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97 Minutes of actions taken by the Board of Governors of the Federal Reserve System on Wednesday, January 22, 1947. PRESENT: Mr. Mr. Mr. Mr. Eccles, Chairman Draper Evans Vardaman Mr. Mr. Mr. Mr. Carpenter, Secretary Sherman, Assistant Secretary Morrill, Special Adviser Thurston, Assistant to the Chairman Minutes of actions taken by the Board of Governors of the Federal Reserve System on January 21, 1947, were approved unanimously. Memorandum dated January 17, 1947, from Er. Smead, Director of the Division of Bank Operations, recommending the appointment of Miss Jane Lipps as a clerk in that Division Idth basic salary at the rate of $2,168.98 per annum, effective as of the date upon v,hi.ch she enters upon the performance of her duties. The memorandum also stated that it was contemplated that Miss Lips would become a member of the Federal Reserve retirement system. Approved unanimously. Letter to Mr. Douglas, Vice President of the Federal Reserve Bank of New York, reading as follows: "The Board of Governors approves the changes in the Personnel classification plan of the Federal Reserve Bank of New York, consisting of the establishment of two new Positions, as submitted with your letter of January 17, 1947.n Approved unanimously. t. 98 1/22/47 -2Letter to Mr. Powell, First Vice President of the Federal Reserve Bank of Minneapolis, reading as follows: "In view of the circumstances described in your letter of January 17, 1947, the Board of Governors approves the payment of salaries to the following employees at the rates indicated: Annual Salary Title Effective March 16, 1947James P. Ryan Guard 1;2,399 Effective November 16, 19462,399 Simon Dudich Guard Effective November 1, 19463,006 Supervisor of Guards Louis W. Swenson 3,006" Gaylord H. Teachworth Supervisor of Guards Name Approved unanimously. Letter to Mr. Wayne, Vice President of the Federal Reserve Bank of Richmond, reading as follows: "Reference is made to your letter of January 13, 1947, submitting the request of the „achovia Bank and Trust Company, - inston-Salem, North Carolina, for permission to establish -to additional branches in the city of Raleigh, North Carolina. "In vie-4 of your recommendation, the Board of Governors approves the establishment and operation of branches in the State College area and the Hayes Barton area, respectively, of Raleigh, North Carolina, by the i%achovia Bank and Trust Company, ,Iinston-Salem, North Carolina, provided formal approval of the appropriate State authorities is obtained and the proposed branches are established within six months from the date of this letter, and with the understanding that Counsel for the Reserve Bank is to review and satisfy himself as to the legality of all steps taken to establish the branches." Approved unanimously. 99 1/22/47 -3Letter to Mr. R. Leslie Kelley, Publisher, Kelley Blue Book, 1221 South Figueroa, Los Angeles, California, reading as follows: "One of your competitors in the guide book field has called our attention to your advertisement of the Kelley Blue Book Official Guide which appeared on page 8 of the 'Autonevis' issue of December 30, 1946. "He questions whether this advertisement complies with the request in the Board's letter of December 13, 1946, that any Publication designated by the Board for the purposes of Regulation 1, should refrain from publishing any statement to that effect unless such statement is accompanied by a statement of equal prominence to the effect that such designation does not indicate any finding by the Board or by the United States Government or by any agency thereof as to the accuracy or correctness of the prices shown or of the methods of compilation. "Ive are taking this occasion to report that the Board has not received a copy of the January-February, 1947, issue of Kelley Blue Book Official Guide. Will you kindly see that this is sent to us and that we are Placed on your mailing list to receive future issues?" Approved unanimously. Letter to Mr. McCabe, Chairman of the Federal Reserve Bank of Philadelphia, reading as follows: "At the completion of the examination of the Federal Reserve Bank of Philadelphia, made as of November 7, 1946, by the Board's examiners, a copy of the report of examination was left for your information and that of the directors. A copy was also left for President "The Board will appreciate advice that the report has been considered by the board of directors. Any comments you may care to offer regarding discussions with respect to the examination, or as to action taken or to be taken as a result of the examination, will also be appreciated." Approved unanimously. 100 1/22/47 -4Letter to Mr. Leach, Chairman of the Committee on Operations, Conference of Presidents of the Federal Reserve Banks, reading as follows: "This refers to your letter of January 9, 1947, in which you advise that approval has been received from all of the Presidents of the Federal Reserve Banks of the recommendations contained in the report of the Committee on Collections dated December 20, 1946, on the subject of 'Suggested Changes in Uniform Instruc— tions Regarding Protest and Ure Advice of Nonpayment of Cash Items.' "The proposed changes have been considered by the Board, and I am authorized to advise you that the Board approves the Committee's recommendations." Approved unanimously. Letter to the Banco de Mexico, S. A., Mexico, D. F., Ilexico, reading as follows: "The Board has asked me to inform you that it is disturbed to find that no reply has been received from You to my letter dated October 1, 1946 (copy enclosed) inquiring as to the progress made in the resale of the shares of Pan American Trust Company temporarily taken over by the Nacional Financiera and the Banco Nacional de Comercio Exterior. Your attention is again called to the fact that the agreement between us contemplated completion of such resale by August 31, 1946.- The Boardisarudoustoobtaininformationastothepresent status of this matter." Approved unanimo // 414 A../...-...LAAlhogiAmilbh. Secretary. APProved: Chairman.
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