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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, April 4, 1951. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Vardaman Norton Powell Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve System on April 30 1951, were approved unanimously. Memorandum dated March 30, 1951 from Mr. Bethea„ Director of the Dsion of Administrative Services, recommending the appointment Mrs. Theresa Frances Gaby as a cafeteria helper in that Division, Oil a temporary indefinite basis, with basic salary at the rate of $21,n Per annum, effective as of the date upon which she enters t44111 the performance of her duties after having passed the usual M'Ysioal examination and subject to the completion of a satisfactory enlaoyment investigation. Approved unanimously. Memorandum dated April 3, 1951, from Mr. Bethea, Director of the Di-4 "-eion of Administrative Services, recommending that the resigttation of Mrs. Ann Winkler, a stenographer in that Division, be ac11:Ited to be effective, in accordance with her request, at the close °tblzeiness April 2, 1951. Approved unanimously. 72,1 4/4/51 -2Memorandum dated April 2, 1951, from Mr. Bethea, Director of the Division of Administrative Services, recommending an increase in the basic salary of Robert H. Craft, Guard in that Division., from $2,530 to $2,610 per annum, effective April 15, 1951. Approved unanimously. Memorandum dated April 3, 1951, from Mr. Vest, General Counsel, recommending that the resignation of J. Bruce Kellison, a Law Clerk hi the Legal Division, be accepted to be effective, in accordance with his request, at tho close of business April 13, 1951. Approved unanimously. Memorandum dated April 3, 1951, from Mr. Hilkert, Acting 4reotor of the Division of Personnel Administration, recommending c4lirlcrease in the basic salary of Miss Gena Gander, a clerk-steno— 'alpher in that Division, from $2,875 to $2,955 per annum, effective 4111 15, 1951. Approved unanimously. Letter to Mr. Diercks„ Vice President of the Federal Reserve knit of Chicago, reading as follows: "In accordance with the request contained in your letter of March 29, 1951, the Board approves the designation of Thomas /4111iam Scott as a special assistant examiner for the Federal Reserve Bank of Chicago." Approved unanimously. Letter to the Board of Directors of Company p The Exchange Bank and Franklin, Pennsylvania, stating that, subject to 725 —3-Conditions of membership numbered 1 and 2 contained in the Board's NAlation H, and the following special condition, the Board approves the Bank's application for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank or Cleveland: "3. Prior to membership, such bank, if it has not already done so, shall charge off or otherwise eliminate losses of $11152.091 as shown in the report of examination of such bank as of February 31 1951, made by an examiner for the Federal Reserve Bank of Cleveland." Approved unanimously for transmittal through the Federal Reserve Bank of Cleveland. Letter to Mr. Denmark, Vice President of the Federal Reserve of Atlanta, reading as follows: "Reference is made to your letter of March 26, 19511 submitting the request of the Marion County Banking Company, Alabama, for approval under Section 24A of the Federal "eserve Act of an additional investment in bank premises of ?japroximately $21,8001 for the purpose of remodeling its namilton office. "In view of your recommendation the Board approves the • investment as proposed. "As requested, the bank's application to the National Production Authority, U. S. Department of Commerce, for TAthority to commence construction, which you enclosed for 4-nspection, is returned herewith." Approved unanimously. Nading Letter to The National Bank of Pittsburg, Pittsburg, Kansas, as follows: ha "The Board of Governors of the Federal Reserve System 3 given consideration to your application for fiduciary 726 4/4/51 -4- "powers, and grants you authority to act, when not in contravention of State or local law, as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies or other corporations which come into competition with national banks are permitted to act under the laws of the State of Kansas, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the regulations of the Board of Governors of the Federal Reserve System. "This letter will be your authority to exercise the fiduciary powers granted by the Board pending the Preparation of a formal certificate covering such authorization, which will be forwarded to you in due course." Approved unanimously for transmittal through the Federal Reserve Bank of Kansas City. Letter to the Central National Bank of Mattoon, Mattoon, Illinois, reading as follows: "The Board of Governors of the Federal Reserve System has given consideration to your application for fiduciary powers, and grants you authority to act, when not in contravention of State or local law,. as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of 'states of lunatics, or in any other fiduciary capacity In which State banks, trust companies or other corporations which come into competition with national banks are permitted to act under the laws of the State of Illinois, the exercise of all such rights to be subject to the provisions of the Federal Reserve Act and the !:egulations of the Board of Governors of the Federal neserve System. "This letter will be your authority to exercise the fiduciary powers granted by the Board pending the Preparation of a formal certificate covering such authorization, which will be forwarded to you in due course." Approved unanimously for transmittal through the Federal Reserve Bank of Chicago. 4/4/51 -5Letter to Honorable Thomas D'Alesandro, Jr., Mayor, City cr Baltimore, Maryland, reading as follows: "This will acknowledge your letter of March 8 with respect to the Off-Street Parking Program of the City of Baltimore. Your letter correctly states our belief that the financing arrangements authorized under your program for the construction of municipal garage facilities are Presently subject to Regulation X. "We have given most careful consideration to the facts disclosed by your letter, and also the statements of your representatives who discussed with the Board's staff your err-street parking program. We recognize that this program was designed to relieve an acute parking problem in Baltimore, and that the program was approved and set in motion before the present restrictions on real estate credit were authorized. "As a result of our consideration of the subject, we have concluded that the regulation should not impede the financing by municipalities of the construction of needed nonresidential facilities. Accordingly, we have Prepared an amendment, effective April 4, 1951, for the Purpose of exempting from the terms of Regulation X extensions of credit by States or municipalities which do not conform to the regulation in connection with the construction of nonresidential facilities. The text of the amendment is set forth in the attached press statement. "In the consideration of any construction project, cognizance should be given to the essential purposes of the Defense Production Act of 1950 which provides for the conservation of materials and labor for use in the program of national defense. The Board is confident that, in the administration of civic affairs, you will give the fullest consideration to the objectives of that Act." Approved unanimously. Assistant
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