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8Sfi Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, December 1, 1949. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Board Minutes of actions taken by the Board of Governors of the 4deral Reserve System on November 30, 1949, were approved 1144111Inous1y. Letter to the board of directors of the "University Bank", 411illetly New York, stating that subject to conditions of membership 1114141 ' ed 1 and 2 contained in the Board's Regulation H and the t°11°11111€ special condition, the Board approved the bank's appli41t1°11 for membership in the Federal Reserve System and for the ap14*()141-ate amount of stock in the Federal Reserve Bank of New York: Prior to admission to membership such bank shall Charge off or otherwise eliminate estimated losses of $3,21 as shown in the report of examination made by the examiners for the Federal Reserve Bank of New York as of July 24, 1949." Approved unanimously, for transmission through the Federal Reserve Bank of New York. tqrve Letter to Mr. Diercks, Vice President of the Federal Re441k of Chicago, reading as follows: "Reference is made to your letter of November 9, 1857 12/1/49 -2regarding the proposed deferment of examination of The Northern Trust Company, Chicago, Illinois, until after January 1, 1950. "In the circumstances you describe and in view of your request, the Board of Governors apProves the deferment of the examination of The Northern Trust Company with the understanding that the examination will be made as soon as practicable after the first of the year." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, 11"14g as follows: "After consultation with Mr. Alfred Williams, Chairman of the Presidents' Conference Committee 011 Research and Statistics, the Board has designated Mr. Ralph A. Young, Director of the Division of Reand Statistics, a regular member of the System Research Advisory Committee. "Mr. Woodlief Thomas, Economic Adviser to the Board of Governors, will continue as Chairman of the Co mmittee." Approved unanimously. Memorandum dated November 30, 1949, from Mr. Bethea, DiC t Of the Division of Administrative Services, recommending he reasons stated therein, an increase in the insurance lee°1111t of the Division of Administrative Service's 1949 General 01011 , t in the amount of $707.40. Approved unanim°4u Secretary. Chairman.
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