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1 95 Minutes of actions taken by the Board of Governors of the ?ed eral Reserve System on Wednesday, December 6, 1950. PREaNT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Szymczak Vardaman Norton Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Miliutes e of actions taken by the Board of Governors of the R eserve System on December 5, 1950, were approved unanimously. Me Morandum dated December 5, 1950, from Mr. Bethea, Director or the Division of Administrative Services, recommending the appoint411t of kiss Noreen Regina Manion as a page in that Division, with 1141c 4.4ry at the rate of $2,200 per annum, effective as of the 4t1-113011 which she enters upon the performance of her duties after 111114g Passed the usual physical examination and subject to a 4tthrttetory jAvestigation of Miss Hanlon's references. Approved unanimously. Let+ -uer. to osv york, Mr. Clarke, Secretary of the Federal Reserve Bank reading as follows: 1) 1sZ,his 'will acknowledge your letter of December of alr, advising that an additional one-month leave gletes8ellce has been granted to Mr. Philip J. W. 111 : 0 14er, economist in the Research Department, that he may complete his work in connection 11101,;"e study and report upon the economic condition tEtrojue• which is being sponsored by the International thet ir.°1. Reconstruction and Development. It is noted has b:"1.8 extension of Mr. Glaessner's assignment fiaaci :en discussed by representatives of your Bank he Board at the staff level. 52 12/680 ti "The matter has been brought to the atten°4 of the Board and noted without objection." Approved unanimously. Letter to Mr. Lunding, Federal Reserve Agent of the ?to AerEa. R °serve Bank of Chicago, reading as follows: 1411,.In accordance with the request contained BoZ. Meyer's letter of December 1, 1950, the of Governors approves, effective December IL-"Y50, the payment of salaries to the followers of the Federal Reserve Agent's staff rates indicated: . Annual t Name Title Salary .'148t J. Pettke Federal Reserve 5 7 Representative Agent's 4erett DJones Federal Reserve Agent's Representative Approved unanimously. tette_ r to Mr. Armistead, Vice President of the Federal liteerve 1414111& of Richmond, reading as follows: Nov .,Ilieference is made to Mr. Wayne's letter of peo ' Illoer 24, 1950 submitting the request of the Nort, le !Savings Bank & Trust Company, Wilmington, ot;Zk;erolina for approval under Section 24A. IreZ Pederall Reserve Act of an additional inPro:I:It of approximately $65,000, for the beziTeed Purchase of real estate adjoining its the :11g. house for use as a parking lot and for 4-4st allation of drive-in teller's windows. 84r0:1 .4 view of your recommendation, the Board Arerai 's the additional investment in bank —ses as proposed." Approved unanimously. Letter , to Mr. H. P. Heiliger, 1303 No. 42nd Street, ebraska, reading as follows: -32 :Reference is made to your letter of November 9' regring service on the Board of Directors Car th e -Luttaa Branch of the Federal Reserve Bank of ails "City. The Board of Directors of the Omaha Branch kr-7 ets of five members, three of whom are appointed B45.13 Board of Directors of the Federal Reserve Gov;°f Kansas City, and two by the Board of air-111°r8 of the Federal Reserve System. These re ectors serve for terms of two years and may be 1,"Pointed if they have not served for six years 4ediate, -LY preceding their reappointment. is expected that the present directors Of t "It is he Branch appointed by the Board of Governors c fore ontinue to serve for some time, and, therethe we will not be looking for replacements in : Itee ear future. However, we will be glad to a if n Your letter on file for consideration when filica 811eY on the Board occurs which is to be e ' 4 by appointment by the Board of Governors." Approved unanimously. Letter to the Presidents of all Federal Reserve Banks, "r011OWs: the You know, the provisions of section 708 of nse Production Act of 1950, together with ori lhIlie Order 10161 of September 9, 1950, author the Board to consult with representatives il, l alacing institutions with a view to encouragto taking of voluntary agreements and programs .tkrther the objectives of the Act. Actions 144: , 1 1114er such agreements, pursuant to requests Gerle uY the Board and approved by the Attorney Nrtifea, are exempt from the prohibitions of the 'Tast laws. llov : / For Your information in this connection, we liceal;Ileloss a copy of a letter sent to Chairman oto,„! bY the Deputy Attorney General under date chai,t,ober 19, 1970, and a copy of a letter to Dece:141,all McCabe from the Attorney General dated 1, 1950. We feel that the later letter --Les the situation with regard to the g -4c/V4ging of meetings with banks, insurance 811-rlies, or other firsncing institutions in Iti*Zzacleavor to work out voluntary agreements 'respect to credit that is not essential in the defense have been made for reitai effort. Plans nary meeting for this purpose to be d ill New York at an early date." 4 Approved unanimously. Letter to Honorable Harry F. Byrd, Chairman, Joint 14 .ee °A Reduction of Nonessential Federal Expenditures, United states Se te, Washington 25, D. C., reading as follows: yo,,"Ill accordance with the request contained in obiq letter of November 8, 1950, addressed to que446La we are returning the attached or ? ionnaire, McCabe, .together with photostatic copies jil„:°tMs 82 and 82A for the fiscal year ending P, 1950. oc),,,s 'Although we have answered the questionnaire Ils44 ePlete1--, ,Y the answers concern only automobiles go d ill the greater 4ashington area since the 0:TA does not own or operate automobiles based Iside the city. mei "We trust that this information will be of 6141-44ce to you and to your committee in your -.4 Of this matter." Approved unanimously. Ntto Mertiorezdum dated November 24, 1950, from the Division, of Aamtnistration, recommending that effective as of the 144 Akberil'8.1)1ciroval by the Board, John C. Baumann be relieved as a 't the 0 '114111.444 —0Yalty Board, and C. Richard Youngdahl be designated T cit the Loyalty Board, John E. Horbett be appointed a member 1955 12/6/50 _5tud deb4 -4441ated as Vice Chairman of the Loyalty Board, and Albert 11,404 be aPPointed an alternate member of the Loyalty Board. Approved unanimously ecre ary.
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