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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Friday, December 21, 1951. PRESENT: Mr. Martin, Chairman Mr. Szymczak Mr. Evans Mr. Vardaman Mr. Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve System on December 20, 1951, were approved unanimously. Telegrams to the Federal Reserve Banks of New York, Philadelphia, St. Louis, and San Francisco stating that the Board approves the establishment without change by the Federal Reserve Banks of St. Louis and San Francisco on December 18, and by the Federal Reserve Banks of New York and Philadelphia on December 20, 1951, of the rates of discount and purchase in their existing schedules. Approved unanimously. Memorandum dated December 20, 19510 from the Division of Bank Operations, submitting requests from the Federal Reserve Banks for authority to pay the regular semiannual dividend at the end of 1951 and to make certain charge-offs or other year-end adjustments. Recommendations contained in the memorandum with respect to the requests of the Federal Reserve Banks were approved unanimously as follows: 12/21/51 -2- 1. Each Reserve Bank was authorized to pay the regular semiannual dividend on December 31, 1951, estimated to amount to a total for the twelve Banks of $720172000; 2. The Federal Reserve Bank of Boston was authorized to transfer from current net earnings $302000 as an addition to its special reserve for repairs and improvements, and to charge off approximately $492000 paid to architects in connection with work omitted from the current building project; 3. The Federal Reserve Bank of Cleveland was authorized to charge off approximately $52000 representing architects' fees for plans to lower the ceiling in the officers' quarters at the Cincinnati Branch, which work was indefinitely postponed; 4. The Federal Reserve Bank of Richmond was authorized to charge off $92000 representing architects, fees for plans for postponed improvements at the Baltimore Branch. Memorandum dated December 12s 1951, from Mr. Sloan, Directors Division of Examinations, recommending that, effective as of the date upon which he enters upon the performance of his duties after having passed the usual physical examination, William Ray Mernah, Jr., be appointed as an Assistant Federal Reserve Examiner, on a temporary-indefinite basis, with basic salary at the rate of $30410 Per annum, and with official headquarters at Little Rock, Arkansas. By unanimous vote, Ur. William Ray Mernah, Jr., was appointed an Examiner to examine Federal Reserve Banks, member banks of the Federal Reserve System, and corporations operating under tho provisions of Sections 25 and 25(a) of the Federal Reserve Act, for all purposes of the Federal Reserve Act and of all other Acts of Congress pertaining to examinations made by,fOr, or under the direction of the Board of Governors of the g,grt, 12/21/51 _3_ Federal Reserve System, and was designated as an Assistant Federal Reserve Examiner, on a temporaryindefinite basis, with official headquarters at Little Rock, Arkansas, and with basic salary at the rate of $3,410 per annum, all effective as of the date upon which he enters upon the performance of his duties after having passed the usual physical examination. Memorandum dated December 17, 1951, from Mr. Marget, Director, Division of International Finance, recommending that the resignation of Frank H. Golay, Economist in that Division, be accepted to be effective, in accordance with his request, January 61 1952. Approved unanimously. Memorandum dated December 18, 1951, from Mr. Kelleher, Assistant Director, Division of Administrative Services, stating that Ellery W. Baker, Correspondence Clerk in that Division, who is a member of the Civil Service Retirement System, has applied for retirement, effective April 30, 1952. Noted. Letter to Mr. Frederick M. Davenport, Chairman, Federal Personnel Council, United States Civil Service Commission, 1626 K Street, N. W., Washington, D. C., reading as follows: "Your letter of December 18, 19510 addressed to Chairman Martin has been referred to me for reply. "Mr. Dwight L. Alleno Director, Division of Personnel Administration, has been designated as the Board's representative to the Federal Personnel Council, 4 41")el(3, , 1"-( 12/21/51 -4- "and Mr. H. Franklin Sprecher, Jr., Assistant Director, Division of Personnel Administration, has been designated as the alternate representative." Approved unanimously. Letter to Mr. Diercks, Vice President, Federal Reserve Bank of Chicago, reading as follows: "In accordance with the request contained in your letter of December 180 1951, the Board approves the designation of Lester Gohr as a special assistant examiner for the Federal Reserve Bank of Chicago. "We have deleted the name of Russel A. Swaney from the list of special assistant examiners for your bank." Approved unanimously. Telegram to Mr. Knoke, Vice President, Federal Reserve Bank of New York, reading as follows: "Your wire December 20. Board approves the opening and maintenance of an account on your books in the name of De Nederlandsche Bank Nj., for purposes stated in your wire, subject to the usual terms and conditions upon which your Bank maintains accounts for foreign central banks and governments. "It is understood that you will in due course offer participation in this account to the other Federal Reserve Banks." Approved unanimously.
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