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1250 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, September 5, 1947. PRESENT: Mr. Szymczak, Chairman pro tern Mr. Draper Mr. Vardaman Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Telegrams to the Federal Reserve Banks of New York, PhiladslPhia, Chicago, St. Louis, Dallas, and San Francisco stating that the Board approves the establishment without change by the Federal Reserve Banks of St. Louis and San Francisco on September 3, and by the Federal Reserve Banks of New York, Philadelphia, Chicago, and 411as on September 4, 1947, of the rates of discount and purchase 14 their existing schedules. Approved unanimously. Memorandum dated September 4, 1947, from Mr. Sherman recomniending an increase in the basic salary of Mrs. Marion H. Derr, a file clerk in the Office of the Secretary, from $2,243.52 to $2,318.76 Per annum, effective September 7, 1947. Approved unanimously. Memorandum dated September 3, 1947, from Mr. Thomas, Director of the Division of Research and Statistics, recommending that the resignation of Chandler Morse, Assistant Director of that 47ision, be accepted to be effective, in accordance with his reg/lest, at the close of business September 5, 1947, with the under- 1251 9/5/47 -2- standing that a lump sum payment would be made for annual leave reIna14ing to his credit as of that date. Approved unanimously. Memorandum dated September 3, 1947, from Mr. Leonard, Director of the Division of Examinations, recommending that increases 114 the basic annual salaries of the following employees in that DiIlision be approved, effective September 7, 1947: Name Arthur H. Lang C. R. Highfield John N. Kiley, Jr. J. Earle McGearY John F. Clark Relene L. Kearney 411.nces Scott Desigpation Federal Reserve Examiner Federal Reserve Examiner Asst. Federal Reserve Examiner Asst. Federal Reserve Examiner Asst. Federal Reserve Examiner Secretary to Mr. Leonard Secretary to Mr. Millard Salary Increase To From $6,384.00 $6,623.40 4,776.60 4,525.80 4,525.80 4,400.40 3,648.00 3,397.20 3,773.40 3,648.00 3,522.60 3,397.20 3,146.40 3,021.00 Approved unanimously. Memorandum dated September 4, 1947, from Mr. Boothe, Assist411t Director of the Division of Administrative Services, recommending the aPpointment of Miss Dorothy E. Sharkey as a clerk-stenographer in that Division with basic salary at the rate of $2,168.28 per annum, effective as of the date upon which she enters upon the performance c)f her duties after having passed the usual physical examination. The Inemorandum also stated that Miss Sharkey was a member of the Service retirement system and would remain in that system. Approved unanimously. 1252 9/V47 -3Telegram to Mr. Brainard, Federal Reserve Agent of the Fed- eral Reserve Bank of Cleveland, stating that, subject to the conset forth in the telegram, the Board of Governors of the l'ederal Reserve System authorizes the issuance of a general voting Permit, under the provisions of section 5144 of the Revised Statutes °f the United States, to the "BancOhio Corporation", Columbus, Ohio, entitling such organization to vote the stock which it owns or contro 18 of "The First National Bank of Wilmington", Wilmington, Ohio, at all meetings of shareholders of such bank, and that the period which a permit may be issued pursuant to the authorization Contained in the telegram is limited to 30 days from the date of the telegram unless an extension of time is granted by the Board. condition contained in the telegram upon which the permit was ellthorized was as follows: Prior to issuance of general voting permit authorized herein, applicant shall execute and deliver to you in duplicate an agreement in form accompanying Board's letter S-964 (F.R.L.S. #7190). Approved unanimously. Telegram to Mr. Knoke, Vice President of the Federal ReBank of New York, reading as follows: "Your telegram September 4. Board approves three months extension by your Bank to Bank Polski of $2,000,000 loan maturing September 9 and of $3,000,000 loan maturing 1253 915/47 -4- "September 231 such loans to be secured by gold earmarked in your vaults. It is understood that the loans are to be made on the terms and conditions outlined in your telegram as follows: A) Such loans to be made up to 98 per cent of the value of the gold held in your vaults as collateral; B) Each of such loans to run for three months; C) Any further extension of each of such loans to be subject to agreement between Bank Polski and Yourselves with no commitment by you for renewal; D) Each of such loans to bear interest for its duration at the discount rate of your Bank in effect on the day on which each of such loans is made. It is understood that the usual participation will be Offered to the other Federal Reserve Banks." Approved unanimously. Assis.ant Sepretary. APProved:
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