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Minutes of actions taken by the Board of Governors of the .lecleral Reserve System on Monday, July 10, 19)0. PRESENT: Mr. McCabe, Chairman Mr. Szymczak Mr. Carpenter, Secretary Mr. Kenyon, Assistant Secretary Memorandum dated July 10, 19)0, from Mr. Millard, Director of the Division of Examinations, recommending an increase in the 13484_ salary of J. Calvin Smith, an assistant Federal Reserve examiner that Division, from $3,100 to $3,22) per annum, effective July 23) 195o. Approved unanimously. Letter to Mr. Earhart, Chairman, Presidents' Conference C°111Mittee on Miscellaneous Operations, Federal Reserve Bank of Sen reading as follows: "Thank you for your letter of June 19 with respect to the personnel of the various subcommittees serving under the Committee on Miscellaneous Operations. "In response to your inquiry about associate membership on the Subcommittee on Cash, Leased Wire, .-nd Sundry Operations, the Board will be pleased to De so represented, and, accordingly, has designated 111-. Lowell Myrick, Assistant Director, Division of 'ealk Operations, as associate of that committee. If the committee should ever have occasion to consider Illajor questions regarding the leased wire system, we uld hope that Mr. Bethea, formerly associate of the Committee on Leased Wire, might participate in such discussions. "In view of developments in the field of elecronics and how they might affect the operations of the -aboard as well as of the Banks, the Board would like also to designate Mr. Myrick as associate of the Subcommittee On. Electronics, if that would be agreeable to the Committee on Miscellaneous Operations." n 7/10/50 -2Approved unanimously. Letter to the Board of Directors of "The Ottoville Bank C°MPa-nY", Ottoville, Ohio, stating that, subject to conditions of tienabership numbered 1 and 2 contained in the Board's Regulation H, 44a the following special condition, the Board approves the Bank's 4P111.ication for membership in the Federal Reserve System and for the appropriate amount of stock in the Federal Reserve Bank of Cleveland. 113 Prior to admission to membership such bank shall charge off or otherwise eliminate estimated losses of $>82.75 as shown in the report of examination made by the examiners for the Federal Reserve Bank of Cleveland as of May 2, 19*)4." Approved unanimously, together with a letter to Mr. Gidney, President of the Federal Reserve Bank of Cleveland, reading as follows: "The Board of Governors of the Federal Reserve SYstem approves the application of 'The Ottoville Bank Company', Ottoville, Ohio, for membership in the Pederal Reserve System, subject to the conditions Prescribed in the enclosed letter which you are requested to forward to the board of directors of the institution. Two copies of such letter are also enclosed, one of which is for your files and the Other of which you are requested to forward to the SuPerintendent of Banks for the State of Ohio, for his information." Telegram to Mr. Slade, Vice President of the Federal Reserve table 0-p 1 San Francisco, reading as follows: 930 -3"Reurtel 8. Board extends to august 9, 1950, the time within which 'Bank of Illinois Valley, Cave Junction, Oregon', may accomplish membership." Approved unanimously.
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