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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, December 11, 1953. PRESENT: Mr. Szymczak, Acting Chairman Mr. Evans Mr. Vardaman Mr. Robertson Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary of the Minutes of actions taken by the Board of Governors ed unanimously. Federal Reserve System on December 10, 1953, were approv York, Telegrams to the Federal Reserve Banks of Boston, New , and San Francisco Cleveland, Richmond, St. Louis, Minneapolis, Dallas t change by stating that the Board approves the establishment withou l Reserve the Federal Reserve Bank of Boston on December 7, by the Federa Reserve Banks Bank of San Francisco on December 8, and by the Federal Of New York Dallas Cleveland, Richmond, St. Louis, Minneapolis, and on December 102 1953, of the rates of discount and purchase in their existing schedules. Approved unanimously. Bovaird Supply Telegram to Mr. Davis D. Bovaird, President, action taken at the Company, Tulsa, Oklahoma, prepared pursuant to follows: meeting on December 8, 1953, and reading as e System has Board of Governors of the Federal Reserv of the Branch City appointed you director of tne Oklahoma beterm two-year Federal Reserve Bank of Kansas City for pleased to have your ginning January 1, 1954, and will be am. telegr acceptance by collect -2- 12/11/53 It is understood that you are not a director of a bank and do not hold public or political office. Should your situation in these respects change during the tenure of your appointment, it will be appreciated if you will advise the Chairman of the Board of Directors of the Federal Reserve Bank of Kansas city° Board will issue later a press statement on appointments of directors at all Federal Reserve Banks and Branches. Would be appreciated if announcement of your appointment could be deferred until release of Board's statement. Approved unanimously. Memorandum dated December 92 1_953, from Mr. Sloan, Director, Division of Examinations, recommending that the resignation of Nancy L. Sinnott, Secretary in that Division, be accepted effective December 9, 1953. Approved unanimously. Letter to Mr. Hill, Vice President, Federal Reserve Bank of Philadelphia, reading as follows: Pursuant to the request contained in your letter of December 8, 1953, the authorizations heretofore given your bank to designate the following employees as special assistant examiners for the Federal Reserve Bank of Philadelphia are hereby canceled: Joseph F. Creachan Lewis H. Bergman Henry Wright 0. Mackey, Jr. William Hillborn Russell P. Sudders Howard W. Mathis Kathryn M. J. C. Ommerle John S. Sulima following the of n The Board approves the designatio named employees of your bank as special assistant examiners for the purpose of participating in the examination of all State member banks and State banks applying for membership in your District, except the bank indicated immediately above their names: Bank excluded from authorization: Girard Trust Corn Exchange Bank, Philadelphia, Pennsylvania Henry Wright Lewis H. Bergman 12/11/53 -3- Bank excluded from authorization: The Pennsylvania Company for Banking and Trusts, Philadelphia, Pa. Joseph F. Creachan Russell P. Sudders Howard IL Hillborn William O. Mackey, Jr. John S. Sulima Bank excluded from authorization: Tradesmens Land Title Bank and Trust Company, Philadelphia, Pa. J. C. Ommerle Approved unanimously. Letter to Mr. Meyer, Vice President, Federal Reserve Bank of Chicago, reading as follows: In accordance with the request contained in your letter of December 4, 1953, the Board of Governors approves the payment of salary to Mike A. Ban, Engineer, effective December 1, 1953, at the rate of $5,895 per annum, which exceeds by $125 the maximum established for the grade in which his job is classified. Approved unanimously. Letter to Mr. Latham, Vice President, Federal Reserve Bank of Boston, reading as follows: Reference is made to your letter of December 22 1953, recommending that an extension of six months' time be granted the Norfolk County Trust Company, Brookline, Massachusetts, in which to establish a branch in East Milton, Massachusetts. The establishment of this branch was approved by the Board of Governors on April 102 1951, with the provision that it be established within six months from that date. However, at the request of the trust company, the time within which the branch could be established was extended from time to time until December 13, 1953. From the information submitted, it appears that the trust company has had considerable difficulty in providing quarters for this proposed branch, and the present 2I t 12/11/53 —a- plans for a location as well as a date for opening the branch are very uncertain. It is the Board's general policy to refrain from approving the establishment of branches which cannot be placed in operation within a period of six months, and deviations from such policy must be fully justified. In view of the uncertainty as to location and time of opening of this proposed branch in East Milton, the Board mould prefer to reconsider the case in the light of conditions existing when a decision has been reached with respect to a definite location for the branch and it is possible to estimate with some accuracy when the branch could be opened for business. Approved unanimously. Letter to Mr. Latham, Vice President, Federal Reserve Bank of Boston, reading as follows: Reference is made to your letter of December 3, 1953, transmitting the request of the Hadley- Falls Trust Company, Holyoke, Massachusetts, for approval of the retirement of 20500 shares of preferred stock at a cost of $250,000. The Board has given careful consideration to the condition of the trust company and concurs in your view that its present capital structure is weak and should not be reduced. Accordingly, the Board is un— willing to approve the proposed retirement of 2,500 shares of preferred stock by the Hadley Falls Trust Company. Approved unanimously. Letter to the Board of Directors, The Schenectady Trust Company, Schenectady, New York, reading as follows: Pursuant to your request submitted through the Federal Reserve Bank of New York, the Board of Gover— nors approves the establishment and operation of a branch by The Schenectady Trust Company at 1350 Gerling 12/11/53 -5- Street in the city of Schenectady, New York, provided the branch is established within six months from the date of this letter. Approved unanimously, for transmittal through the Federal Reserve Bank of New Yorko Letter to the Board of Directors, Girard Trust Corn Exchange Bank, Philadelphia, Pennsylvania, reading as follows: Pursuant to your request submitted through the Federal Reserve Bank of Philadelphia, the Board of Governors approves the establishment and operation of a branch by Girard Trust Corn Exchange Bank, Philadelphia, Pennsylvania, at 3711-15 Germantown Avenue, Philadelphia, Pennsylvania, provided (a) formal approval is obtained from the appropriate State authorities, (b) the proposed merger with the North Philadelphia Trust Company, Philadelphia, Pennsylvania, is effected substantially in accordance with the plan submitted, and (c) the branch is established within six months from the date of this letter. It is noted tnat by reason of this proposed merger, Girard Trust Corn Exchange Bank will acquire the powers and franchises of both banks and proposes to continue the very limited activities of North Philadelphia Trust Company in the title insurance field. The Board will not object to the exercise of this activity by your bank to the limited extent indicated, but it should be noted that any extension of the exercise of this authority may require the Board's permission under the condition of membership to which your bank is subject. Approved unanimously, for transmittal through the Federal Reserve Bank of Philadelphia. Letter to the Board of Directors, Beaver Trust Company, Beaver, Pennsylvania, reading as follows: Pursuant to your request, the Board of Governors approves the establishment of a branch at 181 Brighton 21( -6- 12/11/53 Avenue, Rochester, Pennsylvania, by the Beaver Trust Company, provided the merger of Beaver Trust Company with The First National Bank of Rochester, Rochester, Pennsylvania, is effected substantially in accordance with the plan submitted, formal approval is obtained from the State authorities, and the branch is established within six months of the date of this letter. Approved unanimously, for transmittal through the Federal Reserve Bank of Cleveland. Letter to the Board of Directors, The Roscommon State Bank, Roscommon, Michigan, stating that, subject to conditions of membership numbered 1 and 2 contained in the Board's Regulation Hs the Board approves the bank's application for membership in the Federal Federal Reserve System and for the appropriate amount of stock in the Reserve Bank of Chicago. The letter contained the following special Paragraph: The Board of Governors also approves the retention and operation of the branch at Houghton Lake, Michigan, and the branch at Mb, Michigan. Approved unanimously, for transmittal through the Federal Reserve Bank of Chicago.
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