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Minutes of actions taken by the Board of Governors of the Peclerea Reserve System on Monday, August 1, 1949. PRESENT: Mr. McCabe, Chairman Mr. Clayton Mr. Carpenter, Secretary Mr. Hammond, Assistant Secretary Mr. Morrill, Special Adviser Memorandum dated July 26, 1949, from Mr. Leonard, Director °t the Division of Bank Operations, recommending that the resigna- t1°11 of Dale W. Lewis, Chief of the Regulation W Section of that 1)1.v1 81°n, be accepted to be effective, in accordance with his re4.11est, at the close of business August 14, 1949. Approved unanimously. Memorandum dated July 29, 1949, from Mr. Millard, Director Or the 1)ivision of Examinations, recommending that the resignation "*S• Thelma M. Zarin, a stenographer in that Division, be accepted to be ef fective, in accordance with her request, at the close of iketi Iless August 19, 1949. Approved unanimously. Memorandum dated July 28, 1949, from Mr. Carpenter, Secre411 °f the Board, recommending that Miss Kathleen J. O'Connor and 144* Rlith W. Franta be appointed on a permanent basis as file clerks illthe °trice of the Secretary, with no change in their present 15441 salaries at the rate of $2,724 per annum, effective as of the e)tkl'ati°11 of their temporary appointments at the close of business 1.316 M/49 -c- leAst 10 and 14, 1949, respectively. Approved unanimously. Letter to Mr. Volberg, Vice President of the Federal Reserve 44kof San Francisco, reading as follows: "In view of the recommendations contained in your letter of July 27, 1949, the Board of Governors extends to September 19, 1949, the time within which the 'Central Valley Bank of California', Escalon, California, alad the 'First State Bank of Richmond', Richmond, California, may accomplish membership." Approved pranimously. Telegram to the Presidents of all Federal Reserve Banks, read- as follows: "Re Board's letter January 27 in connection with quarterly reports (S-9').3) dealing with banking and busiillees developments in each district, it will no longer be a:ceesary to prepare supplementary reports covering tenJune ' r flcies in durable goods and instalment credit. this series. in final be the will received eP°rts already th "These reports have been extremely useful and the °roughness with which they have been prepared is appreciated.” Approved menimously. Memorandum dated July 21, 1949, from Mr. Carpenter present- lh 4 statement, which Chairman McCabe and Mr. Szymczak desired to ttlito the policy record of 1948, of reasons for their position with l ect to the increase in reserve requirements of member banks ap- 4°' ' ea at the meeting of the Board on June 1, 1948. None of the members of the Board had any objection to the addition of the statement and it was understood that the appendix to the Annual Report, as approved by the Board on June 24, 1949, which had not yet been printed, would be changed accordingly. .
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