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.118N Minutes of actions taken by the Board of Governors of the Federal Reserve System on Thursday, December 18, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the l'ederal Reserve System on December 17, 1947, were approved unaniMousiy. Memorandum dated December 15, 1947, from Mr. Carpenter rec°tanlending that the appointments of the following employees, all file clerks in the Office of the Secretary, be changed from temporary to Permanent, effective as of the date of the expiration of their tempo'14rY aPpointments as shown opposite their names: Date of Expiration Name Margaret J. Moister t!e.. Pearl G. Farrington k,ornelia A. Bates •Elsie Q. Davis .eanette E. Devlin January 6, 1948 14, 1948 January January 23, 1948 3, 1948 February February 17, 1948 Approved unanimously. Memorandum dated December 15, 1947, from Mr. Bethea, Director Of the Division of Administrative Services, recommending that increases In the basic annual salaries of the following employees in that Division 1789 12/18/47 -2- be aPproved, effective December 28, 1947. The memorandum also rec- 01111ended that the temporary indefinite appointment of George Psomos, a cafeteria helper in that Division, be made permanent effective becember 28, 1947: Name Designation Stanley J. Bloch Walter L. PeregorY Flora J. Griffith Nelson S. Dyson William Gardner Anna E. Imhoff George Psomos Foreman Opr. (Dup.Devices) Operator (Dup. Devices) Chief Telephone Operator Operator (Dup. Devices) Chauffeur Cafeteria Helper Cafeteria Helper Salary Increase From To $3,522.60 $3,648.00 3,021.00 3,146.40 2,770.20 2,694.96 2,619.72 2,544.48 2,243.52 2,318.76 1,822.00 1,888.00 1,822.00 1,888.00 Approved unanimously. Letter to Mr. Shepard, Federal Reserve Agent at the Federal Ileserve Bank of Minneapolis, reading as follows: "Pursuant to the request contained in Mr. Powell's letter of December 15, 1947, the Board approves the payment of salaries to the following employees at the rates indicated which are the rates proposed in Mr. Powell's letter: Name C. E. Tillander W. S. Ferrian John Johnson Title Chief Examiner and Assistant Federal Reserve Agent Review Clerk and Alternate Assistant Federal Reserve Agent Head of Collection Dept. and Alternate Assistant Federal Reserve Agent Salary $6600 4850 4500 "Except for Mr. Johnson's salary, which is to be effective December 1, 1947, these salaries are to be effective December 16, 1947." Approved unanimously. 12/18/47 _3... Letter to "Bank of America National Trust and Savings Associa— San Francisco 20, California, reading as follows: "This refers to the letter of December 9, 1947, from Vice President and Cashier Everard of your bank requesting an extension of the time within which you may establish and Open for business a branch at Shanghai, China. "The Board of Governors of the Federal Reserve System granted its permission on June 28, 1946, for the establish— ment of such branch provided it was established and opened for business on or before July 1, 1947. By its letter of June 20) 1947, such time was extended to January 1, 1948. "The Board of Governors of the Federal Reserve System extends to July 1, 1948, the time within which Bank of America National Trust and Savings Association may estab— lish and open for business a branch at Shanghai, China, in accordance with the provisions of its order of June 28, 1946." Approved unanimously, for transmission through the Federal Reserve Bank of San Francisco. Letter to Mr. James A. Treanor, Jr., Director, Trading and Fi cchanz-L.e Division, Securities and Exchange Commission, 18th and Locust Streets, Philadelphia, Pennsylvania, reading as follows: "The National Association of Securities Dealers, Inc., through Mr. Wallace H. Fulton, Executive Director, has recom— mended that Regulation T) section 4(c), be amended so as to extend from seven calendar days to seven full business days the standard time within which settlement must be made for a 'bona fide cash transaction' in a special cash account. Copies of Mr. Fulton's letter and supporting memorandum are enclosed for your information. "We shall appreciate having your views as to the desir— ability of adopting such an amendment at this time. As a basis for discussion, we are enclosing a tentative draft of an amendment which might be used if the recommendation were adopted." Approved unanimously. 1791 12/18/47 -4- Telegram to Mr. Knoke, Vice President of the Federal Reserve Bank of New York, reading as follows: "Your letter December 11. Board approves the opening of an account on your books in the name of the Austrian National Bank subject to the usual terms and conditions Upon which your Bank maintains accounts for foreign central banks." Approved unanimously. Chairman.
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