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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, December 3, 1947. PRESENT: Mr. Mr. Mr. Mr. Mr. Mr. Eccles, Chairman Szymczak Draper Evans Vardaman Clayton Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Peder ea Reserve System on December 2, 1947, were approved unanimously. Telegram prepared for Chairman Eccles' signature to Mr. Neely, Chairman of the Federal Reserve Bank of Atlanta, reading as follows: "The death of Governor Ransom has come to the members ?I the Board and its staff as a great shock. His passing le an irreparable loss not only to the Board of Governors and.the Federal Reserve System but also to the banks of the ! ! l tion in whose welfare he was intensely interested and to wilich he gave so fully of himself during the greater portion !)!* his adult life. He was a pillar in the Board and his deep tuncerity, his diplomacy, and unusual capacity for human : nde rstanding have made him very close to the Board and to 11 members of its staff. The individual members have exPl'essed their sympathy to Mrs. Ransom but it will be ap12!eciated if you will convey to her and the other members the family the feeling of bereavement that we all have ,,us. their great loss. Banking in this country has lost a ' 4 eader whom it will be impossible to replace." Approved unanimously. Memorandum dated December 2, 1947, from Mr. Thomas, Director or4.the r'ivision of Research and Statistics, recommending that the reaign ti 4--an of Miss Geraldine Loyd, a clerk-stenographer in that Di2 be accepted to be effective, in accordance with her request, 1.682 12/3/47 -2" 'the close of business December 12, 1947, with the understanding that a lumP sum payment would be made for annual leave remaining to her credit as of that date. Approved unanimously. Memorandum dated November 26, 1947, from Mr. Bethea, Director Of tale n -ivision of Administrative Services, recommending the appoint- Merit of Miss Mildred Louise Preble as Assistant Supervisor of the akfet ri e--a in that Division, on a temporary indefinite basis, with basic 'pc-Lary at the rate of $2,243.52 per annum, effective as of the date upon which she enters upon the performance of her duties "tar' having passed the usual physical examination. The memorandum 1145 stated that it was contemplated that Miss Preble would become a. nieraber of the Federal Reserve retirement system. Approved unanimously. Letter to Mr. Wayne, Vice President of the Federal Reserve 11411k Of Richmond, reading as follows: "In accordance with the request contained in your letter of November 25, 1947, the Board approves the .! c !signation of Samuel A. Derieux as a special assisexaminer for the Federal Reserve Bank of Richmond." Approved unanimously. Letter to Mr. Avery, Federal Reserve Agent of the Federal Reaet.re Bank of Chicago, reading as follows: me "In accordance with the request contained in Mr. e 3terts letter of November 21, 1947, the Board of Gov°'S approves the payment of salaries to the following 1683 12/3/47 -3"members of the Federal Reserve Agent's staff at the rates indicated, effective December 1, 1947: Name Annual Salau Title Head Office Charles J. Scanlon $6,000 Alternate Assistant Federal Reqerve Agent Carl Schelling 5,500 Assistant Federal Reserve Agent Detroit Branch August J. Pettke 5,100 Federal Reserve Agent's Representative Everett D. Jones 4,700" Federal Reserve Agent's Representative Approved unanimously. Letter to Mr. Sheehan, Chief Examiner of the Federal Reserve lak of New York, reading as follows: "Reference is made to your letter of November 251 1947, the request of the Federal Trust Comoany, Newark, Newp,!14 Jersey, for approval of an additional investment of .1,000 in banking premises expended in acquiring a parcel i vacant land adjoining the bank's main office premises. a e bank advises this acquisition was important to insure „means of entrance for the maintenance of its bank build9.s a protection for light and air, and for possible uture expansion. Gov "In accordance with your recommendation, the Board of ernors approves the additional investment of $21,000 in king uarl premises by the Federal Trust Company." g Approved unanimously. Letter to Mr. McCreedy, Vice President of the Federal Reserve 4.11k °f Philadelphia, reading as follows: th "This refers to your letter of November 25 regarding 0 e Penalty of $438.05 incurred by The Wilmington Trust inanY1 Wilmington, Delaware, as a result of a deficiency -4 its reserves for the period ended October 31. pe "It is noted that the deficiency was less than two stl ;cent of requirements, that it resulted from a misunderti nding on the part of the member bank as to the applica°11 cf reserve balances against requirements over the 1684 12/3/47 "Weekend, and that the member bank had not previously been deficient since November 1945. "In the circumstances, the Board authorizes your Bank not to make the assessment." Approved unanimously. Letter to Mr. Volberg, Vice President of the Federal Reserve Batik of San Francisco, reading as follows: "In view of the recommendation contained in your letter of November 19, 1947, the Board of Governors apoves the establishment and operation of a branch in 'Ikc, Nevada, by the Nevada Bank of Commerce, Reno, Nevada, in connection with the removal of the head office of the member bank from Elko to Reno which was effected September 20, 1947. by is understood that approval of the transaction the appropriate State authorities has been obtained and that Counsel for the Reserve Bank has satisfied himself as to the legality of all steps taken to effect re' ya of the head office to Reno and establish the branch in Elko except for the required approval of the Board of Governors contained herein." Approved unanimously. APProved: Chairman.
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