The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1882 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, December 31, 1946. Mr. Ransom, Vice Chairman Mr. Draper Mr. Evans Mr. Sherman, Assistant Secretary Mr. Morrill, Special Adviser Mr. Thurston, Assistant to the Chairman As stated in the minutes of December 26, 1946, Mr. Vardaman Was absent on official business. Memorandum dated December 27, 1946, from Er. Thomas, Director of the Division of Research and Statistics, recommending that the resignation of Mrs. Berniece Thomasson, an economist in that Divi81on, be accepted to be effective, in accordance with her request, at the close of business December 28, 1946. Approved unanimously. Memorandum dated December 30, 1946, from Mr. Boothe, Assistant Director of the Division of Administrative Services, recommending that Mrs. Fannie L. Mock be appointed as an elevator oPerator in that Division, on a temporary indefinite basis, with basic salary at the rate of $1,690.00 per annum, effective as of the date upon which she enters upon the performance of her duties after having passed the usual physical examination. The memorandum also stated that it was contemplated that Mrs. Mock would became a member of the Federal Reserve retirement system. Approved unanimously. 1883 12/31/46 -2- Letter to Mr. Ralph L. Loomis, Newington, R. F. D. 1, Portsmouth, New Hampshire, reading as follows: "This is with further reference to your telegram of December 20, 1946, relative to the present restrictions on margin accounts. "As you know, the Board on January 21, 1946, adopted the rule that new purchases must be fully paid for in cash. In connection with such a rule the Board has been urged to reLluire licaddation of existing accounts both to support the cash rule and to be fair as between new and old buyers. The Board has considered it unnecessary to do this but at the same time has felt that it could not permit old margin accounts to continue to be used for trading purposes. "The regulations therefore have been so designed that old commitments can be maintained, but that if they are sold the proceeds shall be applied to a reduction of the debt. Any replacement would therefore have to be paid for in cash just as is the case in other purchases. This rule has the effect of Checking in-and-out trading and also gradually reducing the amount of credit outstanding. It also goes a considerable distance in putting all security purchasers on the same basis." Approved unanimously. Letter to the Presidents of all the Federal Reserve Banks, reading as follows: "As indicated in the Board's letter of August 27, 1946, the Federal Deposit Insurance Corporation some time ago suggested that its operations would be facilitated if there were a standardized procedure in all districts for reporting its activities in enforcing Regulation W. "Opinion was divided among the Federal Reserve Banks on the extent to which the Board should go in asking for reports. After considering the various suggestions made by the Reserve Banks, the Board worked out a plan with the Federal Deposit Insurance Corporation for a simple report form which would give the Reserve Banks and the Board some information on 1884 12/31/46 "what was happening, without causing the FDIC offices much additional work. These reports will be sent to the Reserve Banks monthly as outlined in General Memorandum No. 30 of the FDIC, of which a copy is attached. "In preparing your monthly report of enforcement activities on Form F.R. 639, we should like to have you Include that information you have received from the FDIC offices. In order that the reports can come forward promptly, you need not wait for the information Irom the FDIC for the month covered by the report but can include it when it becomes available." Approved unanimously. Letter to Mr. Davis, President of the Federal Reserve Bank of St. Louis, reading as follows: "Referring to your letter of December 18, 1946, the Board will interpose no objection to your undertaking the alterations to bank premises as outlined in your letter. It is understood that the approximate cost of these alterations will be $22,000." Approved unanimously. Assis an Vice Chairman. ecretary.
@FedFRASER