourned. Secretary. Chairman.
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