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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, September 26, 1951. PRESENT: Mr. Martin, Chairman Mr. Szymczak Mr. Norton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Memorandum dated September 24, 19)1, from Mr. Young, Director, Division of Research and Statistics, recommending increases in the basic annual salaries of the fallowing employe s in that Division, effective September 30, 19)1: Name Peter -M. CodY A. Jane Moore Alfred P. Johnson Virginia E. Leaman Jennie L 'Glass Title Economist Economist Research Assistant Clerk-Stenographer ,Clerk Salary Increase From To $4 7 650 4200, 3,600 3,72) 3,27) 3,35) 2,890 2,970 Approved unanimously. Memorandum dated September 21,1951, from Mr 'or Carpenter, Secretary the Board, recommending an increase in the basic salary of Miss Mabel Goepfert„ Secretary to Mr. CarPenter, from $44450 to $4,57) per effective September 30, 1951. Approved unanimously. Memorandum dated September 20, 1951, from Mr. Vardaman, -441end1ng that Miss Doris I. Abell, a Stenographer in the Division or A cidmintstrative Services) be transferred to his office as a Stenographer, Vith - -"-11g.'e in, her present basic salary of $3,035 per annum, effective 4Ptelliber 30, 1951. 20(1' 9/26b1 -2Approved unanimously. Letter to Mrs. Anna Guyselman, Federal Reserve Building, Washington, D. C., reading as follows: "This will acknowledge receipt of your letter of September 21, 1951 giving the Board thirty days' notice of your desire to terminate your contract, consisting of an exchange of letters from the Board dated June 17, 1944 and your reply thereto dated June 20, 1944. Your letter satisfactorily fulfills the requirement that thirty days' written notice be given to the Board and, accordingly, the contract will terminate, as you request, on October 21, 1951. "Every effort will be made to locate another independent contractor to take over the operation of the Beauty Shop beginning Monday, October 221 1951. However, it is noted that you are agreeable to operating the Shop beyond the date of termination of contract if a successor has not been chosen by that time and also that you would be willing to have your successor work with you a week or so before you relinquish control of the Shop. Your Willingness to cooperate in these respects is very much appreciated. In the event it should appear desirable it may be that the Board may wish to suggest another formal contractual arrangement on a month-to-month basis or for a shorter period as circumstances may warrant. "We are sorry that you have found it necessary to terminate your arrangement with the Board since your relationship with our organization over the past seven Years has been most satisfactory. You have our best wishes for good health and success in your future e ndeavors." Approved unanimously. Letter to Mr. Edward G. Guy, Assistant Secretary of the Federal eserve Bank of New York, reading as follows: "Thank you for your letter of September 14, 1951, advising that Mr. Arthur I. Bloomfield has been granted a leave of absence without pay for a period of three 9/26/) 1 -3- "months beginning December 1, 1951, in order that he may assist the Korean Ministry of Finance and the Bank of Korea in the banking and monetary reconstruction of South Korea. "The Board of Governors will interpose no objection to the arrangements indicated In your letter." Approved unanimously. Letter to Mr. dodgkinson, Chairman of the Federal Reserve BJ..nk of Boston, reading as follows: "Thank you for your letter of September 17, 1951, advising of the action taken by the Board of Directors with respect to fixing the salary of President Erickson. "As you were advised by our letter of April 13, 1951, the Board of Governors has approved the payment of salary to Mr. Erickson at the rate of $25,000 per annum through April 30, 1952." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, reading as fellows: "At the System conference on Regulation WI September 12-13, 1951, a question was raised as to the need for a disciplinary conference in dealing with willful violators of the Regulation. The discussion indicated that there was some question as to the intent of Section II, 2 of the Outline Enforcement Program. "The outline says that when a violator is first Classified as apparently willful, the *Federal Reserve Bank will 'ordinarily' hold a disciplinary conference, and that after the conference a reinvestigation will be scheduled for an early date. "It was not intended in this portion of the outline to prescribe any rigid rules to be followed by the Reserve banks. On the contrary, it was intended to leave the Reserve banks free to have disciplinary conferences in proper cases and to omit them entirely in other cases 20119 9/26/)1 -4- "where they felt they would accomplish no useful purpose, as, for example, in cases where the ReServe 'bank believes, on the basis of the information at hand, that the violations were willful and flagrant and that no useful purpose would, be served by a disciplinary conference." Approved unanimously.
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