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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, January 2, 1952. PRESENT: Mr. Mr. Mr. Mr. Mr. Szymczak, Chairman pro tern Evans Vardaman Norton Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the Federal Reserve System on December 292 1951, were approved unanimously. Letter to Mr. Hodgkinson, Chairman, Federal Reserve Bank of Boston, reading as follows: "The Board of Governors approves the payment of salaries to the following officers of the Federal Reserve Bank of Boston, for the period January 1, 19520 through April 30, 1952, at the rates indicated, which are the rates fixed by the Board of Directors as reported in your letter of December 24, 1951 Annual Salary NameTitle David L.General Auditor $ 8,500 William R. King 8$hoo Assistant Cashier James D. McDonald Chief Examiner 9,000" Approved unanimously. Telegram to the Presidents of all Federal Reserve Banks, reading as follows: "Board establishes under authority of fourth paragraph of Section 16 of Federal Reserve Act rate of (1) per cent per annum interest for preceding three calendar months on $ (2) daily average of outstanding Federal Reserve notes -2- l/2/52 ficates pledged with "of your Bank in excess of gold certi payment of $ (3) Agent as collateral security. Interest General Account as MisShould be credited to Treasurer's -Interest Collected, Seccellaneous Receipts, Symbol 1841 ry 2, 1952. tion 16, Federal Reserve Act, on Janua (3) (2) (1) .18 6,018 $5,19 $1,177,979,277 1.7500 Boston 5.27 16,86 17,0/ 823 ,664, 1,195 5.6564 New York 4,756,786.52 ,556,388 1,076 0 1.753 Philadelphia ,496.00 6,970 ,424 6,097 1,147 1.8735 Cleveland ,672.98 4,947 623 ,314, 1,255 1.5637 Richmond 3,977,140.55 891,814,437 1.7693 Atlanta 06,733.31 11,14 930 ,138, 2,166 2 2.089 Chicago ,343.20 2 4,073 66,68 919,4 1.7576 St. Louis 20330,840.140 485,501,965 1.9047 Minneapolis 3,590,874.24 2.0166 706,456,573 Kansas City 3,618,707.19 3 81,54 529,3 0 2.712 Dallas 7,625,828.56 ,1 1,047,054,713 San Francisco 2.8895 Approved unanimously. Letter to Mr. Latham, Vice President, Federal Reserve Bank of Boston, reading as follows: "Reference is made to your letter of December 24, 1951, submitting for consideration of the Board of Governors a proposal of The Hartford-Connecticut Trust Company, Hartford, Connecticut, to remove its branch located in the center of the town of Wethersfield, Connecticut, to a new building to be constructed at the corner of Silas Deane Highway and Beaver Road, Wethersfield, which location is approximately three-fourths of a mile from the present branch quarters. "On the basis of the facts submitted, the Board concurs in your opinion that the proposed change in location does not constitute the establishment of a new branch, and therefore the Board's approval is not required." Approved unanimously. 3 1/2/52 Memorandum dated December 26, 1951, from Mr. Sloan, Director, Division of Examinations, submitting for approval letters to the following foreign banking corporations, the first four of which were organized under State laws but operate under agreements made with the Board pursuant to the provisions of section 25 of the Federal Reserve Act, and the last two of which were chartered by the Board under the provisions of section 25(a) of the Act, requesting that they submit reports of condition as of December 31, 1951, together with a letter to the Federal Reserve Bank of New York advising that Bank that the corporations were being requested to submit the reports to the New York Bank for transmittal to the Board of Governors: Bankers Company of New York First of Boston International Corporation International Banking Corporation Morgan & Cie. Incorporated Bank of America The Chase Bank New York, New York New New New New New York, York, York, York, York, New New New New New York York York York York Approved unanimously. Memorandum dated December 27, 1951, from Mr. Thurston, Assistant to the Board, recommending that all foreign branches of American banks be circularized to inquire whether they would care to receive the Federal Reserve Bulletin on a complimentary basis. Approved unanimously. Secretary.
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