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0'30(4 4.04.0k, Minutes of actions taken by the Board of Governors of the Ilederal Reserve System on Tuesday, February 21, 1950. PRESENT: Mr. Mr. Mr. Mr. Mr. McCabe, Chairman Eccles Szymczak Draper Vardaman Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Fecleral Reserve System on February 20, 1950, were approved. unani111(3usl-or e Rer, Letter to Mr. Meyer, Assistant Vice President of the Federal B, , c'114 of Chicago, reading as follows: "Reference is made to your letter of January 12, 1950, Boa' - 1ng the personnel and salary data requested in the rdts letter of November 16, 1949. nview of the circumstances described in your letter, the rd of Governors approves for a further period of mr :months ending June 30, 1950, the payment of salary to Carl Weiskopf, Senior Examiner, at the rate of $5,800 Per the Tnlm, which is t200 below the minimum established for of ,t,..'aue in which his position is classified. Approvrl as "e rt-Ite of salary in this case should not be construed lee "813 roval of the continuation of Mr. Weiskopf in a et: with pay stt-tus. Inasmuch as he has been absent on ' -ve since May 1948, a question arises as to continui ler be him in this status or whether consideration might the ven to disability retirement under the provisions of 'Ttirment System. was 'In reviewing Schedule A enclosed with your letter, it metrnoted that five employees occupying the position of ! fl are reported as receiving selari-s in excess of the Dae,xi do ,7um established for this position. Since our records 4.1.;.°t indicate that the Board has approved the payment of ries to these employees at such rates, your aavice in 230 2/2 0 "this connection will be appreciated." Approved unanimously. Letter prepared in accordance with the action at the meet- Ina — ebruerY 17, 1950, to Mr. Dearmont, Chairman of the Federal - -Lank of St. Louis, reading as follows: ti "This letter is in reference to the recent conversar-°11s of members of the Personnel Committee with you with _!sPect to the services of Mr. Hitt as First Vice President ul the Federal Reserve Bank of St. Louis. 01, "Since the discussion of the matter with the members th the Personnel Committee when you were in Washington at the time of the Chairmen's Conference in January, the questh° has been carefully reviewed and the Board has reouested 7, You be advised that in view of all the circumstences, Hitt does not make another connection in the meantime, the de413°ard will concur in his remaining as First Vice Presi19'4' of the Bank until the end of his term on February 28, In teking this action, the Boer - understands that Mr. th;'4.' will not be reappointed for a new five-year term and 'the directors or your Bank are taking steps to provide ' qalified u successor." Approved unanimously. Letter to Mr. Leedy, ?resident of the Federal Reserve Bank of 4t1sas n. L'1tY, reading as follows: gt,ra."This is in reply to your letter of February 11 rea4.-ing the purchase by your Bank of the garage property j°11111112; the Omaha Branch building. ehra "The d Boar will interpose no objection to the pura coe stbY your Bank of the property, free of the lease, at let, of not to exceed $200,000, as proposed in your Approved unanimously. Tele, bl'Lm to Mr. Knoke, Vice President of the Federal Reserve 231 2h1/5o -3- 0L New York, reading as follows: "Your wire February 17. Board approves the opening 2t an account on your books in the name of the instituto 48Panol de Moneda Extranjera subject to the usual terms It1,-nd conditions upon which your Bank maintains accounts for 42relgn centrn1 banks and governments. It is understood ,'"e-t you will in due course offer participation in this ' ecollnt to the other Federal Reserve Banks." Approved unanimously. Letter to Mr. Hill, Vice President of the Federal Reserve Bank Philad elphia, reading as follows: a "This refers to your letter of February 15, 1950 Gr enclosure, with regard to the eligibility of Mr. fi°rge B. Rebmann, Philadelphia Resident Partner of the thr : 4 of Laird, Bissell & Meeds, to become a director of t , ezden Trust Company, Camden, New Jersey, in view of "e pr ovisions of section 32 of the Banking Act of 1933. of The Board notes your conclusion that, on the basis ro the information covering the activities of this firm ej , the Years 1948 and 1949, there is no reason for a aliFge in the previous conclusions reached by the Board erip? , °1;lir Bank, to the ef;'ect that such firm is primarily lio:`,,rg in the business described in section 32. The -4-u sees no reason to differ from this conclusion." Chairman.
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