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Minutes of actions taken by the Board of Governors of the
Federal Reserve System on Thursday, April 15, 1948.


Eccles, Chairman pro tem.

Carpenter, Secretary
Sherman, Assistant Secretary
Morrill, Special Adviser
Thurston, Assistant to the Board

Minutes of actions taken by the Board of Governors of the
Federal Reserve System on April 14, 1948, were approved unanimously.
Telegram to Mr. Volberg, Vice President of the Federal Reserve Bank of San Francisco, reading as follows:
"Betel April 13, Board approves effective April 16,
1948, rate of 1-1/4 per cent on purchases of Government
securities under resale agreement as authorized by Federal Open Market Comm4 ttee, Otherwise Board approves
rates of discount and purchase in your existing schedule,
I-grfn which was contained in your telegram dated


Approved unanimously.
Memorandum dated April 12, 1948, from Mr. Carpenter recomillending the appointment of Miss Elizabeth A. Bowes as a file clerk
the Office of the Secretary, on a temporary basis for a period
11°t to exceed six months, with basic salary at the rate of $2,093.04
1Der annum, effective as of the date upon which she enters upon the
13errormance of her duties after having passed the usual physical





The memorandm also stated that Miss Bowes was a mem-

ber of the Civil Service retirement system and would remain in that
Approved unanimously.
Memorandum dated April 9, 1948, from Mr. Bethea, Director
Qf the Division of Administrative Services, recommending that Mrs.
Della Payne,
a cafeteria helper in that Division now on a temporary
indefinite appointment, be included in the Federal Reserve retireSystem
Approved unanimously.
Letter to Mr. McCabe, Chairman of the Federal Reserve Bank
c/f Phi
ladelphia, reading as follows:
"It is needless to say that the members of the
B°ard appreciate very greatly the outstanding service you have rendered while officially connected
with the Federal Reserve Bank of Philadelphia and
were it not for the fact that you are to become a
Member of the Board of Governors they would regret
very much to have that association terminated.
"However, in anticipation of your assuming office this afternoon as Chairman of the Board of Governors, the Board has accepted your resignation, conained in your letter of this date, as Chairman and
-u'ederal Reserve Agent and Class C Director of the
Federal Reserve Bank of Philadelphia, effective immediately, and wishes you every success in your new
and important undertaking."
Approved unanimously.
Letter to Mr. Sproul, President of the Federal Reserve Bank

New York, reading as follows:



"This refers to Mr. Sheehan's letter of April 9,
1948, enclosing a copy of a letter from Mr. F. W.
Bellamy stating that Mr. Bernon S. Prentice has not
yet recovered from his illness sufficiently to be
able to attend to the matter of bringing his interlocking relationship with the Fulton Trust Company
and the firm of Dominick & Dominick into conformity
With section 32 of the Banking Act of 1933. Mr.
BellaMY requests the Board's permission to postpone
the matter further for a month and we note that your
Bank favors the granting of such request.
"In the circumstances, the Board grants the request contained in Mr. Bellamy's letter. It will be
appreciated if you will keep the Board advised concerning this matter."
Approved unanimously.
Letter to Mr. Diercks, Vice President of the Federal Reserve
136111 of Chicago, reading as follows:
"This refers to your letter of April 9, 1948,
to our Mr. Leonard, and submitting a request from Mr. Chester D. Seftenberg, Vice President
and Trust Officer of the First and American National
Bank of Duluth, Duluth, Minnesota, for the names of
banks which have recently closed or opened trust departments. It is understood that Mr. Seftenberg desires to obtain from those banks specific information
as to why each of them took such action.
"The Board feels that the information requested
is not of a confidential nature, and sees no reason
whY You should not comply with Mr. Seftenberg's request if you wish to do so."
Approved unanimously.
Letter to Mr. Maple T. Earl, Chairman of the Federal Deposit
ilisUrance Corporation, reading as follows:
"Reference is made to your letter of April 7 regarding a proposal to audit the Certified Statements

submitted for assessment purposes by insured banks in
the States of Ohio and Pennsylvania with deposits of
over $10 million.
"In accordance with your request, the Board assents
to this proposal, so far as State member banks are concerned, and in order that our office and field staffs
may be advised of the extension of your program copies
of Your letter have been forwarded to the Federal Reserve Banks of Philadelphia and Cleveland and circulated among the Board's staff.
'The Board is pleased to learn that up to this time
no discrepancies in the Certified Statements of State
member banks in the States of Illinois, Indiana, Iowa,
Michigan, and Wisconsin, which have been covered in the
experimental program, have been found which were thought
of sufficient importance to be brought to the attention
Of the Board or the Federal Reserve Banks.
"It is noted that the project is still regarded by
Your Corporation as being in the experimental stage and
that it is your opinion that, until the Statements of a
larger proportion of the State banks can be covered, no
conclusions can be reached as to the desirability of exthe program to insured banks generally. The
160ard appreciate your advice that, should your Corporation later decide to extend the program generally, it
is your purpose to go over the matter in detail with
the Board's representatives before undertaking to carry
out such a program."
Approved unanimously.
Telegram prepared for Chairman Eccles' signature to Mr. Carl

G. B

reeze, President, Colorado Bankers Association, Bank of Kremmling,

eitTrn 1 4

Colorado, reading as follows:
"Board of Governors understands that officers of
Your Association will be in Washington on April 27-29.
The members of the Board will be delighted if the members of your group will join us for luncheon at the
Board's offices on Thursday, April 29, at one o'clock,
at which time the officers of the Ohio Association will



"also be here. Most of the members of the Board will be
In Washington at that time and they will be looking forward to your visit."
Approved unanimously.


Chairman pro tem.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102