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Minutes of actions taken by the Board of Governors of the met Federal Reserve System on Thursday, December 32 1953. The Board in the Board Room at 10:00 a.m. PRESENT: Mr. Szymczak, Acting Chairman Mr. Evans Mr. Vardaman Mr. Robertson Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Mr. Riefler, Assistant to the Chairman Mr. Young, Director, Division of Research and Statistics Mr. Youngdahl, Assistant Director, Division of Research and Statistics GovernThere was an informal discussion of developments in the ent of the ment securities market and problems involved in the managem n Martin System Open Market Account during the course of which Chairma and Mr. Thurston, Assistant to the Board, joined the meeting. Following this discussion, Governor Robertson referred to the proposed acquisiaction taken at the meeting yesterday concerning the York, by tion of control of The Union National Bank of Troy, Troy, New Governor Robertson Marine Midland Corporation, Jersey City, New Jersey. that the transreported having been advised subsequent to the meeting unwillingness of the stockaction would not be consummated because of the to the Marine Midland holders of the national bank to sell their holdings group. The meeting then adjourned. During the day the following additional actions were taken by the Board with all of the members except Governor Mills present: 206 12/3/53 Minutes of actions taken by the Board of Governors of the Federal Reserve System on December 2, 1953, were approved unanimously. Telegram to Mr. Adolph Well, Sr., President, Weil Brothers-Cotton, Inc., Montgomery, Alabama, prepared pursuant to action taken at the meeting on November 30, 1953, and reading as follows: Board of Governors of the Federal Reserve System has appointed you director of the Birmingham Branch of the Federal Reserve Bank of Atlanta for three-year term beginning January 1) 1954, 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 Reserve Bank of Atlanta. Board will issue later a press statement on appointments of directors at all Federal Reserve Banks and Branches. Would be appreciated if any announcement of your appointment could be deferred until release of Boardfs statement. Approved unanimously. Telegram to Mr. Frank B. Ward, Dean, College of Business Add ministration, University of Tennessee, Knoxville, Tennessee, prepare pursuant to action taken at the meeting on November 30, 1953, and reading as follows: Board of Governors of the Federal Reserve System has appointed you director of the Nashville Branch of the Federal Reserve Bank of Atlanta for three-year term beginning January 1$ 1954, 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 -3- 12/3/53 will your appointment, it will be appreciated if you the of ors Direct of Board the advise the Chairman of a. Federal Reserve Bank of Atlant Board will issue later a press statement on appointments of directors at all Federal Reserve Banks ceand Branches. Would be appreciated if any announ reuntil ed deferr ment of your appointment could be lease of Board statement. Approved unanimously. prepared purTelegram to Mr. E. E. Wild, Midland, Louisiana, suant to action taken at the meeting on November 30, 1953, and reading as follows: Board of Governors of the Federal Reserve System Branch has appointed you director of the New Orleans year threefor a of the Federal Reserve Bank of Atlant d to please be term beginning January 1, 1954, and will have your acceptance by collect telegram. It is understood that you are not a director of a Should bank and do not hold public or political office. tenure the your situation in these respects change during will you if of your appointment, it will be appreciated the of ors advise the Chairman of the Board of Direct Federal Reserve Bank of Atlanta. tBoard will issue later a press statement on appoin and Branches° ments of directors at all Federal Reserve Banks tment appoin Would be appreciated if any announcement of your could be deferred until release of Board's statement° Approved unanimously. n Telegram to Mr. Clarence R. Zarfoss„ Vice President, Wester to action taken Maryland Railway, Baltimore, Maryland, prepared pursuant at the meeting on November 30, 1953, and reading as follows: Board of Governors of the Federal Reserve System has appointed you director of the Baltimore Branch of the Federal Reserve Bank of Richmond, effective January 1, 1954, for unexpired portion of term ending December 31, 1954, and will be pleased to have your 12/3/53 -4- 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 mill advise the Chairman of the Board of Directors of the Federal Reserve Bank of Richmond. Board will issue later a press statement on appoint— ments of directors at all Federal Reserve Banks and Branches. Would be appreciated if any announcement of your appointment could be deferred until release of Board's statement. Approved unanimously.
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