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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, April 14, 1952. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Evans Mills Robertson Mr. Carpenter, Eecretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve Eystem on April 11, 1952, were ap)roved unanimously. Letter to Mr. Clarke, Secretary, Federal Reserve Bank of New York, reading as follows: . "Thank you for your letter of 2=i1 2, 1952, advising that in accordance with the arrangements as indicated in the Board's letter of December 26, 1951, and Mr. rproul's letter of January 19, 1952, Mr. John ftos illplierce, Examiner, Examining Division, Dank ExaminaDepartment, has been granted leave of absencwithou year Pay for a period of approximately ore Plus travel time for the purpose of advising the Central Bank of Ceylon on problems of commercial bank examination and supervision." Approved unanimously. Letter to Mr. Kimball, Vice President, Federal Reserve Bank of Ilew York, reading as follows: - Reference is made to your letter of March 2C, 1952, in 'which you advised that it appears expenses for your head office and the Buffalo Branch will exceed the 1952 budget estimates in the amounts indicated. 'The Board accepts the revised figures as submitted and appropriate notations are being made in the Board's records." Approved unanimously. fTp L/111/)2 -2Letter to The National City Bank of New York, New York, NW York, readinE as follows: "Tie Board of Governors of the Federal Reserve System authorizes The National City D-n% of New York, New York, New York pursuant to the provisions of L-ection 25 of the Federal Reserve Act, to establish a branch in Paris, France, and to operate and maintain such Tranch subject to the provisions of such section; upon condition that unless the branch is actually established and Opened for business on or before Lay 1, 1953, all rights granted hereby shall be deemed to have been abandoned and the authority hereby granted shall automatically terminate on such date. "It is understood that it is the intention of International Banking Corporation, a subsidiary of The National City Dank of New York, to close its Paris Branch as soon as it conveniently can be done after the transfer of its l'usaness to the proposed Paris Branch of The Nrtional City Bank of New York. Accordingly, the Board's approval of the arplication of The National City Bank of New York for 1)erinssion to establish a branch in Paris, France, is given With the understanding that the branch of International 7pnh"mg Corporation will be liquidated and closed within a reasonable time." Approved unanimously, together with the following letter to Yr. Wiltse, Vice President, Federal Reserve Bank of New York: "Enclosed is a letter of the Board of Governors authorizing The National City Bank of New York, New York, New -°rk, to establish a branch in Paris, France, which you will Please deliver to the Bank. A copy of the letter is enclosed for your files. "Please ask The National City Rank of New York to note that the authority to establish the branch will automa.tically ? - erminate on My 1, 1953, if the branch is not actually established and opened for business on or before that date, and request the Bank to advise the Board in writing through 670 4/14/52 -3- "the Federal Reserve Bank of New York when the branch is so established and opened for business. "Also enclosed is a letter from the "Board of Governors to International Banking Corporation, New York, New York, which you will please deliver to the Corporation. copy of the letter is enclosed for your files. Please ask International Banking Corporation to advise the Board in writing through the Federal Reserve Bank of New York when the Paris Branch of International Banking Corporation te closed." Letter for the signature of the Chairman to the Honorable ;,right Petman, Chairman, Subcomm ittee on General Credit Control and Debt Management of the Joint Committee on the Economic Report, United States Capitol, 1, ashington, D. C., reading as follows: "I have your letter of April 2, 1952, referring to the testimony on 1ethiesc1ay, Mr2rch 19, before your Subcommittee, at pare 981 of the Record, with regard to the status of the Federal Reserve System. In accordance with your request, I am pleased to enclose herewith U. memorandum prepared by our Counsel as to the legal status of the Board of Governors of the Federal Reserve ystem and of the Federal Reserve Banks. Approved unanimously. 11 Eec, ary.
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