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Minutes of actions taken by the Board of Governors of the Fed— eral Reserve System on Thursday, December 16, 1954. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Szymczak, Acting Chairman Mills Robertson Balderston Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary There was presented a request from Mr. Noyes, Assistant Director, Division of Research and Statistics, for authority to travel to New York, New York, on December 16, 1954, to attend a conference on the housing mar— ket at Housing Securities, Inc. Approved unanimously. The following matters, which had been circulated among the members of the Board, were presented for consideration and action taken as indi— cated: Memoranda from appropriate individuals concerned recommending Personnel actions with respect to members of the Boardts staff as follows: APPointment, effective upon the ..„,...slate of assuming duties 1.1 r21.1pd title Michael W. Flynn, Assistant Federal Reserve Examiner Division Examinations Basic annual salary $5,060 -.41-ZrZincreases, effective December 19,, 1954 4212. and title Division Basic annual salary From To International Finance Robert Solomon, Economist $7,440 $8,360 1875 12/16/54 Salarz_increases —2— effective December 19 1954 (continued) Basic annual Name and title Division From To Administrative Services $22910 Martha Jane Fink, Operator, Key Punch $3,030 Extension of temporag. aypointment Rebie A. Windsor, Elevator Operator, Division of Administrative Services. To be extended for an additional period of not to exceed six months from the expiration of present appointment, with no change in Present basic salary at the rate of $2,560 per annum. Etension of leave of absence Shirley S. Corbin, Elevator Operator, Division of Administrative Services. Additional leave of absence without pay for the period January 1 through August 31, 1955. Approved unanimously° Memorandum dated December 6, 1954, from Mr. Carpenter, Secretary of the Board, recommending that the Board designate the position of the Chief 0,- the Records Section as sensitive and that a full field investigation of the occupant of the position, Miss E. Betz Poeppel, be conducted° Approved unanimously. Letters to Mr. Diercks, Vice President, Federal Reserve Bank of Chicago, reading as follows: Reference is made to your letter of December 9, 195h, with respect to the request of the Wayne Bank, Wayne, Michigan, for an extension of time in which to accomplish its member— ship in the Federal Reserve System. Based upon the information submitted and your favorable recommendation, the Board of Governors extends to January 102 1955, the time within which the Wayne Bank may accomplish membership in the Federal Reserve System as provided in our letter of December 1, 1951t. 1876 12/16/54 -3- Reference is made to your letter of December 7, 1954, regarding the request of the Old Kent Bank, Grand Rapids, Michigan, for an extension of time within which to establish a branch at 2209 Plainfield Avenue, N. E., in the City of Grand Rapids. After consideration of the information submitted and your favorable recommendation, the Board extends to March 1, 1955, the time within which the Old Kent Bank may establish the above branch, which was originally approved in the Board's letter of March 24, 1954. Approved unanimously. Letter to the Board of Directors, The Citizens Bank of Arcade, Arcade, New York, reading as follows: Pursuant to your request, submitted through the Federal Reserve Bank of New Yorks, the Board of Governors hereby gives its written consent under the provisions of section 18(c) of the Federal Deposit Insurance Act to the absorption of The Silver Springs National Bank, Silver Springs, New York, by The Citizens Bank of Arcade, Arcade, New York, and approves the establishment by the latter bank of a branch at the present location of the national bank (17 North Main Street, Silver Springs, New York), provided the absorption is carried out sub— stantially in accordance with the agreement between the parties dated October 22, 1954, and is effected within six months from the date of this letter. Approved unanimously, for transmittal through the Federal Reserve Bank of New York. Letter for the signature of the Chairman to Mr. James C. Scarboro, Secretary, Colorado Bankers Association, 618 Railway Exchange Building, Denver, Colorado, reading as follows: The Board of Governors is pleased to have your letter of December 6 in which you advise of the organization of "The Secretaries Research League" composed of the officers of the bankers associations throughout the country for the major purpose of study and research into the competitive aspects of commercial banking and mutual savings and cooperative organ— izations. The Board is also pleased to know that you are in— terested in bringing to the Federal bank supervisory agencies a thorough understanding of what the new group is and what it is attempting to do. 1877 1213.6/511 -14- In accordance with your suggestion to that end, a member of the Board and appropriate members of the staff will be glad to meet with the group at 2:30 p.m. on January 14, 1955. The other members of the Board whose programs will permit will also meet with you. It will be helpful if prior to January 14 you would send us the names and connections of the representatives of the group who will be here at that time. Following a discussion, during which the draft was changed to delete the name of a Board member who would meet with the group, the letter was approved in the form set forth above. Memorandum dated December 9, 1954, from Mr. Sloan, Director, Division of Examinations, recommending that the Board approve the holding of the annual conference of representatives of the Bank Examin— ation Departments of the Federal Reserve Banks, tentatively scheduled to be held in Washington on March 7 and 8, 1955; and of a System con— ference of trust examiners, tentatively scheduled to be held on Feb— ruary 10 and 17 in New York immediately following the Mid—Winter 'rust Conference of the American Bankers Association. Approved unanimously. Telegram to Mr. Harris, Federal Reserve Agent, Federal Reserve Bank of Atlanta, authorizing him to issue a limited voting permit under the provisions of section 51144 of the Revised Statutes of the United States, to The Citizens and Southern National Bank, Savannah, Georgia, entitling such organization to vote the stock which it owns or controls of The First National Bank of Newnan, Newnan, Georgia, at any time prior to April 1, 3_955, to act upon a proposal to convert such bank to a bank °rganized under the laws of the State of Georgia. Approved unanimously. In connection with the presentation of Board personnel matters, question was raised as to whether all members of the Boardts organization were required to have an annual chest x—ray and, if not, whether it would be desirable to require that such an examination be taken. It mas under— stood that the staff would look into this question and report to the Board. 1878 12/16/54' Minutes of actions taken by the Board of Governors of the Federal Reserve System on December 14, 1954, were approved unanimously. The meeting then adjourned.
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