The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
2241 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, December 29, 1952. The Board met in the Board Room at 10:00 a.m. PRESENT: Mr. Mr. Mr. Mr. Mr. Szymczak, Acting Chairman Evans Vardaman Mills Robertson Mr, Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Mr. Allen, Director, Division of Personnel Administration Governor Szymczak said that he had had a telephone conversation before this meeting with Chairman Martin, who was in New York, that Chair41a 1 Martin referred to the selection of Mr. Stevens, Chairman and Federal Reserve Agent at the Federal Reserve Bank of New York, by Presidentelect Eisenhower to be Secretary of the Army, and that Chairman Martin thought it would be desirable for the Board to agree upon a successor to Stevens, who was expected to resign as Class C director soon after the middle of January. Governor Szymczak notea that Mr. W. Randolph illirgees, who had been elected as a Class A director of the New York Bank begtaning January 1, 1953, and Mr. Marion B. Folsom, a Class B director, been selected for Positions with the Treasury Department, and stated til't Chairman Martin would like to have an expression of the Board's views Iiith respect to Mr. Irving S. Olds, former Chairman of the Board of United Stetee Steel Corporation, and Mr. Jay E. Crane, Vice President and Director °r the Standard 01.1 Company (New Jersey), who is now serving as a Class B 12/29/52 -2- d1rector of the New York Reserve Bank, as possible successor to Mr. Stevens as a Class C director and Chairman of the Bank. There followed a discussion during which reference was made to Mr. Crane's previous service as an officer of the Federal Reserve Bank Of New York, and of the value his experience might have in serving as C hairman of the Bank. For this reason and also because Mr. Crane was 4bout five years younger than Mr. Olds, who would be 66 years of age in jalluary 1953, the members of the Board present indicated a preference for Mr. Crane. Governor Vardaman suggested that Mr. Allen review the files for any references to previous discussions by the Board ccncernillg Mr. Olds so that Covernor Szymczak might have that information availalle before he talked with Chairman Martin again. It was also ellggssted that Mr. Allen furnish information to Governor Szymczak concerning the number of Class C directors of Federal Reserve Banks who are affiliated with the oil industry. At the conclusion of the discussion, it was agreed unanimously that Governor Szymczak would transmit to Chairman Martin the views expressed at this meeting and state to him that the other members of the Board would be willing to approve the appointment of either Mr. Crane or Mr. Olds to succeed Mr. Stevens. Governor Szymczak then read two telegrams dated December 26, 1952, *°131 Mr. Young, President of the Federal Reserve Bank of Chicago, sent at c, v.vi.,1 12/29/52 the request of Mr. Lunding„ Chairman of the Chicago Bank. The first telegram, prepared in response to the Board's telegram of December 23, 1952, stated that Mr. Meyer Kestnbaum, President of Hart, Schaffner & Marx, Chicago, Illinois, would be unable to accept appointment as a Class C director of the Chicago Bank for the remainder of the term ending December 31, 1954, presently occupied by Mr. Lunding, because of certain Other commitments, while the second telegram suggested for appointment t4 Place of Mr. Kesthbaum either Mr. Gaylord Donnelley, Executive Vice ?resident of R. R. Donnelley and Sons Company, Chicago, or Mr. Robert L. Milligan, Executive Vice President of Pure Oil Company, Chicago. During a brief discussion, it was understood that further consideration of the appointment of a Class C director to succeed Mr. 411cling would be given after additional information concerning Messrs. Iktlirtelley and Milligan and perhaps other individuals had been furnished the members of the Board. Reference was made to a statement which had been handed to the itterabers of the Board by Mr. Carpenter, Secretary of the Board, suggesting te7i510n of the procedures followed in functioning personnel actions arreeting members of the staff of the Board and the Federal Reserve Banks. There was a brief discussion of the suggested procedures and it 141 ' 8 tuaderstood that the matter would be discussed further in executive 12/29/52 -4- In this connection, Governor Robertson called attention to the delay involved in the current procedure for approving appointments of "aminers and assistant examiners and designations of special examiners and special assistant examiners at the Federal Reserve Banks. He said that the staff had made arrangements to process the requests from the Reserve Banks promptly, and he suggested that it would further expedite action if one member of the Board were authorized to approve such apPointments and designations on behalf of the Board. Governor Robertson eaid that he had discussed the matter with Chairman Martin, who was agreeto the suggested procedure. Following discussioL, the Secretary was authorized by unAnimous vote to enter in the minutes approvals of appointments of examiners and assistant examiners and designations of special examiners and special assistant examiners at the Federal Reserve B,Anks, when approved by Governor Robertson, with the understanding that a report would be submitted to all of the members of the Board monthly showing the appointments and designations approved during the preceding month. At this point Mr. Allen withdrew from the meeting and the following additional actions were taken by the Board: Minutes of actions taken by the Board of Governors of the Federal Reserve System on December 24, 1952, were approved unanimously. Telegram to Mr. Phil H. Lowery, Lowery Hereford Ranch, Loco, °klahoma, prepared pursuant to action taken at the meeting of the Board 4/-1,4 12/29/52 ,4 -5- en December 24, 1952, and reading as follows: "Board of Governors of the Federal Reserve System has appointed you director of Oklahoma City Branch of the Federal Reserve Bank of Kansas City for two-year term beginning Jenuary 1, 1953, and will be pleased to have your acceptance by collect telegram. 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 Reser-ie. Bank of Kansas City." Approved unanimously. Letter to Mr. Hill, Vice President, Federal Reserve Bank of ?hiladelphia, reading as follows: "In accordance with the request contained in your letter of December 16, 1952, all authorizations heretofore given to your bank to designate various employees of the Federal Reserve Bank of Philadelphia as special assistant examiners in order that their services might be available to assist your regular examining staff are hereby canceled; and the Board approves the designation of the following named employees of the Federal Reserve Bunk of Philadelphia as special assistant examiners for the purpose of participating in the examination of State member banks and E'tate banks applying for membership: A. Y. McGowan Bank Examination Accounting Vincent J. Moran Cooper Betty Jules Coan Norman C. Morris Endres Evelyn Wm. H. Crozier, Jr. J. C. °merle Jahn V. Eleanor Albert N. Curley Wm. F. Ray, Jr. Kline Norma B. Samuel G. Forte Leonetti Victor T. Sjostrom Thomas F. Maguire Mary E. MacCart Audrey Chas. V. Wenner Edward T. Sloan John L. Ackroyd, Jr. M. Kathryn Mathis Henry Wright Harry J. Donnelly Audrey Vogel E. Thomas Hannam Jane Wilson Norman E. Simpson Robert E. Wilson r- 4.246 12/29/52 -6- Bank Relations "Audit John W. Boyer G. Halvor Bockman Herbert P. McAdams Wm. F. Boehner, Jr. Raymond W. Yarroll Edmund Cole Stanley J. Grigalunas Cash James A. Agnew, Jr Edward R. Keane Francis J. Aitkin A. Lamont Magee Arthur J. Bartels Raymond M. Moore Francis A. Brennen J. Donald Murray Herbert Denish Edwin J. Poplawski John J. Kiefer Elmer J. Rea Robert E. McCarthy Earle M. Snader Personnel Guido J. Viglione David Noonan Paul E. Kim, Jr. Olga B. Matuck Post Office Hugh S. Campbell Edith M. Salkeld Walter E. Chatham Vault Joseph A. Dahms Clarence H. Brehm Irwin V. Dutton John J. Brenner, Jr. Robert Wharton Clement James A. Gordon Albert F. Preston John J. Davis Wm. W. Schwinhart A. Elmer Harvey Research & Statistics Edward W. Kemps Bunting, John R. Jr. Wm. J. St. Clair Moody M. Marjorie Daniel J. Scanlan Wm. C. Woessner Executive Training Program Gerald E. Bachman Charles Baker Fred R. Davis Charles G. Hankins Charles H. Sulzberger, Jr. U. S. Savings Bond Dept. Govt. Bond & Custody Elwood Apple Walter C. Benz Jos. E. P. Bonsall Francis J. Brutschea H. Leland Clifford John T. Callaghan George C. Haag Alexander C. Carberry Charles A. Koch Lawrence Dash Gustav A. Kress Alexander dePutron William Lynn Erwin T. Flynn Joseph Mullen George W. Gray Oliver H. Otto Richard Hallahan Andrew R. Smith Raymond Leek Credit-Discount Lewis H. Bergman Jay M. Daniels P. H. Delphey, Jr. A. J. Spencer, Jr. Russell P. Sudders Joseph F. Creachan Dept. of Collection Edward G. Beck J. Elmer Boos Joseph A. Costello William Crozier Warren Y. Eberlein Howard W. Hillborn Edgar W. Holloway Quintin G. Kerlin Paul E. Kimn Wm. 0. Mackey, Jr. Joseph A. Maloy Warren R. Moll George Moore, Jr. John T. Redington Wilbur H. Reimer John G. Roesch Joseph A. Santry Wm. R. Shipley James R. Traynor Selective Credit Walter J. Brobyn Machine Tabulating Edw. Fitzpatrick John J. Jones, Jr. James F. Logan 22't7 12/29/52 "u. -7- Govt. Bond & Custody S. Savings Bond Dept. Pomendale Walter J. Steinman, Jr. R. Eugene Samuel Linton E. Springer,Jr. Ralph Jr. Rickert, A. Henry John J. Lowery James H. Wallace Sauers J. Samuel MacDonald Harold C. Smithson William Margolf Ihrry K. John S. Sultma Leonard McCann Walder William McKinley Anthony J. Watson B. Edward Meyer Jules R. Rebic E. Joseph John A. Muntz John W. Murray "The Board also approves the designation of the following 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 Chas. V. Austin Gladys S. Lane Clarence B. King John D. Moran Jack A. Bernstein Bank excluded from authorization: The Penna. Company for BaTaking & Trusts, Philadelphia, Pennsylvania Harry E. Horn Dorothy M. Stott John R. Kauffman Gilbert S. Bayne Cyril J. Bowman Matthew J. Herion, Jr. Francis McGirney Bank excluded from authorization: Real Estate Trust Co. of Philadelphia Philadel hia Pennsylvania Fabian 0. Cortez James H. Muntz Emerson M. Seward Cyril J. Bowman Robert Shaw Thomas A. Kenny James P. McNamee Bank excluded from authorization: Philadelphia, Pennsylvania Fidelity-PhiladelphiaIEHEL_Eom a Daniel A. Brophy, Jr. J. Norman McDowell 4")0 12/29/52 -8- "Bank excluded from authorization: Camden Trust Company, Camdenz. New Jersey Robert Shaw" Approved unanimously. Letter to Mr. Denmark, Vice President, Federal Reserve Bank of Atlanta, reading as follows: "This refers to your letter of December 9 submitting With your favorable recommendation the request of Alabama City Bank of Gadsden, Alabama, for permission to act as trustee of its own profit sharing plan known as 'Alabama City Bank Employee's Profit Sharing Retirement Plan and Trust Agreement'. It is noted that it is not the desire Of the bank to exercise general trust powers and that the authority requested is solely to permit the bank to act in the specific instance described. "In view of the Reserve Bank's recommendation and the information submitted, the Board of Governors of the Federal Reserve System grants the applicant permission, under the provisions of its condition of membership numbered 1, to act as trustee in the matter above described with the understanding that it will not acquire any other fiduciary business without first obtaining the permission of the Board. Please advise the member bank accordingly. Approved unanimously. Letter to the Board of Directors of the Compton Commercial alld Savings Rank, Compton, California, stating that, subject to con(litions of membership numbered 1 and 2 contained in the Board's Regulati°n H, the Board approves the bank's application for membership 1:4 the Federal Reserve System and for the appropriate amount of stock 14 the Federal Reserve Bank of San Francisco. The letter also con- tallied the following paragraph: 2249 12/29/52 -9- "The Board of Governors also approves the establishment and operation of a branch at Redondo Beach, California, by Compton Commercial and Savings Bank upon compliance with the conditions prescribed in connection therewith by the Superintendent of Banks of California, and provided the branch is established within six months of the date of this letter." Approved unanimously, for transmittal through the Federal Reserve Bank of San Francisco. Letter to Mr. Millard, Vice President, Federal Reserve Bank of San Francisco, reading as follows: "In view of your recommendation and the information contained in your letter of December 19, 1952, the Board of Governors further extends until May 8, 1953, the time within which Security Trust & Savings Bank of San Diego, San Diego, California, may establish a branch at Imperial Beach, California, under authority granted in the Board's letter of May 16, 1952, provided a like extension of time is granted by the State authorities." Approved unanimously. Assista Secretary
@FedFRASER