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2085 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Tuesday, December 8, 1953. The Board met in the Board Room at 2:30 p.m. PRESENT: Mr. Martin, Chairman Mr. Szymczak Mr. Evans Mr. Vardaman Mr. Mills Mr. Robertson Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Mr. Leonard, Director, Division of Bank Operations Mr. Kelleher, Assistant Director, Division of Administrative Services Mr. Sprecher, Assistant Director, Division of Personnel Administration Following a review of the discussion at yesterday's meeting regarding the proposed building program at the head office of the Federal Reserve Bank of Chicago, Governor Robertson said that Chairman Coleman had advised him subsequent to the meeting that a further study of the situation mould be made by the Reserve Bank which mould involve considering the purchase of property adjoining the present building (the United States Fidelity and Guaranty Company building) as an alternative to the Present plan of adding four floors to the present building. This might also involve consideration of the erection of an addition to the bank on the site of the United States Fidelity and Guaranty Company building and the 40qUisiti0n of another lot in the same block to provide the Reserve Bank protection against longer-run needs. Governor Robertson vent on to say 208... 12/8/53 that in response to Chairman Coleman's request, he said he would bring the matter to the attention of the Board with the suggestion that the Board take no action until the Chicago Bank had made the contemplated study and advised the Board of the conclusions reached. Following a discussion, it was understood that no action would be taken by the Board of Governors pending completion of the study. Governor Robertson then presented information on two possible appointees to the board of directors of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City, as set forth in his memorandum dated December 7, 1953. Of the two, he recommended Mr. Davis D. Bovaird, President of the Bovaird Supply Company, Tulsa, Oklahoma. Thereupon, it was voted unanimously to request Mro Hall, Chairman of the Federal Reserve Bank of Kansas City, to ascertain and advise the Board whether Mr. Bovaird would accept appointment, if tendered, as director of the Oklahoma City Branch for the two-year term beginning January 1, 195li0 Reference was made to two memoranda from Mr. Bethea, Director, Division of Administrative Services, both dated December 1, 1953, recommending that the temporary appointments of Edith C. Hartzell and Ruth A. Brown, Charwomen in that Division, be extended on a temporary indefinite basis, with no change in their present basic salaries of $2,420 per annum, effective at the expiration of their present appointments. Following a discussion of the practices followed in cleaning the -3- 12/8/53 Board's building, the number of employees on the building maintenance staff, and efforts being made to keep that staff to a minimum consistent with good housekeeping standards, during which it was pointed out that the two employees in question had been hired as replacements on a temporary basis with the understanding that they would be retained on a temporary indefinite basis if their services were satisfactory, the recommendations contained in Mr. Bethea's memoranda were approved unanimously. Mr. Kelleher then withdrew from the meeting. Prior to this meeting Mr. Allen, Director, Division of Personnel Administration, had sent to the members of the Board copies of two memoranda dated November 27, 1953, the first of which discussed salaries proposed for Federal Reserve Bank presidents and first vice presidents, effective January 1, 1954, and the second of which presented data on salaries proposed for Reserve Bank officers other than the presidents and first vice presidents, effective January 1, 1954, together with information concerning the 1954 officer salary budgets of the Federal Reserve Banks. There was a preliminary discussion of the proposed salaries, particularly those proposed for the presidents and first vice presidents, but no action was taken pending further discussion at another meeting of the Board. 29S -4- 12/8/53 wing adThe meeting then adjourned. During the day the follo all of the members ditional actions were taken by the Board with present: nors of the Minutes of actions taken by the Board of Gover were approved unanimously. Federal Reserve System on December 7, l953 2 nt Shore, Long Letter to the Board of Directors, Bank of Belmo tions of membership Beach, California, stating that, subject to condi ation H, and the folnumbered 1 and 2 contained in the Board's Regul bank's application lowing special condition, the Board approves the the appropriate for membership in the Federal Reserve System and for of San Francisco, effective amount of stock in the Federal Reserve Bank nce business by the appropriif and when the bank is authorized to comme ate State authorities: rship, such bank 3. At the time of admission to membe aired capital stock shall have a paid-up and unimp capital funds of not less than $230,000 and other of not less than $115,000. Approved unanimously, for transmittal through the Federal Reserve Bank of San Francisco. ration, 1h01 West 17th Street, Letter to the J. B. D. Holding Corpo Long Beach, California, reading as follows: behalf by the Federal This refers to the request on your respect to the status of Reserve Bank of San Francisco with Beach, California, as a Long J. B. D. Holding Corporation, Bank of Belmont Shore, Long holding company affiliate if the is admitted to membership and Beach, California, is organized in the Federal Reserve System. 12/8/53 From the information supplied, the Board understands operated that J. B. D. Holding Corporation was formed and is rties e prope estat real rcial comme for the purpose of owning will n ratio ng Corpo Holdi D. B. for rental purposes; that J. , Shore nt of Belmo Bank the of be a holding company affiliate stock ity major by ol contr Long Beach, California, through B. D. Holding Corownership of such proposed bank; that J. ol directly or contr or poration does not and will not own tution; and insti ng banki indirectly the stock of any other will not and not does that J. B. D. Holding Corporation ng instibanki any ectly manage or control directly or indir . Shore nt tution other than the Bank of Belmo mined that In view of these facts the Board has deter of the Bank on izati organ J. B. D. Holding Corporation, upon rship in membe to Bank that of Belmont Shore and admission of tly or direc ed engag be the Federal Reserve System, will not ing or manag of stock the indirectly as a business in holding or banks gs savin ns, iatio or controlling banks, banking assoc the of 2(c) on secti trust companies within the meaning of accordingly, the J. B. D. Banking Act of 1933, as amended; and, a holding company d Holding Corporation will not be deeme to be section 23A of of affiliate for any purposes other than those the Federal Reserve Act. time differ from If, however, the facts should at any indicate that those set out above to an extent which would to be so engaged, d J. B. D. Holding Corporation might be deeme Board. The Board the this matter should again be submitted to ion and make a minat reserves the right to rescind this deter on the basis time further determination of this matter at any of the then existing facts. Approved unanimously, for transmittal through the Federal Reserve Bank of San Francisco.
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