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Minutes of actions taken by the Board of Governors of the Federal Reserve System on Monday, July 16, 1951. PRESENT: Mr. Mr. Mr. Mr. Mr. Martin, Chairman Szymczak Evans Norton Powell Mr. Carpenter, Secretary Mr. Sherman, Assistant Secretary Mr. Kenyon, Assistant Secretary Minutes of actions taken by the Board of Governors of the l'sderal Reserve System on July 12, 1951, were approved unanimously. Minutes of actions taken by the Board of Governors of the Federal Reserve System on July 13, 1951, were approved and the actions recorded -ti oin were ratified unanimously. Memorandum dated July 51 1951, from Mr. Sloan, Director of the 'Ion of Examinations, concurred in by Mr. Leonard, Director, Division otila4k Operations, recommending an increase in the basic salary of Miss Cal.°1111e M. Clark, Clerk-Stenographer in the Division of Bank Operations, *°14 $2,650 to $2,810 per annum, effective July 22, 1951. Approved unanimously. Memorandum dated July 11, 1951, from Mr. Sloan, Director, tivis, or by Examinations, recommending that the expense voucher submitted ph ilip t'r tho- C. Division, Rachford, Assistant Federal Reserve Examiner in that Period June 16 to 30, 1951, inclusive, during which period Mr. iiEtehr was in attendance at the resident session of the Graduate School Of nking at New Brunswick, New Jersey, be paid in full as submitted, 7/16/51 _2_ including per diem in lieu of subsistence up to the time of his arrival 11/ New Brunswick from his duty station, Atlanta, Georgia, and beginning at the time of his departure from New Brunswick to return to Atlanta. The memorandum further recommended that in any future cases of attendance at the Graduate School of Banking by members of the Board's field staff of examiners, reimbursement for transportation be interpreted "including the payment of per diem in lieu of subsistence up to the time re-Ill-yea at New Brunswick, New Jersey, and beginning at the time of ael3"ture from New Brunswick for return to duty station. Approved unanimously. Letter to Mr. Shepard, Federal Reserve Agent of the Federal Reserve tatk _QI Minneapolis, reading as follows: "In accordance with the request contained in Mr. PeYton's letter of July 11, 1951, the Board of Governors aPProves, effective July 16, 1951, the payment of salaries to the following named members of the Federal Reserve Agent's staff at the rates indicated: Annual Salary Title Name W. S. Ferrian Federal Assistant $6,000 Reserve Agent John Johnson Assistant Alternate 5,600" Federal Reserve Agent Approved unanimously. Letter to Mr. Weigel, Secretary of the Federal Reserve Bank of St 4 t°111e, reading as follows: 7/16/51 -3- "Reference is made to your letter of July 9, 1951, advising that as a result of increases in the rates of the Group Hospital Service, Inc., which serves the employees of the Head Office, and the Blue Cross organization which serves the employees of the Memphis Branch, expenses in this connection will increase approximately $3,600 per annum at the Bead Office and $5)0 at the Memphis Branch. "The Board of Governors interposes no objection to the assumption of these additional expenses by the Federal Reserve Bank of St. Louis." Approved unanimously. Letter to the Honorable Raymond M. Foley, Administrator, Housing 8.14li orae Finance Agency, 1626 K Street, N. W., Washington, D. C., reading as follows: "In response to your letter of July 13, 1951, this to advise you that the Board of Governors concurs in Y°ur designation of the Columbus, Indiana, area as an area for the application of special credit terms under Bection 6(p) of Regulation X0 Real Estate Credit, for 13 111Doses of defense construction. Your letter states : .hat there is a need for approximately 350 housing units be located within reasonable ccmmuting distance of - 1e defeme establishments. We understand that there ° 11-11 be 210 rental units at $75 and $85 each per month, 111d 140 units for sale, priced not to exceed $10,000 , or 90 units and $11,250 for 50 units. "In accordAnce with your suggestion, the relaxation terms prescribed by Regulation X will be similar to "at previously announced for other designated defense areas.,, 18 1 Approved unanimously. Letter to the Honorable Raymond M. Foley, Administrator, 4(113111g and Home Finance Agency, 1626 K Street, N. W., Washington, D l'14°44g a8 follows* C r- v-4 7/16/51 "In response to your letter of July 130 19510 this 18 to advise you that the Board of Governors concurs in Your designation of the Wichita, Kansas, area as an area for the application of special credit terms under section 6(P) of Regulation X, Real Estate Credit, for purposes Of defense construction. Your letter states that there is a need for approximately 2,000 housing units to be located within reasonable commuting distance of the defense establishments. We understand that there are 1)500 units designated for rental at $75 and $85 per month each, and 500 units are to be sold at prices of $8,500 and $9,500 each. Under the terms of the exemption, the entire 2,000 units will be controlled hY your agency through the issuance of specific certificates. "In accordance with your suggestion, the relaxation ?f terms prescribed by Regulation X will be similar to -chat previously announced for other designated defense areas" Approved unanimously. Memorandum from Mr. Bass, Fiscal Agent, Division of Administrative Set7icesi recommending that for reasons stated therein the figure, AljtMted. Budget for Salaries, appearing in the 1951 Annual Budget, 41P1)ric)"d by the Board December 22, 1950, be increased from $2,544,743 to 553)368. Approved unanimously.
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